Alliant Energy targets 1 GW of new data-center contracts as electricity demand rises

Alliant Energy expects to sign contracts for about 1 gigawatt of additional data-center demand within the next six months, its chief financial officer said, as artificial-intelligence use and broader electrification push US electricity consumption higher.

New contracts would expand an existing pipeline

The prospective load would add to roughly 3.4 GW already contracted with Google, Meta Platforms and QTS Data Centers, according to Reuters' report on the company's post-earnings call. CFO Robert Durian said the utility is also evaluating further capital investment tied to possible load growth and other opportunities.

Alliant expects the additional demand to begin ramping between 2029 and 2031. The timing means the contracts would support a longer-term expansion of the company's utility system rather than an immediate increase in consumption.

Higher demand is reshaping the investment plan

US electricity use reached a record in 2025 and is expected to keep rising as data-center capacity expands alongside rapid AI adoption and electrification, the US Energy Information Administration said, as reported by Reuters. Alliant also expects Meta to begin taking transmission service in Wisconsin in the first quarter of 2027.

The Madison, Wisconsin-based company raised its 2027-2030 capital-spending forecast by 19% to $15.9 billion. It expects peak demand across its system to increase by more than 60% by 2031. Alliant narrowed its 2026 earnings outlook to the upper half of its previous range and issued 2027 earnings guidance of $3.63 to $3.73 per share; Reuters said the midpoint was in line with Wall Street expectations based on LSEG data.

Utility footprint

Alliant's investor materials say its regulated utility businesses serve approximately 1 million electric customers and 430,000 natural-gas customers in Iowa and Wisconsin. The company maintains its principal executive offices in Madison. Alliant's official project material separately says it plans to build a liquefied-natural-gas storage facility near its Riverside Energy Center campus in Rock County, Wisconsin, subject to regulatory approval, with operations planned for 2029.

Sources

• Reuters: Alliant targets 1 GW of new data-center contracts in six months as power demand surges
• Alliant Energy investor corporate profile
• Alliant Energy: Liquified Natural Gas Plant, Rock County, Wisconsin

Image: Alliant Energy headquarters building (file photo). Image source: WKOW.