Alliant Energy

“These facilities help meet customer demand for electricity when natural gas prices are low enough to make natural gas-fired generation economical compared to other fuel sources. Alliant Energy manages the gas supply to these gas-fired EGUs and helps ensure an adequate supply is available at known prices through a combination of gas commodity, pipeline transportation and storage agreements held by IPL and WPL for numerous years.”

Annual report 2025A · The company itself

“The average cost of delivered fuel per million British Thermal Units used for electric generation was as follows: IPL WPL 2025 2024 2023 2025 2024 2023 All fuels $2.81 $2.49 $2.83 $3.11 $2.74 $3.09 Natural gas (a) 3.05 2.52 3.10 3.84 3.03 3.47 Coal 2.28 2.29 2.09 2.41 2.37 2.54 (a)The average cost of natural gas includes commodity and transportation costs, as well as realized gains and losses from swap and option contracts used to hedge the price of natural gas volumes expected to be used by IPL’s and WPL’s natural gas-fired EGUs.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Table of Contents We may not be able to fully recover costs related to commodity prices - We have natural gas and coal supply and transportation contracts in place for some of the natural gas and coal we require to generate electricity. We also have transportation and supply agreements in place to facilitate delivery of natural gas to our customers.”

Annual report 2025A · The company itself

“Our counterparties to these contracts may not fulfill their obligations to provide natural gas, coal, financial settlements or collateral to us due to financial or operational problems caused by natural disasters, severe weather, economic conditions, labor shortages, employee strikes, transportation issues, pandemics, physical attacks or cyber attacks.”

Annual report 2025A · The company itself

“Natural gas market prices have been volatile in the past and could be volatile in the future due to additional future regulations, increased demand including due to new natural gas-fired generating facilities, increased liquified natural gas demand from foreign countries, limited global suppliers of natural gas, periods of extremely cold temperatures or disruption in supply caused by major storms or pipeline explosions.”

Annual report 2025A · The company itself

“Alliant Energy operates as a regulated investor-owned public utility holding company, and its purpose-driven strategy is to serve its customers and build stronger communities. Alliant Energy’s primary focus is to provide regulated electric and natural gas service to approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.”

Annual report 2025A · The company itself

“The addition of large load growth customers may increase the concentration of sales, and increase revenue and earnings volatility. 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.”

Annual report 2025A · The company itself

“Table of Contents Laws, regulations, and opposition to data centers may impact our business - Federal, state or local legislation, rulemaking, or siting standards that specifically restrict or delay the zoning, siting or operation of data centers could reduce or defer expected load growth and impair cost recovery for associated infrastructure. Community opposition to data centers—driven by concerns about land use, water consumption, generation emissions, noise, or traffic—could result in permitting delays, litigation, project cancellations, or additional mitigation costs, reducing expected load growth.”

Annual report 2025A · The company itself

“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. The individual customer rates for 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.”

Annual report 2025A · The company itself

“Risks Related to Data Center and Other Large Load Growth Customers Demand from data centers and other large load growth customers may impact our business - Our ability to manage the development and implementation of complex business opportunities related to the growing demand for data centers may be limited by financial, operational, or regulatory factors. We may enter into agreements requiring significant capital investment in generation and transmission capacity for large load growth customers before realizing any potential returns.”

Annual report 2025A · The company itself

“Seasonality - Electric sales are seasonal to some extent with the annual peak normally occurring in the summer months due to air conditioning requirements. Electric sales are also impacted to a certain extent in the winter months due to heating requirements.”

Annual report 2025A · The company itself

“Risks Related to Business Operations 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-owned generation, technological advances that reduce the costs of renewable energy and energy storage solutions for our customers, government policies, such as the Inflation Reduction Act of 2022, which incentivize customer and third party-owned generation, loss of service territory or franchises, energy efficiency measures, changes in customer usage due to rate design changes, such as time of use rates, technological advances that improve energy efficiency, third-party disrupters, loss of wholesale customers, loss of customers that pursue their own renewable projects to achieve specific sustainability goals, and the adverse impact of tariffs on our customers.”

Annual report 2025A · The company itself

“Alliant Energy’s strategy includes actions to retain current customers and attract new customers into IPL’s and WPL’s service territories in an effort to keep energy rates low for all customers. Refer to “Overview” in MDA for discussion of the strategy element focusing on growing customer demand.”

Annual report 2025A · The company itself

“However, the One Big Beautiful Bill Act (OBBB Act) includes significant changes to renewable tax credits, including accelerating the termination of production tax credits and investment tax credits. These changes may materially limit our ability to sell or transfer renewable tax credits at reasonable terms in future periods.”

Annual report 2025A · The company itself

“Repeal or amendment of the Inflation Reduction Act of 2022, or portions of the Inflation Reduction Act of 2022, could have an adverse impact on our financial condition and results of operations, including, but not limited to, a material increase in customer costs, a material decrease in cash flows from operating activities, which could impact metrics used by rating agencies, and a negative impact on the economics of future planned renewable and energy storage projects.”

Annual report 2025A · The company itself

“We have sold, and continue to plan to sell, a substantial amount of our eligible renewable tax credits.”

Annual report 2025A · The company itself

“As a result, ITC and ATC can implement new rates each calendar year without filing a request with FERC. However, new rates are subject to challenge by either FERC or customers.”

Annual report 2025A · The company itself

“Alliant Energy operates as a regulated investor-owned public utility holding company, and its purpose-driven strategy is to serve its customers and build stronger communities. Alliant Energy’s primary focus is to provide regulated electric and natural gas service to approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.”

Annual report 2025A · The company itself

“Renewable Energy Standards - Iowa and Wisconsin have renewable energy standards, which establish the minimum amount of energy IPL and WPL must supply from renewable resources. IPL primarily relies upon renewable energy generated from the wind or solar resources it owns and renewable energy acquired under PPAs to meet these requirements.”

Annual report 2025A · The company itself

“Our utility business currently operates wind and solar generating facilities, which generate production tax credits that are eligible to be used to reduce our federal tax obligations. The amount of production tax credits we earn is dependent on the level of electricity output generated by our qualifying generating facilities and sold to an unrelated buyer, and the applicable tax credit rate.”

Annual report 2025A · The company itself

“Renewable Energy Standards - Iowa and Wisconsin have renewable energy standards, which establish the minimum amount of energy IPL and WPL must supply from renewable resources. IPL primarily relies upon renewable energy generated from the wind or solar resources it owns and renewable energy acquired under PPAs to meet these requirements.”

Annual report 2025A · The company itself

“Our utility business currently operates wind and solar generating facilities, which generate production tax credits that are eligible to be used to reduce our federal tax obligations. The amount of production tax credits we earn is dependent on the level of electricity output generated by our qualifying generating facilities and sold to an unrelated buyer, and the applicable tax credit rate.”

Annual report 2025A · The company itself

“Our utility business is developing energy storage facilities, which are expected to generate investment tax credits. Investment tax credits are dependent on the tax capitalized costs of the qualifying generating facilities and the applicable tax credit rate.”

Annual report 2025A · The company itself

“Customers - IPL and WPL provide gas utility service to a large base of retail customers and industries, including research, education, hospitality, manufacturing and chemicals (including ethanol).”

Annual report 2025A · The company itself

“Customers - IPL and WPL provide gas utility service to a large base of retail customers and industries, including research, education, hospitality, manufacturing and chemicals (including ethanol).”

Annual report 2025A · The company itself

“Seasonality - Electric sales are seasonal to some extent with the annual peak normally occurring in the summer months due to air conditioning requirements. Electric sales are also impacted to a certain extent in the winter months due to heating requirements.”

Annual report 2025A · The company itself

“Seasonality - Gas sales follow a seasonal pattern with an annual base-load of gas and a large heating peak occurring during the winter season. Natural gas obtained from producers, marketers and brokers, as well as gas in storage, is utilized to meet the peak heating season requirements.”

Annual report 2025A · The company itself

“A variety of operating and economic parameters, including transmission constraints, the imbalance of supply and demand of energy resulting in unfavorable pricing for wind or solar energy, adverse weather conditions and breakdown or failure of equipment, could significantly reduce the production tax credits generated by our wind or solar facilities resulting in a material adverse impact on our financial condition and results of operations.”

Annual report 2025A · The company itself

“Demand for electricity is greater in the summer months associated with higher air conditioning needs and winter months associated with higher heating needs. Demand for natural gas depends significantly upon temperature patterns in winter months due to heavy use in residential and commercial heating.”

Annual report 2025A · The company itself

“Storms or other natural disasters may impact our operations in unpredictable ways - Storms and other natural disasters, including events such as floods, tornadoes, windstorms like the 2020 derecho in Iowa, blizzards, ice storms, extreme hot temperatures, extreme cold temperatures, fires, wildfires, solar flares or pandemics may adversely impact our ability to generate, purchase or distribute electric energy and gas or obtain fuel or other critical supplies. In addition, we could incur large costs to repair damage to our generating facilities and electric and gas infrastructure, or costs related to environmental remediation, due to storms or other natural disasters.”

Annual report 2025A · The company itself

“The Inflation Reduction Act of 2022 introduced new labor requirements that are required to qualify for the full value of renewable tax credits. Failure to meet these requirements on renewable projects that began construction after January 28, 2023 could result in a significant reduction in the amount of renewable tax credits, which could adversely impact our financial condition and results of operations.”

Annual report 2025A · The company itself

“We have seen and anticipate a steady pace of retirements due to our aging workforce. The labor market for our employees is very competitive, increasing the likelihood that we may lose critical employees or have difficulty hiring qualified employees for critical roles and not have enough time to adequately train employees to prepare for upcoming retirements.”

Annual report 2025A · The company itself

“INFORMATION RELATING TO ALLIANT ENERGY ON A CONSOLIDATED BASIS 1) HUMAN CAPITAL MANAGEMENT - Alliant Energy’s core purpose is to serve customers and build stronger communities. We constantly strive to attract, retain and develop a qualified workforce of high-performing employees and foster an environment of high levels of engagement.”

Annual report 2025A · The company itself

“Risks Related to Economic, Financial and Labor Market Conditions We are subject to employee workforce factors that could affect our businesses - We operate in an industry that requires specialized technical skills. Further, we must build a workforce that is innovative, customer-focused and competitive to thrive in the future in order to successfully implement our strategy.”

Annual report 2025A · The company itself

“The competitive employment market also increases the amounts we pay our employees in critical positions, which we may be unable to recover in rates.”

Annual report 2025A · The company itself

“FERC designated North American Electric Reliability Corporation, which also provides oversight of cybersecurity standards, as the overarching Electric Reliability Organization. The Midwest Reliability Organization, which is a regional member of North American Electric Reliability Corporation, has direct responsibility for mandatory electric reliability standards for IPL and WPL.”

Annual report 2025A · The company itself

“Department of Homeland Security Transportation Security Administration - Alliant Energy, IPL and WPL are subject to regulation for physical and cybersecurity of their natural gas pipeline systems.”

Annual report 2025A · The company itself

“A cyber attack may disrupt our operations or lead to a loss or misuse of confidential and proprietary information or potential liability - We operate in an industry that requires the continuous use and operation of information and telecommunications systems. We face threats from use of malicious code (such as malware, viruses and ransomware), employee theft or misuse, vulnerabilities (such as the log4j and MOVEit vulnerabilities), fraud attempts, phishing attacks and advanced persistent threats. This includes threats from nation-state actors (such as VOLT TYPHOON and SALT TYPHOON), which have demonstrated an increased focus on targeting critical industries, including telecommunications and energy.”

Annual report 2025A · The company itself

“Cyber attacks targeting electronic control systems used at our generating facilities and for electric and gas distribution systems could result in a full or partial disruption of our electric and/or gas operations.”

Annual report 2025A · The company itself

“A 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.”

Annual report 2025A · The company itself

“Risks Related to Business Operations 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-owned generation, technological advances that reduce the costs of renewable energy and energy storage solutions for our customers, government policies, such as the Inflation Reduction Act of 2022, which incentivize customer and third party-owned generation, loss of service territory or franchises, energy efficiency measures, changes in customer usage due to rate design changes, such as time of use rates, technological advances that improve energy efficiency, third-party disrupters, loss of wholesale customers, loss of customers that pursue their own renewable projects to achieve specific sustainability goals, and the adverse impact of tariffs on our customers.”

Annual report 2025A · The company itself

“We may not realize anticipated or expected growth from large load growth customers, due to many factors, including changes in customers’ goals, changes in environmental policies, improvements in energy efficiency or technology, or competition from other companies.”

Annual report 2025A · The company itself

“Changes in technology could also alter the channels through which electric customers produce, store, buy or utilize power, which could reduce the revenues or increase the expenses of our utility companies.”

Annual report 2025A · The company itself

“We are dependent on the capital markets and could be negatively impacted by disruptions in the capital markets - Successful implementation of our strategy is dependent upon our ability to access the capital markets. We have forecasted capital expenditures of approximately $13 billion over the next four years.”

Annual report 2025A · The company itself

“Disruption, uncertainty or volatility in the capital markets could increase our cost of capital or limit our ability to raise funds needed to operate our businesses.”

Annual report 2025A · The company itself

“We rely on our strong credit ratings to access the credit markets. If our credit ratings are downgraded for any reason, such as worsening credit metric impacts, reduced liquidity, negative changes to our regulatory environment, or general negative outlook for the utility industry, we could pay higher interest rates in future financings, the pool of potential lenders could be reduced, borrowing costs under existing credit facilities could increase, our access to the commercial paper market could be limited, or we could be required to provide additional credit assurance, including cash collateral, to contract counterparties.”

Annual report 2025A · The company itself

“Our pension and other postretirement benefits plans are subject to investment and interest rate risk that could negatively impact our financial condition - We have pension and other postretirement benefits plans that provide benefits to many of our employees and retirees. Costs of providing benefits and related funding requirements of these plans are subject to changes in the liabilities of the plans and market value of the assets that fund the plans.”

Annual report 2025A · The company itself

“Risks Related to Laws and Regulations Our utility business is significantly impacted by government legislation, regulation and oversight - Our utility financial condition is influenced by how regulatory authorities, including the IUC, the PSCW and FERC, establish the rates we can charge our customers, our authorized rates of return and common equity levels, and the costs that may be recovered from customers. Our ability to timely obtain rate adjustments to earn authorized rates of return depends upon timely regulatory action under applicable statutes and regulations, and cannot be guaranteed.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Energy industry changes could have a negative effect on our businesses - We operate in a highly regulated business environment. The advent of new and unregulated markets has the potential to significantly impact our financial condition and results of operations.”

Annual report 2025A · The company itself

“Inflation may also cause interest rates to increase or stay elevated, increasing our cost of capital.”

Annual report 2025A · The company itself

“Disruption, uncertainty or volatility in the capital markets could increase our cost of capital or limit our ability to raise funds needed to operate our businesses.”

Annual report 2025A · The company itself

“Our pension and other postretirement benefits plans are subject to investment and interest rate risk that could negatively impact our financial condition - We have pension and other postretirement benefits plans that provide benefits to many of our employees and retirees. Costs of providing benefits and related funding requirements of these plans are subject to changes in the liabilities of the plans and market value of the assets that fund the plans.”

Annual report 2025A · The company itself

“Table of Contents We may not be able to fully recover costs related to commodity prices - We have natural gas and coal supply and transportation contracts in place for some of the natural gas and coal we require to generate electricity. We also have transportation and supply agreements in place to facilitate delivery of natural gas to our customers.”

Annual report 2025A · The company itself

“Our counterparties to these contracts may not fulfill their obligations to provide natural gas, coal, financial settlements or collateral to us due to financial or operational problems caused by natural disasters, severe weather, economic conditions, labor shortages, employee strikes, transportation issues, pandemics, physical attacks or cyber attacks.”

Annual report 2025A · The company itself

“Our utility businesses are subject to numerous environmental laws and regulations - Our utilities are subject to numerous federal, regional, state and local environmental laws, regulations, court orders, and international treaties. These laws, regulations and court orders generally concern emissions into the air, discharges into water, use of water, wetlands preservation, remediation of contamination, waste disposal and containment, disposal of coal combustion residuals, hazardous waste disposal, threatened and endangered species, and noise regulation, among others.”

Annual report 2025A · The company itself

“These laws and regulations have imposed, and proposed laws and regulations could impose in the future, additional costs on our utility operations and requirements that impact our ability to continue operating EGUs. We have incurred, and will continue to incur, capital and other expenditures to comply with these and other environmental laws and regulations.”

Annual report 2025A · The company itself

“Supply chain disruptions could negatively impact our operations and implementation of our strategy - Our operations and strategy depend on the global supply chain to procure the equipment, materials and other resources necessary to provide services in a safe and reliable manner and construct new utility infrastructure. The global supply chain has experienced, and is expected to continue to experience, disruptions due to a multitude of factors, such as geopolitical issues, supplier manufacturing constraints, labor issues, transportation issues, tariffs, changes in laws, executive orders, resource availability, long lead times, tighter credit markets, inflation, pandemics and weather.”

Annual report 2025A · The company itself

“Failure to timely recover these increased costs in rates may adversely impact our financial condition and results of operations.”

Annual report 2025A · The company itself

“Legislative or regulatory changes that enable large load growth customers, including data centers, to own or procure on-site generation or to self-supply through sources behind-the-meter or behind-the-meter arrangements could materially reduce retail sales, shift cost recovery to remaining customers, and impact our ability to earn authorized rates of return.”

Annual report 2025A · The company itself

“If MISO energy market prices result in unfavorable pricing for wind or solar energy, this may reduce the energy market revenue produced by those facilities and result in higher electricity costs that would need to be recovered from customers.”

Annual report 2025A · The company itself

“We have seen and anticipate a steady pace of retirements due to our aging workforce. The labor market for our employees is very competitive, increasing the likelihood that we may lose critical employees or have difficulty hiring qualified employees for critical roles and not have enough time to adequately train employees to prepare for upcoming retirements.”

Annual report 2025A · The company itself

“Supply chain disruptions could negatively impact our operations and implementation of our strategy - Our operations and strategy depend on the global supply chain to procure the equipment, materials and other resources necessary to provide services in a safe and reliable manner and construct new utility infrastructure. The global supply chain has experienced, and is expected to continue to experience, disruptions due to a multitude of factors, such as geopolitical issues, supplier manufacturing constraints, labor issues, transportation issues, tariffs, changes in laws, executive orders, resource availability, long lead times, tighter credit markets, inflation, pandemics and weather.”

Annual report 2025A · The company itself

“Changes in technology could also alter the channels through which electric customers produce, store, buy or utilize power, which could reduce the revenues or increase the expenses of our utility companies.”

Annual report 2025A · The company itself

“Table of Contents Clean Air Act Section 111(b) - In 2015, the EPA published final standards under Section 111(b) of the CAA, which establish CO2 emissions limits for certain new fossil-fueled EGUs, including IPL’s Marshalltown Generation Station and WPL’s West Riverside Energy Center. In addition, in May 2024, the EPA enacted final revised standards under Section 111(b), which establish CO2 emissions limits from certain new and reconstructed fossil-fueled EGU combustion turbines that commenced operation after May 23, 2023 with a capacity greater than 25 MW.”

Annual report 2025A · The company itself

“The Inflation Reduction Act and related guidance also include limitations on the use of components and/or financing from entities with ties to certain foreign countries. If our generation or energy storage projects include equipment or subcomponents sourced from entities with ties to certain foreign countries, related production or investment tax credits may be reduced or denied, which could increase customer costs and adversely affect our financial condition.”

Annual report 2025A · The company itself

“We are also subject to collective bargaining agreements covering approximately 1,700 employees. Any work stoppage experienced in connection with negotiations of collective bargaining agreements could adversely affect our financial condition and results of operations as well as our ability to implement our strategy.”

Annual report 2025A · The company itself

“Further, the electric transmission system in our utilities’ service territories can experience constraints, limiting our ability to transmit electricity. The transmission constraints could result in an inability to deliver electricity from generating facilities, particularly wind and solar generating facilities, to the national grid, or to access lower cost sources of electricity.”

Annual report 2025A · The company itself

“MISO’s bid/offer-based markets compare the cost of IPL and WPL generation against other generators, which affects IPL and WPL generation operations, energy purchases and energy sales. MISO generally dispatches the lowest cost generators, while recognizing current system constraints, to reduce costs for purchasers in the wholesale energy market.”

Annual report 2025A · The company itself

“Alliant Energy’s primary focus is to provide regulated electric and natural gas service to approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.”

Annual report 2025A · The company itself

“Alliant Energy’s primary focus is to provide regulated electric and natural gas service to approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.”

Annual report 2025A · The company itself