LNT

Alliant Energy is a well-run regulated electric and gas utility serving Iowa and Wisconsin through IPL and WPL. FY2025 was strong by utility standards: revenue grew 9.6% to $4.36B, net income rose 17.4% to $810M, and diluted EPS climbed 16.7% to $3.14, lifting net margin to 18.6% and operating margin to 23.5%. ROE of 11.0% is healthy for a rate-regulated utility, and the dividend ($521M, +5.9%) is comfortably covered. Management's resource plan describes a balanced build-out of natural gas, energy storage, and renewables, with industry-leading wind and solar providing zero-fuel-cost generation plus transferable renewable tax credits ($285M transferred in 2025).

The key forward driver is rate-base growth: conditional DOE loan-guarantee commitments of roughly $1.4B (IPL) and $1.6B (WPL) would provide low-interest financing for new construction, and capacity additions support a multi-year capex cycle. Regulatory clarity is a positive — IPL has an approved retail electric base-rate moratorium from October 2025 through September 2029, which reduces near-term rate-case risk. This is the classic regulated-utility model: predictable, growing earnings tied to invested capital.