01—Abstract
Summary
Summary of the 10-K filed February 21, 2025. Cited figures are marked; the original filing is the authoritative source.
Alliant Energy Corporation is a regulated investor-owned public utility holding company serving approximately 1,000,000 electric and approximately 430,000 natural gas customers in the Midwest through its two utility subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL).
Net income attributable to Alliant Energy common shareowners was $690 milliona, or $2.69 per diluted share, in 2024, compared with $703 million, or $2.78 per share, in 2023. Utilities and Corporate Services net income was $722 million ($2.81 per share), down $2 million from 2023, with the decline primarily due to a $60 million pre-tax asset valuation charge for IPL's Lansing Generating Station, estimated temperature impacts, restructuring and voluntary separation charges, and an ARO charge for IPL's steam business related to the revised CCR Rule. The company's strategy centers on significant customer-focused investments.
Alliant Energy plans approximately $2.2 billionb of construction and acquisition expenditures in 2025, rising to $3.0 billion in 2027 and $2.96 billion in 2028, with the largest share going to renewables and energy storage. Over the next five years it plans roughly 1,200 MW of new wind and solar, 1,000 MW of energy storage, and 750 MW of new natural gas resources. IPL also signed electric service agreements with two prospective data center customers with aggregate maximum demands of approximately 1.9 gigawatts, subject to IUC approval.
IPL's September 2024 retail electric rate order provides an annual base rate increase of $185 millionc and a retail electric base rate moratorium from October 2025 through September 2029, while WPL's rate base continues to grow with a planned rate review for 2026/2027. Key risks highlighted include regulatory outcomes, MISO resource adequacy changes, environmental rules (including the revised CCR Rule and Section 111 rules), potential repeal or amendment of the Inflation Reduction Act, and the company's credit ratings, where Alliant Energy's S&P outlook is Negative.
02—Key points
Key Highlights
- 2024 consolidated net income of $690 million, or $2.69 per diluted share, versus $703 million, or $2.78 per share, in 2023; Utilities and Corporate Services earned $722 million ($2.81 per share).
- A $60 million pre-tax non-cash asset valuation charge for IPL's Lansing Generating Station, recorded in 2024 following the IUC's retail electric rate order.
- Planned construction and acquisition expenditures of $2,205 million in 2025 and $2,960 million in 2028 for Alliant Energy, with $3,020 million planned for 2027.
- IPL's approved $185 million annual retail electric base rate increase, effective October 1, 2024, with a retail electric base rate moratorium from October 2025 through September 2029.
- Agreements with two new data center customers at the Big Cedar Industrial Center in Cedar Rapids, Iowa, with aggregate maximum demands of approximately 1.9 gigawatts, subject to IUC approval.
- Revised CCR Rule prompted additional asset retirement obligations of $409 million for Alliant Energy in 2024, including $201 million at IPL and $208 million at WPL.
- Alliant Energy's 2025 targeted annual common stock dividend is $2.03 per share, a 6% increase, with 2024 dividends declared at $1.92 per share.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, Alliant Energy kept $0.17.
- Revenue$3.98B100.0%
- Cost of revenue−$613.0M15.4%
- Gross profit$3.37B84.6%
- Operating costs−$2.48B62.3%
- Operating income$886.0M22.3%
- Interest, other & tax−$196.0M4.9%
- Net income$690.0M17.3%
Where FY2024 revenue went
$3.98B- Operating costs: $2.48B, 62% of revenue
- Net income: $690.0M, 17% of revenue
- Cost of revenue: $613.0M, 15% of revenue
- Interest, other & tax: $196.0M, 4.9% of revenue
Kept 17% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 21, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $3.98B$4.03B | −1.1% |
| Cost of Revenue | $613.00M$583.00M | +5.1% |
| Gross Profit | $3.37B$3.44B | −2.2% |
| Operating Expenses | $3.10B$3.08B | +0.4% |
| Operating Income | $886.00M$943.00M | −6.0% |
| Interest Expense | $449.00M$394.00M | +14.0% |
| Net Income | $690.00M$703.00M | −1.8% |
| EPS (Basic) | $2.69$2.78 | −3.2% |
| EPS (Diluted) | $2.69$2.78 | −3.2% |
| Shares Outstanding (Basic) | 256.50M253.00M | +1.4% |
| Shares Outstanding (Diluted) | 256.80M253.30M | +1.4% |
05—Questions
Frequently Asked Questions
How did Alliant Energy's earnings change in 2024?
Net income attributable to Alliant Energy common shareowners was $690 million, or $2.69 per diluted share, in 2024, compared with $703 million, or $2.78 per share, in 2023. Utilities and Corporate Services net income decreased by $2 million, primarily due to the Lansing asset valuation charge, temperature impacts, restructuring charges and higher depreciation and financing expenses, partly offset by higher revenue requirements from capital investments.
What is the company's capital spending plan?
Alliant Energy's anticipated construction and acquisition expenditures are $2,205 million in 2025, $2,680 million in 2026, $3,020 million in 2027 and $2,960 million in 2028. The plan focuses on renewable generation and energy storage, dispatchable gas generation, converting certain coal-fired EGUs to natural gas, and electric and gas distribution systems.
What does the IPL rate order mean for customers and investors?
The IUC approved an annual retail electric base rate increase of $185 million for IPL, effective October 1, 2024, with customers receiving partially offsetting credits for the first 12 months. The order includes a retail electric base rate moratorium through September 2029, an electric earnings sharing mechanism beginning in 2025, and a $60 million non-cash Lansing charge recorded in 2024.
What are the main risks to the company's financial condition?
The filing identifies regulatory outcomes and timely rate recovery, MISO resource adequacy and capacity accreditation changes, environmental rules including the CCR Rule and Section 111 CO2 standards, potential repeal of the Inflation Reduction Act of 2022 affecting renewable tax credits, supply chain and construction cost risks, and access to capital and credit ratings. Alliant Energy's S&P outlook is Negative, while Moody's outlook is Stable.
06—Continue