Alliant Energy is a regulated electric and natural gas utility holding company serving roughly 1,010,000 electric and 435,000 natural gas retail customers in Iowa and Wisconsin through two operating subsidiaries: IPL (Interstate Power and Light) in Iowa and WPL (Wisconsin Power and Light) in Wisconsin. Electric utility operations drive the vast majority of revenues, with gas operations smaller and more seasonal. Customers cannot choose alternative suppliers; IPL and WPL are obligated to serve all customers in their territories. Alliant Energy earns revenue by selling electricity and natural gas at rates approved by state regulators—the Iowa Utilities Commission for IPL and the Public Service Commission of Wisconsin for WPL. Profitability is primarily driven by rate base growth, with Alliant Energy targeting roughly 12% compound annual rate base growth from 2025 to 2029 by investing in generation, energy storage, and distribution infrastructure. A key feature of Alliant Energy's Iowa business is a rate moratorium through September 2029, under which IPL froze base rates for existing customers in exchange for a framework allowing it to earn its authorized return through tax credits, energy margins from new generation, and individually negotiated rates for large new loads. Alliant Energy's core growth strategy centers on attracting large data center customers to its service territories. The company has executed agreements for 3 gigawatts of contracted data center peak demand and is in active negotiations for an additional 2 to 4 gigawatts of potential new load from hyperscalers.