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LNTAlliant Energy

Utilities · Electric & Gas Utilities · Nasdaq

Alliant Energy maintains its principal executive offices in Madison, Wisconsin. 10-K, Item 1

LNT quote by TradingView
Headquarters
Madison, WI
Next results
around Feb 19, 2027
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10-K 0000352541-26-000007 (2026-02-20) vs 10-K 0000352541-25-000014 (2025-02-21)

SectionCompared textWords nowChanged
Risk FactorsItem 1A7,437 15.9%
MD&AItem 713,523 25.7%
Legal ProceedingsItem 3, via Note 16 – COMMITMENTS AND CONTINGENCIES1,690 19.0%
Accounting PoliciesItem 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES5,177 2.7%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 408 words changed in this paragraph; it is 30% similar to last year's version.
Demand for energy from high usage data centers and other large load growth customers may impact our business - The Our ability to serve significant new commercial or industrial customers on contract rates, including data centers, may require certain regulatory approvals, manage the development and the activities and costs implementation of complex business opportunities related to the construction, acquisition growing demand for data centers may be limited by financial, operational, or contracts for additional regulatory factors. We may enter into agreements requiring significant capital investment in generation capacity and transmission required capacity for large load growth customers before realizing any potential returns. We may not be able to affordably and timely construct generation, or cause transmission companies to affordably and timely construct transmission infrastructure to meet the high demands of such customers could be significant. The inability or delays in obtaining regulatory approvals or securing additional capacity or transmission, due to supply chain risk, operational risk, or other factors, may impact our ability, or the cost, to provide energy to new customers, the contract rates may not fully recover the costs, the contracts may increase counterparty credit risk, and the costs to provide service may be higher than expected. The contract rates for high usage customers are subject to regulatory approvals and our regulatory authorities may change the rates we can charge and the costs that can be recovered. potential load growth from any large load growth customer. A high usage large load growth customer may decide not to take energy, take less energy than anticipated, or not take service on the anticipated schedule, due to changes in business needs, construction delays, technological advances that improve energy efficiency, or other factors, which may result in lower demand for energy than anticipated. The addition of high usage large load growth customers may increase the concentration of sales, and increase revenue and earnings volatility. These factors could negatively We may not be able to adequately protect against the risks inherent in relying on rapid growth within a small number of large customers in a single industry. The inability or delays in obtaining regulatory approvals with acceptable conditions or providing sufficient generation or securing transmission, due to supply chain risk, operational risk, or other factors, may impact our ability, or the cost, to provide energy to new customers. The individual customer rates may not provide sufficient revenues to fully recover the costs, the contracts with large load growth customers may increase counterparty credit risk, and the costs to provide service may be higher than expected. Large load growth customers may not be able to meet obligations in our contracts, including the obligation to pay any termination charges. Additionally, if pipeline expansions needed for new gas‑fired generation are delayed or not approved, we may be unable to meet peak requirements for data center load, increasing market purchases or capacity procurement costs. Any of these circumstances could adversely affect our business, financial condition and condition, results of operations. operations and growth prospects.

Source: Item 1A, 10-K 0000352541-26-000007 vs Item 1A, 10-K 0000352541-25-000014

MD&A 270 words changed in this paragraph; it is 43% similar to last year's version.
Alliant Energy IPL WPL Higher revenue requirements (a)(b) $240 $85 $155 $333 $271 $62 Higher (lower) sales for resale bulk power and other revenues (c) 15 (17) 32 Deferral of incremental solar generation construction costs at WPL in 2024 (Refer to Note 3) 12 — 12 Lower revenues primarily due to 78 34 44 Estimated changes in retail electric fuel-related costs at WPL, and credits on IPL’s customers’ bills related to production tax credits through its fuel-related cost recovery mechanism (Refer to Electric Production Fuel and Purchased Power Expenses Variances below) (a)(b) (142) (42) (100) sales volumes caused by temperatures 45 27 18 Changes in WPL refunds/collections of previous over-/under-collection of retail electric fuel-related costs (offset in electric production fuel and purchased power expenses) (Refer to Note 2) (33) 1(g)) 43 — (33) Estimated changes in sales volumes caused by temperatures (23) (13) (10) Lower revenues at IPL due to credits on customers’ bills through the tax benefit rider in 2024 (partially offset by changes in income taxes) (a) (16) (16) — Lower wholesale revenues at WPL primarily due to lower fuel-related costs and lower sales (13) (1) (12) Lower 43 Higher revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense) (Refer to Note 1(g)) (13) (13) 18 18 — Changes in WPL electric fuel-related costs, net of recoveries (d) 8 — 8 Higher (lower) revenues primarily due to changes in retail electric fuel-related costs (Refer to Electric Production Fuel and Purchased Power Expenses Variances below) 5 (10) 15 Lower revenues at IPL due to credits on customers’ bills related to production tax credits through its fuel-related cost recovery mechanism (offset by changes in income taxes) (a) (122) (122) — (10) Lower revenues at IPL due to credits on customers’ bills through the tax benefit rider (partially offset by changes in income taxes) (a) (36) (36) — Lower revenues at IPL from discontinuation of renewable energy rider in 2024 (a) (24) (24) — Lower wholesale revenues at IPL primarily due to lower sales from the expiration of IPL’s wholesale power agreement with Southern Minnesota Energy Cooperative in 2025 (22) (22) — Other 10 3 7 $27 ($14) $41 (1) 13 (14) $325 $149 $176

Source: Item 7, 10-K 0000352541-26-000007 vs Item 7, 10-K 0000352541-25-000014

Accounting Policies 80 words changed in this paragraph; it is 87% similar to last year's version.
The Inflation Reduction Act of 2022 provides the ability to transfer renewable tax credits to other corporate taxpayers. In 2023 and 2024, IPL and WPL have entered into agreements to transfer renewable tax credits from certain wind, solar and energy storage facilities to other corporate taxpayers in exchange for cash. Alliant Energy, IPL and WPL have elected to record transfers of renewable tax credits as part of income taxes, and cash received from the transfer of renewable tax credits is recorded in cash flows from operating activities. For renewable Renewable tax credits subject to future transfer, a valuation allowance is transfer are recorded for the difference between the tax value of the credits and the at expected sales price. realizable value. Renewable tax credits and any related valuation allowances are derecognized when control of the tax credits is transferred to other corporate taxpayers. Beginning October 1, 2024, IPL’s renewable energy rider was discontinued, and production tax credits, excluding production tax credits from the refurbishment of existing wind farms, are credited to IPL’s retail electric customers through its fuel-related cost recovery mechanism. Investment tax credits resulting from IPL’s renewable generation and energy storage projects that are not yet included in base rates may be utilized to offset any revenue deficiency on an annual basis up to IPL’s return on common equity threshold; any remaining investment tax credits, net of the cost of transferability, that are not used to offset any revenue deficiency, will be deferred by IPL and carried forward to offset any potential revenue deficiency in future years. At WPL, pursuant to escrow treatment approved by the PSCW, the difference between actual solar and energy storage renewable tax credits and the amount of renewable tax credits collected from customers as electric revenues is recognized in “Income taxes” in Alliant Energy’s and WPL’s income statements. An offsetting amount is recorded in regulatory assets or regulatory liabilities on Alliant Energy’s and WPL’s balance sheets until reflected in future billings to customers. Refer to Notes 11 and Note 16(d) for further discussion of the transfer of renewable tax credits to other corporate taxpayers, including related valuation allowances and indemnification requirements, respectively. requirements.

Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000352541-26-000007 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000352541-25-000014

Legal Proceedings 36 words changed in this paragraph; it is 80% similar to last year's version.
Transfers of Renewable Tax Credits - In 2023 and 2024, IPL and WPL have entered into agreements to transfer renewable tax credits from certain wind, solar and energy storage facilities to other corporate taxpayers in exchange for cash. As of December 31, 2024, 2025, IPL and WPL provided indemnifications associated with $193 $333 million and $121 $266 million, respectively, of proceeds for renewable tax credits transferred to other corporate taxpayers in the event of an adverse interpretation of tax law, including whether the related tax credits meet the qualification requirements. Alliant Energy, IPL and WPL believe the likelihood of having to make any material cash payments under these indemnifications is remote.

Source: Item 3, via Note 16 – COMMITMENTS AND CONTINGENCIES, 10-K 0000352541-26-000007 vs Item 3, via Note 16 – COMMITMENTS AND CONTINGENCIES, 10-K 0000352541-25-000014

Every change, by type

Sentences and paragraphs of LNT's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-21. Each links to the text at sec.gov.

All 134 Added 24Removed 24Reworded 85Quiet changes 1

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

RemovedRisk Factors
In addition, our operations are subject to extensive regulation primarily by the IUC, the PSCW and FERC. We are also subject to oversight and monitoring by organizations such as the North American Electric Reliability Corporation, the Midwest Reliability Organization, the Pipeline and Hazardous Materials Safety Administration, the Midcontinent Independent System Operator, Inc. (MISO) and the Department of Homeland Security Transportation Security Administration. The impacts on our operations include: our ability to site and construct new energy facilities, such as renewable energy, energy storage projects, or natural gas-fired electric generating units, and recover associated costs; our ability to decommission generating facilities

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Demand for energy may decrease - Our results of operations are affected by the demand for energy in our service territories. Energy demand may decrease due to many things, including economic conditions, proliferation of customer and third party-

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Our strategy includes large construction projects, which are subject to risks - Our strategy includes constructing renewable generating facilities, energy storage facilities, natural gas-fired generating facilities, and large-scale additions and upgrades to our electric and gas distribution systems and generating assets. These construction and upgrade projects are subject to various risks. These risks include: the inability to obtain necessary regulatory approvals and permits in a timely

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
lower sales and revenues, which may not be replaced or recovered in rates, or rate recovery may be delayed. Any of these items could adversely impact our financial condition and results of operations.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
collective bargaining agreements could adversely affect our financial condition and results of operations as well as our ability to implement our strategy.

Read it in 10-K 2025-02-21 at sec.gov ↗

RewordedRisk Factors
The inability or delays in obtaining regulatory approvals or securing additional capacity or transmission, due to supply chain risk, operational risk, or other factors, may impact our ability, or the cost, to provide energy to new customers, the contract individual customer rates may not provide sufficient revenues to fully recover the costs, the contracts with large load growth customers may increase counterparty credit risk, and the costs to provide service may be higher than expected.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
MISO’s resource adequacy process establishing seasonal capacity planning reserve margin and capacity accreditation requirements, as well as additional changes to capacity accreditation, such as the direct loss of load methodology, impact how and when existing and new generating facilities such as IPL’s and WPL’s additional solar generation are accredited with energy capacity, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO’s seasonal resource adequacy process, or procure capacity whereby such costs might not be recovered in rates; legislation or regulation that imposes mandatory integrated resource planning requirements, or materially changes existing resource planning standards, could delay approvals, require revisions to resource plans, increase compliance costs, and impact our ability to timely meet demand for energy from commercial and industrial customers, including data centers; the impact of the lack of availability of existing and new generating facilities has on our accredited capacity for such facilities pursuant to MISO’s seasonal resource adequacy process;

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
The inability or delays in obtaining regulatory approvals with acceptable conditions or providing sufficient generation or securing additional capacity or transmission, due to supply chain risk, operational risk, or other factors, may impact our ability, or the cost, to provide energy to new customers, the contract rates may not fully recover the costs, the contracts may increase counterparty credit risk, and the costs to provide service may be higher than expected. customers.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
IPL and WPL may not receive an adequate amount of rate relief to recover all costs and earn their authorized rates of return, rates may be reduced, rate refunds may be required, rate adjustments may not be approved on a timely basis, costs may not be otherwise recovered through rates, earnings above certain thresholds may be required to be refunded, refunded or be used to reduce existing rate base of assets with higher levels of authorized return on equity, recovery of capital expenditures, including those for electric distribution systems, above certain thresholds may be capped or not be allowed, rates may be temporarily frozen, such as IPL’s current retail electric rate base moratorium through September 2029, laws, rules or settlements may limit the ability to file rate adjustments or the period covered by a rate adjustment, regulatory decisions may limit the ability to defer recovery of and a return on prudently incurred costs in between rate reviews, certain rate base items may not receive a full weighted average cost of capital, and authorized rates of return on capital may be reduced.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
These factors Any of these circumstances could negatively impact adversely affect our business, financial condition and condition, results of operations. operations and growth prospects.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Storms and natural disasters may impact our customers and the resulting reduced demand for energy could cause lower sales and revenues, which may not be replaced or recovered in rates, or rate recovery may be delayed.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Demand for energy from high usage customers may impact our business - The ability to serve significant new commercial or industrial customers on contract rates, including data centers, may require certain regulatory approvals, and the activities and costs related to the construction, acquisition or contracts for additional generation capacity and transmission required to meet the high demands of such customers could be significant.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Department of Energy’s Energy Office of Energy Dominance Financing, formerly the Loan Programs Office Office, for loan guarantees of approximately $3 billion in aggregate and WPL has been selected for additional grants.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
The contract individual customer rates for high usage large load growth customers are subject to regulatory approvals and our regulatory authorities may change the rates we can charge and the costs that can be recovered.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
If energy storage facilities are not completed in the anticipated timeframe or investment tax credits are not able to be generated or sold due to the repeal or amendment of the Inflation Reduction Act of 2022, or new limitations imposed by the OBBB Act, we may experience adverse impacts on our financial condition and results of operations.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
If the federal or state tax rates are increased, state income tax apportionment is increased, or we become subject to a corporate alternative minimum tax, we may experience adverse impacts to our financial condition and results of operations until those rates are reflected in our regulatory filings.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•Alliant Energy’s resource plan is the roadmap for building a strong and resilient energy future to meet the growing energy needs across Iowa and Wisconsin. This long-term plan expands generation capacity and includes a balanced mix of natural gas, energy storage, new renewable generation, improvements at existing natural gas-fired EGUs and refurbishments at existing wind farms. It is designed to deliver the reliable, affordable energy customers count on by efficiently increasing the capabilities of existing generation through gas and wind facility upgrades while also building larger scale natural gas facilities to capture economies of scale. Alliant Energy’s industry-leading wind and solar energy resources provide zero-fuel cost generation as well as generate renewable tax credits that are provided to its electric customers. By enhancing new and existing energy sources while maximizing traditional energy sources, Alliant Energy is helping support economic growth, maintain reliability and keep customer bills affordable. At the same time, Alliant Energy is modernizing its distribution system to create a smarter, more adaptable infrastructure that increases resiliency and supports evolving energy technologies. By advancing a responsible approach to energy resources, Alliant Energy can deliver what matters most to the customers and communities it serves - affordably, safely and reliably.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•Higher electric capacity revenues from existing generation resources beginning in 2025 are expected to provide cost benefits to WPL’s retail electric customers in the future through its fuel cost recovery mechanism.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•IPL provided billing credits to its retail electric customers through the tax benefit rider of $52 million and $16 million in 2025 and 2024, respectively. IPL also provided its retail electric customers $162 million and $40 million in credits on customers’ bills related to production tax credits through its fuel-related cost recovery mechanism in 2025 and 2024, respectively.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•In April 2025, WPL submitted an application to the U.S. Army Corps of Engineers for up to $45 million in loans through the Corps Water Infrastructure Financing Program. If finalized, such loans would provide low interest financing for various proposed safety projects at WPL’s Kilbourn and Prairie du Sac hydro EGUs.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•IPL and WPL executed agreements to enable fiber connectivity to one of its data center customers by leasing underground conduit in their service territories, which is expected to provide cost benefits to IPL’s and WPL’s existing customers.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•Reliability and Resiliency: Investments to extend the flexibility, efficiency, capacity and optionality of existing resources including coal plant conversions and replacements, resiliency investments in natural gas storage, liquified natural gas and gas delivery, as well as reliability and safety investments in electric and gas distribution.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•Customer Value: Improving customer and employee experiences through technology investments that increase operational efficiency, service effectiveness and organizational agility.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•Completion of the Neenah Unit 1 and Sheboygan Falls Unit 1 advanced gas path projects in 2025, which increased the efficiency and capacity at each of these facilities.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•In May 2025 and October 2025, the IUC issued orders, with certain conditions, approving individual customer rates for data centers expected to be constructed in IPL’s service territory. In April 2025, WPL filed a request with the PSCW for approval of an individual customer rate for a data center expected to be constructed in its service territory. A decision from the PSCW is currently expected in the second quarter of 2026.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•Sales Trends - Alliant Energy, IPL and WPL currently expect an increase in retail electric sales in 2026 compared to 2025 driven by expected load growth from new customers who currently expect to build data centers in IPL’s and WPL’s service territories. Refer to “Growing Customer Demand” for further discussion.

Read it in 10-K 2026-02-20 at sec.gov ↗

RemovedMD&A
•Alliant Energy’s resource plan continues to add resources in Iowa and Wisconsin, which is expected to result in continued reliability and affordability for its utility customers. As a result, Alliant Energy directly reinvests in the communities it serves through the addition of skilled jobs, economic development and increased tax revenue. From 2022 through 2024, Alliant Energy completed projects that resulted in approximately 1,500 MW of additional zero-fuel cost solar generation resources in aggregate (WPL completed 1,089 MW of solar generation in Wisconsin in 2022-2024 and IPL completed 400 MW of solar generation in Iowa in 2024), which generate renewable tax credits that are provided to its electric customers.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•Issuance of new long-term debt at historically low interest rates for IPL ($300 million of 3.1% senior debentures due 2051) and WPL ($300 million of 1.95% green bonds due 2031) in 2021 and WPL ($600 million of 3.95% green bonds due 2032) in 2022.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Making customer-focused investments - Alliant Energy’s strategic priorities include making significant customer-focused investments toward more reliable, resilient, and sustainable customer energy solutions. Alliant Energy’s strategy drives a capital allocation process focused on: 1) transitioning its generation portfolio to meet the growing interest and needs of customers for reliable and sustainable sources of energy, 2) upgrading its electric and gas distribution systems to strengthen safety, reliability and resiliency, as well as enable distributed energy solutions in its service territories, and 3) enhancing its customers’ and employees’ experience with evolving technology and greater flexibility.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•Improving reliability and resiliency with more underground electric distribution, and enabling distributed energy solutions with higher capacity lines. Currently, approximately 28% of Alliant Energy’s electric distribution system is underground.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•Sales Trends and Temperatures - In July 2025, IPL’s wholesale power agreement with Southern Minnesota Energy Cooperative (SMEC) will expire (sales to SMEC represented approximately 5% of IPL’s total electric sales in 2024), which is not expected to have a material impact on Alliant Energy’s or IPL’s future financial condition and results of operations. In 2024, warmer than normal temperatures in the winter and cooler than normal temperatures in the summer in Alliant Energy’s, IPL’s and WPL’s service territories resulted in lower retail electric and gas sales volumes and operating income.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Environmental Stewardship - Alliant Energy’s environmental stewardship is focused on the implementation of a responsible energy strategy to meet its customers’ energy needs affordably, safely, reliably and sustainably. Alliant Energy periodically reviews and updates this strategy to reflect changes needed to support the transition to a low-carbon economy. Alliant Energy’s current voluntary environmental-related goals and achievements include the following:

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•Exceeded its 2020 targets by reducing air emissions for sulfur dioxide by over 90%, nitrogen oxides by over 80% and mercury by over 90% from 2005 levels.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•By 2030, reduce GHG emissions from its utility operations by 50% from 2005 levels, reduce its electric utility water supply by 75% from 2005 levels and electrify 100% of its owned light-duty fleet vehicles.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Alliant Energy’s aspirational GHG goal includes EPA reportable emissions based on applicable regulatory compliance requirements for CO2, methane and nitrous oxide from its owned fossil-fueled EGUs and distribution of natural gas. In addition, Alliant Energy’s environmental stewardship efforts include a goal to partner to plant more than 1 million trees by the end of 2030. Future updates to sustainable energy plans and attaining these goals will depend on future economic developments, evolving energy technologies and emerging trends in Alliant Energy’s service territories.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Grid Resilience and Innovation Partnerships Program for WPL - In October 2024, the U.S. Department of Energy Office of Grid Deployment selected WPL’s Smart Power Automation for Rural Communities program application to move into the final stage of award negotiations for up to $50 million in grant funding under the Grid Resilience and Innovation Partnerships Program. WPL currently expects to submit project plans to the PSCW in 2025 when award negotiations are nearing completion. If finalized, any grant proceeds would reduce the cost of the project for WPL’s customers.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Non-utility business - Alliant Energy continues to explore growth of its Travero businesses and other limited scope opportunities outside of, but complementary to, Alliant Energy’s core utility business. This non-utility strategy continues to evolve through exploration of modest strategic opportunities that are accretive to earnings and cash flows.

Read it in 10-K 2025-02-21 at sec.gov ↗

RewordedMD&A
Over the next five years, Alliant Energy currently plans to develop and/or acquire new generation investments to add flexibility with evolving load growth, including approximately 1,200 MW of new wind and solar generation in aggregate, approximately 1,000 MW of energy storage, approximately 750 1,600 MW of new natural gas resources, approximately 1,000 MW of new energy storage, approximately 1,300 MW of new renewable generation, improvements of approximately 410 MW at existing natural gas-fired EGUs, and refurbishments at approximately 600 450 MW of existing wind farms, and improvements at approximately 650 MW of existing natural gas-fired EGUs and the conversion of existing coal-fired EGUs to natural gas. farms.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The table below summarizes anticipated construction Construction and acquisition expenditures for 2026 through 2029 are currently anticipated as follows (in millions), which are focused on adding renewable generation and energy storage projects and dispatchable gas generation projects to meet growing customer demand for electricity, including initial expected future data center growth, growth from currently executed electric service agreements, and strengthening the resiliency and reliability of the electric grid, and include renewable generation and energy storage projects, dispatchable gas generation projects and converting certain coal-fired EGUs to natural gas. distribution systems.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The decrease increase was primarily due to higher revenue requirements from capital investments, estimated temperature impacts on retail electric and gas sales, an asset valuation charge for IPL’s Lansing Generating Station as a result of the IUC order for IPL’s retail electric rate review, estimated temperature impacts on retail electric and gas sales, review in 2024, restructuring and voluntary separation charges, charges in 2024, and an ARO charge allocated to the steam business at IPL due to the revised CCR Rule, higher depreciation and financing expenses, and lower AFUDC. Rule in 2024.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Alliant Energy IPL WPL Lower Higher revenues due to changes in gas costs (Refer to Cost of Gas Sold Expense Variances below) ($75) ($42) ($33) $40 $8 $32 Estimated changes in sales volumes caused by temperatures (8) (4) (4) 17 8 9 Higher revenue requirements (a) 6 6 — Lower revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense) (Refer to Note 1(g)) (6) (6) (8) (8) — Higher revenue requirements (a) (b) 14 2 12 ($75) ($50) ($25) Other 5 1 4 $60 $15 $45

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
New Energy Storage - In 2024, IPL received approval from the IUC to construct, own and operate up to approximately 140 99 MW of energy storage in Iowa (100 MW at the Wever project and 40 MW at the Creston project), storage, which is currently expected to be was placed in service in November 2025 and 2026. at the site of its Wever solar facility.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The key drivers for the annual base rate increases include revenue requirement impacts of increasing electric and gas rate base, including investments in wind refurbishment projects, energy storage, existing natural gas-fired EGU improvements, solar generation costs incurred that exceed the construction cost estimates previously approved by the PSCW (refer to Note 3 for further discussion), and energy storage. electric and gas distribution investments.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Natural Gas-fired Electric Generating Unit - In February 2025, January 2026, IPL filed request with received approval from the IUC for approval to construct, own and operate the Cedar River Generating Station, a 94 MW natural gas-fired EGU using Reciprocating Internal Combustion Engine (RICE) technology, RICE technology at the site of IPL’s Prairie Creek Generation its Burlington Generating Station.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Alliant Energy IPL WPL (Higher) lower utility construction and acquisition expenditures (a) ($321) ($512) $191 ($225) ($249) $24 Proceeds from sales of partial ownership interests in West Riverside in 2024 (123) — (123) Changes in the amount of cash receipts on sold receivables 140 140 35 35 — Other 35 14 31 ($146) ($358) $222 (36) 39 (4) ($349) ($175) ($103)

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Existing New Wind Farm Refurbishment - In July 2024, April 2025, WPL filed a CA application with the PSCW for approval to refurbish construct, own and operate the Bent Tree North EGU, an approximately 153 MW wind farm, which would be eligible for production tax credits under the Inflation Reduction Act of 2022. farm.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
New Natural Gas-fired Electric Generating Unit Generation - In February April 2025, IPL filed request with the IUC for approval PSCW issued an order authorizing WPL to construct, own and operate the Cedar River Generating Station, a 94 17.5 MW natural gas-fired EGU using Reciprocating Internal Combustion Engine (RICE) technology, at the site of IPL’s Prairie Creek Generation Station. its Riverside Energy Center.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Changes in depreciation and amortization (Higher primarily due to solar generation placed in service in 2024 and 2023, as well as WPL’s amortization of liquidated damages related to West Riverside procurement contracts, which resulted in reductions to depreciation and amortization expenses in 2023, and updated electric depreciation rates for IPL effective October 1, 2024) (96) (16) (77) (74) (59) (13)

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreased 1% increased 2% in 2024 2025 compared to 2023, 2024, primarily due to changes in temperatures and higher sales volumes at IPL’s to commercial and industrial customers due to standby service customers that can use other generation, and changes in temperatures. customers.

Read it in 10-K 2026-02-20 at sec.gov ↗

Quiet changesMD&A
Based on projections of current and future taxable income, Alliant Energy, IPL and WPL plan to utilize all of these carryforwards approximately more than five years before expiration.

Read it in 10-K 2026-02-20 at sec.gov ↗

Work on LNT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/LNT/export.csv") into a cell.