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Alliant Energy’s 60% Demand Surge — Can Data Centers Redefine Its Growth Story?

Alliant Energy reported strong second quarter 2026 results, affirming its full-year earnings guidance and registering GAAP earnings of $0.65 per share, supported by higher revenue requirements from capital investments and increased equity earnings from corporate venture funds. The company noted an approximately 3% year-over-year increase in temperature-normalized electric sales, driven by growth in Wisconsin’s commercial and industrial sectors and the ramp-up of data center loads in Iowa. However, mild temperatures during the quarter negatively impacted margins by about $0.03 per share, reversing a $0.02 benefit from the prior year. Operations and maintenance expenses rose due to business growth and timing of generation outages, also increasing financing and depreciation costs. A key growth driver remains Alliant Energy’s electric service agreements with large-load customers, particularly data centers, which the company expects will contribute to a 60% increase in demand by 2031.