Alliant Energy Corporation (LNT) SEC Filings & Earnings Calls

Increased leverage from new debt issuance; interest expense will rise.

“Issuance of $500M in 5.100% senior debentures increases debt load and fixed interest obligations.”

Regulatory risk from large load tariff

“The PSCW directed WPL to file a large load tariff applicable to all customers with demand requirements of 100 MW or greater.” · word for word

Temperature sensitivity

“Estimated decreases to operating income from temperature impacts: ($9) million electric, ($2) million gas for Q2 2026.”

Higher O&M, financing, and depreciation expenses pressuring near-term earnings.

“Higher other operating and maintenance expense primarily related to labor and increased electric distribution and generation costs from planned maintenance activities and the addition of new energy resources, higher financing and depreciation expenses.” · word for word

Weather-related volume risk

“Retail electric sales volumes decreased 1% and retail gas sales volumes decreased 6% due to changes in temperatures.”

Regulatory risk

“Pending approvals for gas-fired EGU and Riverside Energy Center improvements.”

Weather-related sales variability; financing and depreciation costs rising with capex

“Retail electric and gas sales decreased due to impacts of temperatures; higher financing and depreciation expense related to capital investments”

Regulatory risk from state utility commissions

“State utility commissions review our compensation programs during rate reviews” · word for word

Execution risk on renewable generation and energy storage targets

“Performance shares based on the renewable generation and energy storage metric are intended to reward successful execution of renewable generation and energy storage projects” · word for word

Potential dilution from equity issuance; forward sale structure may delay proceeds.

“Company may sell shares... forward confirmations... Company will not initially receive any proceeds from the sale of borrowed Shares.”

Increased leverage; debt-to-capital covenant at 65% limits further borrowing.

“Covenant requires debt-to-capital ratio not greater than 65%.”

Higher O&M expenses and depreciation from new investments could pressure margins if rate relief is delayed.

“Higher other operation and maintenance expenses, driven by increased generation costs from planned maintenance activities and the addition of new energy resources.” · word for word

Regulatory risk: ability to obtain timely rate relief for cost recovery.

“IPL's and WPL's ability to obtain adequate and timely rate relief to allow for recovery of costs.” · word for word

Supply Chain Disruption

“Supply chain disruptions could negatively impact our operations and implementation of our strategy... These disruptions have impacted, and are expected to continue to impact, our ability to receive critical materials, supplies and services in a timely and economic manner.” · word for word

Regulatory Cost Recovery Risk

“We may not be able to recover all costs for the projects in rates and face increased risk of potential impairment of our project investment if a construction project is not completed or is delayed, or final costs exceed expectations or the costs approved by our regulators.”

Data Center Demand Timing Risk

“The actual timing and amount of increases in IPL’s and WPL’s load are subject to various factors, including interconnections and actual customer demand, and any executed or future agreements with customers are not expected to result in immediate increases in load.” · word for word

Inflation and Interest Rate Risk

“Increases in inflation raise our costs for labor, materials and services. Inflation may also cause interest rates to increase or stay elevated, increasing our cost of capital.” · word for word

Leadership transition risk is low due to internal succession and regulatory experience of successor.

“Successor previously served as Chair of Public Service Commission of Wisconsin, overseeing utility regulation.”

Long-term debt increases leverage.

“$300M debentures due 2055”

Regulatory disallowance risk on solar cost overruns

“Construction costs associated with WPL’s approximately 1,100 MW of new solar generation exceeded the construction cost estimates previously approved by the PSCW by approximately $205 million.” · word for word

Tariff risk on solar imports

“In August 2025, the U.S. Court of International Trade (CIT) ruled that this two-year duty suspension, as issued, was impermissible.” · word for word

Execution risk on capex and data center agreements; regulatory approval needed.

“Guidance assumes ability to earn authorized rates and execution of capital plans.”