PowerPoints: Inflation, D M&A, AES, LNT Data Center, POR, AEE Latest, & ES/D

Research evidence excerpt

PowerPoints: Inflation, D M&A, AES, LNT Data Center, POR, AEE Latest, & ES/D

Power & Utilities

Equity Research

May 12, 2026

Requiring the data center customer (Meta) to contribute to statewide energy efficiency and•

renewable energy programs

Approving Renewable Energy Procurement Agreements for Meta to use renewable energy•

resources.

PSCW now requires utilities to file for a stand-alone large load tariff for future data center customer

interconnection. This is intended to enhance transparency and visibility, and ensure important

community safeguards are in place.

Quoting PSC Chairperson Summer Strand,

“ Transparency is not a cliché, feel-good, bare minimum, check-the-box

concept. If there is one takeaway from our discussion and decisions

today, let it be that whether you are a large load customer coming

into Wisconsin for the first time, or a regulated entity familiar with our

process, transparency—actual and real, is a foundational expectation, a

non-negotiable, to our regulatory construct. ”

The direction of travel with PSCW regulation continues to shift toward heightened scrutiny for data center

interconnection. In one sense, implementation of a standard large load tariff litigated in a very visible process

could satisfy concerns broadly for stronger review of proposed tariffs and eliminate customer concerns for

lack of transparency. We and investors we speak to expect limited data center activity for Alliant in Wisconsin

with the proposes tariff requirement the latest element solidifying that view.

ES/D: ISO New England reduces its long-term electric demand forecast slightly, driven by behind-

the-meter solar. ISO New England (ISO-NE) revises its load growth estimates lower to a ~0.9% CAGR

vs. 1.2% previously for the 2026 to 2035 forecast period.