Latest news with #LisaBarton
Globe and Mail
08-07-2025
- Business
- Globe and Mail
Alliant Energy Corporation Announces Second Quarter Earnings Release and Conference Call
Alliant Energy Corporation (NASDAQ: LNT) has scheduled its second quarter earnings release for Thursday, August 7 th, after market close. A conference call to review the second quarter results is scheduled for Friday, August 8 th at 9 a.m. CT. Alliant Energy will webcast the event live at The call is open to the public and will be hosted by Lisa Barton, President and CEO; and Robert Durian, Executive Vice President and CFO. Individuals who would like to participate in the conference call can do so by dialing (800) 549-8228 (Toll Free – North America) or (646) 564-2877 (International). The conference ID is 78071. An archive of the webcast will be available on the company's website at Alliant Energy Corporation (NASDAQ: LNT) provides regulated energy service to approximately 1 million electric and 430,000 natural gas customers across Iowa and Wisconsin. Alliant Energy's mission is to deliver energy solutions and exceptional service customers and communities count on – safely, efficiently and responsibly. Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL) are Alliant Energy's two public energy companies. Alliant Energy is a component of Bloomberg's Gender-Equality Index and the S&P 500. For more information, visit and follow Alliant Energy on LinkedIn, Facebook, Instagram and X.
Yahoo
08-07-2025
- Business
- Yahoo
Alliant Energy Corporation Announces Second Quarter Earnings Release and Conference Call
MADISON, Wis., July 08, 2025--(BUSINESS WIRE)--Alliant Energy Corporation (NASDAQ: LNT) has scheduled its second quarter earnings release for Thursday, August 7th, after market close. A conference call to review the second quarter results is scheduled for Friday, August 8th at 9 a.m. CT. Alliant Energy will webcast the event live at The call is open to the public and will be hosted by Lisa Barton, President and CEO; and Robert Durian, Executive Vice President and CFO. Individuals who would like to participate in the conference call can do so by dialing (800) 549-8228 (Toll Free – North America) or (646) 564-2877 (International). The conference ID is 78071. An archive of the webcast will be available on the company's website at Alliant Energy Corporation (NASDAQ: LNT) provides regulated energy service to approximately 1 million electric and 430,000 natural gas customers across Iowa and Wisconsin. Alliant Energy's mission is to deliver energy solutions and exceptional service customers and communities count on – safely, efficiently and responsibly. Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL) are Alliant Energy's two public energy companies. Alliant Energy is a component of Bloomberg's Gender-Equality Index and the S&P 500. For more information, visit and follow Alliant Energy on LinkedIn, Facebook, Instagram and X. View source version on Contacts Media Contact: Cindy Tomlinson (608) 458-3869 Investor Relations Contact: Susan Gille (608) 458-3956
Business Wire
08-07-2025
- Business
- Business Wire
Alliant Energy Corporation Announces Second Quarter Earnings Release and Conference Call
MADISON, Wis.--(BUSINESS WIRE)--Alliant Energy Corporation (NASDAQ: LNT) has scheduled its second quarter earnings release for Thursday, August 7 th, after market close. A conference call to review the second quarter results is scheduled for Friday, August 8 th at 9 a.m. CT. Alliant Energy will webcast the event live at The call is open to the public and will be hosted by Lisa Barton, President and CEO; and Robert Durian, Executive Vice President and CFO. Individuals who would like to participate in the conference call can do so by dialing (800) 549-8228 (Toll Free – North America) or (646) 564-2877 (International). The conference ID is 78071. An archive of the webcast will be available on the company's website at Alliant Energy Corporation (NASDAQ: LNT) provides regulated energy service to approximately 1 million electric and 430,000 natural gas customers across Iowa and Wisconsin. Alliant Energy's mission is to deliver energy solutions and exceptional service customers and communities count on – safely, efficiently and responsibly. Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL) are Alliant Energy's two public energy companies. Alliant Energy is a component of Bloomberg's Gender-Equality Index and the S&P 500. For more information, visit and follow Alliant Energy on LinkedIn, Facebook, Instagram and X.
Yahoo
10-05-2025
- Business
- Yahoo
Q1 2025 Alliant Energy Corp Earnings Call
Susan Gille; Investor Relations Manager; Alliant Energy Corp Lisa Barton; President, Chief Executive Officer, Chief Operating Officer, Director; Alliant Energy Corp Robert Durian; Chief Financial Officer, Executive Vice President; Alliant Energy Corp James Kennedy; Analyst; Guggenheim Securities LLC Nicholas Campanella; Analyst; Barclays Paul Fremont; Analyst; Ladenburg Thalmann & Co. Inc. Andrew Weisel; Analyst; Scotiabank GBM Paul Zimbardo; Analyst; Jefferies Operator Thank you for holding, and welcome to Alliant Energy's first-quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded. And I would now like to turn the call over to your host, Susan Gille, Investor Relations Manager at Alliant Energy. Susan Gille Good morning. I would like to thank all of you on the call and the webcast for joining us today. We appreciate your participation. With me here today are Lisa Barton, President and CEO; and Robert Durian, Executive Vice President and CFO. Following prepared remarks by Lisa and Robert, we will have time to take questions from the investment community. We issued a news release last night announcing Alliant Energy's first-quarter financial results and reaffirmed our 2025 earnings guidance range. We also updated our capital expenditure and financing plans for years 2025 through 2028. This release as well as earnings presentation will be referenced during today's call and are available on the Investor page of our website at Before we begin, I need to remind you the remarks we make on this call and our answers to questions include forward-looking statements. These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters discussed in Alliant Energy's news release issued last night and in our filings with the Securities and Exchange Commission. We disclaim any obligation to update these forward-looking statements. At this point, I'll turn the call over to Lisa. Lisa Barton Thank you, Sue. Good morning, everyone, and thank you for joining us. 2025 is off to a strong start I'm pleased to share meaningful progress supporting both our near-term and long-term objectives, clear evidence of the strength, resilience and adaptability of our strategy and business model. Our first quarter results delivered more than 25% of our earnings guidance midpoint, and we are positioned to achieve our 2025 earnings objectives while advancing our key strategic priorities, positioning us well here. Our commitment to our customers, communities, investors and employees remains at the heart of everything we do. As I've mentioned in previous calls, we are relentlessly focused on supporting economic development and growth in our states. And today, I'm pleased to provide meaningful and exciting updates supporting our development milestones. First quarter achievements and share details on our updated capital expenditure plans as we advance our growth strategy. I will then turn the call over to Robert to provide additional details related to our quarterly financial performance, risk management efforts as well as our updated financing plans and regulatory matters. Achieving scalable growth in today's complex environment is akin to solving -- it demands precision, agility and a clear understanding of how every move influences the bigger picture. We are simultaneously solving all sides of our own Rubik's cube, addressing customer needs, supporting economic development and growth in our states, collaborating with key stakeholders and delivering sustainable investor returns. Let me recap our investment growth timeline over the past six months. In November, we announced two, energy supply agreements with data center companies locating in the Big Cedar Industrial Center in Cedar Rapids, Iowa. adding an initial 1.1 gigawatts of data center demand for what we refer to as the first phase at Big Cedar. The corresponding capital plans released last November represented a 20% increase from the prior year and included the additional capacity resources needed to serve the first phase at Big Cedar and to adapt to MISO accreditation changes. We have continued our strong momentum in support of our economic development efforts this quarter by solidifying the resources needed for a second phase for one of our data center customers at Big Cedar, which is an additional 800 megawatts of demand, executing a new energy supply agreement with a data center customer in Beaver Dam, Wisconsin and reaching an agreement with one of our Iowa data center customers to use existing capacity to serve them earlier, increasing our forecasted peak load in '26 and '27. The Alliant Energy Advantage is our commitment to help grow the economies of Iowa and Wisconsin and meet the needs of our customers by being as creative and adaptive as possible to align with their desired timelines. To summarize, our recent success on this front, we now have three data center developments with fully executed ESAs totaling 2.1 gigawatts of demand which represents a later than 30% increase in our peak demand. We're accelerating our load ramp for one of the two data centers at Big Cedar using existing resources. We're pursuing additional growth opportunities, positioning ourselves and our states for meaningful and sustainable long-term growth. On slide 4, we provide our updated demand projections used to develop our capital expenditure plan. If actual demand exceeds the current estimated demand in our plan or if we sign additional energy supply agreements we would serve any incremental load through a combination of existing or new resources, short-term market purchases and/or low response. To help investors and stakeholders navigate the complexity of growth announcements, we focus our reporting exclusively on customer loads supported by fully executed electric service agreements. Backed by substantial customer -- to ensure our growth is highly credible and sustainable. These advancements in economic development and growth have led to our CapEx update, reflecting a nearly 26% increase from where we were 18 months ago, as shown on slide 5. This translates into a 2024 to 2028 forecasted investment CAGR of nearly 11% with significant energy resource investment opportunities extending beyond 2028 and as profiled on slide 6. In aggregate, our four-year cap plan for 2025 through 2028 increased by approximately $600 million from our November 2024 update. The updated resource plan behind the CapEx plan strikes the right balance in optimizing existing resources and extending value at existing rates, supporting reliability and affordability, utilizing short-term capacity agreements and load response to accelerate economic development. and adding new generation to grow alongside our customers in a responsible manner, allowing us to confidently scale new energy resources. Our efforts to drive community development and enhance our growth trajectory, encompasses data centers as well as current and protective commercial and industrial customers. I am pleased to report that there continues to be strong interest in locating and growing in our service areas, both in Iowa and Wisconsin. Through disciplined planning and proactive execution, we have positioned our company, customers and investors for success in an uncertain macroeconomic environment. The capital plan update reflects proactive planning and flexibility, allowing us to lean into new natural gas investments invest in our existing generation and distribution systems to support resiliency, reliability and reduce risk in the face of policy uncertainty. New natural gas resources provide reliable and dispatchable capacity resources that complement our robust renewable fleet. Investments in our existing generation resources such as our advanced gas projects in WPL and WPL's extension of the use of Edgewater and Columbia generating stations until the end of the decade, provides the additional reliability to meet growing demand and is responsive to the evolving MISO resource adequacy requirements. Lastly, extending the timing of some of our renewable and battery investments allows us to reduce risks related to tariffs and tax policy uncertainty while also lengthening our capital expenditure plan into the future, strengthening our position to deliver financial consistency over the long term. With the energy supply agreements executed for our three data center customers, our attention is now focused on obtaining regulatory approval of the individual customer rates or ICRs. The IUC is currently reviewing an ICR contract filed earlier in the year for one of our data center customers in Iowa. The second Iowa ICR contract will be filed this quarter, reflecting an accelerated load ramp. And late last month, we filed an ICR for the Beaver Dam data center in Wisconsin. As we've highlighted in previous calls, we are committed to ensuring all ICRs achieve a win-win-win for existing customers, for new customers and our share owners which will be demonstrated in these confidential filings. New data center loads are expected to boost energy sales. This increase in sales will help distribute fixed costs and transmission expenses across a larger customer base, contributing to more stable and manageable rates for the customers we have the privilege to serve. Alliant Energy operates in business-friendly states that are well positioned for regional growth and economic development, and we are proud to partner with our communities to turn growth potential into real long-term impacts. Our collaborative partnership with regulators, policymakers and local communities enables us to deliver successful outcomes. I'm proud of our team's proactive and impactful engagement, which serves as the cornerstone of our success, delivering meaningful outcomes and greater value for all our stakeholders. Alliant Energy is here to support not only the customers we currently serve but also to ensure we are supporting the needs of future customers and enabling community growth across our service territory. Before I turn the call over to Robert, I would like to tackle head-on questions regarding our strategy in the event the Inflation Reduction Act or IRA is repealed or if tax credits are scaled back. Renewable generation and energy storage tax credits have fueled economic growth in onshoring, eliminating the tax credits would unfortunately and unnecessary increased costs for customers. Our delegations understand how valuable tax credits and transferability are to Alliant and our customers, and we believe they will advocate for a balanced, careful approach to any legislative changes. Iowa's wind resources are among the best in the country, and our customers are benefiting from those investments. We will continue to take an all-of-the-above approach in new generation resources, which includes a mix of wind, batteries and natural -- to ensure we maintain a balanced and diverse entry resource mix. Active management of our CapEx and resource plans means we have taken the prudent and proactive approach of safe harboring wind and energy storage projects. As a result, 100% of the renewable and energy storage CapEx in our plant is currently safe harbored through 2028. And will continue to execute our strategy, we'll continue to proactively derisk our strategy and remain well positioned to quickly adapt to a dynamic environment. In closing, I would like to extend my deepest gratitude to our dedicated team of employees and for their unwavering commitment to our purpose of serving customers and building stronger communities. Your hard work and dedication are the backbone of our operational success and the driving for bind our strategic progress. I will now turn the call over to Robert. Robert Durian Thank you, Lisa. Good morning, everyone. Yesterday, we announced first quarter 2025 earnings of $0.83 per share compared to $0.62 per share in the first quarter of 2024. Our earnings are ahead of plan despite the negative temperature impacts on electric and gas sales in the first quarter of 2025. Our quarter-over-quarter variances were mainly driven by the higher revenue requirements from capital investments at both IPL and WPL, temperature impacts on retail electric and gas sales and the timing of income tax expense, which will reverse later this year. These positive drivers were partially offset by higher depreciation and financing expenses. Temperatures were warmer than normal in the first quarter of 2025, resulting in decreased electric and gas margins of $0.03 per share. In comparison, the winter temperatures in the first quarter of 2024 were some of the warmest on record, which decreased our electric and gas margins by approximately $0.08 per share. Excluding the impacts of mild temperatures, the margins from our retail electric sales were higher than the first quarter of 2024 due to growth in the number of customers and increased use per meter across all retail customer classes at our Wisconsin utility. To assist you in modeling our quarterly earnings this year, I want to provide some additional context to the variance driver related to the timing of income tax expense. Income tax expenses recorded each quarter based on an estimated annual effective tax rate and the proportion of full year earnings generated each quarter. As shown on slide 9 of our supplemental slides, this causes fluctuations in the amount of tax expenses quarter over quarter, but it will not have an impact on the full year earnings. With a solid first quarter behind us, we are reaffirming our 2025 earnings guidance range of $3.15 to $3.25 per share. Our ability to consistently deliver solid financial results is supported by our efforts to provide customer value, including extending the value of existing resources, making smart investments and controlling operating costs, all while receiving constructive regulatory outcomes. I'm proud to share how our employees are continuing their steadfast focus on creating value for our customers while managing risk. The following are some recent examples of their success. Reiterating what Lisa shared, we have completed nearly all of our planned safe harbor activities with the intention of observing the qualification of tax credits for future energy storage and renewable projects expected to be placed into service through 2028. Our team has done a great job mitigating tariff exposure for our customers with minimal exposure to the batteries and our updated capital plan, as the batteries are either in our possession or in transit and the batteries in transit are expected to be subject to only a 20% tariff. We estimate our total tariff exposure is approximately 1% to 2% and of our $11.5 billion updated capital expenditure plan prior to further mitigation by our team. Our team also successfully sold existing capacity length available at both our utilities into the recent MISO capacity auction, resulting in meaningful benefits for our customers. And lastly, we are utilizing our individual customer rate construct in both states, which allows us to capture growth from economic development activities occurring within our service territory, which will, in turn, absorb a portion of our fixed costs helping mitigate cost for all customers in the future. Turning to financings. In conjunction with our updated capital expenditure plans, we have updated our 2025 through 2028 financing plans. The anticipated financing sources for our $11.5 billion capital expenditure plan are included on slide 10. Cash from operations and anticipated proceeds from tax credit monetization make up almost 50% of our financing plan. New debt financing, net of maturities, accounts for approximately 40% and while new common equity issuances account for approximately 12% of the total funding sources for the updated plan. We plan to launch an at-the-market or ATM program this year and continue our shareowner direct plan both of which support the new common equity issuances assumed in our plan. While our updated financing plans assume raising the new common equity ratably in 2026 through 2028, we believe the ATM provides us flexibility on the timing as we continue to monitor and assess market conditions. With this updated financing plan, we are committed to maintaining our current investment-grade credit ratings. Tax credit monetization through transferability continues to provide benefits by reducing customer costs and providing an alternative source of financing for a portion of our capital expenditure plans. Along with the rest of the utility industry, we continue to monitor developments with different legislative proposals and advocate for legislative provisions that would be beneficial for our customers. We are also taking prudent actions to protect the right to transfer tax trends through our safe harboring activities. We have disclosed the success of these activities on slide 10 of our supplemental sides which shows a substantial portion of the tax credits included in our updated financing plan through 2028 are from projects either already in service or safe harbor prior to 2025. We also have optionality with alternative financing sources if transferability modify future legislation. Alternatives include incremental financing with a balanced mix of debt and equity as well as utilizing hybrid instruments. We would all evaluate aligning the timing of customer bill credits with expected utilization of credits from future projects as well as the potential use of tax equity arrangements, if beneficial for our customers. Specific to our 2025 debt financing plans. During the first quarter, we extended the Alliant Energy Finance variable rate term loan agreement until 2026. The remaining debt financings are shown on slide 11, and include estimated issuances and Alliant Energy Finance or the parents and our two utilities. For all three segments, leased our financing needs, primarily to fund the increased 2025 investments in our updated capital plans and to increase financing flexibility and anticipated -- in anticipation of -- maturities in early 2026. Our IE utilities, some of the issuance will be used to refinance $300 million of debt turning in the third quarter this year. Finally, I'll highlight our regulatory initiatives that have been filed as well as those regulatory filings we plan to initiate later this year. Starting in Wisconsin, WPL recently received approval from the PSCW for two customer-focused -- in our updated capital plan, including the -- Ripside enhancement project to support reliability and resiliency for Wisconsin and an entry wind refurbishment project expected to extend tax credits for the benefit of our customers. Turning to our regulatory proceeding -- certainly in process. WPL recently filed an electric and gas rate review for test years 2026 and 2027. The filing includes recovery of several investments that support liability and resiliency while keeping customer value and positive rates top of mind. These investments include cost-effectively advancing responsible energy solutions, including solar and wind refurbishment projects, which provides zero fuel cost energy and tax benefits as well investing in new energy storage resources and capacity and efficiency upgrades for existing natural gas generation to provide additional energy resources to meet growing customer demand. Finally, it includes recovery of our planned continued investment in electric and gas distribution just to report liability for -- and safety for our customers. Let's head in the rate review process included a discovery phase and audits by the PSCW staff and interveners over the next few months with the hearing anticipated in early fall and a final decision expected from the PSCW later this year. More details on the rate review, including key terms requested in this filing can be found on slide 12. WPL also recently requested approval of an individual customer rates for the data center plan to be built in Beaver Dam, Wisconsin. And less in WPL has four active dockets in progress before the PSCW involving request for certificates of authority for customer-focused investments. We also have four active filings in progress before the Iowa Utilities Commission including a request for an individual customer rate for one of the new data centers in -- Iowa, requests for approximately 225 megawatts of battery storage to be located at the retired landing coal generation site and next to the Golden Plains wind generating station and request for an approximate 100-megawatt -- river natural gas generating station, which will be located next to the existing site of the Prairie Creek Generation Station. The expected timing of decisions from the PSCW and IE Utilities Commission on these pending dockets, provided on slide 13. Finally, in conjunction with our updated capital expenditure plan, we also expect to make additional regulatory filings later this year in both Iowa and Wisconsin for renewables and dispatchable resources to enhance liability, further diversify our energy resources and meet growing customer energy demands. We thank you for your continued support and look forward to speaking with many of you in the coming months. At this time, I'll turn the call back over to the operator to facilitate the question-and-answer session. Operator (Operator Instructions) Shar Purreza, Guggenheim Partners. James Kennedy It's actually James on for sure. Starting off, I think, with slide 4, is there a general timeline you could share for converting the mature opportunities to contracts and then secondly, could you just put maybe like a finer point on the breakdown of how you could serve those mature opportunities between existing and new gen? Like what's the headroom left on your system? Lisa Barton Yes. Thank you for the question. So how we have been talking about all of our economic development opportunities is that once we have signed ESAs. We're putting that information out there. In terms of the -- what we do not yet have signed ESAs for, those are ones that we have a fairly high confidence level. We have had a number of discussions and negotiations with those folks. So we have a high level of confidence, and that's why we're sharing that. However, we are making that differentiation between those that have executed ESAs and those that don't. One of the things that we've certainly shared in the past, we have length. We have near-term length, and we're using that to be able to accelerate load growth in our territory, that's what we're doing with one of the customers in the Big Cedar facility, and we have had interest in others, well, so we're very bullish on that. But as you know, it's going to be an all of the above solution. We have short-term PPAs in the plan. We'll have new developments, we'll constantly look at evaluating our existing generation in the portfolio that we currently have and looking to see if there are opportunities to get more capacity out of the exit facilities that we have. James Kennedy Okay. Perfect. And then just on the tax side, I know you had a clause in the Iowa stay out that you could go back in if policy changed significantly. Does the safe harboring work you guys laid out today, I mean that's off the table right now? Robert Durian Yes, great question, James. Yes, as we think -- for those of you who may not be familiar as we entered into the rate settlement last year that provides the rate moratorium for the next five years. We did have a provision within it that allowed us to go back in for a rate case. If for some reason there was any changes to any major legislation. With that said, we're really focused right now on activities to avoid the need to go back in we're advocating for kind of provisions within the legislation that would be beneficial to our customers. As we noted, we're making great progress with the safe harbor activities. And lastly, we're really trying to accelerate the load growth we see with some of our data center customers and other customers that would help prevent the need to do that. So our focus right now is regardless of the outcome of the legislation is to really position us to be able to meet all of our stakeholder expectations, including shareholders without the need to go back in. Lisa Barton We do have a number of batteries that are in the plan for next year, and we're very well positioned with respect to those batteries. Operator Nicholas Campanella, Barclays. Nicholas Campanella Thanks for all the updates. I just wanted to ask, you guys gave a lot of good disclosure, rate bases moving higher, you're adding a little bit of equity. Do you still see this as a 5% to 7% long-term EPS CAGR? And any kind of comments on how you're trending in that plan now? Robert Durian Yes. Great question, Nick. Yes, right now, we continue on our long track record of consistent and predictable growth. Really, we're focused on enhancing the sustainability and longevity of those growth rates. Think of this as we're focused on cascading the growth over time, really to strengthen and lengthen that growth rate. this quarter updates really demonstrate that with the increase of the investment CAGR up to 11%. While we're still retaining the ability to grow beyond the announced CapEx plan through 2028. So I think we're really set up well for strong load growth and investments with elevated CapEx starting in that 2027 timeframe. So really, I think I'd be disappointed if we're not towards the top end of our stated -- currently stated growth rate starting in 2027. Lisa Barton And Nick, one of the things that I just want to highlight, and I talked about it briefly in the script is what we see is the Alliant Energy Advantage. We are actively focused on building cascading waves of growth. We see ourselves as the backbone of our communities, and we are committed to fueling their success and allowing our communities to reach their economic development aspirations. So we remain focused on growing at the pace of our customers. We have the regulatory constructs that we need in both jurisdictions to do that. Both with one in Iowa with the way that is set up as well as the cadence that we have in Wisconsin. It really allows us to grow at the pace of our customers. Also the fact that we don't have litigated resource planning processes, they're highly flexible. We can go in at any time to our states. That is a huge differentiator I believe, between us and a lot of other entities out there. We also have that robust length in our Q positions as well as near-term length, which allows us to accelerate just as we have in our Big Cedar facility in Iowa. So wrapping the ball around that, that's the Alliant Energy advantage that we are focusing on over the long term. Nicholas Campanella Yes. I really appreciate all those comments. That was helpful. And then just one quick one with the transferability and tax commentary. I know you kind of talked about you used a mix of debt, equity, hybrids, you could go look at using traditional tax equity. Maybe just if you lost one of transferability, like how much equity do you think you'd actually have to do? Robert Durian Yes. Nick, this is Robert. So yes, it's dependent upon the terms within any proposed legislation. I'd say we're cautiously optimistic as we've heard different versions of the potential legislative provisions that there's probably going to be some type of phase out is how we would characterize it. And so as we think about our plan, we feel really well protected for the next few years, thanks to our safe harbor activities. as I indicated in some of my prepared remarks, if you look at the amount of tax credits that we plan to monetize in the next four years, a significant majority, better than 95% of it comes from projects that are already in service or projects that we save harbor prior to 2025. And with that, we wouldn't expect to need much additional financing over the next four years. But if we were to need some additional financing, I would say that we would continue down our path of maintaining a really strong balance sheet. So think of that as somewhere between probably 40% and 50%, if any new financing needs would come to the form of equity to maintain that strong balance sheet. Lisa Barton One thing I'll draw your attention to as well -- Lisa here. Just want to draw your attention to the May letter that was put out by 12 House Republicans and basically, in that letter that was issued yesterday, it was strongly supporting the IRA and its provisions. And I will note there was very strong support from our Iowa delegation there as well. Nicholas Campanella Certainly noted. And just on the comments on the balance sheet, just I guess you kind of highlighted 13% to 14% at S&P, 14% to 15% at Moody's. Kind of where do you kind of see yourself today against those metrics? Robert Durian Yes, we're in a great position right now, Nick, for 2025 for both of those towards the upper end of the S&P and squarely middle of the -- range right now. Operator Paul Fremont, Ladenburg. Paul Fremont Congratulations on a really great quarter. Does the ICR structure provide you with an opportunity to provide a similar type of stay out in Wisconsin as you've achieved in Iowa? Robert Durian Yes. I would characterize our WPL kind of regulatory construct is they asked us to come in every two years for our rates case. It doesn't mean you have to ask for an increase when you do that. And so we're really working on trying to grow load, trying to reduce costs so that if we were to come in every two years, like I said, we would try and minimize the customer cost impact. So I think you get a similar result as we continue to grow the business and the sales and try and reduce cost, you could still achieve what we call base rates being flat for the next five years, similar to what we are targeting in Iowa. Paul Fremont Right. And then in terms of your equity need, would you consider using junior subordinated debt as -- in order to meet your equity requirement? Robert Durian Yes, we're taking kind of all different options into consideration. The great thing about our financing plan is we have a lot of flexibility as I indicated in my prepared remarks, we are launching an ATM program here in the near future. That will provide us some flexibility as to the timing of any equity issuance. And we also have flexibility when it comes to hybrids as we consider all different types of options in the future. I feel like we're really set up well for that. And so yes, junior subordinates are in the discussion. We haven't made any commitments at this point. And we'll continue to provide more updates throughout the years to kind of our thinking on that in the future. Paul Fremont And then you sort of in your regulatory discussion, talk about filings in Iowa and Wisconsin for additional generation resources. Can you give a sense in terms of in megawatts, how much in each of those states you're looking to add? Robert Durian Yes, Paul, I'd point you to this. There's a slide within our supplemental slides and lays out would be considered our new resource plan when it comes to natural gas, batteries and wind. You can get a sense of the magnitude of the volume of each one of those different categories the stuff towards the kind of earlier years of our plan, and expect us to be filing here in the near future. The later part of the plan would probably be maybe a couple of years down the road. We have an identified specific megawatts, but that should give you some indication of the volumes that we're interested in. Paul Fremont And then last question for me, the enhancement at Riverside, what exactly does that entail? Robert Durian Yes. Think of that as a Black Start facility, so it helps with resiliency and reliability for the entire system in the state of Wisconsin. And so those would be call them diesel generators, gas generators that would be effective at been able to restart the system in case of any type of blackout. Operator Andrew Weisel, Scotiabank. Andrew Weisel Good morning, everybody. If I could first elaborate on the equity question a little bit. First, would the ATM presumably be large enough to satisfy the $1.4 billion over years, would you consider a forward or a block perhaps? And in terms of timing, would I be correct to think it might be more back-end loaded? Or would you think it might be ratable '26 to '28? Robert Durian Yes. So we've announced as part of our updated finance that we foresee the need for $1.4 billion of new common equity through 2028. We normally raised about $25 million a year through our share of direct plans so that would be roughly about $100 million of that total. And the remaining $1.3 billion could be in the form of an ATM over time or it could be some type of forward transaction. We have a lot of flexibility with that, that we'll continue to evaluate different market conditions over time, determine what we best want to do there. Regarding the timing question, right now, the financing plan assumes that, that $1.3 billion would come in ratably from '26 to 2028. But like I said, we have a lot of flexibility with that. So we would consider market conditions and then potentially think about modifications of the timing of that if we saw the right opportunity. Andrew Weisel Okay. Great. That's helpful. And then forgive me if I missed it, but what exactly was added to the CapEx plan? It obviously went up by $600 million, give or take. Was that more generation or wires? And if it was generation, can you tell us what was the technology or technologies and the timing? Robert Durian Yes. The biggest component of that was on the generation side, specifically natural gas generation. And think of that as we continue to build out more load from these data center opportunities, we need capacity resources to be able to meet the peak demand of those customers. And back to the supplemental slide 7, we've identified 1.5 gigawatts of new -- facility load through 2030. And the biggest component of that CapEx increase was associated with that natural gas generation. Operator Ross Fowler, Bank of America. It's actually Ranier for Ross. I just had a question about the MISO capacity auction. And I guess, how do you guys see that impacting consumer bills in the regulatory landscape? Robert Durian Yes, we're actually very well positioned. It's a good question, given the kind of the results of that option, specifically the summer capacity prices being more elevated, we're taking advantage of that length right now in selling that excess capacity to the market, and we use those proceeds to actually help our customer bills. Unfortunately, I think some other folks may be another side of that where they may be short and seen some more challenges when it comes to customer bills, but we're very well positioned there, and we're going to continue to try and be well positioned as we think that's more longer term. trajectory as far as seeing higher elevated prices in the capacity market, which really supports our desire to continue to build new generation to support our customer demand. Okay. Makes sense. And then just secondly, how do you guys view potential ROFR legislation in Wisconsin? And I guess, what effect would that have on CapEx? Lisa Barton In terms of, in both states, there's actually a rotor legislation. As we look at it from a Wisconsin standpoint and what's ATC's investment opportunities are. They'd be likely stronger with a ROFR wherever ATC, like all other transmission providers will position itself to be competitive, should Eurofer not be supported in the state. But none of that is reflected in our CapEx plan, even though tranche 2.2 is outside of the window that you see here. There's a lot of projects that have been allocated to ATC that are still not in our CapEx plan because they go into those outer years of some great upside. Operator Paul Zimbardo, Jefferies. Paul Zimbardo First, I wanted to clarify on Nick's question a little bit on the EPS CAGR and ending to the top or near the top. Is it correct? That's reflecting the current capital plan and any of the incremental opportunities that you've discussed a lot, like the mature opportunities that would be incremental to that? Or kind of where are you thinking like this is a little bit of a preview of what you could be contemplating as well? Robert Durian Yes. I would characterize that state as far as being disappointed if we're not towards the top end of that range by 2027 based on our current plan. We're going to continue to try and work on identifying further opportunities with further data center load growth and other economic development activities, which would be upside to our plan going forward. Paul Zimbardo Okay. Excellent. That's what I thought. And then if I could ask a little bit more color on the tariff commentary. I believe you said 20% tariffs on the batteries and most of them are secured or in transit. Just could you give a little detail? Did you change the sourcing strategy? Was this offset embedded contracts because it's a favorably lower number than like a lot of your peers in the industry have been discussing, so good to hear. Lisa Barton We have worked really hard to get ahead of that. And one of the things to note is still with that 20% tariffs that would be imposed on those batteries. that's still the lowest cost in terms of those batteries from China are still lower cost than domestically produced. So we're feeling very comfortable with where we are. and our in-service dates here this year. Paul Zimbardo Okay. And so you said those are Chinese batteries for that 20% tariff? Lisa Barton They are. Operator We have no further questions at this time. Lisa Barton With no more questions, this concludes our call. A replay will be available on our investor website. We thank you for your continued support of Alliant Energy, and feel free to contact me with any follow-up questions. Operator This concludes today's conference call. Thank you very much for your participation. You may now disconnect.
Business Wire
08-05-2025
- Business
- Business Wire
Alliant Energy Announces First Quarter 2025 Results
MADISON, Wis.--(BUSINESS WIRE)--Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) consolidated unaudited earnings per share (EPS) for the three months ended March 31 as follows: 'We are off to a solid start in 2025, delivering more than 25% of our earnings guidance midpoint, which is ahead of plan despite negative temperature impacts on sales,' said Lisa Barton, Alliant Energy President and CEO. 'We have also incorporated additional energy resources into our capital expenditure and financing plans. Our plans now include energy resources to serve approximately 2.1 gigawatts of contracted peak data center demand.' Utilities and Corporate Services - Alliant Energy's Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.87 per share of GAAP EPS in the first quarter of 2025, which was $0.25 per share higher than the first quarter of 2024. The primary drivers of higher EPS were higher revenue requirements from capital investments, estimated temperature impacts on retail electric and gas sales, and timing of income tax expense. These items were partially offset by higher depreciation and financing expenses. Non-utility and Parent - Alliant Energy's Non-utility and Parent operations generated $(0.08) per share of GAAP EPS in the first quarter of 2025, which was $0.04 per share lower than the first quarter of 2024. The lower EPS was primarily driven by higher financing expenses and timing of income tax expense. Details regarding GAAP EPS variances between the first quarters of 2025 and 2024 for Alliant Energy are as follows: Revenue requirements from capital investments - In September 2024, Interstate Power and Light Company (IPL) received an order from the Iowa Utilities Commission authorizing annual base rate increases of $185 million and $10 million for its retail electric and gas rate reviews, respectively, covering the October 2024 through September 2025 forward-looking Test Period. IPL recognized a $0.15 per share increase in the first quarter of 2025 due to higher revenue requirements from increasing rate base, including investments in solar generation. In December 2023, Wisconsin Power and Light Company (WPL) received an order from the Public Service Commission of Wisconsin authorizing an annual base rate increase of $60 million for its retail electric rate review covering the 2025 Test Period. WPL recognized a $0.06 per share increase in the first quarter of 2025 due to higher revenue requirements from increasing rate base, including investments in solar generation and energy storage. Estimated Temperature Impacts - Retail electric and gas sales decreased an estimated $0.03 and $0.08 per share in the first quarter of 2025 and 2024, respectively, due to impacts of warmer than normal temperatures on customer demand. Timing of income taxes - Income tax expense is recorded each quarter based on an estimated annual effective tax rate and the proportion of full year earnings generated each quarter, which causes fluctuations in the amount of tax expense quarter-over-quarter. The income tax expense timing resulted in higher earnings of $0.02 per share in the first quarter of 2025 compared to lower earnings of $0.02 in the first quarter of 2024. The income tax expense timing variances will reverse by the end of the year. 2025 Earnings Guidance Alliant Energy is reaffirming its consolidated ongoing EPS guidance for 2025 of $3.15 - $3.25. Assumptions for Alliant Energy's 2025 EPS guidance include, but are not limited to: Ability of IPL and WPL to earn their authorized rates of return Normal temperatures in its utility service territories Stable economy and resulting implications on utility sales Execution of capital expenditure plans including achievement of targeted in-service dates Execution of cost controls and financing plans Consolidated effective tax rate of (28%) The 2025 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from changes in forecasted state apportionment and valuation allowances including further corporate tax rate changes in Iowa, changes in credit loss liabilities related to guarantees, pending lawsuits and disputes, settlement charges related to pension and other postretirement benefits plans, federal and state income tax audits and other Internal Revenue Service proceedings, impacts from changes to the authorized return on equity for ATC LLC, or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy. Projected Capital Expenditures Alliant Energy has updated its projected capital expenditures for 2025 through 2028 (in millions). The projected capital expenditures exclude allowance for funds used during construction (AFUDC) and capitalized interest, if applicable. Cost estimates represent Alliant Energy's estimated portion of total construction expenditures. Earnings Conference Call A conference call to review the first quarter 2025 results is scheduled for Friday, May 9, 2025 at 9 a.m. central time. Alliant Energy President and Chief Executive Officer Lisa Barton, and Executive Vice President and Chief Financial Officer Robert Durian will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 800-549-8228 (Toll-Free) or 289-819-1520 (International), conference ID 35176. Interested parties may also listen to a webcast at In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. An archive of the webcast will be available on the Company's website at for 12 months. About Alliant Energy Corporation Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Finance, LLC, the parent company of Alliant Energy's non-utility operations. Alliant Energy, whose core purpose is to serve customers and build stronger communities, is an energy-services provider with utility subsidiaries serving approximately 1,000,000 electric and 430,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company's primary focus. Alliant Energy, headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded on the Nasdaq Global Select Market under the symbol LNT. For more information, visit the Company's website at Forward-Looking Statements This press release includes forward-looking statements. These forward-looking statements can be identified by words such as 'forecast,' 'expect,' 'guidance,' or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others: IPL's and WPL's ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, capacity costs, costs of generation projects including such costs that exceed initial estimates, deferred expenditures, deferred tax assets, tax expense, interest expense, capital expenditures, marginal costs to service new customers, and remaining costs related to electric generating units (EGUs) that have been or may be permanently closed and certain other retired assets, environmental remediation costs, and decreases in sales volumes, as well as earning their authorized rates of return, payments to their parent of expected levels of dividends, the impact of rate design on current and potential customers and demand for energy in their service territories, and the ability to obtain regulatory approval with acceptable conditions for individual customer rates for large load growth customers; the impact of IPL's retail electric base rate moratorium; the ability to complete construction of generation and energy storage projects by planned in-service dates and within the cost targets set by regulators due to cost increases of and access to materials, equipment and commodities, which could result from tariffs, duties or other assessments, inflation, labor issues or supply shortages, the ability to successfully resolve warranty issues or contract disputes and the ability to obtain adequate generator interconnection agreements to connect the new projects to Midcontinent Independent System Operator, Inc. (MISO) in a timely manner; weather effects on utility sales volumes and operations; the direct or indirect effects resulting from cybersecurity incidents or attacks on Alliant Energy, IPL, WPL, or their suppliers, contractors and partners, or responses to such incidents; the impact of customer- and third party-owned generation, including alternative electric suppliers, in IPL's and WPL's service territories on system reliability, operating expenses and customers' demand for electricity; economic conditions and the impact of business or facility closures in IPL's and WPL's service territories; the ability and cost to provide sufficient generation and the ability of ITC Midwest LLC and ATC LLC to provide sufficient transmission capacity for potential load growth, including significant new commercial or industrial customers, such as data centers; the ability of potential large load growth customers to timely construct new facilities, as well as the resulting higher system load demand by expected levels and timeframes; the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and operating income; the impact that price changes may have on IPL's and WPL's customers' demand for electric and gas services and their ability to pay their bills; changes in the price of delivered natural gas, transmission, purchased electric energy, purchased electric capacity and delivered coal, particularly during elevated market prices, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and MISO's seasonal resource adequacy process; the ability to obtain regulatory approval for construction projects with acceptable conditions; the ability to achieve the expected level of tax benefits based on tax guidelines, timely in-service dates, compliance with prevailing wage and apprenticeship requirements, project costs and the level of electricity output generated by qualifying generating facilities, and the ability to efficiently utilize the renewable generation and energy storage project tax benefits to achieve IPL's authorized rate of return and for the benefit of IPL's and WPL's customers; the ability to utilize tax credits generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing; federal and state regulatory or governmental actions, including the impact of legislation, regulatory agency orders and executive orders, and changes in public policy, including the potential repeal of the Inflation Reduction Act of 2022; disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to continue to operate and maintain existing assets and to construct capital projects, which may result from geopolitical issues, tariffs, supplier manufacturing constraints, regulatory requirements, labor issues or transportation issues, and thus affect the ability to meet capacity requirements and result in increased capacity expense; the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, and changes impacting the availability of and ability to transfer renewable tax credits; inflation and higher interest rates; continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies; the future development of technologies related to electrification, and the ability to reliably store and manage electricity; employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings; disruptions in the supply and delivery of natural gas, purchased electricity and coal; changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including large load growth customers, participants in the energy markets and fuel suppliers and transporters; the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns; impacts that terrorist attacks may have on Alliant Energy's, IPL's and WPL's operations and recovery of costs associated with restoration activities, or on the operations of Alliant Energy's investments; changes to MISO's resource adequacy process establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new and existing generating facilities, including IPL's and WPL's additional solar generation, may be accredited with energy capacity, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO's process, or procure capacity in the market whereby such costs might not be recovered in rates; any material post-closing payments related to any past asset divestitures, including the transfer of renewable tax credits, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation; issues associated with environmental remediation and environmental compliance, including compliance with all current environmental and emissions laws, regulations and permits and future changes in environmental laws and regulations, including the Coal Combustion Residuals Rule, Cross-State Air Pollution Rule and federal, state or local regulations for emissions reductions, including greenhouse gases, from new and existing fossil-fueled EGUs under the Clean Air Act, and litigation associated with environmental requirements; increased pressure from customers, investors and other stakeholders to more rapidly reduce greenhouse gases emissions; the timely development of technologies, innovations and advancements to provide cost effective alternatives to traditional energy sources; the ability to defend against environmental claims brought by state and federal agencies, such as the U.S. Environmental Protection Agency and state natural resources agencies, or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims; the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems, disruptions in telecommunications, technological problems, and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration; issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, availability of warranty coverage and successful resolution of warranty issues or contract disputes for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, capacity, fuel-related and capital costs through rates; impacts that excessive heat, excessive cold, storms, wildfires, or natural disasters may have on Alliant Energy's, IPL's and WPL's operations and construction activities, and recovery of costs associated with restoration activities, or on the operations of Alliant Energy's investments; Alliant Energy's ability to sustain its dividend payout ratio goal; changes to costs of providing benefits and related funding requirements of pension and other postretirement benefits plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics; material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans; risks associated with operation and ownership of non-utility holdings; changes in technology that alter the channels through which customers buy or utilize Alliant Energy's, IPL's or WPL's products and services; impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC LLC's authorized return on equity; impacts of IPL's future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures and cost of removal obligations, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods; current or future litigation, regulatory investigations, proceedings or inquiries; reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions; the direct or indirect effects resulting from pandemics; the effect of accounting standards issued periodically by standard-setting bodies; the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and other factors listed in the '2025 Earnings Guidance' section of this press release. For more information about potential factors that could affect Alliant Energy's business and financial results, refer to Alliant Energy's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), including the section therein titled 'Risk Factors,' and its other filings with the SEC. Without limitation, the expectations with respect to 2025 earnings guidance and 2025-2028 capital expenditures guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy's ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Use of Non-GAAP Financial Measures To provide investors with additional information regarding Alliant Energy's financial results, this press release includes reference to certain non-GAAP financial measures. Alliant Energy included in this press release IPL; WPL; Corporate Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and Parent EPS for the three months ended March 31, 2025 and 2024. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy's operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. ALLIANT ENERGY CORPORATION Three Months Ended March 31, 2025 2024 (in millions, except per share amounts) Revenues: Electric utility $853 $791 Gas utility 240 205 Other utility 13 13 Non-utility 22 22 1,128 1,031 Operating expenses: Electric production fuel and purchased power 175 163 Electric transmission service 158 152 Cost of gas sold 137 114 Other operation and maintenance: Energy efficiency costs 10 14 Non-utility Travero 16 17 Other 134 129 Depreciation and amortization 211 189 Taxes other than income taxes 30 31 871 809 Operating income 257 222 Other (income) and deductions: Interest expense 119 107 Equity income from unconsolidated investments, net (13) (15) Allowance for funds used during construction (18) (19) Other 3 1 91 74 Income before income taxes 166 148 Income tax benefit (47) (10) Net income attributable to Alliant Energy common shareowners $213 $158 Weighted average number of common shares outstanding: Basic 256.8 256.2 Diluted 257.2 256.5 Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted) $0.83 $0.62 Expand ALLIANT ENERGY CORPORATION March 31, 2025 December 31, 2024 (in millions) ASSETS: Current assets: Cash and cash equivalents $25 $81 Other current assets 944 1,103 Property, plant and equipment, net 19,022 18,701 Investments 650 639 Other assets 2,210 2,190 Total assets $22,851 $22,714 LIABILITIES AND EQUITY: Current liabilities: Current maturities of long-term debt $1,371 $1,171 Commercial paper 678 558 Other current liabilities 839 986 Long-term debt, net (excluding current portion) 8,580 8,677 Other liabilities 4,290 4,318 Alliant Energy Corporation common equity 7,093 7,004 Total liabilities and equity $22,851 $22,714 Expand ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2025 2024 (in millions) Cash flows from operating activities: Cash flows from operating activities excluding accounts receivable sold to a third party $365 $430 Accounts receivable sold to a third party (116) (123) Net cash flows from operating activities 249 307 Cash flows used for investing activities: Construction and acquisition expenditures: Utility business (554) (478) Other (28) (32) Cash receipts on sold receivables 192 155 Other (14) 2 Net cash flows used for investing activities (404) (353) Cash flows from financing activities: Common stock dividends (130) (123) Proceeds from issuance of long-term debt — 597 Payments to retire long-term debt — (300) Net change in commercial paper 220 (141) Other 9 (15) Net cash flows from financing activities 99 18 Net increase (decrease) in cash, cash equivalents and restricted cash (56) (28) Cash, cash equivalents and restricted cash at beginning of period 81 63 Cash, cash equivalents and restricted cash at end of period $25 $35 Expand March 31, 2024 Common shares outstanding (000s) 256,876 256,379 Book value per share $27.61 $26.59 Quarterly common dividend rate per share $0.5075 $0.48 Expand Three Months Ended March 31, 2025 2024 Utility electric sales (000s of megawatt-hours) Residential 1,871 1,755 Commercial 1,599 1,523 Industrial 2,519 2,532 Industrial - co-generation customers 185 179 Retail subtotal 6,174 5,989 Sales for resale: Wholesale 691 679 Bulk power and other 1,378 1,670 Other 14 15 Total 8,257 8,353 Utility retail electric customers (at March 31) Residential 856,212 849,255 Commercial 146,333 145,826 Industrial 2,363 2,407 Total 1,004,908 997,488 Utility gas sold and transported (000s of dekatherms) Residential 14,039 11,823 Commercial 8,965 7,529 Industrial 818 765 Retail subtotal 23,822 20,117 Transportation / other 31,006 33,908 Total 54,828 54,025 Utility retail gas customers (at March 31) Residential 386,261 383,769 Commercial 45,326 45,125 Industrial 316 322 Total 431,903 429,216 Estimated operating income decreases from impacts of temperatures (in millions) - Three Months Ended March 31, 2025 2024 Electric ($6) ($19) Gas (3) (11) Total temperature impact ($9) ($30) Expand Three Months Ended March 31, 2025 2024 Normal Heating degree days (HDDs) (a) Cedar Rapids, Iowa (IPL) 3,240 2,850 3,448 Madison, Wisconsin (WPL) 3,367 2,979 3,526 Expand (a) HDDs are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDDs. Expand
