Alliant Energy sees 1 GW of new data-center deals within half a year

what happened

Alliant Energy expects to sign roughly 1 gigawatt of additional data-center load within six months, Chief Financial Officer Robert Durian said on Friday, according to Reuters. He linked the outlook to rising AI usage and wider electrification, which are pushing US power demand toward record levels. The new capacity would be added to the 3.4 GW the utility has already contracted with Google, Meta Platforms and QTS Data Centers, which is backed by Blackstone.

Durian also said profit growth might top the company's 8% objective if it spends more on projects to serve future demand and other opportunities. The extra gigawatt is expected to ramp up between 2029 and 2031.

The Energy Information Administration says US electricity consumption reached an all-time high in 2025 and is expected to keep rising this year and next. Meta, for its part, expects to begin receiving transmission service in Wisconsin in the first quarter of 2027.

On Thursday, the Madison-based utility lifted its 2027-2030 capital spending plan by 19% to $15.9 billion and sees peak demand in its system rising more than 60% by 2031. It narrowed its 2026 earnings outlook to the upper half of the prior range and guided 2027 earnings to $3.63 to $3.73 per share. The midpoint matched Wall Street expectations, according to LSEG.

why it matters

For utilities, signed contracts with large customers mean a growing asset base and more predictable earnings, which is why investors watch capital spending revisions closely. The news supports the view that AI operators will keep driving electricity demand, a theme that draws interest to generation and grid equipment. These remain company projections, since the new gigawatt has not yet been contracted.

market impact

US utilities: data-center demand supports long-term earnings outlook for power companies

• ▲Alliant Energy pressure up — higher capex plan and data-center contracts support earnings growth

tags

instruments