Alliant Energy Corp (NASDAQ: LNT) is a regulated electric and natural gas utility company that delivers energy to customers through two principal utility subsidiaries: Interstate Power and Light Company, serving Iowa, and Wisconsin Power and Light Company, serving Wisconsin. Revenue is generated through regulated rate structures approved by state utility commissions, meaning Alliant Energy earns a allowed return on its rate base of power generation, transmission, and distribution assets. The combined 10-K filed on 2026-02-20 (accession 000035254126000007) was filed jointly by Alliant Energy Corporation, Interstate Power and Light Company, and Wisconsin Power and Light Company, each as a separate registrant. As a regulated utility, pricing and capital recovery are set by regulatory bodies rather than market competition, giving the business predictable but capped earnings. Alliant Energy is headquartered in the Midwest and operates exclusively in Iowa and Wisconsin based on its subsidiary structure disclosed in the filing.

Revenue model

Regulated utility rate recovery: Alliant Energy earns revenue by charging customers tariff rates for electric and natural gas delivery, with rates set by state utility commissions in Iowa and Wisconsin. The allowed return on rate base drives earnings.

Products and services

Electric generation, transmission, and distribution; natural gas distribution; delivered through Interstate Power and Light Company (Iowa) and Wisconsin Power and Light Company (Wisconsin).

Customers and end markets

Residential, commercial, and industrial electricity and natural gas customers in Iowa and Wisconsin. Specific customer counts are not supported by the provided filing excerpts.

Value-chain role

Vertically integrated regulated utility: generation, transmission, and distribution of electricity and natural gas to end customers.

Geographic exposure

Iowa (Interstate Power and Light Company) and Wisconsin (Wisconsin Power and Light Company), based on subsidiary structure disclosed in the 10-K filed 2026-02-20.

Source: SEC 10-K, filed 2026-02-20

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