Wisconsin-based regulated electric and gas utility Alliant Energy said it expects to sign 1GW of electric supply contracts with data center providers over the next six months.

The deals were revealed in the company's Q3 earnings call and add to 3.4GW of contracted demand the utility already has with the sector, which includes deals with Google, Meta, and QTS, respectively. These commitments highlight the growing pipeline of Data Center Projects in the US and the increasing demand for power to support large-scale data center developments.

Construction Progress Across Contracted Projects

The utility said that three of the five contracted data center projects are currently under construction. Google is taking transmission service in Iowa, and QTS Cedar Rapids is expected to complete commissioning of two buildings this quarter.

"Data centers support our expectation for greater than 60 percent contracted demand growth by 2031," said Lisa Barton, CEO and president of Alliant.

Interest Beyond Hyperscalers

Barton added that interest is not limited to hyperscalers, with data center interest across the spectrum. "We are also seeing progress across a diversified set of load opportunities beyond large data centers, including edge data centers and manufacturing expansion in Wisconsin and Iowa," she said.

Barton went on to contend that the utility has "an extreme level of confidence in our ability to secure the generation that we need," and that "data centers are really engaging with the communities, and we're really pleased with that. There's a greater level of transparency."

Capital Spending Raised 19 Percent

As a result of the influx of data center interest, the company raised its capital spending program for 2027-2030 by 19 percent, bringing it to USD 15.9 billion. It has also revised its expected investment growth rate to 13 percent for the 2027 to 2030 planning period, up from 12 percent.

 

The increased spending reflects the need to strengthen electricity infrastructure to accommodate rising power consumption from large-scale data center developments & AI computing facilities. Investments in generation capacity, transmission networks, and distribution infrastructure will be increasingly important as utilities respond to new customer demand & support the expansion of US Data Center Projects. The growing pipeline of data center developments is also creating opportunities for utilities to secure long-term electricity contracts while planning additional infrastructure investments to maintain grid reliability.

DOE Loan and Customer Savings 

The utility also noted the impact of a USD 5.1 billion loan from the Department of Energy, which it estimated would provide up to USD 1.2 billion in cumulative customer savings over the life of the 30-year loans.

 

The financing is expected to help reduce the utility's borrowing costs and support its long-term investment requirements while limiting the financial burden on electricity customers. These savings are particularly relevant as utilities face increasing infrastructure spending requirements driven by rising electricity consumption, industrial expansion, and the rapid growth of AI and data center infrastructure.

 

The DOE-backed financing could therefore help the utility balance its infrastructure expansion plans with affordability for residential, commercial, and industrial customers.

Company Profile

Alliant is headquartered in Madison, Wisconsin, and operates primarily through two main regulated utility subsidiaries. These include Interstate Power and Light Company, which serves Iowa, and Wisconsin Power and Light Company, which serves Wisconsin. In total, the company serves up to 1.5 million customers.

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