Alliant Energy has multiple contracts in place to supply energy to data centers

Utility company Alliant Energy said Friday during a conference call after reporting financial results that it has secured multiple contracts to supply power to data centers.

The growing popularity of advanced AI tools such as OpenAI’s ChatGPT has led to an increased need for high-performance data centers capable of processing the massive amounts of data needed to handle the large volumes of information, which has increased the demand for electricity.

“We have been actively working to acquire new customers in both Iowa and Wisconsin and are pleased to announce that we have signed multiple data center agreements in both states,” the company’s executive said on a conference call after the earnings call.

Alliant did not provide any details about the transaction.

The Madison, Wisconsin-based company on Thursday reported a decline in second-quarter profit, hit by a settlement agreement related to a review of retail electricity rates at its Interstate Power and Light (IPL) unit.

In connection with the settlement, the Company recorded a non-cash pre-tax charge of $60 million in the second quarter.

Quarterly adjusted earnings for the utilities and corporate services segment, of which IPL is a part, fell 13.8% to 56 cents per share from a year earlier.

The company reported a profit of $87 million for the quarter ended June 30, compared with $160 million a year earlier.