ALLIANT ENERGY CORP [LNT] Filings

10-Q 1 lnt-20240630.htm 10-Q lnt-20240630

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Name of Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, Commission File Number, IRS Employer Identification Number

ALLIANT ENERGY CORPORATION

(a Wisconsin Corporation)

4902 N. Biltmore Lane

Madison, Wisconsin 53718

Telephone (608) 458-3311

Commission File Number - 1-9894

IRS Employer Identification Number - 39-1380265

INTERSTATE POWER & LIGHT COMPANY

(an Iowa corporation)

Alliant Energy Tower

Cedar Rapids, Iowa 52401

Telephone (319) 786-4411

Commission File Number - 1-4117

IRS Employer Identification Number - 42-0331370

WISCONSIN POWER & LIGHT COMPANY

(a Wisconsin corporation)

4902 N. Biltmore Lane

Madison, Wisconsin 53718

Telephone (608) 458-3311

Commission File Number - 0-337

IRS Employer Identification Number - 39-0714890

This combined Form 10-Q is separately filed by Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company. Information contained in the Form 10-Q relating to Interstate Power and Light Company and Wisconsin Power and Light Company is filed by each such registrant on its own behalf. Each of Interstate Power and Light Company and Wisconsin Power and Light Company makes no representation as to information relating to registrants other than itself.

Securities registered pursuant to Section 12(b) of the Act:

Alliant Energy Corporation, Common Stock, $0.01 Par Value, Trading Symbol LNT, Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Alliant Energy Corporation - Yes ☒ No ☐

Interstate Power and Light Company - Yes ☒ No ☐

Wisconsin Power and Light Company - Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Alliant Energy Corporation - Yes ☒ No ☐

Interstate Power and Light Company - Yes ☒ No ☐

Wisconsin Power and Light Company - Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Alliant Energy Corporation - Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

Interstate Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐

Wisconsin Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Alliant Energy Corporation ☐

Interstate Power and Light Company ☐

Wisconsin Power and Light Company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Alliant Energy Corporation - Yes ☐ No ☒

Interstate Power and Light Company - Yes ☐ No ☒

Wisconsin Power and Light Company - Yes ☐ No ☒

Number of shares outstanding of each class of common stock as of June 30, 2024:

Alliant Energy Corporation, Common Stock, $0.01 par value, 256,499,575 shares outstanding

Interstate Power and Light Company, Common Stock, $2.50 par value, 13,370,788 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)

Wisconsin Power and Light Company, Common Stock, $5 par value, 13,236,601 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)

Table of Contents

TABLE OF CONTENTS


			Page
Definitions			1
Forward-looking Statements			1
Part I. Financial Information			3
Item 1. Condensed Consolidated Financial Statements (Unaudited)			3
Alliant Energy Corporation			3
Interstate Power and Light Company			6
Wisconsin Power and Light Company			9
Combined Notes to Condensed Consolidated Financial Statements			12
1. Summary of Significant Accounting Policies			12
2. Regulatory Matters			12
3. Property, Plant and Equipment			13
4 . Receivables			13
5 . Investments			14
6 . Common Equity			14
7 . Debt			17
8 . Revenues			18
9 . Income Taxes			19
10 . Benefit Plans			19
11. Asset Retirement Obligations			20
1 2 . Derivative Instruments			20
1 3 . Fair Value Measurements			22
1 4 . Commitments and Contingencies			24
1 5 . Segments of Business			26
1 6 . Related Parties			27
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			28
Item 3. Quantitative and Qualitative Disclosures About Market Risk			37
Item 4. Controls and Procedures			37
Part II. Other Information			37
Item 1. Legal Proceedings			37
Item 1A. Risk Factors			38
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			38
Item 5. Other Information			38
Item 6. Exhibits			38
Signatures			39

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DEFINITIONS

The following abbreviations or acronyms used in this report are defined below:


Abbreviation or Acronym	Definition	Abbreviation or Acronym	Definition
2023 Form 10-K	Combined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, 2023	IPL	Interstate Power and Light Company
AEF	Alliant Energy Finance, LLC	IUC	Iowa Utilities Commission
Alliant Energy	Alliant Energy Corporation	MDA	Management’s Discussion and Analysis of Financial Condition and Results of Operations
ARO	Asset retirement obligation	MISO	Midcontinent Independent System Operator, Inc.
ATC	American Transmission Company LLC	MW	Megawatt
ATC Holdings	Interest in American Transmission Company LLC and ATC Holdco LLC	MWh	Megawatt-hour
CCR	Coal combustion residuals	N/A	Not applicable
Corporate Services	Alliant Energy Corporate Services, Inc.	Note(s)	Combined Notes to Condensed Consolidated Financial Statements
Dth	Dekatherm	OPEB	Other postretirement benefits
EGU	Electric generating unit	PPA	Purchased power agreement
EPA	U.S. Environmental Protection Agency	PSCW	Public Service Commission of Wisconsin
EPS	Earnings per weighted average common share	SEC	Securities and Exchange Commission
Financial Statements	Condensed Consolidated Financial Statements	U.S.	United States of America
FTR	Financial transmission right	West Riverside	West Riverside Energy Center and Solar Facility
GAAP	U.S. generally accepted accounting principles	WPL	Wisconsin Power and Light Company

FORWARD-LOOKING STATEMENTS

Statements contained in this report that are not of historical fact are forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified as such because the statements include words such as “may,” “believe,” “expect,” “anticipate,” “plan,” “project,” “will,” “projections,” “estimate,” 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. Some, but not all, of the risks and uncertainties of Alliant Energy, IPL and WPL that could materially affect actual results include:

•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, deferred expenditures, deferred tax assets, tax expense, interest expense, capital expenditures, marginal costs to service new customers, and remaining costs related to 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, and the impact of rate design on current and potential customers and demand for energy in their service territories;

•weather effects on utility sales volumes and operations;

•the impact of IPL’s retail electric base rate moratorium, if approved by the IUC;

•the ability to obtain deferral treatment for the recovery of and a return on prudently incurred costs in between rate reviews;

•IPL’s and WPL’s ability to obtain rate relief to allow for the return on costs of solar generation projects that exceed initial cost estimates;

•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 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, gas and steam services and their ability to pay their bills;

•changes in the price of delivered natural gas, transmission, purchased electricity 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 complete construction of renewable generation and 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, such as any additional tariffs resulting from U.S. Department of Commerce investigations into and any decisions made regarding the sourcing of solar project materials and equipment from certain countries, labor issues or supply shortages, the ability to successfully resolve warranty issues or contract disputes, the ability to achieve the expected level of tax benefits based on tax guidelines, project costs and the level of electricity output generated by qualifying generating facilities, and the ability to efficiently utilize the renewable generation and storage project tax benefits for the benefit of customers;

•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;

•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;

•disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to construct capital projects, which may result from geopolitical issues, 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;


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•inflation and higher interest rates;

•the future development of technologies related to electrification, and the ability to reliably store and manage electricity;

•federal and state regulatory or governmental actions, including the impact of legislation, and regulatory agency orders and changes in public policy, including the potential repeal of the Inflation Reduction Act of 2022;

•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 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;

•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;

•continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;

•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;

•the ability to provide sufficient generation and transmission capacity for potential load growth;

•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 CCR Rule, Cross-State Air Pollution Rule and federal, state or local regulations for greenhouse gases emissions reductions 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 ability to defend against environmental claims brought by state and federal agencies, such as the EPA 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, 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 OPEB 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’s authorized return on equity;

•impacts of IPL’s future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures, 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 MDA and Risk Factors in Item 1A in the 2023 Form 10-K.

Alliant Energy, IPL and WPL each assume no obligation, and disclaim any duty, to update the forward-looking statements in this report, except as required by law.

Available Information. Alliant Energy routinely posts important information on its website and considers the Investors section of its website, www.alliantenergy.com/investors, a channel of distribution for material information. Information contained on Alliant Energy’s website is not incorporated herein by reference.


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PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months		For the Six Months
	Ended June 30,		Ended June 30,
	2024	2023	2024	2023
	(in millions, except per share amounts)
Revenues:
Electric utility	$789	$799	$1,580	$1,567
Gas utility	69	77	273	353
Other utility	10	13	24	25
Non-utility	26	23	48	45
Total revenues	894	912	1,925	1,990
Operating expenses:
Electric production fuel and purchased power	138	166	301	322
Electric transmission service	147	138	300	284
Cost of gas sold	25	33	139	215
Asset valuation charge for IPL’s Lansing Generating Station	60	—	60	—
Other operation and maintenance	177	163	336	338
Depreciation and amortization	188	167	376	333
Taxes other than income taxes	29	28	61	59
Total operating expenses	764	695	1,573	1,551
Operating income	130	217	352	439
Other (income) and deductions:
Interest expense	108	96	215	190
Equity income from unconsolidated investments, net	(15)	(14)	(31)	(31)
Allowance for funds used during construction	(19)	(24)	(38)	(43)
Other	2	(1)	4	2
Total other (income) and deductions	76	57	150	118
Income before income taxes	54	160	202	321
Income tax benefit	(33)	—	(43)	(2)




Net income attributable to Alliant Energy common shareowners	$87	$160	$245	$323
Weighted average number of common shares outstanding:
Basic	256.4	251.7	256.3	251.4
Diluted	256.7	251.9	256.6	251.6
Earnings per weighted average common share attributable to Alliant Energy common shareowners:
Basic	$0.34	$0.64	$0.96	$1.28
Diluted	$0.34	$0.64	$0.95	$1.28

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	June 30, 2024	December 31, 2023
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$92	$62
Accounts receivable, less allowance for expected credit losses	409	475

Production fuel, at weighted average cost	65	62
Gas stored underground, at weighted average cost	52	79
Materials and supplies, at weighted average cost	206	202
Regulatory assets	212	232

Other	178	160
Total current assets	1,214	1,272
Property, plant and equipment, net	17,706	17,157
Investments:
ATC Holdings	400	386
Other	223	216
Total investments	623	602
Other assets:
Regulatory assets	2,133	2,029
Deferred charges and other	160	177
Total other assets	2,293	2,206
Total assets	$21,836	$21,237


LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$804	$809
Commercial paper	52	475

Accounts payable	581	611

Regulatory liabilities	110	107
Other	307	302
Total current liabilities	1,854	2,304
Long-term debt, net (excluding current portion)	8,900	8,225
Other liabilities:
Deferred tax liabilities	2,086	2,042
Regulatory liabilities	1,026	1,023
Pension and other benefit obligations	240	249
Other	939	617
Total other liabilities	4,291	3,931
Commitments and contingencies (Note 1 4)
Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 256,499,575 and 256,096,848 shares outstanding	3	3
Additional paid-in capital	3,042	3,030
Retained earnings	3,755	3,756
Accumulated other comprehensive income	3	1
Shares in deferred compensation trust - 352,514 and 379,006 shares at a weighted average cost of $35.38 and $34.48 per share	(12)	(13)
Total Alliant Energy Corporation common equity	6,791	6,777



Total liabilities and equity	$21,836	$21,237

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Six Months
	Ended June 30,
	2024	2023
	(in millions)
Cash flows from operating activities:
Net income	$245	$323
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	376	333
Deferred tax benefit and tax credits	(47)	—


Asset valuation charge for IPL’s Lansing Generating Station	60	—
Other	(4)	(18)
Other changes in assets and liabilities:
Accounts receivable	(242)	(186)

Gas stored underground	27	63
Derivative assets	(17)	86
Regulatory assets	43	(36)
Accounts payable	75	(84)

Regulatory liabilities	(12)	(116)
Deferred income taxes (a)	86	24

Other	(28)	(78)
Net cash flows from operating activities	562	311
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business	(870)	(758)
Other	(90)	(62)
Cash receipts on sold receivables	306	272
Proceeds from sales of partial ownership interests in West Riverside	123	120
Other	(2)	(54)
Net cash flows used for investing activities	(533)	(482)
Cash flows from financing activities:
Common stock dividends	(246)	(226)
Proceeds from issuance of common stock, net	12	76
Proceeds from issuance of long-term debt	969	862
Payments to retire long-term debt	(305)	(404)
Net change in commercial paper and other short-term borrowings	(423)	(146)


Other	(6)	(1)
Net cash flows from financing activities	1	161
Net increase (decrease) in cash, cash equivalents and restricted cash	30	(10)
Cash, cash equivalents and restricted cash at beginning of period	63	24
Cash, cash equivalents and restricted cash at end of period	$93	$14
Supplemental cash flows information:
Cash (paid) received during the period for:
Interest	($207)	($179)
Income taxes, net (a)	$89	$3
Significant non-cash investing and financing activities:
Accrued capital expenditures	$272	$300
Beneficial interest obtained in exchange for securitized accounts receivable	$171	$175

(a) 2024 includes $99 million of proceeds from renewable tax credits transferred to other corporate taxpayers

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months		For the Six Months
	Ended June 30,		Ended June 30,
	2024	2023	2024	2023
	(in millions)
Revenues:
Electric utility	$404	$431	$795	$819
Gas utility	40	44	148	194
Steam and other	9	12	23	24
Total revenues	453	487	966	1,037
Operating expenses:
Electric production fuel and purchased power	48	66	116	113
Electric transmission service	99	96	202	201
Cost of gas sold	17	20	77	116
Asset valuation charge for IPL’s Lansing Generating Station	60	—	60	—
Other operation and maintenance	102	85	187	181
Depreciation and amortization	97	96	193	191
Taxes other than income taxes	14	14	30	29
Total operating expenses	437	377	865	831
Operating income	16	110	101	206
Other (income) and deductions:
Interest expense	42	37	84	74
Allowance for funds used during construction	(11)	(4)	(21)	(8)
Other	—	1	—	3
Total other (income) and deductions	31	34	63	69
Income (loss) before income taxes	(15)	76	38	137
Income tax benefit	(33)	(13)	(43)	(24)


Net income	$18	$89	$81	$161

Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of IPL’s common stock outstanding during the periods presented.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	June 30, 2024	December 31, 2023
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$9	$53
Accounts receivable, less allowance for expected credit losses	186	242

Production fuel, at weighted average cost	36	27
Gas stored underground, at weighted average cost	18	35
Materials and supplies, at weighted average cost	123	122
Regulatory assets	84	93
Other	68	51
Total current assets	524	623
Property, plant and equipment, net	8,670	8,298
Other assets:
Regulatory assets	1,464	1,484
Deferred charges and other	74	84
Total other assets	1,538	1,568
Total assets	$10,732	$10,489


LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$500	$500

Accounts payable	252	262

Accrued taxes	56	50
Accrued interest	39	40
Regulatory liabilities	62	72
Other	110	101
Total current liabilities	1,019	1,025
Long-term debt, net (excluding current portion)	3,446	3,445
Other liabilities:
Deferred tax liabilities	1,150	1,091
Regulatory liabilities	556	572
Pension and other benefit obligations	48	51
Other	433	331
Total other liabilities	2,187	2,045
Commitments and contingencies (Note 1 4)
Equity:
Interstate Power and Light Company common equity:
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding	33	33
Additional paid-in capital	3,012	2,887
Retained earnings	1,035	1,054
Total Interstate Power and Light Company common equity	4,080	3,974


Total liabilities and equity	$10,732	$10,489

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Six Months
	Ended June 30,
	2024	2023
	(in millions)
Cash flows from operating activities:
Net income	$81	$161
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	193	191

Deferred tax expense (benefit) and tax credits	(35)	5
Asset valuation charge for IPL’s Lansing Generating Station	60	—
Other	7	(3)
Other changes in assets and liabilities:
Accounts receivable	(251)	(216)


Gas stored underground	17	33
Derivative assets	(18)	43

Accounts payable	19	(32)

Regulatory liabilities	(16)	(78)

Deferred income taxes (a)	92	8

Other	(2)	(60)
Net cash flows from operating activities	147	52
Cash flows used for investing activities:
Construction and acquisition expenditures	(500)	(251)
Cash receipts on sold receivables	306	272
Other	(15)	(36)
Net cash flows used for investing activities	(209)	(15)
Cash flows from (used for) financing activities:
Common stock dividends	(100)	(140)
Capital contributions from parent	125	40


Net change in commercial paper	—	55
Other	(7)	2
Net cash flows from (used for) financing activities	18	(43)
Net decrease in cash, cash equivalents and restricted cash	(44)	(6)
Cash, cash equivalents and restricted cash at beginning of period	53	15
Cash, cash equivalents and restricted cash at end of period	$9	$9
Supplemental cash flows information:
Cash (paid) received during the period for:
Interest	($85)	($74)
Income taxes, net (a)	$92	$25
Significant non-cash investing and financing activities:
Accrued capital expenditures	$119	$95
Beneficial interest obtained in exchange for securitized accounts receivable	$171	$175

(a) 2024 includes $71 million of proceeds from renewable tax credits transferred to other corporate taxpayers

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months		For the Six Months
	Ended June 30,		Ended June 30,
	2024	2023	2024	2023
	(in millions)
Revenues:
Electric utility	$385	$368	$785	$748
Gas utility	29	33	125	159
Other	1	1	1	1
Total revenues	415	402	911	908
Operating expenses:
Electric production fuel and purchased power	90	99	186	209
Electric transmission service	49	42	98	83
Cost of gas sold	8	13	62	99
Other operation and maintenance	67	67	128	133
Depreciation and amortization	87	69	178	137
Taxes other than income taxes	14	13	28	27
Total operating expenses	315	303	680	688
Operating income	100	99	231	220
Other (income) and deductions:
Interest expense	41	36	82	72

Allowance for funds used during construction	(8)	(19)	(17)	(35)
Other	—	(4)	2	(3)
Total other (income) and deductions	33	13	67	34
Income before income taxes	67	86	164	186
Income tax expense	3	14	8	26
Net income	$64	$72	$156	$160

Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of WPL’s common stock outstanding during the periods presented.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	June 30, 2024	December 31, 2023
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$80	$7
Accounts receivable, less allowance for expected credit losses	209	219
Production fuel, at weighted average cost	30	35
Gas stored underground, at weighted average cost	34	44
Materials and supplies, at weighted average cost	79	77
Regulatory assets	128	139
Prepaid gross receipts tax	49	49
Other	38	43
Total current assets	647	613
Property, plant and equipment, net	8,554	8,415
Other assets:
Regulatory assets	669	545
Deferred charges and other	55	61
Total other assets	724	606
Total assets	$9,925	$9,634


LIABILITIES AND EQUITY
Current liabilities:

Commercial paper	$—	$318

Accounts payable	261	293

Accrued interest	46	40
Regulatory liabilities	48	35
Other	83	89
Total current liabilities	438	775
Long-term debt, net	3,368	3,070
Other liabilities:
Deferred tax liabilities	804	827
Regulatory liabilities	470	451

Pension and other benefit obligations	114	121
Other	721	493
Total other liabilities	2,109	1,892
Commitments and contingencies (Note 1 4)
Equity:
Wisconsin Power and Light Company common equity:
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding	66	66
Additional paid-in capital	2,533	2,478
Retained earnings	1,411	1,353
Total Wisconsin Power and Light Company common equity	4,010	3,897


Total liabilities and equity	$9,925	$9,634

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Six Months
	Ended June 30,
	2024	2023
	(in millions)
Cash flows from operating activities:
Net income	$156	$160
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	178	137


Other	(24)	(30)
Other changes in assets and liabilities:
Accounts receivable	10	33

Gas stored underground	10	31
Derivative assets	3	47
Regulatory assets	44	(35)
Accounts payable	41	(54)

Regulatory liabilities	5	(38)


Other	(32)	17
Net cash flows from operating activities	391	268
Cash flows used for investing activities:
Construction and acquisition expenditures	(370)	(507)
Proceeds from sales of partial ownership interests in West Riverside	123	120
Other	—	(15)
Net cash flows used for investing activities	(247)	(402)
Cash flows from (used for) financing activities:
Common stock dividends	(98)	(92)
Capital contributions from parent	55	180
Proceeds from issuance of long-term debt	297	297

Net change in commercial paper	(318)	(246)


Other	(7)	(7)
Net cash flows from (used for) financing activities	(71)	132
Net increase (decrease) in cash, cash equivalents and restricted cash	73	(2)
Cash, cash equivalents and restricted cash at beginning of period	7	5
Cash, cash equivalents and restricted cash at end of period	$80	$3
Supplemental cash flows information:
Cash paid during the period for:
Interest	($76)	($69)
Income taxes, net (a)	($10)	($42)
Significant non-cash investing and financing activities:
Accrued capital expenditures	$146	$196

(a) 2024 includes $28 million of proceeds from renewable tax credits transferred to other corporate taxpayers

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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ALLIANT ENERGY CORPORATION

INTERSTATE POWER AND LIGHT COMPANY

WISCONSIN POWER AND LIGHT COMPANY

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. These Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the 2023 Form 10-K.

In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the six months ended June 30, 2024 are not necessarily indicative of results that may be expected for the year ending December 31, 2024.

A change in management’s estimates or assumptions could have a material impact on financial condition and results of operations during the period in which such change occurred. Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes.

NOTE 1(b) Cash and Cash Equivalents - At June 30, 2024, Alliant Energy’s and WPL’s cash and cash equivalents included $73 million and $72 million of money market fund investments, respectively, with an interest rate of 5%.

NOTE 2. REGULATORY MATTERS

Regulatory Assets and Regulatory Liabilities -

Regulatory assets were comprised of the following items (in millions):


	Alliant Energy		IPL		WPL
	June 30, 2024	December 31, 2023	June 30, 2024	December 31, 2023	June 30, 2024	December 31, 2023
Tax-related	$958	$934	$848	$831	$110	$103
AROs	408	194	218	160	190	34
Pension and OPEB costs	334	347	165	171	169	176
Assets retired early	197	273	184	259	13	14
Derivatives	95	102	33	34	62	68
Commodity cost recovery	89	120	2	12	87	108
WPL’s Western Wisconsin gas distribution expansion investments	43	44	—	—	43	44
IPL’s Duane Arnold Energy Center PPA amendment	30	42	30	42	—	—


Other	191	205	68	68	123	137
	$2,345	$2,261	$1,548	$1,577	$797	$684

AROs - Refer to Note 11 for discussion of the recognition of additional ARO regulatory assets in the second quarter of 2024, substantially resulting from the enactment of the revised CCR Rule.

Assets retired early - In May 2023, IPL retired the Lansing Generating Station. IPL is currently allowed a full recovery of and a full return on this EGU from both its retail and wholesale customers. IPL’s retail electric rate review for the October 2024 through September 2025 forward-looking Test Period filed with the IUC in October 2023 included a request for continued recovery of and a return on the remaining net book value of Lansing through 2037. In June 2024, IPL reached a partial non-unanimous settlement agreement with certain stakeholders, which is subject to IUC approval. The agreement includes a return of the remaining net book value of Lansing, but does not include a return on the remaining net book value of Lansing. As a result, the return on the remaining net book value is no longer probable of recovery from IPL’s retail electric customers, and in the second quarter of 2024, a pre-tax non-cash charge of $60 million was recorded to “Asset valuation charge for IPL’s Lansing Generating Station” in Alliant Energy’s and IPL’s income statements, with a corresponding decrease in Alliant Energy’s and IPL’s assets retired early regulatory assets. A decision from the IUC on the settlement agreement is currently expected in the third quarter of 2024, with final rates expected to be effective October 1, 2024.

Derivatives - Refer to Note 1 2 for discussion of changes in Alliant Energy’s, IPL’s and WPL’s derivative liabilities/assets during the six months ended June 30, 2024, which resulted in comparable changes to regulatory assets/liabilities on the balance sheets.


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Regulatory liabilities were comprised of the following items (in millions):


	Alliant Energy		IPL		WPL
	June 30, 2024	December 31, 2023	June 30, 2024	December 31, 2023	June 30, 2024	December 31, 2023
Tax-related	$601	$566	$296	$299	$305	$267
Cost of removal obligations	374	366	232	242	142	124
Derivatives	50	65	30	34	20	31
Commodity cost recovery	51	48	16	13	35	35




Other	60	85	44	56	16	29
	$1,136	$1,130	$618	$644	$518	$486

Tax-related - The increase in Alliant Energy’s and WPL’s tax-related regulatory liabilities during the six months ended June 30, 2024 was primarily due to tax benefits resulting from WPL electing investment tax credit treatment for its Cassville solar facility in the second quarter of 2024. A majority of these benefits will be addressed in a future regulatory proceeding, with a portion of the benefits passed on to WPL’s electric customers in 2024 and 2025.

NOTE 3. PROPERTY, PLANT AND EQUIPMENT

WPL currently expects construction costs associated with its approximately 1,100 MW of new solar generation will exceed the construction cost estimates previously approved by the PSCW by approximately $195 million. In February 2024, the PSCW issued an order approving deferral of the incremental solar generation construction costs. The PSCW’s order did not authorize a deferral for the return on such costs. In March 2024, WPL filed for judicial review of the PSCW’s retail electric rate review order (2024/2025 forward-looking Test Period) and solar generation construction cost deferral order related to the recovery and deferral of the return on the incremental solar generation construction costs in 2024 and 2025. Alliant Energy and WPL concluded that there was not a probable disallowance of anticipated higher rate base amounts as of June 30, 2024 given construction costs were reasonably and prudently incurred.

In May 2024, WPL announced updated plans to convert the coal-fired Edgewater Unit 5 to natural gas in 2028, subject to regulatory approvals. WPL previously planned to retire the EGU by June 1, 2025. As a result, as of June 30, 2024, Alliant Energy and WPL concluded Edgewater Unit 5 (net book value of $496 million) no longer meets the criteria to be considered probable of abandonment, and $806 million was reclassified to utility electric generation plant in service from utility electric plant anticipated to be retired early.

WPL is currently leasing the Sheboygan Falls Energy Facility from AEF’s Non-utility Generation business. WPL is responsible for the operation of the EGU and has exclusive rights to its output. In May 2024, WPL renewed this financing lease through 2044. There are no lease renewal periods remaining.

In June 2024, WEC Energy Group, Inc. and Madison Gas and Electric Company acquired partial ownership interests in West Riverside. The related proceeds are included in “Proceeds from sales of partial ownership interests in West Riverside” in investing activities in Alliant Energy’s and WPL’s cash flows statements for the six months ended June 30, 2024. As a result of these transactions, WPL’s undivided current ownership interest in West Riverside is 56.6%.

NOTE 4. RECEIVABLES

Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. In March 2024, IPL amended and extended through March 2026 the purchase commitment from the third party to which it sells its receivables. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. Effective May 2024, the limit on cash proceeds under the Receivables Agreement was changed to $110 million. As of June 30, 2024, IPL had $65 million of available capacity under its sales of accounts receivable program. IPL’s maximum and average outstanding aggregate cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three and six months ended June 30 were as follows (in millions):


	Three Months		Six Months
	2024	2023	2024	2023
Maximum outstanding aggregate cash proceeds	$110	$110	$110	$110
Average outstanding aggregate cash proceeds	73	101	48	79


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The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):


	June 30, 2024	December 31, 2023
Customer accounts receivable	$131	$130
Unbilled utility revenues	94	98
Other receivables	2	1
Receivables sold to third party	227	229
Less: cash proceeds	45	1
Deferred proceeds	182	228
Less: allowance for expected credit losses	11	12
Fair value of deferred proceeds	$171	$216

As of June 30, 2024, outstanding receivables past due under the Receivables Agreement were $16 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three and six months ended June 30 were as follows (in millions):


	Three Months		Six Months
	2024	2023	2024	2023
Collections	$456	$514	$1,013	$1,104
Write-offs, net of recoveries	2	2	5	4

Effective July 2024, the limit on cash proceeds under the Receivables Agreement was changed to $60 million.

NOTE 5. INVESTMENTS

Unconsolidated Equity Investments - Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three and six months ended June 30 was as follows (in millions):


	Three Months		Six Months
	2024	2023	2024	2023
ATC Holdings	($13)	($12)	($25)	($25)


Other	(2)	(2)	(6)	(6)
	($15)	($14)	($31)	($31)

NOTE 6. COMMON EQUITY

Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows:


Shares outstanding, January 1, 2024			256,096,848


Shareowner Direct Plan			248,460
Equity-based compensation plans			154,267

Shares outstanding, June 30, 2024			256,499,575


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Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions):

Alliant Energy

Accumulated

Shares in

Additional

Other

Deferred

Total

Common

Paid-In

Retained

Comprehensive

Compensation

Common

Stock

Capital

Earnings