Key Highlights

● American Electric Power raised its Capital plan by 30% to $100 billion.

● Alliant lifted its 2027 to 2030 plan by 19% to $15.9 billion.

● Exelon beat consensus with adjusted operating Earnings of $0.87 a share.

● Financing costs, rate cases and any hyperscaler capex cuts are the key risks.

American Electric Power (NASDAQ:AEP) raised its capital spending plan by 30% to $100 billion for generation and transmission on Thursday, according to a morning market brief. The scale of the increase underlines how quickly power Demand forecasts are being rewritten as data centers multiply across the US.

The numbers behind the build-out

Alliant Energy (NASDAQ:LNT) followed after Thursday's close. The Midwest Utility raised its 2027 to 2030 capital plan by 19% to $15.9 billion and said it has 3.4 gigawatts of contracted data-center demand, according to its third-quarter release. Alliant posted ongoing earnings of $1.52 a share, up from $1.12 a year earlier, narrowed its 2026 guidance to $3.41 to $3.46, issued 2027 guidance of $3.63 to $3.73 and lifted its 2027 Dividend target to $2.25 from $2.14.

"We delivered another solid quarter of operating performance," CEO Lisa Barton said in the release.

A sector reaching for more power

The capital wave is not limited to regulated utilities. Solaris Energy Infrastructure (NYSE:SEI) agreed to Supply about 900 megawatts of generation to an existing investment-grade industrial and technology customer, with each deployment running an initial 15 years from the first half of 2027. The morning brief noted that Solaris "did not disclose pricing" and that neither Alliant's release nor Solaris's filing named Amazon (NASDAQ:AMZN) as a customer.

Exelon (NASDAQ:EXC), a Dow Jones Utility Average component, reported adjusted operating earnings of $0.87 a share before the bell, against a pre-week consensus of $0.81 listed in an earnings calendar, and narrowed its 2026 guidance to $2.85 to $2.91. CEO Calvin Butler said the results "reflect disciplined Investment and consistent performance across our utilities." Exelon shares were up 3.22% at $47.39 as of 8:23 a.m. ET, according to a premarket table; another source reported a gain of about 4.1%.

Dominion Energy (NYSE:D), also in the utility average, posted operating earnings of $1.28 a share, up from $1.06, and said it expects 2026 results in the top half of its $3.45 to $3.69 range. AEP is a Dow Jones Utility Average member as well, while Alliant is not.

Utilities offer a direct way to play AI infrastructure without owning the chipmakers that are under pressure this morning. With Nasdaq-100 futures down about 2.6% around 8 a.m. ET, according to market data, on Amazon's $220 billion capex plan and Intel (NASDAQ:INTC)'s weak outlook, the utilities ETF XLU was up 0.70% premarket.

There is an irony here. The selloff in tech is driven by fears that hyperscalers are spending too much on AI. Utilities are the beneficiaries of that very spending, and their regulated returns tend to make the cash flows more predictable, even if the stocks are not immune to a pullback in data-center ambitions.

Risks and what to watch

Spending plans this large need financing. With the 10-year Treasury Yield near 4.94% to 4.99% and the Fed seen as likely to hike again in December, about 85% odds according to market pricing, borrowing costs remain high. Utilities may need to issue equity, which can dilute shareholders.

Regulatory risk also looms. Rate cases must approve these investments, and consumer advocates often resist bill increases tied to data centers. If hyperscalers trim capex, contracted demand could be renegotiated or delayed.

Watch whether Exelon holds its premarket gain after the open and how AEP trades following its plan increase. More utilities report in the coming weeks, and investors will look for further increases to capital plans and contracted data-center load. The Nov. 3 midterms could also shape energy policy and permitting for new generation.