Alliant Energy Corp. (LNT)

Who Is Alliant Energy?

Alliant Energy Corporation (NASDAQ: LNT) is a regulated electric and natural gas utility holding company operating through two subsidiaries - Wisconsin Power and Light (WPL) in Wisconsin and Interstate Power and Light (IPL) in Iowa. Think of it as similar to TNB back home in Malaysia - a company that generates, transmits and distributes electricity to households and industry - except in the US model, each state has its own regulator (the Public Service Commission of Wisconsin and the Iowa Utilities Commission) that approves rates and the company's allowed rate of return on invested capital. This regulated model gives stable, predictable revenue since customer rates are pre-approved, but earnings growth depends heavily on how much capital spending (capex) regulators allow into the 'rate base' - the asset pool that earns a return.

Why LNT Is In The Spotlight Now

Since 2025, Alliant has transformed from a 'boring' regional utility into one of the more compelling data-center growth stories in US utilities. Wisconsin and Iowa are emerging as key data-center hubs in the American Midwest, and Alliant has now locked in roughly 3 GW of contracted data-center load from major names including Google (Cedar Rapids, Iowa), QTS (Cedar Rapids), and Meta (Beaver Dam, Wisconsin). The company projects electricity demand growth of roughly ~60% by 2031 - among the highest in the US utility sector - driven by the buildout of AI and cloud-computing data centers.

To fund this demand surge, Alliant raised its capital spending plan to $13.4 billion for 2026-2029, targeting EPS growth of over 7% per year from 2027 through 2029 - well above the typical 5-6% utility sector average. CEO Lisa Barton (formerly COO of American Electric Power, leading Alliant since January 2024) has been the driving force behind this pivot toward data-center-led growth.

Shariah Status

NON_COMPLIANT - LNT is classified as Shariah non-compliant in our database. This is typical for utility companies given their heavy reliance on conventional, interest-bearing debt to finance large infrastructure, which pushes debt/interest ratios above standard Shariah screening thresholds. For investors prioritizing Shariah compliance, LNT is not suitable as a portfolio holding despite its attractive growth narrative.

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