Alliant Energy raises spending plan on soaring power demand

Nov 6 (Reuters) - Alliant Energy LNT.O raised its four-year capital expenditure plan on Thursday, as the U.S. utility bets on soaring demand for power.

Utilities are contending with an unprecedented rise in power demand from data centers dedicated to artificial intelligence operations and cryptocurrency.

To keep up with the skyrocketing demand, U.S. utilities are adding billions of dollars to their investment plans to help fund critical infrastructure upgrades such as electrical grids and power lines.

Alliant said it had increased contracted data center demand to 3 gigawatts, adding that it expects its peak energy demand to grow 50% by 2030.

"With four data center agreements now secured, and an active pipeline of additional load growth opportunities, we are well-positioned to accelerate our growth rate," said CEO Lisa Barton.

However, the company projected adjusted earnings per share of $3.36 to $3.46 for 2026, whose midpoint is below analysts' expectations of $3.44, sending shares down 2% after the bell.

Alliant serves roughly 1 million electric and 427,000 natural gas customers in Iowa and Wisconsin.

The utility raised its capital expenditure budget for 2026-2029 by as much as 17% to $13.4 billion.