Alliant Energy plans significant capital expenditures of $2,510 million in 2025, with $995 million allocated to renewables and energy storage projects. These investments aim to add 600 MW of natural gas resources, 280 MW of energy storage, and 500 MW of wind farms to meet growing customer demand.

IPL and WPL have entered into electric service agreements with new data center customers and received IUC approval for individual customer rates associated with these facilities. The company has also committed $24 million (IPL) and $40 million (WPL) for electric transmission infrastructure to support data center growth.

Management highlighted successful regulatory approvals for new generation and energy storage projects, including IUC orders for individual customer rates for data centers. This regulatory support is crucial for executing planned capital investments and achieving growth objectives.

Management secured IUC and PSCW orders authorizing annual base rate increases of $185 million for IPL and $60 million for WPL, effective October 2024 and 2025, respectively. These approvals demonstrate effective regulatory strategy in recovering capital investments and operational costs.

The $60 million pre-tax non-cash asset valuation charge for IPL's Lansing Generating Station in Q2 2024, resulting from a partial non-unanimous settlement agreement, reflects management's strategic decision to address and resolve regulatory matters concerning asset recovery.

Alliant Energy's management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting. This indicates strong governance and commitment to accurate financial reporting.

The company explicitly stated that the risk factors described in Item 1A of the 2024 Form 10-K have not changed materially. This suggests a stable, though acknowledged, level of risk exposure across various operational and financial areas.

New EPA announcements regarding reconsideration of environmental regulations, including the Cross-State Air Pollution Rule and GHG emissions, create uncertainty. The company is unable to predict with certainty the future outcome or financial impact of these evolving environmental matters.

Alliant Energy faces contingent liabilities including a $54 million maximum exposure for Whiting Petroleum, $43 million for a non-utility wind farm operating agreement, and $411 million in indemnifications for transferred renewable tax credits. While deemed remote, these represent potential future obligations.

Alliant Energy's electric utility revenues increased to $1,703 million (6 months 2025) from $1,580 million (6 months 2024), and gas utility revenues rose to $316 million from $273 million. This consistent growth indicates a robust competitive position in its regulated service territories.

Successful regulatory approvals for base rate increases for IPL ($185 million) and WPL ($60 million) demonstrate the company's ability to recover costs and earn an authorized return on its investments, a critical competitive advantage in the regulated utility sector.

The company's commitment to invest in electric transmission infrastructure for new data centers ($24 million for IPL, $40 million for WPL) positions it to capitalize on significant load growth opportunities, enhancing its long-term competitive standing and service capabilities.

Electric production fuel and purchased power expenses for Alliant Energy increased by $24 million for the six months ended June 30, 2025, compared to 2024. This was primarily driven by higher coal volumes due to increased dispatch of coal-fired EGUs and higher natural gas prices.

The $60 million asset valuation charge for IPL's Lansing Generating Station, recorded in Q2 2024, did not recur in 2025. This absence contributed positively to the year-over-year improvement in operating income, as it represented a one-time expense in the prior period.

The cost of gas sold for Alliant Energy increased by $28 million for the six months ended June 30, 2025, compared to 2024. This rise was attributed to higher retail gas volumes and changes in natural gas prices, indicating a challenge in managing commodity costs.

Alliant Energy plans significant capital expenditures of $995 million in 2025 for renewables and energy storage projects. This highlights a strong commitment to modernizing its generation portfolio and enhancing grid flexibility through advanced technologies.

The company is benefiting from additional tax credits in 2025 related to renewable generation and energy storage projects placed in service. For the six months ended June 30, 2025, $97 million in renewable tax credits were transferred to other corporate taxpayers, incentivizing further clean energy investments.

Forward-looking statements emphasize the importance of developing technologies related to electrification and the ability to reliably store and manage electricity. This indicates a strategic focus on technological advancements to support future energy demands and grid resiliency.

Alliant Energy's construction and acquisition expenditures for the six months ended June 30, 2025, increased to $976 million from $870 million in 2024. These investments are strategically directed towards generation (renewables, energy storage, gas projects) and distribution systems to support future growth.

IPL issued $600 million of 5.6% senior debentures in May 2025, and Alliant Energy issued $575 million of 3.25% convertible senior notes. These issuances demonstrate active engagement in capital markets to fund strategic investments and manage the company's debt profile.

Alliant Energy expects to issue up to $1.3 billion of common stock from 2026 through 2028, and up to $25 million annually through its Shareowner Direct Plan. This forward-looking plan indicates a strategy to maintain a balanced capital structure and support ongoing and future capital requirements.

Alliant Energy has voluntary environmental stewardship goals to reduce GHG emissions by 50% from 2005 levels by 2030, eliminate all coal-fired EGUs by 2040, and aspire to net-zero GHG emissions by 2050. These targets demonstrate a strong commitment to climate action and sustainability.

The company is actively benefiting from clean energy tax credits under the Inflation Reduction Act of 2022 for eligible projects. In the first six months of 2025, $97 million in renewable tax credits were transferred to other corporate taxpayers, supporting continued investment in sustainable energy solutions.

Alliant Energy monitors various environmental rules and has incurred costs related to compliance with regulations like the Clean Air Act and Coal Combustion Residuals Rule. The company also disclosed estimated future costs for Manufactured Gas Plant (MGP) site remediation, indicating proactive environmental management.

Recent IUC and PSCW orders authorizing annual base rate increases for IPL ($185 million) and WPL ($60 million) provide a stable and predictable revenue stream. This regulatory support is critical for utilities operating in a capital-intensive, regulated market.

WPL has secured an electric service agreement with a new data center customer, and IPL has received IUC approval for individual customer rates for data centers. This trend indicates significant load growth opportunities driven by industrial expansion in the company's service territories.

The company acknowledges that inflation, higher interest rates, and changes in commodity prices (natural gas, coal, and purchased power) are factors that could materially affect actual results. This highlights the ongoing sensitivity of utility operations to broader macroeconomic conditions.