x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number | Name of Registrant, State of Incorporation, Address of Principal Executive Offices and Telephone Number | IRS Employer Identification Number | ||
1-9894 | ALLIANT ENERGY CORPORATION | 39-1380265 | ||
(a Wisconsin corporation) | ||||
4902 N. Biltmore Lane | ||||
Madison, Wisconsin 53718 | ||||
Telephone (608) 458-3311 | ||||
1-4117 | INTERSTATE POWER AND LIGHT COMPANY | 42-0331370 | ||
(an Iowa corporation) | ||||
Alliant Energy Tower | ||||
Cedar Rapids, Iowa 52401 | ||||
Telephone (319) 786-4411 | ||||
0-337 | WISCONSIN POWER AND LIGHT COMPANY | 39-0714890 | ||
(a Wisconsin corporation) | ||||
4902 N. Biltmore Lane | ||||
Madison, Wisconsin 53718 | ||||
Telephone (608) 458-3311 |
Large Accelerated Filer | Accelerated Filer | Non-accelerated Filer | Smaller Reporting Company Filer | ||||
Alliant Energy Corporation | x | ||||||
Interstate Power and Light Company | x | ||||||
Wisconsin Power and Light Company | x |
Alliant Energy Corporation | Common stock, $0.01 par value, 112,977,238 shares outstanding |
Interstate Power and Light Company | Common stock, $2.50 par value, 13,370,788 shares outstanding (all of which 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 of which are owned beneficially and of record by Alliant Energy Corporation) |
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Alliant Energy Corporation: | |
Interstate Power and Light Company: | |
Wisconsin Power and Light Company: | |
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Abbreviation or Acronym | Definition | |
2014 Form 10-K | Combined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, 2014 | |
AFUDC | Allowance for funds used during construction | |
Alliant Energy | Alliant Energy Corporation | |
AROs | Asset retirement obligations | |
ATC | American Transmission Company LLC | |
CAA | Clean Air Act | |
CCR | Coal Combustion Residuals | |
CEO | Chief Executive Officer | |
CFO | Chief Financial Officer | |
Columbia | Columbia Energy Center | |
Corporate Services | Alliant Energy Corporate Services, Inc. | |
CRANDIC | Cedar Rapids and Iowa City Railway Company | |
DAEC | Duane Arnold Energy Center | |
Dth | Dekatherm | |
Edgewater | Edgewater Generating Station | |
EGU | Electric generating unit | |
EPA | U.S. Environmental Protection Agency | |
EPS | Earnings per weighted average common share | |
FERC | Federal Energy Regulatory Commission | |
Financial Statements | Condensed Consolidated Financial Statements | |
FTR | Financial transmission right | |
Fuel-related | Electric production fuel and energy purchases | |
GAAP | U.S. generally accepted accounting principles | |
HDD | Heating degree days | |
IPL | Interstate Power and Light Company | |
ITC | ITC Midwest LLC | |
IUB | Iowa Utilities Board | |
Marshalltown | Marshalltown Generating Station | |
MATS | Mercury and Air Toxic Standard | |
MDA | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
MGP | Manufactured gas plant | |
MISO | Midcontinent Independent System Operator, Inc. | |
MPUC | Minnesota Public Utilities Commission | |
MW | Megawatt | |
MWh | Megawatt-hour | |
N/A | Not applicable | |
Nelson Dewey | Nelson Dewey Generating Station | |
Note(s) | Combined Notes to Condensed Consolidated Financial Statements | |
NOx | Nitrogen oxide | |
OPEB | Other postretirement benefits | |
PJM | PJM Interconnection, LLC | |
PPA | Purchased power agreement | |
PSCW | Public Service Commission of Wisconsin | |
PSD | Prevention of Significant Deterioration | |
Receivables Agreement | Receivables Purchase and Sale Agreement | |
Resources | Alliant Energy Resources, LLC | |
Riverside | Riverside Energy Center | |
RMT | RMT, Inc. | |
SO2 | Sulfur dioxide | |
SSR | System Support Resource | |
U.S. | United States of America | |
Whiting Petroleum | Whiting Petroleum Corporation | |
WPL | Wisconsin Power and Light Company |
• | federal and state regulatory or governmental actions, including the impact of energy, tax, financial and health care legislation, and of regulatory agency orders; |
• | IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of fuel costs, operating costs, transmission costs, deferred expenditures, capital expenditures, and remaining costs related to EGUs that may be permanently closed, earning their authorized rates of return, and the payments to their parent of expected levels of dividends; |
• | the ability to continue cost controls and operational efficiencies; |
• | the impact of IPL’s retail electric base rate freeze in Iowa during 2015 and 2016; |
• | the impact of WPL’s retail electric and gas base rate freeze in Wisconsin during 2015 and 2016; |
• | weather effects on results of utility operations, including impacts of temperature changes in IPL’s and WPL’s service territories on customers’ demand for electricity and gas; |
• | the impact of the economy in IPL’s and WPL’s service territories and the resulting impacts on sales volumes, margins and the ability to collect unpaid bills; |
• | 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; |
• | the impact of energy efficiency, franchise retention, customer- and third party-owned generation and customer disconnects on sales volumes and margins; |
• | developments that adversely impact the ability to implement the strategic plan, including unanticipated issues with new emission controls equipment for various coal-fired EGUs of IPL and WPL, IPL’s construction of Marshalltown, WPL’s proposed Riverside expansion, various replacements and expansion of IPL’s and WPL’s natural gas distribution systems, Resources’ electricity output and selling price of such output from its Franklin County wind project, the potential decommissioning of certain EGUs of IPL and WPL, and the anticipated sale of IPL’s electric distribution assets in Minnesota; |
• | issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, performance below expected or contracted levels of output or efficiency, operator error, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental costs through rates; |
• | disruptions in the supply and delivery of coal, natural gas and purchased electricity; |
• | changes in the price of delivered coal, natural gas and purchased electricity due to shifts in supply and demand caused by market conditions and regulations, and the ability to recover and to retain the recovery of related changes in purchased power, fuel and fuel-related costs through rates in a timely manner; |
• | 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; |
• | issues associated with environmental remediation and environmental compliance, including compliance with the Consent Decree between WPL, the Sierra Club and the EPA, future changes in environmental laws and regulations, including the EPA’s proposed regulations for carbon dioxide emissions reductions from new and existing fossil-fueled EGUs and the final CCR Rule, and litigation associated with environmental requirements; |
• | the ability to defend against environmental claims brought by state and federal agencies, such as the EPA, 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 ability to recover through rates all environmental compliance and remediation costs, including costs for projects put on hold due to uncertainty of future environmental laws and regulations; |
• | impacts that storms or natural disasters in IPL’s and WPL’s service territories may have on their operations and recovery of, and rate relief for, costs associated with restoration activities; |
• | the direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents; |
• | 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; |
• | the direct or indirect effects resulting from breakdown or failure of equipment in the operation of natural gas distribution systems, such as leaks, explosions and mechanical problems, and compliance with natural gas distribution safety regulations, such as those that may be issued by the Pipeline and Hazardous Materials Safety Administration; |
• | risks associated with the deployment and integration of a new customer billing and information system expected in 2015; |
• | impacts of IPL’s future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures and allocation of mixed service costs, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods; |
• | any material post-closing adjustments related to any past asset divestitures, including the sales of IPL’s Minnesota natural gas distribution assets and RMT, which could result from, among other things, warranties, parental guarantees or litigation; |
• | continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies; |
• | inflation and interest rates; |
• | changes to the creditworthiness of counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters; |
• | issues related to electric transmission, including operating in Regional Transmission Organization energy and ancillary services markets, the impacts of potential future billing adjustments and cost allocation changes from Regional Transmission Organizations and recovery of costs incurred; |
• | impacts on equity income from unconsolidated investments due to changes made by FERC to ATC’s authorized return on equity; |
• | current or future litigation, regulatory investigations, proceedings or inquiries; |
• | Alliant Energy’s ability to sustain its dividend payout ratio goal; |
• | employee workforce factors, including changes in key executives, collective bargaining agreements and negotiations, work stoppages or restructurings; |
• | access to technological developments; |
• | adverse developments in the food manufacturing industry, including animal flu and other illnesses; |
• | changes in technology that alter the channels through which electric customers buy or utilize power; |
• | material changes in retirement and benefit plan costs; |
• | the impact of performance-based compensation plans accruals; |
• | the effect of accounting pronouncements issued periodically by standard-setting bodies, including a new revenue recognition standard, which is currently expected to be adopted in 2018; |
• | the impact of changes to production tax credits for wind projects; |
• | the impact of adjustments made to deferred tax assets and liabilities from state apportionment assumptions; |
• | the ability to utilize tax credits and net operating losses generated to date, and those that may be generated in the future, before they expire; |
• | the ability to successfully complete tax audits and changes in tax accounting methods, including changes required by new tangible property regulations with no material impact on earnings and cash flows; and |
• | factors listed in MDA and Risk Factors in Item 1A in the 2014 Form 10-K. |
For the Three Months | |||||||
Ended March 31, | |||||||
2015 | 2014 | ||||||
(in millions, except per share amounts) | |||||||
Operating revenues: | |||||||
Utility: | |||||||
Electric | $671.3 | $675.8 | |||||
Gas | 198.4 | 240.7 | |||||
Other | 16.4 | 22.8 | |||||
Non-regulated | 11.3 | 13.5 | |||||
Total operating revenues | 897.4 | 952.8 | |||||
Operating expenses: | |||||||
Utility: | |||||||
Electric production fuel and purchased power | 215.9 | 238.7 | |||||
Electric transmission service | 123.2 | 114.1 | |||||
Cost of gas sold | 130.8 | 161.9 | |||||
Other operation and maintenance | 146.6 | 161.0 | |||||
Non-regulated operation and maintenance | 1.3 | 1.3 | |||||
Depreciation and amortization | 100.2 | 95.5 | |||||
Taxes other than income taxes | 26.5 | 26.1 | |||||
Total operating expenses | 744.5 | 798.6 | |||||
Operating income | 152.9 | 154.2 | |||||
Interest expense and other: | |||||||
Interest expense | 46.6 | 45.2 | |||||
Equity income from unconsolidated investments, net | (6.5 | ) | (11.4 | ) | |||
Allowance for funds used during construction | (6.8 | ) | (9.1 | ) | |||
Interest income and other | (0.1 | ) | (1.7 | ) | |||
Total interest expense and other | 33.2 | 23.0 | |||||
Income before income taxes | 119.7 | 131.2 | |||||
Income taxes | 20.5 | 20.6 | |||||
Net income | 99.2 | 110.6 | |||||
Preferred dividend requirements of IPL | 2.6 | 2.6 | |||||
Net income attributable to Alliant Energy common shareowners | $96.6 | $108.0 | |||||
Weighted average number of common shares outstanding (basic and diluted) | 111.1 | 110.8 | |||||
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted) | $0.87 | $0.97 | |||||
Dividends declared per common share | $0.55 | $0.51 |
March 31, 2015 | December 31, 2014 | ||||||
(in millions, except per share and share amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $97.6 | $56.9 | |||||
Accounts receivable, less allowance for doubtful accounts | 361.6 | 427.3 | |||||
Production fuel, at weighted average cost | 67.6 | 83.8 | |||||
Materials and supplies, at weighted average cost | 81.5 | 72.9 | |||||
Gas stored underground, at weighted average cost | 18.3 | 67.1 | |||||
Regulatory assets | 59.0 | 68.1 | |||||
Other | 227.6 | 267.0 | |||||
Total current assets | 913.2 | 1,043.1 | |||||
Property, plant and equipment, net | 9,050.0 | 8,938.4 | |||||
Investments: | |||||||
Investment in American Transmission Company LLC | 288.5 | 286.5 | |||||
Other | 55.4 | 58.4 | |||||
Total investments | 343.9 | 344.9 | |||||
Other assets: | |||||||
Regulatory assets | 1,731.3 | 1,715.6 | |||||
Deferred charges and other | 41.2 | 43.9 | |||||
Total other assets | 1,772.5 | 1,759.5 | |||||
Total assets | $12,079.6 | $12,085.9 |
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Current maturities of long-term debt | $183.0 | $183.0 | |||||
Commercial paper | 41.5 | 141.3 | |||||
Accounts payable | 356.9 | 427.9 | |||||
Regulatory liabilities | 209.4 | 200.1 | |||||
Other | 232.3 | 262.4 | |||||
Total current liabilities | 1,023.1 | 1,214.7 | |||||
Long-term debt, net (excluding current portion) | 3,606.7 | 3,606.7 | |||||
Other liabilities: | |||||||
Deferred income tax liabilities | 2,366.9 | 2,321.1 | |||||
Regulatory liabilities | 606.7 | 621.1 | |||||
Pension and other benefit obligations | 417.7 | 421.7 | |||||
Other | 259.7 | 260.1 | |||||
Total other liabilities | 3,651.0 | 3,624.0 | |||||
Commitments and contingencies (Note 13) | |||||||
Equity: | |||||||
Alliant Energy Corporation common equity: | |||||||
Common stock - $0.01 par value - 240,000,000 shares authorized; 112,977,238 and 110,935,680 shares outstanding | 1.1 | 1.1 | |||||
Additional paid-in capital | 1,631.6 | 1,509.1 | |||||
Retained earnings | 1,973.9 | 1,938.0 | |||||
Accumulated other comprehensive loss | (0.6 | ) | (0.6 | ) | |||
Shares in deferred compensation trust - 232,550 and 238,935 shares at a weighted average cost of $38.27 and $37.45 per share | (8.9 | ) | (8.9 | ) | |||
Total Alliant Energy Corporation common equity | 3,597.1 | 3,438.7 | |||||
Cumulative preferred stock of Interstate Power and Light Company | 200.0 | 200.0 | |||||
Noncontrolling interest | 1.7 | 1.8 | |||||
Total equity | 3,798.8 | 3,640.5 | |||||
Total liabilities and equity | $12,079.6 | $12,085.9 |
For the Three Months | |||||||
Ended March 31, | |||||||
2015 | 2014 | ||||||
(in millions) | |||||||
Cash flows from operating activities: | |||||||
Net income | $99.2 | $110.6 | |||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 100.2 | 95.5 | |||||
Deferred taxes and investment tax credits | 29.7 | 35.9 | |||||
Other | (0.1 | ) | 5.9 | ||||
Other changes in assets and liabilities: | |||||||
Accounts receivable | 6.6 | (55.6 | ) | ||||
Sales of accounts receivable | 52.0 | 46.0 | |||||
Production fuel | 16.2 | 34.8 | |||||
Gas stored underground | 49.5 | 28.5 | |||||
Accounts payable | (32.8 | ) | 25.4 | ||||
Other | (5.8 | ) | (33.4 | ) | |||
Net cash flows from operating activities | 314.7 | 293.6 | |||||
Cash flows used for investing activities: | |||||||
Construction and acquisition expenditures: | |||||||
Utility business | (226.0 | ) | (159.0 | ) | |||
Alliant Energy Corporate Services, Inc. and non-regulated businesses | (19.8 | ) | (14.0 | ) | |||
Other | (5.1 | ) | (3.8 | ) | |||
Net cash flows used for investing activities | (250.9 | ) | (176.8 | ) | |||
Cash flows used for financing activities: | |||||||
Common stock dividends | (60.7 | ) | (56.5 | ) | |||
Proceeds from issuance of common stock, net | 122.1 | — | |||||
Net change in commercial paper | (99.8 | ) | (58.1 | ) | |||
Other | 15.3 | 2.5 | |||||
Net cash flows used for financing activities | (23.1 | ) | (112.1 | ) | |||
Net increase in cash and cash equivalents | 40.7 | 4.7 | |||||
Cash and cash equivalents at beginning of period | 56.9 | 9.8 | |||||
Cash and cash equivalents at end of period | $97.6 | $14.5 | |||||
Supplemental cash flows information: | |||||||
Cash (paid) refunded during the period for: | |||||||
Interest, net of capitalized interest | ($40.2 | ) | ($41.4 | ) | |||
Income taxes, net | $0.1 | $3.9 | |||||
Significant non-cash investing and financing activities: | |||||||
Accrued capital expenditures | $119.0 | $85.9 |
For the Three Months | |||||||
Ended March 31, | |||||||
2015 | 2014 | ||||||
(in millions) | |||||||
Operating revenues: | |||||||
Electric utility | $362.6 | $374.2 | |||||
Gas utility | 111.2 | 135.7 | |||||
Steam and other | 15.2 | 19.0 | |||||
Total operating revenues | 489.0 | 528.9 | |||||
Operating expenses: | |||||||
Electric production fuel and purchased power | 110.1 | 140.0 | |||||
Electric transmission service | 83.9 | 83.6 | |||||
Cost of gas sold | 71.0 | 88.1 | |||||
Other operation and maintenance | 92.6 | 97.2 | |||||
Depreciation and amortization | 51.8 | 48.7 | |||||
Taxes other than income taxes | 14.1 | 13.8 | |||||
Total operating expenses | 423.5 | 471.4 | |||||
Operating income | 65.5 | 57.5 | |||||
Interest expense and other: | |||||||
Interest expense | 24.1 | 22.5 | |||||
Allowance for funds used during construction | (5.3 | ) | (6.0 | ) | |||
Interest income and other | (0.1 | ) | — | ||||
Total interest expense and other | 18.7 | 16.5 | |||||
Income before income taxes | 46.8 | 41.0 | |||||
Income tax benefit | (3.6 | ) | (5.0 | ) | |||
Net income | 50.4 | 46.0 | |||||
Preferred dividend requirements | 2.6 | 2.6 | |||||
Earnings available for common stock | $47.8 | $43.4 |
March 31, 2015 | December 31, 2014 | ||||||
(in millions, except per share and share amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $2.6 | $5.3 | |||||
Accounts receivable, less allowance for doubtful accounts | 158.8 | 216.7 | |||||
Production fuel, at weighted average cost | 36.2 | 52.7 | |||||
Materials and supplies, at weighted average cost | 48.1 | 42.0 | |||||
Gas stored underground, at weighted average cost | 5.2 | 30.8 | |||||
Regulatory assets | 31.1 | 38.7 | |||||
Other | 136.5 | 169.9 | |||||
Total current assets | 418.5 | 556.1 | |||||
Property, plant and equipment, net | 4,631.4 | 4,554.7 | |||||
Investments | 19.1 | 19.1 | |||||
Other assets: | |||||||
Regulatory assets | 1,332.6 | 1,319.2 | |||||
Deferred charges and other | 12.9 | 12.7 | |||||
Total other assets | 1,345.5 | 1,331.9 | |||||
Total assets | $6,414.5 | $6,461.8 |
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Current maturities of long-term debt | $150.0 | $150.0 | |||||
Accounts payable | 199.6 | 259.6 | |||||
Accounts payable to associated companies | 34.4 | 31.3 | |||||
Regulatory liabilities | 137.5 | 129.7 | |||||
Other | 122.7 | 135.3 | |||||
Total current liabilities | 644.2 | 705.9 | |||||
Long-term debt, net (excluding current portion) | 1,618.8 | 1,618.7 | |||||
Other liabilities: | |||||||
Deferred income tax liabilities | 1,370.4 | 1,341.4 | |||||
Regulatory liabilities | 434.6 | 453.8 | |||||
Pension and other benefit obligations | 142.1 | 142.4 | |||||
Other | 177.5 | 185.5 | |||||
Total other liabilities | 2,124.6 | 2,123.1 | |||||
Commitments and contingencies (Note 13) | |||||||
Equity: | |||||||
Interstate Power and Light Company common equity: | |||||||
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding | 33.4 | 33.4 | |||||
Additional paid-in capital | 1,242.8 | 1,242.8 | |||||
Retained earnings | 550.7 | 537.9 | |||||
Total Interstate Power and Light Company common equity | 1,826.9 | 1,814.1 | |||||
Cumulative preferred stock | 200.0 | 200.0 | |||||
Total equity | 2,026.9 | 2,014.1 | |||||
Total liabilities and equity | $6,414.5 | $6,461.8 |
For the Three Months | |||||||
Ended March 31, | |||||||
2015 | 2014 | ||||||
(in millions) | |||||||
Cash flows from operating activities: | |||||||
Net income | $50.4 | $46.0 | |||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 51.8 | 48.7 | |||||
Other | 12.5 | 10.1 | |||||
Other changes in assets and liabilities: | |||||||
Accounts receivable | (2.2 | ) | (48.9 | ) | |||
Sales of accounts receivable | 52.0 | 46.0 | |||||
Gas stored underground | 26.4 | 13.3 | |||||
Accounts payable | (36.1 | ) | 28.8 | ||||
Accounts payable to associated companies | 3.1 | (28.8 | ) | ||||
Other | 12.2 | (9.6 | ) | ||||
Net cash flows from operating activities | 170.1 | 105.6 | |||||
Cash flows used for investing activities: | |||||||
Utility construction and acquisition expenditures | (150.6 | ) | (91.1 | ) | |||
Other | (5.7 | ) | (5.5 | ) | |||
Net cash flows used for investing activities | (156.3 | ) | (96.6 | ) | |||
Cash flows used for financing activities: | |||||||
Common stock dividends | (35.0 | ) | (35.0 | ) | |||
Capital contributions from parent | — | 30.0 | |||||
Other | 18.5 | (2.6 | ) | ||||
Net cash flows used for financing activities | (16.5 | ) | (7.6 | ) | |||
Net increase (decrease) in cash and cash equivalents | (2.7 | ) | 1.4 | ||||
Cash and cash equivalents at beginning of period | 5.3 | 4.4 | |||||
Cash and cash equivalents at end of period | $2.6 | $5.8 | |||||
Supplemental cash flows information: | |||||||
Cash (paid) refunded during the period for: | |||||||
Interest | ($18.4 | ) | ($19.3 | ) | |||
Income taxes, net | $6.2 | ($1.5 | ) | ||||
Significant non-cash investing and financing activities: | |||||||
Accrued capital expenditures | $82.8 | $46.3 |
For the Three Months | |||||||
Ended March 31, | |||||||
2015 | 2014 | ||||||
(in millions) | |||||||
Operating revenues: | |||||||
Electric utility | $308.7 | $301.6 | |||||
Gas utility | 87.2 | 105.0 | |||||
Other | 1.2 | 3.8 | |||||
Total operating revenues | 397.1 | 410.4 | |||||
Operating expenses: | |||||||
Electric production fuel and purchased power | 105.8 | 98.7 | |||||
Electric transmission service | 39.3 | 30.5 | |||||
Cost of gas sold | 59.8 | 73.8 | |||||
Other operation and maintenance | 54.0 | 63.8 | |||||
Depreciation and amortization | 46.0 | 44.7 | |||||
Taxes other than income taxes | 11.4 | 11.2 | |||||
Total operating expenses | 316.3 | 322.7 | |||||
Operating income | 80.8 | 87.7 | |||||
Interest expense and other: | |||||||
Interest expense | 23.1 | 21.1 | |||||
Equity income from unconsolidated investments | (7.8 | ) | (11.4 | ) | |||
Allowance for funds used during construction | (1.5 | ) | (3.1 | ) | |||
Interest income and other | 0.1 | — | |||||
Total interest expense and other | 13.9 | 6.6 | |||||
Income before income taxes | 66.9 | 81.1 | |||||
Income taxes | 22.1 | 26.3 | |||||
Net income | 44.8 | 54.8 | |||||
Net income attributable to noncontrolling interest | 0.2 | — | |||||
Earnings available for common stock | $44.6 | $54.8 |
March 31, 2015 | December 31, 2014 | ||||||
(in millions, except per share and share amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $90.9 | $46.7 | |||||
Accounts receivable, less allowance for doubtful accounts | 188.4 | 185.8 | |||||
Production fuel, at weighted average cost | 31.4 | 31.1 | |||||
Materials and supplies, at weighted average cost | 31.5 | 29.2 | |||||
Gas stored underground, at weighted average cost | 13.1 | 36.3 | |||||
Regulatory assets | 27.9 | 29.4 | |||||
Other | 83.2 | 98.7 | |||||
Total current assets | 466.4 | 457.2 | |||||
Property, plant and equipment, net | 3,966.7 | 3,938.9 | |||||
Investments: | |||||||
Investment in American Transmission Company LLC | 288.5 | 286.5 | |||||
Other | 18.7 | 19.5 | |||||
Total investments | 307.2 | 306.0 | |||||
Other assets: | |||||||
Regulatory assets | 398.7 | 396.4 | |||||
Deferred charges and other | 27.9 | 29.7 | |||||
Total other assets | 426.6 | 426.1 | |||||
Total assets | $5,166.9 | $5,128.2 |
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Current maturities of long-term debt | $30.6 | $30.6 | |||||
Accounts payable | 107.7 | 112.9 | |||||
Accounts payable to associated companies | 21.3 | 25.5 | |||||
Regulatory liabilities | 71.9 | 70.4 | |||||
Other | 82.7 | 70.9 | |||||
Total current liabilities | 314.2 | 310.3 | |||||
Long-term debt, net (excluding current portion) | 1,543.4 | 1,543.3 | |||||
Other liabilities: | |||||||
Deferred income tax liabilities | 984.4 | 970.0 | |||||
Regulatory liabilities | 172.1 | 167.3 | |||||
Capital lease obligations - Sheboygan Falls Energy Facility | 88.0 | 89.4 | |||||
Pension and other benefit obligations | 179.7 | 180.4 | |||||
Other | 159.5 | 155.2 | |||||
Total other liabilities | 1,583.7 | 1,562.3 | |||||
Commitments and contingencies (Note 13) | |||||||
Equity: | |||||||
Wisconsin Power and Light Company common equity: | |||||||
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding | 66.2 | 66.2 | |||||
Additional paid-in capital | 959.0 | 959.0 | |||||
Retained earnings | 691.4 | 678.6 | |||||
Total Wisconsin Power and Light Company common equity | 1,716.6 | 1,703.8 | |||||
Noncontrolling interest | 9.0 | 8.5 | |||||
Total equity | 1,725.6 | 1,712.3 | |||||
Total liabilities and equity | $5,166.9 | $5,128.2 |
For the Three Months | |||||||
Ended March 31, | |||||||
2015 | 2014 | ||||||
(in millions) | |||||||
Cash flows from operating activities: | |||||||
Net income | $44.8 | $54.8 | |||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 46.0 | 44.7 | |||||
Deferred taxes and investment tax credits | 10.4 | 20.8 | |||||
Other | (0.9 | ) | 8.7 | ||||
Other changes in assets and liabilities: | |||||||
Derivative assets | 0.2 | (19.8 | ) | ||||
Gas stored underground | 23.1 | 15.2 | |||||
Regulatory liabilities | 5.1 | 26.1 | |||||
Other | 29.1 | (21.8 | ) | ||||
Net cash flows from operating activities | 157.8 | 128.7 | |||||
Cash flows used for investing activities: | |||||||
Utility construction and acquisition expenditures | (75.4 | ) | (67.9 | ) | |||
Other | (3.0 | ) | (2.6 | ) | |||
Net cash flows used for investing activities | (78.4 | ) | (70.5 | ) | |||
Cash flows used for financing activities: | |||||||
Common stock dividends | (31.8 | ) | (29.7 | ) | |||
Net change in commercial paper | — | (28.2 | ) | ||||
Other | (3.4 | ) | 4.1 | ||||
Net cash flows used for financing activities | (35.2 | ) | (53.8 | ) | |||
Net increase in cash and cash equivalents | 44.2 | 4.4 | |||||
Cash and cash equivalents at beginning of period | 46.7 | 0.5 | |||||
Cash and cash equivalents at end of period | $90.9 | $4.9 | |||||
Supplemental cash flows information: | |||||||
Cash (paid) refunded during the period for: | |||||||
Interest | ($22.6 | ) | ($23.2 | ) | |||
Income taxes, net | $9.1 | $0.6 | |||||
Significant non-cash investing and financing activities: | |||||||
Accrued capital expenditures | $32.9 | $33.7 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Tax-related | $968.2 | $955.3 | $940.5 | $928.0 | $27.7 | $27.3 | |||||||||||||||||
Pension and OPEB costs | 562.9 | 570.2 | 284.8 | 287.9 | 278.1 | 282.3 | |||||||||||||||||
AROs | 75.6 | 73.7 | 42.5 | 41.4 | 33.1 | 32.3 | |||||||||||||||||
Derivatives | 49.6 | 46.9 | 26.4 | 28.0 | 23.2 | 18.9 | |||||||||||||||||
Commodity cost recovery | 32.1 | 31.1 | 0.6 | 0.4 | 31.5 | 30.7 | |||||||||||||||||
Emission allowances | 26.9 | 27.4 | 26.9 | 27.4 | — | — | |||||||||||||||||
Other | 75.0 | 79.1 | 42.0 | 44.8 | 33.0 | 34.3 | |||||||||||||||||
$1,790.3 | $1,783.7 | $1,363.7 | $1,357.9 | $426.6 | $425.8 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Cost of removal obligations | $423.2 | $421.7 | $279.5 | $279.1 | $143.7 | $142.6 | |||||||||||||||||
IPL’s tax benefit riders | 222.0 | 243.0 | 222.0 | 243.0 | — | — | |||||||||||||||||
Energy efficiency cost recovery | 62.2 | 64.3 | 1.6 | — | 60.6 | 64.3 | |||||||||||||||||
Commodity cost recovery | 26.5 | 15.4 | 22.8 | 15.1 | 3.7 | 0.3 | |||||||||||||||||
IPL’s electric transmission cost recovery | 23.2 | 19.4 | 23.2 | 19.4 | — | — | |||||||||||||||||
Other | 59.0 | 57.4 | 23.0 | 26.9 | 36.0 | 30.5 | |||||||||||||||||
$816.1 | $821.2 | $572.1 | $583.5 | $244.0 | $237.7 |
Electric tax benefit rider credits | $18 | ||
Gas tax benefit rider credits | 3 | ||
$21 |
2015 | |
Billing credits to reduce retail electric customers’ bills | $6 |
2015 | 2014 | ||||||
Maximum outstanding aggregate cash proceeds (based on daily outstanding balances) | $118.0 | $75.0 | |||||
Average outstanding aggregate cash proceeds (based on daily outstanding balances) | 68.0 | 27.6 |
March 31, 2015 | December 31, 2014 | ||||||
Customer accounts receivable | $144.8 | $134.8 | |||||
Unbilled utility revenues | 52.5 | 69.7 | |||||
Other receivables | 0.2 | 0.1 | |||||
Receivables sold to third party | 197.5 | 204.6 | |||||
Less: cash proceeds (a) | 74.0 | 22.0 | |||||
Deferred proceeds | 123.5 | 182.6 | |||||
Less: allowance for doubtful accounts | 5.8 | 5.4 | |||||
Fair value of deferred proceeds | $117.7 | $177.2 | |||||
Outstanding receivables past due | $21.7 | $19.9 |
(a) | Changes in cash proceeds are presented in “Sales of accounts receivable” in operating activities in Alliant Energy’s and IPL’s cash flows statements. |
2015 | 2014 | ||||||
Collections reinvested in receivables | $505.9 | $541.4 | |||||
Credit losses, net of recoveries | 1.0 | 2.5 |
Alliant Energy | WPL | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
ATC | ($7.8 | ) | ($11.2 | ) | ($7.8 | ) | ($11.2 | ) | |||||||
Other | 1.3 | (0.2 | ) | — | (0.2 | ) | |||||||||
($6.5 | ) | ($11.4 | ) | ($7.8 | ) | ($11.4 | ) |
Shares outstanding, January 1, 2015 | 110,935,680 | |
At-the-market offering program | 1,996,450 | |
Shareowner Direct Plan | 11,193 | |
Equity-based compensation plans (Note 9(b)) | 56,378 | |
Other | (22,463 | ) |
Shares outstanding, March 31, 2015 | 112,977,238 |
Alliant Energy | Parent | ||||||
March 31, 2015 | (Consolidated) | Company | IPL | WPL | |||
Commercial paper: | |||||||
Amount outstanding | $41.5 | $41.5 | $— | $— | |||
Weighted average remaining maturity | 1 day | 1 day | N/A | N/A | |||
Weighted average interest rates | 0.5% | 0.5% | N/A | N/A | |||
Available credit facility capacity | $958.5 | $258.5 | $300.0 | $400.0 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Maximum amount outstanding (based on daily outstanding balances) | $151.3 | $316.2 | $1.4 | $10.0 | $— | $204.7 | |||||||||||||||||
Average amount outstanding (based on daily outstanding balances) | $127.9 | $275.6 | $— | $0.3 | $— | $173.0 | |||||||||||||||||
Weighted average interest rates | 0.4 | % | 0.1 | % | 0.4 | % | 0.2 | % | N/A | 0.1 | % |
Alliant Energy | IPL | WPL | |||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||
Statutory federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | |||||
IPL’s tax benefit riders | (9.9 | ) | (11.9 | ) | (25.2 | ) | (31.2 | ) | — | — | |||||||
Production tax credits | (6.2 | ) | (6.7 | ) | (7.3 | ) | (8.3 | ) | (6.0 | ) | (6.4 | ) | |||||
Effect of rate-making on property-related differences | (6.1 | ) | (5.3 | ) | (14.6 | ) | (12.4 | ) | (0.6 | ) | (1.0 | ) | |||||
Other items, net | 4.3 | 4.6 | 4.4 | 4.7 | 4.6 | 4.8 | |||||||||||
Overall income tax rate | 17.1 | % | 15.7 | % | (7.7 | %) | (12.2 | %) | 33.0 | % | 32.4 | % |
End of Production | Nameplate | |||||||||||
Tax Credit Generation | Capacity in MW | 2015 | 2014 | |||||||||
Cedar Ridge (WPL) | December 2018 | 68 | $1.2 | $1.2 | ||||||||
Bent Tree - Phase I (WPL) | February 2021 | 201 | 3.9 | 4.2 | ||||||||
Subtotal (WPL) | 5.1 | 5.4 | ||||||||||
Whispering Willow - East (IPL) | December 2019 | 200 | 4.3 | 4.6 | ||||||||
$9.4 | $10.0 |
Alliant Energy | Tax Carryforwards | Deferred Tax Assets | Earliest Expiration Date | ||||||
Federal net operating losses | $894 | $306 | 2029 | ||||||
State net operating losses | 853 | 44 | 2018 | ||||||
Federal tax credits | 214 | 210 | 2022 | ||||||
$560 |
IPL | Tax Carryforwards | Deferred Tax Assets | Earliest Expiration Date | ||||||
Federal net operating losses | $424 | $145 | 2029 | ||||||
State net operating losses | 260 | 13 | 2018 | ||||||
Federal tax credits | 73 | 72 | 2022 | ||||||
$230 |
WPL | Tax Carryforwards | Deferred Tax Assets | Earliest Expiration Date | ||||||
Federal net operating losses | $355 | $122 | 2029 | ||||||
State net operating losses | 166 | 8 | 2018 | ||||||
Federal tax credits | 82 | 80 | 2022 | ||||||
$210 |
Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||
Alliant Energy | 2015 | 2014 | 2015 | 2014 | |||||||||||
Service cost | $4.0 | $3.3 | $1.4 | $1.3 | |||||||||||
Interest cost | 13.4 | 13.5 | 2.2 | 2.4 | |||||||||||
Expected return on plan assets | (18.7 | ) | (18.7 | ) | (2.1 | ) | (2.1 | ) | |||||||
Amortization of prior service credit | (0.1 | ) | — | (2.8 | ) | (3.0 | ) | ||||||||
Amortization of actuarial loss | 8.8 | 4.8 | 1.2 | 0.6 | |||||||||||
Additional benefit costs | 0.2 | — | — | — | |||||||||||
$7.6 | $2.9 | ($0.1 | ) | ($0.8 | ) |
Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||
IPL | 2015 | 2014 | 2015 | 2014 | |||||||||||
Service cost | $2.2 | $1.8 | $0.6 | $0.6 | |||||||||||
Interest cost | 6.2 | 6.3 | 0.9 | 1.0 | |||||||||||
Expected return on plan assets | (8.9 | ) | (9.0 | ) | (1.4 | ) | (1.5 | ) | |||||||
Amortization of prior service credit | — | — | (1.5 | ) | (1.6 | ) | |||||||||
Amortization of actuarial loss | 3.8 | 2.0 | 0.6 | 0.3 | |||||||||||
$3.3 | $1.1 | ($0.8 | ) | ($1.2 | ) |
Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||
WPL | 2015 | 2014 | 2015 | 2014 | |||||||||||
Service cost | $1.4 | $1.2 | $0.6 | $0.5 | |||||||||||
Interest cost | 5.6 | 5.7 | 0.9 | 1.0 | |||||||||||
Expected return on plan assets | (8.1 | ) | (8.1 | ) | (0.4 | ) | (0.3 | ) | |||||||
Amortization of prior service cost (credit) | 0.1 | 0.1 | (0.9 | ) | (1.0 | ) | |||||||||
Amortization of actuarial loss | 4.2 | 2.3 | 0.6 | 0.3 | |||||||||||
Additional benefit costs | 0.2 | — | — | — | |||||||||||
$3.4 | $1.2 | $0.8 | $0.5 |
Alliant Energy | IPL (a) | WPL (a) | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
401(k) costs | $6.7 | $5.9 | $3.4 | $3.1 | $2.9 | $2.6 |
(a) | IPL’s and WPL’s amounts include allocated costs associated with Corporate Services employees. |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Compensation expense | $3.2 | $3.1 | $1.7 | $1.7 | $1.4 | $1.3 | |||||||||||||||||
Income tax benefits | 1.3 | 1.3 | 0.7 | 0.7 | 0.6 | 0.5 |
2015 (a) | 2014 (a) | ||||
Nonvested shares, January 1 | 144,424 | 139,940 | |||
Granted | 45,403 | 51,221 | |||
Vested | (45,612 | ) | (45,235 | ) | |
Nonvested shares, March 31 | 144,215 | 145,926 |
(a) | Share amounts represent the target number of performance shares. |
2015 | 2014 | ||||||
2012 Grant | 2011 Grant | ||||||
Performance shares vested | 45,612 | 45,235 | |||||
Percentage of target number of performance shares | 167.5 | % | 147.5 | % | |||
Aggregate payout value (in millions) | $5.1 | $3.4 | |||||
Payout - cash (in millions) | $3.2 | $2.9 | |||||
Payout - common stock shares issued | 10,975 | 4,810 |
2015 (a) | 2014 (a) | ||||
Nonvested units, January 1 | 63,665 | 65,912 | |||
Granted | 17,837 | 20,422 | |||
Vested | (22,845 | ) | (20,751 | ) | |
Forfeited | (93 | ) | (311 | ) | |
Nonvested units, March 31 | 58,564 | 65,272 |
(a) | Unit amounts represent the target number of performance units. |
2015 | 2014 | ||||||
2012 Grant | 2011 Grant | ||||||
Performance units vested | 22,845 | 20,751 | |||||
Percentage of target number of performance units | 167.5 | % | 147.5 | % | |||
Payout value (in millions) | $1.6 | $1.2 |
Performance Shares | Performance Units | ||||||||||||||||||||||
2015 Grant | 2014 Grant | 2013 Grant | 2015 Grant | 2014 Grant | 2013 Grant | ||||||||||||||||||
Nonvested awards | 45,403 | 49,719 | 49,093 | 17,744 | 19,440 | 21,380 | |||||||||||||||||
Alliant Energy common stock closing price on March 31, 2015 | $63.00 | $63.00 | $63.00 | ||||||||||||||||||||
Alliant Energy common stock closing price on grant date | $65.09 | $53.77 | $47.58 | ||||||||||||||||||||
Estimated payout percentage based on performance criteria | 100 | % | 128 | % | 178 | % | 100 | % | 128 | % | 178 | % | |||||||||||
Fair values of each nonvested award | $63.00 | $80.64 | $112.14 | $65.09 | $68.83 | $84.69 |
2015 | 2014 | ||||||||||||
Shares | Weighted Average Fair Value | Shares | Weighted Average Fair Value | ||||||||||
Nonvested shares, January 1 | 98,812 | $50.69 | 158,922 | $42.71 | |||||||||
Granted | 45,403 | 65.09 | 51,221 | 53.77 | |||||||||
Vested (a) | (49,093 | ) | 47.58 | (90,847 | ) | 40.91 | |||||||
Forfeited | — | — | (18,982 | ) | 38.75 | ||||||||
Nonvested shares, March 31 | 95,122 | 59.17 | 100,314 | 50.74 |
(a) | In 2015, 49,093 performance contingent restricted shares granted in 2013 vested because the specified performance criteria for such shares were met. In 2014, 45,612 and 45,235 performance contingent restricted shares granted in 2012 and 2011, respectively, vested because the specified performance criteria for such shares were met. |
2015 | 2014 | ||||
Nonvested awards, January 1 | 78,930 | 96,977 | |||
Granted | 41,105 | 42,446 | |||
Vested (a) | (37,332 | ) | (55,517 | ) | |
Forfeited | (469 | ) | (3,406 | ) | |
Nonvested awards, March 31 | 82,234 | 80,500 |
(a) | In 2015, 37,332 performance contingent cash awards granted in 2013 vested, resulting in cash payouts valued at $2.4 million. In 2014, 34,766 and 20,751 performance contingent cash awards granted in 2012 and 2011 vested, resulting in cash payouts valued at $1.9 million and $1.1 million, respectively. |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Balance, January 1 | $114.0 | $109.7 | $51.8 | $47.9 | $52.4 | $52.4 | |||||||||||||||||
Liabilities settled | (2.2 | ) | (0.5 | ) | (2.2 | ) | (0.3 | ) | — | (0.2 | ) | ||||||||||||
Liabilities incurred | — | 16.5 | — | 16.3 | — | 0.2 | |||||||||||||||||
Accretion expense | 1.0 | 1.0 | 0.4 | 0.5 | 0.4 | 0.4 | |||||||||||||||||
Balance, March 31 | $112.8 | $126.7 | $50.0 | $64.4 | $52.8 | $52.8 |
Alliant Energy | IPL | WPL | |||
Estimated ARO increase not to exceed | $85 | $75 | $10 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
March 31, 2015 | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Derivative assets (Note 12) | $16.9 | $16.9 | $6.5 | $6.5 | $10.4 | $10.4 | |||||||||||||||||
Deferred proceeds (sales of receivables) (Note 4(a)) | 117.7 | 117.7 | 117.7 | 117.7 | — | — | |||||||||||||||||
Capitalization and liabilities: | |||||||||||||||||||||||
Long-term debt (including current maturities) | 3,789.7 | 4,490.4 | 1,768.8 | 2,092.9 | 1,574.0 | 1,938.9 | |||||||||||||||||
Cumulative preferred stock | 200.0 | 203.7 | 200.0 | 203.7 | — | — | |||||||||||||||||
Derivative liabilities (Note 12) | 42.7 | 42.7 | 20.0 | 20.0 | 22.7 | 22.7 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
December 31, 2014 | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Derivative assets (Note 12) | $38.6 | $38.6 | $28.0 | $28.0 | $10.6 | $10.6 | |||||||||||||||||
Deferred proceeds (sales of receivables) (Note 4(a)) | 177.2 | 177.2 | 177.2 | 177.2 | — | — | |||||||||||||||||
Capitalization and liabilities: | |||||||||||||||||||||||
Long-term debt (including current maturities) | 3,789.7 | 4,418.2 | 1,768.7 | 2,053.0 | 1,573.9 | 1,908.9 | |||||||||||||||||
Cumulative preferred stock | 200.0 | 200.2 | 200.0 | 200.2 | — | — | |||||||||||||||||
Derivative liabilities (Note 12) | 37.6 | 37.6 | 19.5 | 19.5 | 18.1 | 18.1 |
Risk management purpose | Type of instrument |
Mitigate pricing volatility for: | |
Electricity purchased to supply customers | Electric swap and physical forward contracts (IPL and WPL) |
Fuel used to supply natural gas-fired EGUs | Natural gas swap contracts (IPL and WPL) |
Natural gas options and physical forward contracts (WPL) | |
Natural gas supplied to retail customers | Natural gas options and physical forward contracts (IPL and WPL) |
Natural gas swap contracts (IPL) | |
Fuel used at coal-fired EGUs | Coal physical forward contracts (IPL and WPL) |
Optimize the value of natural gas pipeline capacity | Natural gas physical forward contracts (IPL and WPL) |
Natural gas swap contracts (IPL) | |
Manage transmission congestion costs | FTRs (IPL and WPL) |
Alliant Energy | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||||
Fair | Level | Level | Level | Fair | Level | Level | Level | ||||||||||||||||||||||||
Value | 1 | 2 | 3 | Value | 1 | 2 | 3 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivatives - commodity contracts | $16.9 | $— | $2.2 | $14.7 | $38.6 | $— | $2.6 | $36.0 | |||||||||||||||||||||||
Deferred proceeds | 117.7 | — | — | 117.7 | 177.2 | — | — | 177.2 | |||||||||||||||||||||||
Capitalization and liabilities: | |||||||||||||||||||||||||||||||
Long-term debt (including current maturities) | 4,490.4 | — | 4,487.4 | 3.0 | 4,418.2 | — | 4,414.9 | 3.3 | |||||||||||||||||||||||
Cumulative preferred stock | 203.7 | 203.7 | — | — | 200.2 | 200.2 | — | — | |||||||||||||||||||||||
Derivatives - commodity contracts | 42.7 | — | 14.9 | 27.8 | 37.6 | — | 19.5 | 18.1 |
IPL | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||||
Fair | Level | Level | Level | Fair | Level | Level | Level | ||||||||||||||||||||||||
Value | 1 | 2 | 3 | Value | 1 | 2 | 3 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivatives - commodity contracts | $6.5 | $— | $1.7 | $4.8 | $28.0 | $— | $2.4 | $25.6 | |||||||||||||||||||||||
Deferred proceeds | 117.7 | — | — | 117.7 | 177.2 | — | — | 177.2 | |||||||||||||||||||||||
Capitalization and liabilities: | |||||||||||||||||||||||||||||||
Long-term debt (including current maturities) | 2,092.9 | — | 2,092.9 | — | 2,053.0 | — | 2,053.0 | — | |||||||||||||||||||||||
Cumulative preferred stock | 203.7 | 203.7 | — | — | 200.2 | 200.2 | — | — | |||||||||||||||||||||||
Derivatives - commodity contracts | 20.0 | — | 10.2 | 9.8 | 19.5 | — | 13.3 | 6.2 |
WPL | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||||
Fair | Level | Level | Level | Fair | Level | Level | Level | ||||||||||||||||||||||||
Value | 1 | 2 | 3 | Value | 1 | 2 | 3 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivatives - commodity contracts | $10.4 | $— | $0.5 | $9.9 | $10.6 | $— | $0.2 | $10.4 | |||||||||||||||||||||||
Capitalization and liabilities: | |||||||||||||||||||||||||||||||
Long-term debt (including current maturities) | 1,938.9 | — | 1,938.9 | — | 1,908.9 | — | 1,908.9 | — | |||||||||||||||||||||||
Derivatives - commodity contracts | 22.7 | — | 4.7 | 18.0 | 18.1 | — | 6.2 | 11.9 |
Alliant Energy | Commodity Contract Derivative | ||||||||||||||
Assets and (Liabilities), net | Deferred Proceeds | ||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | 2015 | 2014 | |||||||||||
Beginning balance, January 1 | $17.9 | $4.4 | $177.2 | $203.5 | |||||||||||
Total net gains (losses) (realized/unrealized) included in changes in net assets | (18.1 | ) | 38.4 | — | — | ||||||||||
Sales | (0.9 | ) | — | — | — | ||||||||||
Settlements (a) | (12.0 | ) | (18.9 | ) | (59.5 | ) | (32.7 | ) | |||||||
Ending balance, March 31 | ($13.1 | ) | $23.9 | $117.7 | $170.8 | ||||||||||
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at March 31 | ($16.5 | ) | $31.0 | $— | $— |
IPL | Commodity Contract Derivative | ||||||||||||||
Assets and (Liabilities), net | Deferred Proceeds | ||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | 2015 | 2014 | |||||||||||
Beginning balance, January 1 | $19.4 | $14.6 | $177.2 | $203.5 | |||||||||||
Total net gains (losses) (realized/unrealized) included in changes in net assets | (12.5 | ) | 4.2 | — | — | ||||||||||
Sales | (0.9 | ) | — | — | — | ||||||||||
Settlements (a) | (11.0 | ) | (11.0 | ) | (59.5 | ) | (32.7 | ) | |||||||
Ending balance, March 31 | ($5.0 | ) | $7.8 | $117.7 | $170.8 | ||||||||||
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at March 31 | ($10.7 | ) | $3.1 | $— | $— |
WPL | Commodity Contract Derivative | ||||||
Assets and (Liabilities), net | |||||||
Three Months Ended March 31 | 2015 | 2014 | |||||
Beginning balance, January 1 | ($1.5 | ) | ($10.2 | ) | |||
Total net gains (losses) (realized/unrealized) included in changes in net assets | (5.6 | ) | 34.2 | ||||
Settlements | (1.0 | ) | (7.9 | ) | |||
Ending balance, March 31 | ($8.1 | ) | $16.1 | ||||
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at March 31 | ($5.8 | ) | $27.9 |
(a) | Settlements related to deferred proceeds are due to the change in the carrying amount of receivables sold less the allowance for doubtful accounts associated with the receivables sold and cash proceeds received from the receivables sold. |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Excluding FTRs | FTRs | Excluding FTRs | FTRs | Excluding FTRs | FTRs | ||||||||||||||||||
March 31, 2015 | ($17.2 | ) | $4.1 | ($8.5 | ) | $3.5 | ($8.7 | ) | $0.6 | ||||||||||||||
December 31, 2014 | (7.0 | ) | 24.9 | (3.2 | ) | 22.6 | (3.8 | ) | 2.3 |
2015 | 2016 | 2017 | 2018 | Total | ||||||||||
Alliant Energy | ||||||||||||||
Electricity (MWhs) | 3,530 | 2,870 | 1,314 | 1,314 | 9,028 | |||||||||
FTRs (MWhs) | 3,478 | — | — | — | 3,478 | |||||||||
Natural gas (Dths) | 42,989 | 27,423 | 7,126 | — | 77,538 | |||||||||
Coal (tons) | 1,118 | 2,044 | 1,073 | 1,113 | 5,348 | |||||||||
IPL | ||||||||||||||
Electricity (MWhs) | 1,612 | 439 | — | — | 2,051 | |||||||||
FTRs (MWhs) | 2,041 | — | — | — | 2,041 | |||||||||
Natural gas (Dths) | 26,967 | 13,176 | 2,758 | — | 42,901 | |||||||||
Coal (tons) | 56 | 830 | 274 | 387 | 1,547 | |||||||||
WPL | ||||||||||||||
Electricity (MWhs) | 1,918 | 2,431 | 1,314 | 1,314 | 6,977 | |||||||||
FTRs (MWhs) | 1,437 | — | — | — | 1,437 | |||||||||
Natural gas (Dths) | 16,022 | 14,247 | 4,368 | — | 34,637 | |||||||||
Coal (tons) | 1,062 | 1,214 | 799 | 726 | 3,801 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Commodity contracts | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||||||||
Current derivative assets | $9.1 | $30.5 | $5.6 | $27.4 | $3.5 | $3.1 | |||||||||||||||||
Non-current derivative assets | 7.8 | 8.1 | 0.9 | 0.6 | 6.9 | 7.5 | |||||||||||||||||
Current derivative liabilities | 24.4 | 28.1 | 13.8 | 16.4 | 10.6 | 11.7 | |||||||||||||||||
Non-current derivative liabilities | 18.3 | 9.5 | 6.2 | 3.1 | 12.1 | 6.4 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Regulatory assets | ($20.9 | ) | $10.1 | ($11.7 | ) | $5.5 | ($9.2 | ) | $4.6 | ||||||||||||||
Regulatory liabilities | 2.2 | 48.1 | (1.4 | ) | 12.1 | 3.6 | 36.0 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Aggregate fair value | $42.7 | $37.6 | $20.0 | $19.5 | $22.7 | $18.1 | |||||||||||||||||
Credit support to be posted if triggered | 42.2 | 37.4 | 20.0 | 19.5 | 22.2 | 17.9 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||
(as reported) | Net | (as reported) | Net | (as reported) | Net | ||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Derivative assets | $16.9 | $10.3 | $6.5 | $5.1 | $10.4 | $5.2 | |||||||||||||||||
Derivative liabilities | 42.7 | 36.1 | 20.0 | 18.6 | 22.7 | 17.5 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Derivative assets | 38.6 | 33.0 | 28.0 | 24.7 | 10.6 | 8.3 | |||||||||||||||||
Derivative liabilities | 37.6 | 32.0 | 19.5 | 16.2 | 18.1 | 15.8 |
Alliant Energy | IPL | WPL | |||||||||
Purchased power (a): | |||||||||||
DAEC (IPL) | $1,510 | $1,510 | $— | ||||||||
Other | 220 | 1 | 219 | ||||||||
1,730 | 1,511 | 219 | |||||||||
Natural gas | 228 | 120 | 108 | ||||||||
Coal (b) | 264 | 113 | 151 | ||||||||
SO2 emission allowances | 22 | 22 | — | ||||||||
Other (c) | 39 | 29 | 10 | ||||||||
$2,283 | $1,795 | $488 |
(a) | Includes payments required by PPAs for capacity rights and minimum quantities of MWhs required to be purchased. |
(b) | Corporate Services entered into system-wide coal contracts on behalf of IPL and WPL that include minimum future commitments. These commitments were assigned to IPL and WPL based on information available as of March 31, 2015 regarding expected future usage, which is subject to change. |
(c) | Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2015. |
Alliant Energy | IPL | WPL | |||||||||||||||
Range of estimated future costs | $14 | - | $34 | $13 | - | $31 | $1 | - | $3 | ||||||||
Current and non-current environmental liabilities | 16 | 14 | 2 |
• | Selective catalytic reduction system at Edgewater Unit 5 by May 1, 2013 (placed in service in 2012); |
• | Scrubbers and baghouses at Columbia Units 1 and 2 by December 31, 2014 (placed in service in 2014); |
• | Scrubber and baghouse at Edgewater Unit 5 by December 31, 2016; and |
• | Selective catalytic reduction system at Columbia Unit 2 by December 31, 2018. |
Utility | Non-Regulated, | Alliant Energy | |||||||||||||||||||||
Electric | Gas | Other | Total | Parent and Other | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||
Operating revenues | $671.3 | $198.4 | $16.4 | $886.1 | $11.3 | $897.4 | |||||||||||||||||
Operating income | 104.7 | 36.3 | 5.3 | 146.3 | 6.6 | 152.9 | |||||||||||||||||
Net income attributable to Alliant Energy common shareowners | 92.4 | 4.2 | 96.6 | ||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||
Operating revenues | $675.8 | $240.7 | $22.8 | $939.3 | $13.5 | $952.8 | |||||||||||||||||
Operating income | 94.3 | 43.0 | 7.9 | 145.2 | 9.0 | 154.2 | |||||||||||||||||
Net income attributable to Alliant Energy common shareowners | 98.2 | 9.8 | 108.0 |
Electric | Gas | Other | Total | ||||||||||||
(in millions) | |||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||
Operating revenues | $362.6 | $111.2 | $15.2 | $489.0 | |||||||||||
Operating income | 40.3 | 20.6 | 4.6 | 65.5 | |||||||||||
Earnings available for common stock | 47.8 | ||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||
Operating revenues | $374.2 | $135.7 | $19.0 | $528.9 | |||||||||||
Operating income | 26.5 | 23.3 | 7.7 | 57.5 | |||||||||||
Earnings available for common stock | 43.4 |
Electric | Gas | Other | Total | ||||||||||||
(in millions) | |||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||
Operating revenues | $308.7 | $87.2 | $1.2 | $397.1 | |||||||||||
Operating income | 64.4 | 15.7 | 0.7 | 80.8 | |||||||||||
Earnings available for common stock | 44.6 | ||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||
Operating revenues | $301.6 | $105.0 | $3.8 | $410.4 | |||||||||||
Operating income | 67.8 | 19.7 | 0.2 | 87.7 | |||||||||||
Earnings available for common stock | 54.8 |
IPL | WPL | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Corporate Services billings | $36 | $33 | $28 | $28 | |||||||||||
Sales credited | 4 | 2 | 6 | (1 | ) | ||||||||||
Purchases billed | 79 | 99 | 14 | 30 |
IPL | WPL | ||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | ||||
Net payables to Corporate Services | $85 | $84 | $52 | $58 |
2015 | 2014 | ||||||
ATC billings to WPL | $25 | $24 | |||||
WPL billings to ATC | 2 | 3 |
March 31, 2015 | December 31, 2014 | ||||||
Assets held for sale: | |||||||
Current assets | $2.3 | $1.1 | |||||
Property, plant and equipment, net | 11.0 | 11.0 | |||||
Other assets | 6.4 | 7.0 | |||||
Total assets held for sale | 19.7 | 19.1 | |||||
Liabilities held for sale: | |||||||
Current liabilities | 0.2 | 1.0 | |||||
Other liabilities | 6.8 | 7.1 | |||||
Total liabilities held for sale | 7.0 | 8.1 | |||||
Net assets held for sale | $12.7 | $11.0 |
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Alliant Energy | |||||
Utilities, ATC and Corporate Services | Non-regulated and Parent | ||||
- Electric and gas services in IA (IPL) | - Transportation (Resources) | ||||
- Electric and gas services in WI (WPL) | - Non-regulated Generation (Resources) | ||||
- 16% interest in ATC (primarily WPL) | - Parent Company | ||||
- Electric and gas services in MN (IPL) (a) | |||||
- Corporate Services |
(a) | In April 2015, IPL completed the sale of its Minnesota natural gas distribution assets. In April 2015, the MPUC approved the sale of IPL’s Minnesota electric distribution assets, subject to certain conditions. Pending the receipt of remaining regulatory approvals, IPL currently expects the electric transaction to be concluded in the third quarter of 2015. |
2015 | 2014 | ||||||||||||||
Income | EPS | Income | EPS | ||||||||||||
Utilities, ATC and Corporate Services | $95.2 | $0.86 | $100.3 | $0.90 | |||||||||||
Non-regulated and Parent | 1.4 | 0.01 | 7.7 | 0.07 | |||||||||||
Alliant Energy Consolidated | $96.6 | $0.87 | $108.0 | $0.97 |
• | an estimated $0.08 per share of decreases in revenues from lower electric and gas sales in the first quarter of 2015 compared to the first quarter of 2014 due to weather conditions; |
• | $0.05 per share of higher electric transmission service expense at WPL in the first quarter of 2015 compared to the first quarter of 2014; |
• | $0.03 per share of retail electric customer billing credits at IPL in the first quarter of 2015 related to an approved settlement agreement in 2014 for its Iowa retail electric base rates; |
• | an estimated $0.03 per share of lower estimated weather-normalized retail electric sales in the first quarter of 2015 compared to the first quarter of 2014; and |
• | $0.02 per share of lower margins from a sharing mechanism related to optimizing gas capacity contracts at IPL in the first quarter of 2015 compared to the first quarter of 2014. |
• | $0.13 per share of purchased electric capacity expense related to the previous DAEC PPA recognized by IPL in the first quarter of 2014; |
• | $0.05 per share of lower energy efficiency cost recovery amortizations at WPL in the first quarter of 2015 compared to the first quarter of 2014; and |
• | $0.03 per share of higher electric margins related to changes in the recovery of fuel-related expense at WPL. |
• | March 2015 - The IUB approved IPL’s most recent Emissions Plan and Budget, which includes the scrubber currently under construction at Lansing Unit 4 to reduce SO2 emissions at the EGU. IPL’s previous Emissions Plan and Budget also included the scrubber currently under construction at Lansing Unit 4. |
• | April 2015 - WPL filed a Certificate of Public Convenience and Necessity application with the PSCW for approval to construct an approximate 650 MW natural gas-fired combined-cycle EGU in Beloit, Wisconsin, referred to as the Riverside expansion. |
• | April 2015 - IPL completed the sale of its Minnesota natural gas distribution assets and received net proceeds of $11 million and a promissory note of $2 million. The proceeds are subject to post-closing adjustments based on the value of the net assets transferred as of the closing date, and will be used for general corporate purposes. In addition, the MPUC approved the sale of IPL’s Minnesota electric distribution assets, subject to certain conditions. Pending the receipt of remaining regulatory approvals, IPL currently expects the electric transaction to be concluded in the third quarter of 2015. |
• | March 2015 - WPL filed a fuel reconciliation application with the PSCW to seek recovery in 2016 of $28 million of deferred fuel-related costs, including interest. WPL anticipates a decision from the PSCW regarding its application in the third quarter of 2015. |
• | March 2015 - The EPA approved an extension to the MATS Rule compliance deadline from April 2015 to April 2016 for IPL’s M.L. Kapp Unit 2. |
• | April 2015 - The EPA published the final CCR Rule, which regulates CCR as a non-hazardous waste and is effective October 2015. IPL and WPL have current and former coal-fired EGUs with existing coal ash surface impoundments, as well as active CCR company-owned landfills that are expected to be impacted by this rule. Alliant Energy, IPL and WPL currently anticipate recognizing additional AROs in the second quarter of 2015 as a result of the final CCR Rule. Expenditures incurred by IPL and WPL to comply with the CCR Rule are anticipated to be recovered in rates from their customers. |
• | March 2015 - Alliant Energy filed a prospectus supplement under which it may sell up to $150 million of its common stock through an at-the-market offering program. As of March 31, 2015, Alliant Energy issued 1,996,450 shares of common stock through this program and received net cash proceeds of $121 million. Alliant Energy also had commitments at March 31, 2015 to sell 190,167 shares of common stock under sales transactions executed through this program in late March 2015. Subsequent to March 31, 2015, Alliant Energy issued shares to settle these transactions in exchange for net cash proceeds of $12 million. Alliant Energy currently has no plans to issue any additional common stock through the at-the-market offering program. |
• | March 2015 - At March 31, 2015, Alliant Energy and its subsidiaries had $959 million of available capacity under the revolving credit facilities, $106 million of available capacity at IPL under its sales of accounts receivable program and $98 million of cash and cash equivalents. |
• | March 2015 - FERC issued an order allowing ITC to implement a 50 basis point incentive adder to its return on equity for being an independent transmission company. The implementation of the adder will be retroactively applied back to April 2015 after resolution of a MISO transmission owner return on equity complaint filed in 2013 by a group of MISO industrial customer organizations. Alliant Energy and IPL are currently unable to determine any resulting changes to future electric transmission service charges pending a decision by FERC on the 2013 complaint. |
Revenues and Costs (dollars in millions) | MWhs Sold (MWhs in thousands) | ||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||
Residential | $257.3 | $268.2 | (4 | %) | 2,052 | 2,224 | (8 | %) | |||||||||||
Commercial | 155.2 | 161.0 | (4 | %) | 1,596 | 1,654 | (4 | %) | |||||||||||
Industrial | 187.2 | 185.3 | 1 | % | 2,860 | 2,824 | 1 | % | |||||||||||
Retail subtotal | 599.7 | 614.5 | (2 | %) | 6,508 | 6,702 | (3 | %) | |||||||||||
Sales for resale: | |||||||||||||||||||
Wholesale | 52.0 | 53.5 | (3 | %) | 864 | 936 | (8 | %) | |||||||||||
Bulk power and other | 8.2 | (4.1 | ) | 300 | % | 418 | 90 | 364 | % | ||||||||||
Other | 11.4 | 11.9 | (4 | %) | 37 | 42 | (12 | %) | |||||||||||
Total revenues/sales | 671.3 | 675.8 | (1 | %) | 7,827 | 7,770 | 1 | % | |||||||||||
Electric production fuel expense | 136.8 | 129.1 | 6 | % | |||||||||||||||
Energy purchases expense | 78.9 | 84.8 | (7 | %) | |||||||||||||||
Purchased electric capacity expense | 0.2 | 24.8 | (99 | %) | |||||||||||||||
Electric margins (a) | $455.4 | $437.1 | 4 | % |
(a) | Includes $18 million and $23 million of credits on IPL’s Iowa retail electric customers’ bills for the first quarters of 2015 and 2014, respectively, resulting from the electric tax benefit rider. The electric tax benefit rider results in reductions in electric revenues that are offset by reductions in income tax expense for the years ended December 31, 2015 and 2014. |
First Quarter 2015 vs. First Quarter 2014 Summary: | Alliant Energy | IPL | WPL | ||||||||
Purchased electric capacity expense at IPL in 2014 (a) | $25 | $25 | $— | ||||||||
Changes in electric fuel-related costs, net of recoveries at WPL | 7 | — | 7 | ||||||||
Higher revenues at IPL due to changes in credits on Iowa retail electric customers’ bills resulting from the electric tax benefit rider (b) | 5 | 5 | — | ||||||||
Estimated changes in sales caused by weather conditions | (8 | ) | (5 | ) | (3 | ) | |||||
Retail electric customer billing credits at IPL (c) | (6 | ) | (6 | ) | — | ||||||
Other (d) | (5 | ) | (1 | ) | (4 | ) | |||||
$18 | $18 | $— |
(a) | IPL’s previous DAEC PPA that expired in February 2014 included minimum payments for IPL’s rights to electric generating capacity. IPL’s new DAEC PPA effective February 2014 does not contain minimum payments for electric generating capacity. |
(b) | Refer to Note 2 for further discussion of IPL’s electric tax benefit rider. |
(c) | Refer to Note 2 for further discussion of billing credits that began in May 2014 related to the approved settlement agreement for IPL’s Iowa retail electric rates. |
(d) | Includes decreases in weather-normalized retail sales volumes at IPL and WPL. |
Actual | ||||||||
2015 | 2014 | Normal | ||||||
HDD (a): | ||||||||
Cedar Rapids, Iowa (IPL) | 3,690 | 4,192 | 3,417 | |||||
Madison, Wisconsin (WPL) | 3,834 | 4,275 | 3,506 |
(a) | HDD 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 HDD. |
2015 | 2014 | Change | |||||||||
IPL | $2 | $7 | ($5 | ) | |||||||
WPL | 3 | 6 | (3 | ) | |||||||
Total Alliant Energy | $5 | $13 | ($8 | ) |
Revenues and Costs (dollars in millions) | Dths Sold (Dths in thousands) | ||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||
Residential | $116.9 | $144.0 | (19 | %) | 14,986 | 16,835 | (11 | %) | |||||||||||
Commercial | 65.3 | 78.2 | (16 | %) | 9,568 | 10,575 | (10 | %) | |||||||||||
Industrial | 5.9 | 7.2 | (18 | %) | 1,023 | 1,123 | (9 | %) | |||||||||||
Retail subtotal | 188.1 | 229.4 | (18 | %) | 25,577 | 28,533 | (10 | %) | |||||||||||
Transportation/other | 10.3 | 11.3 | (9 | %) | 22,587 | 18,028 | 25 | % | |||||||||||
Total revenues/sales | 198.4 | 240.7 | (18 | %) | 48,164 | 46,561 | 3 | % | |||||||||||
Cost of gas sold | 130.8 | 161.9 | (19 | %) | |||||||||||||||
Gas margins (a) | $67.6 | $78.8 | (14 | %) |
(a) | Includes $3 million and $3 million of credits on IPL’s Iowa retail gas customers’ bills for the first quarters of 2015 and 2014, respectively, resulting from the gas tax benefit rider. The gas tax benefit rider results in reductions in gas revenues that are offset by reductions in income tax expense for the years ended December 31, 2015 and 2014. |
First Quarter 2015 vs. First Quarter 2014 Summary: | Alliant Energy | IPL | WPL | ||||||||
Estimated decrease from changes in sales caused by weather conditions | ($6 | ) | ($3 | ) | ($3 | ) | |||||
Lower revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (a) | (6 | ) | (6 | ) | — | ||||||
Lower revenues at WPL due to the impact of changes in retail gas base rates effective January 2015 | (3 | ) | — | (3 | ) | ||||||
Other | 4 | 2 | 2 | ||||||||
($11 | ) | ($7 | ) | ($4 | ) |
(a) | Changes in energy efficiency revenues were mostly offset by changes in energy efficiency expense included in other operation and maintenance expenses. |
2015 | 2014 | Change | ||||||||||
IPL | $1 | $4 | ($3 | ) | ||||||||
WPL | 2 | 5 | (3 | ) | ||||||||
Total Alliant Energy | $3 | $9 | ($6 | ) |
First Quarter 2015 vs. First Quarter 2014 Summary: | Alliant Energy | IPL | WPL | ||||||||
Lower margins from IPL’s sharing mechanism related to optimizing gas capacity contracts (a) | ($4 | ) | ($4 | ) | $— | ||||||
Other | (2 | ) | — | (3 | ) | ||||||
($6 | ) | ($4 | ) | ($3 | ) |
(a) | Approximately 50% of all margins earned from IPL’s sharing mechanism relating to optimizing gas capacity contracts flow through the purchased gas adjustment clause to reduce retail gas customer bills in Iowa. The remaining margins are retained by IPL and recorded in utility other revenues. Due to the extreme cold temperatures causing natural gas price fluctuations in the first quarter of 2014, margins were higher than normal in 2014. |
First Quarter 2015 vs. First Quarter 2014 Summary: | Alliant Energy | IPL | WPL | ||||||||
Higher electric transmission service costs billed from ITC, ATC and MISO (a) | $6 | $3 | $3 | ||||||||
Escrow treatment for the difference between actual electric transmission service costs and those costs used to determine rates during 2015 at WPL (b) | 6 | — | 6 | ||||||||
Changes in the under-/over-collection of electric transmission service expense through the transmission cost rider at IPL (c) | (3 | ) | (3 | ) | — | ||||||
$9 | $— | $9 |
(a) | Primarily due to increased electric transmission service rates. |
(b) | Electric revenues established in WPL’s retail electric rate case (2015/2016 Test Period) included recovery of expected increases in electric transmission service expense largely due to SSR costs expected to be incurred. Due to a revision in MISO’s method utilized to allocate SSR costs, WPL no longer expects to incur certain SSR costs. The difference between actual electric transmission service expense incurred and amounts collected from customers as electric revenues in 2015 and 2016 will be recorded as electric transmission service expense with an offsetting amount recorded to regulatory liabilities due to the escrow treatment WPL received as part of its approved retail electric rate case. |
(c) | IPL is currently recovering the Iowa retail portion of its increased electric transmission service costs from its retail electric customers in Iowa through a transmission cost rider approved by the IUB in January 2011 and extended as part of the rate settlement approved in September 2014. The difference between electric transmission services expense and amounts collected from customers as electric revenues results in temporary costs (credits) recorded in electric transmission service expense until the amounts are reflected in future customer billings. |
First Quarter 2015 vs. First Quarter 2014 Summary: | Alliant Energy | IPL | WPL | ||||||||
Lower energy efficiency cost recovery amortizations at WPL (a) | ($10 | ) | $— | ($10 | ) | ||||||
Lower energy efficiency expense at IPL (b) | (4 | ) | (4 | ) | — | ||||||
Higher employee benefits-related expense (c) | 3 | 1 | 2 | ||||||||
Other | (3 | ) | (2 | ) | (2 | ) | |||||
($14 | ) | ($5 | ) | ($10 | ) |
(a) | The July 2012 PSCW order for WPL’s 2013/2014 test period electric and gas base rate case authorized lower energy efficiency cost recovery amortizations for 2015. |
(b) | Changes in energy efficiency expense were offset by changes in electric and gas energy efficiency revenues. |
(c) | Primarily due to an increase in retirement plans costs and other employee benefits-related costs. The increased retirement plan costs were largely due to decreases in discount rates and a change to the life expectancy assumption in 2014. |
Revenues and Costs (dollars in millions) | MWhs Sold (MWhs in thousands) | ||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||
Residential | $143.1 | $150.5 | (5 | %) | 1,131 | 1,234 | (8 | %) | |||||||||||
Commercial | 96.5 | 100.0 | (4 | %) | 1,019 | 1,046 | (3 | %) | |||||||||||
Industrial | 105.0 | 107.6 | (2 | %) | 1,733 | 1,710 | 1 | % | |||||||||||
Retail subtotal | 344.6 | 358.1 | (4 | %) | 3,883 | 3,990 | (3 | %) | |||||||||||
Sales for resale: | |||||||||||||||||||
Wholesale | 7.6 | 7.7 | (1 | %) | 119 | 121 | (2 | %) | |||||||||||
Bulk power and other | 2.5 | 0.2 | 1,150 | % | 124 | 5 | 2,380 | % | |||||||||||
Other | 7.9 | 8.2 | (4 | %) | 19 | 22 | (14 | %) | |||||||||||
Total revenues/sales | 362.6 | 374.2 | (3 | %) | 4,145 | 4,138 | — | % | |||||||||||
Electric production fuel expense | 63.5 | 66.2 | (4 | %) | |||||||||||||||
Energy purchases expense | 46.6 | 49.0 | (5 | %) | |||||||||||||||
Purchased electric capacity expense | — | 24.8 | (100 | %) | |||||||||||||||
Electric margins (a) | $252.5 | $234.2 | 8 | % |
(a) | Includes $18 million and $23 million of credits on IPL’s Iowa retail electric customers’ bills for the first quarters of 2015 and 2014, respectively, resulting from the electric tax benefit rider. The electric tax benefit rider results in reductions in electric revenues that are offset by reductions in income tax expense for the years ended December 31, 2015 and 2014. |
Revenues and Costs (dollars in millions) | Dths Sold (Dths in thousands) | ||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||
Residential | $65.1 | $81.3 | (20 | %) | 8,390 | 9,518 | (12 | %) | |||||||||||
Commercial | 35.7 | 42.5 | (16 | %) | 5,148 | 5,730 | (10 | %) | |||||||||||
Industrial | 3.9 | 4.6 | (15 | %) | 701 | 733 | (4 | %) | |||||||||||
Retail subtotal | 104.7 | 128.4 | (18 | %) | 14,239 | 15,981 | (11 | %) | |||||||||||
Transportation/other | 6.5 | 7.3 | (11 | %) | 10,017 | 8,699 | 15 | % | |||||||||||
Total revenues/sales | 111.2 | 135.7 | (18 | %) | 24,256 | 24,680 | (2 | %) | |||||||||||
Cost of gas sold | 71.0 | 88.1 | (19 | %) | |||||||||||||||
Gas margins (a) | $40.2 | $47.6 | (16 | %) |
(a) | Includes $3 million and $3 million of credits on IPL’s Iowa retail gas customers’ bills for the first quarters of 2015 and 2014, respectively, resulting from the gas tax benefit rider. The gas tax benefit rider results in reductions in gas revenues that are offset by reductions in income tax expense for the years ended December 31, 2015 and 2014. |
Revenues and Costs (dollars in millions) | MWhs Sold (MWhs in thousands) | ||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||
Residential | $114.2 | $117.7 | (3 | %) | 921 | 990 | (7 | %) | |||||||||||
Commercial | 58.7 | 61.0 | (4 | %) | 577 | 608 | (5 | %) | |||||||||||
Industrial | 82.2 | 77.7 | 6 | % | 1,127 | 1,114 | 1 | % | |||||||||||
Retail subtotal | 255.1 | 256.4 | (1 | %) | 2,625 | 2,712 | (3 | %) | |||||||||||
Sales for resale: | |||||||||||||||||||
Wholesale | 44.4 | 45.8 | (3 | %) | 745 | 815 | (9 | %) | |||||||||||
Bulk power and other | 5.7 | (4.3 | ) | 233 | % | 294 | 85 | 246 | % | ||||||||||
Other | 3.5 | 3.7 | (5 | %) | 18 | 20 | (10 | %) | |||||||||||
Total revenues/sales | 308.7 | 301.6 | 2 | % | 3,682 | 3,632 | 1 | % | |||||||||||
Electric production fuel expense | 73.3 | 62.9 | 17 | % | |||||||||||||||
Energy purchases expense | 32.3 | 35.8 | (10 | %) | |||||||||||||||
Purchased electric capacity expense | 0.2 | — | 100 | % | |||||||||||||||
Electric margins | $202.9 | $202.9 | — | % |
Revenues and Costs (dollars in millions) | Dths Sold (Dths in thousands) | ||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||
Residential | $51.8 | $62.7 | (17 | %) | 6,596 | 7,317 | (10 | %) | |||||||||||
Commercial | 29.6 | 35.7 | (17 | %) | 4,420 | 4,845 | (9 | %) | |||||||||||
Industrial | 2.0 | 2.6 | (23 | %) | 322 | 390 | (17 | %) | |||||||||||
Retail subtotal | 83.4 | 101.0 | (17 | %) | 11,338 | 12,552 | (10 | %) | |||||||||||
Transportation/other | 3.8 | 4.0 | (5 | %) | 12,570 | 9,329 | 35 | % | |||||||||||
Total revenues/sales | 87.2 | 105.0 | (17 | %) | 23,908 | 21,881 | 9 | % | |||||||||||
Cost of gas sold | 59.8 | 73.8 | (19 | %) | |||||||||||||||
Gas margins | $27.4 | $31.2 | (12 | %) |
Alliant Energy (Consolidated) | IPL | WPL | ||||||||||||||||||
Common equity | $3,597.1 | 47 | % | $1,826.9 | 48 | % | $1,716.6 | 52 | % | |||||||||||
Preferred stock | 200.0 | 3 | % | 200.0 | 5 | % | — | — | % | |||||||||||
Noncontrolling interest | 1.7 | — | % | — | — | % | 9.0 | — | % | |||||||||||
Long-term debt (incl. current maturities) | 3,789.7 | 50 | % | 1,768.8 | 47 | % | 1,574.0 | 48 | % | |||||||||||
Short-term debt | 41.5 | — | % | — | — | % | — | — | % | |||||||||||
$7,630.0 | 100 | % | $3,795.7 | 100 | % | $3,299.6 | 100 | % |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Cash and cash equivalents, January 1 | $56.9 | $9.8 | $5.3 | $4.4 | $46.7 | $0.5 | |||||||||||||||||
Cash flows from (used for): | |||||||||||||||||||||||
Operating activities | 314.7 | 293.6 | 170.1 | 105.6 | 157.8 | 128.7 | |||||||||||||||||
Investing activities | (250.9 | ) | (176.8 | ) | (156.3 | ) | (96.6 | ) | (78.4 | ) | (70.5 | ) | |||||||||||
Financing activities | (23.1 | ) | (112.1 | ) | (16.5 | ) | (7.6 | ) | (35.2 | ) | (53.8 | ) | |||||||||||
Net increase (decrease) | 40.7 | 4.7 | (2.7 | ) | 1.4 | 44.2 | 4.4 | ||||||||||||||||
Cash and cash equivalents, March 31 | $97.6 | $14.5 | $2.6 | $5.8 | $90.9 | $4.9 |
Total Number | Average Price | Total Number of Shares | Maximum Number (or Approximate | ||||||||
of Shares | Paid Per | Purchased as Part of | Dollar Value) of Shares That May Yet | ||||||||
Period | Purchased (a) | Share | Publicly Announced Plan | Be Purchased Under the Plan (a) | |||||||
January 1 through January 31 | 2,226 | $68.32 | — | N/A | |||||||
February 1 through February 28 | 24,490 | 64.96 | — | N/A | |||||||
March 1 through March 31 | 583 | 60.93 | — | N/A | |||||||
27,299 | 65.15 | — |
(a) | Includes 2,226, 2,027 and 583 shares of Alliant Energy common stock for January 1 through January 31, February 1 through February 28 and March 1 through March 31, respectively, purchased on the open market and held in a rabbi trust under the Alliant Energy Deferred Compensation Plan. There is no limit on the number of shares of Alliant Energy common stock that may be held under the Deferred Compensation Plan, which currently does not have an expiration date. Also includes 22,463 shares of Alliant Energy common stock for February 1 through February 28 transferred from employees to Alliant Energy to satisfy tax withholding requirements in connection with the vesting of certain restricted stock under equity-based compensation plans. |
ALLIANT ENERGY CORPORATION | |
Registrant | |
By: /s/ Robert J. Durian | Controller and Chief Accounting Officer |
Robert J. Durian | (Principal Accounting Officer and Authorized Signatory) |
INTERSTATE POWER AND LIGHT COMPANY | |
Registrant | |
By: /s/ Robert J. Durian | Controller and Chief Accounting Officer |
Robert J. Durian | (Principal Accounting Officer and Authorized Signatory) |
WISCONSIN POWER AND LIGHT COMPANY | |
Registrant | |
By: /s/ Robert J. Durian | Controller and Chief Accounting Officer |
Robert J. Durian | (Principal Accounting Officer and Authorized Signatory) |
Exhibit Number | Description | |
1.1 | Distribution Agreement, dated March 4, 2015, among Alliant Energy; J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; and Goldman, Sachs & Co. (incorporated by reference to Exhibit 1.1 to Alliant Energy’s Form 8-K, filed March 4, 2015 (File No. 1-9894)) | |
12.1 | Ratio of Earnings to Fixed Charges for Alliant Energy | |
12.2 | Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements for IPL | |
12.3 | Ratio of Earnings to Fixed Charges for WPL | |
31.1 | Certification of the Chairman, President and CEO for Alliant Energy | |
31.2 | Certification of the Senior Vice President and CFO for Alliant Energy | |
31.3 | Certification of the Chairman and CEO for IPL | |
31.4 | Certification of the Senior Vice President and CFO for IPL | |
31.5 | Certification of the Chairman and CEO for WPL | |
31.6 | Certification of the Senior Vice President and CFO for WPL | |
32.1 | Written Statement of the CEO and CFO Pursuant to 18 U.S.C.§1350 for Alliant Energy | |
32.2 | Written Statement of the CEO and CFO Pursuant to 18 U.S.C.§1350 for IPL | |
32.3 | Written Statement of the CEO and CFO Pursuant to 18 U.S.C.§1350 for WPL | |
101.INS* | XBRL Instance Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document |
Three Months Ended | |||||||||||||||||||||||
March 31, | Years Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
Net income from continuing operations attributable to Alliant Energy Corporation common shareowners | $96.6 | $108.0 | $385.5 | $364.2 | $324.9 | $323.1 | $291.5 | ||||||||||||||||
Income taxes (a) | 20.5 | 20.6 | 44.3 | 53.9 | 89.4 | 69.2 | 147.7 | ||||||||||||||||
Subtotal | 117.1 | 128.6 | 429.8 | 418.1 | 414.3 | 392.3 | 439.2 | ||||||||||||||||
Fixed charges as defined | 50.8 | 49.2 | 195.7 | 189.0 | 208.0 | 208.4 | 215.4 | ||||||||||||||||
Adjustment for undistributed equity earnings | — | (2.0 | ) | (4.0 | ) | (8.3 | ) | (7.1 | ) | (7.0 | ) | (5.9 | ) | ||||||||||
Less: | |||||||||||||||||||||||
Interest capitalized | 0.3 | 0.2 | 1.0 | 0.5 | 6.1 | 2.7 | — | ||||||||||||||||
Preferred dividend requirements of subsidiaries (pre-tax basis) (b) | 3.1 | 3.1 | 11.3 | 13.0 | 20.1 | 22.0 | 27.6 | ||||||||||||||||
Total earnings as defined | $164.5 | $172.5 | $609.2 | $585.3 | $589.0 | $569.0 | $621.1 | ||||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense | $46.6 | $45.2 | $180.6 | $172.8 | $156.7 | $158.3 | $162.8 | ||||||||||||||||
Interest capitalized | 0.3 | 0.2 | 1.0 | 0.5 | 6.1 | 2.7 | — | ||||||||||||||||
Estimated interest component of rent expense | 0.8 | 0.7 | 2.8 | 2.7 | 25.1 | 25.4 | 25.0 | ||||||||||||||||
Preferred dividend requirements of subsidiaries (pre-tax basis) (b) | 3.1 | 3.1 | 11.3 | 13.0 | 20.1 | 22.0 | 27.6 | ||||||||||||||||
Total fixed charges as defined | $50.8 | $49.2 | $195.7 | $189.0 | $208.0 | $208.4 | $215.4 | ||||||||||||||||
Ratio of Earnings to Fixed Charges (c) | 3.24 | 3.51 | 3.11 | 3.10 | 2.83 | 2.73 | 2.88 |
Three Months Ended | |||||||||||||||||||||||
March 31, | Years Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
Net income | $50.4 | $46.0 | $194.6 | $189.9 | $150.2 | $139.3 | $143.4 | ||||||||||||||||
Income tax expense (benefit) (a) | (3.6 | ) | (5.0 | ) | (51.7 | ) | (37.9 | ) | (19.8 | ) | (3.6 | ) | 42.3 | ||||||||||
Income before income taxes | 46.8 | 41.0 | 142.9 | 152.0 | 130.4 | 135.7 | 185.7 | ||||||||||||||||
Fixed charges as defined | 24.6 | 22.9 | 91.0 | 82.3 | 79.3 | 79.6 | 83.1 | ||||||||||||||||
Total earnings as defined | $71.4 | $63.9 | $233.9 | $234.3 | $209.7 | $215.3 | $268.8 | ||||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense | $24.1 | $22.5 | $89.9 | $81.3 | $78.5 | $78.7 | $82.2 | ||||||||||||||||
Estimated interest component of rent expense | 0.5 | 0.4 | 1.1 | 1.0 | 0.8 | 0.9 | 0.9 | ||||||||||||||||
Total fixed charges as defined | $24.6 | $22.9 | $91.0 | $82.3 | $79.3 | $79.6 | $83.1 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 2.90 | 2.79 | 2.57 | 2.85 | 2.64 | 2.70 | 3.23 | ||||||||||||||||
Preferred dividend requirements (pre-tax basis) (b) | $2.4 | $2.3 | $7.5 | $8.6 | $10.9 | $14.6 | $19.9 | ||||||||||||||||
Fixed charges and preferred dividend requirements | $27.0 | $25.2 | $98.5 | $90.9 | $90.2 | $94.2 | $103.0 | ||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements | 2.64 | 2.54 | 2.37 | 2.58 | 2.32 | 2.29 | 2.61 |
Three Months Ended | |||||||||||||||||||||||
March 31, | Years Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
Net income | $44.8 | $54.8 | $180.8 | $177.5 | $165.7 | $163.5 | $152.3 | ||||||||||||||||
Income taxes (a) | 22.1 | 26.3 | 85.6 | 87.2 | 94.6 | 81.9 | 98.3 | ||||||||||||||||
Income before income taxes | 66.9 | 81.1 | 266.4 | 264.7 | 260.3 | 245.4 | 250.6 | ||||||||||||||||
Fixed charges as defined | 23.4 | 21.4 | 87.7 | 86.4 | 103.9 | 103.3 | 101.6 | ||||||||||||||||
Adjustment for undistributed equity earnings | (1.3 | ) | (2.0 | ) | (6.4 | ) | (8.3 | ) | (7.9 | ) | (6.4 | ) | (5.6 | ) | |||||||||
Total earnings as defined | $89.0 | $100.5 | $347.7 | $342.8 | $356.3 | $342.3 | $346.6 | ||||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense | $23.1 | $21.1 | $86.4 | $85.0 | $80.2 | $79.9 | $78.6 | ||||||||||||||||
Estimated interest component of rent expense | 0.3 | 0.3 | 1.3 | 1.4 | 23.7 | 23.4 | 23.0 | ||||||||||||||||
Total fixed charges as defined | $23.4 | $21.4 | $87.7 | $86.4 | $103.9 | $103.3 | $101.6 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 3.80 | 4.70 | 3.96 | 3.97 | 3.43 | 3.31 | 3.41 |
1. | I have reviewed this quarterly report on Form 10-Q of Alliant Energy Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman, President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Alliant Energy Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Interstate Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Interstate Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Wisconsin Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Wisconsin Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman, President and Chief Executive Officer |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman and Chief Executive Officer |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman and Chief Executive Officer |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
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