ALLIANT ENERGY CORP
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 2, 2024
LNT$72.67-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-03.
0000352541-24-000058
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-02.
0000352541-24-000089
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 56 previous paragraphs and 85 current paragraphs.
29 unchanged; 26 reworded; 30 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
•In May 2024, WPL completed construction of the Grant County solar facility (200 MW in Grant County, Wisconsin).
Current report
•In May 2024, WPL announced updated plans to convert the coal-fired Edgewater Unit 5 to natural gas in 2028, subject to regulatory approvals. WPL previously planned to retire the EGU by June 1, 2025.
Current report
•In July 2024, the U.S. Department of Energy Office of Clean Energy Demonstrations awarded WPL’s Columbia Energy Storage Project, a 20 MW carbon dioxide-based long-duration energy storage system at the Columbia Energy Center (currently expected to be retired by June 1, 2026) site, up to approximately $30 million in grant funding during construction of the project. WPL currently expects to submit project plans to the PSCW later in 2024.
Current report
•In July 2024, WPL filed a certificate of authority application with the PSCW for approval to repower the Bent Tree wind farm, which would be eligible for production tax credits under the Inflation Reduction Act of 2022. A decision from the PSCW is currently expected in 2025.
Current report
•In October 2023, IPL filed a retail electric and gas rate review with the IUC for the October 2024 through September 2025 forward-looking Test Period. In June 2024, IPL reached a partial, non-unanimous settlement agreement with certain stakeholders, which is subject to IUC approval. Final rates are expected to be effective October 1, 2024. The settlement agreement reflects the following:
Current report
•Annual retail electric base rate increase of $185 million, with customers receiving credits for the first 12 months through a tax benefit rider, a subsequent retail electric base rate moratorium through September 2029, and an average retail electric rate base of $7,279 million;
Current report
•Annual retail gas base rate increase of $10 million, and an average retail gas rate base of $630 million;
Current report
•Return on common equity of 9.65% (for all assets that to do not have advance ratemaking principles) and a 51% common equity component of its regulatory capital structure;
Current report
•Key drivers include revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation, as well as updated depreciation rates and certain incremental costs and benefits incurred resulting from the 2020 derecho windstorm;
Current report
•Earnings sharing mechanism beginning in 2025, where IPL would apply excess earnings to the remaining net book value of IPL’s highest earning asset with advance ratemaking principles (currently the Emery Generation Station) based on its authorized return on common equity as follows;
Current report
•Creation of an individual customer rate tariff, which would allow IPL to attract new load growth to its service territory;
Current report
•Electric distribution system investment cap not to exceed $900 million in aggregate or $325 million in any given year from 2026 through 2029, with certain exceptions;
Current report
•IPL to retain renewable tax benefits and energy margins for new generation resources, as well as retain renewable tax benefits from the repowering of existing wind farms, including the Franklin County wind farm;
Current report
•Discontinuation of the renewable energy rider; and
Current report
•A return of the remaining net book value of the Lansing Generating Station; however, the agreement does not include a return on the remaining net book value of Lansing, resulting in Alliant Energy and IPL recording a pre-tax non-cash charge of $60 million to “Asset valuation charge for IPL’s Lansing Generating Station” in their income statements in the second quarter of 2024.
Current report
•In July 2024, the PSCW issued an oral decision authorizing WPL to refund $34 million, plus interest, to its retail electric customers in the fourth quarter of 2024 for fuel-related costs incurred by WPL in 2023 that were lower than fuel-related costs used to determine rates for such period.
Current report
Growing Customer Demand:
Current report
•Alliant Energy, IPL and WPL are pursuing opportunities for customer growth, including new customers at Alliant Energy’s development-ready sites in Iowa and Wisconsin, and have executed various agreements for data centers. The timing and amount of increases in load are subject to various factors, including interconnections, and any executed or future agreements with customers are not expected to result in immediate increases in load.
Current report
(b)WPL’s cost recovery mechanism for retail fuel-related expenses supports deferrals of amounts that fall outside an
Current report
approved fuel monitoring range of forecasted fuel-related expenses determined by the PSCW each year. The difference
Current report
between revenue collected and actual fuel-related expenses incurred within the fuel monitoring range increases or
Current report
decreases Alliant Energy’s and WPL’s electric utility revenues. WPL estimates the increase (decrease) to electric utility
Current report
revenues from amounts within the fuel monitoring range were approximately ($5) million and ($4) million for the three and six months ended June 30, 2024, respectively, compared to $2 million and $3 million for the three and six months ended June 30, 2023, respectively.
Current report
Electric Transmission Service Expense Variances -The following items contributed to (increased) decreased electric transmission service expense for the three and six months ended June 30, 2024 compared to the same periods in 2023 (in millions):
Current report
(a)Refer to the cash flows statements for details of renewable tax credits transferred to other corporate taxpayers during the six months ended June 30, 2024.
Current report
Construction and Acquisition Expenditures - Alliant Energy and IPL are currently evaluating potential impacts from an electric distribution system investment cap included in IPL’s rate review settlement agreement, which is subject to IUC approval and could impact future construction and acquisition expenditures. Refer to “2024 Highlights” for additional information on IPL’s rate review settlement agreement.
Current report
Regulatory Assets and Regulatory Liabilities -In May 2023, IPL retired the Lansing Generating Station. IPL is currently allowed a full recovery of and a full return on this EGU from both its retail and wholesale customers. IPL’s retail electric rate review for the October 2024 through September 2025 forward-looking Test Period filed with the IUC in October 2023 included a request for continued recovery of and a return on the remaining net book value of Lansing through 2037. IPL’s partial non-unanimous rate review settlement agreement filed with the IUC in June 2024 includes a return of the remaining net book value of Lansing; however, the agreement does not include a return on the remaining net book value of Lansing, therefore the return on the remaining net book value is no longer probable of recovery from IPL’s retail electric customers. As a result, in the second quarter of 2024, a pre-tax non-cash charge of $60 million was recorded to “Asset valuation charge for IPL’s Lansing Generating Station” in Alliant Energy’s and IPL’s income statements, with a corresponding decrease in Alliant Energy’s and
Current report
IPL’s assets retired early regulatory assets. A decision from the IUC on the settlement agreement is currently expected in the third quarter of 2024.
Current report
Generating Units Subject to Early Retirement - In May 2024, WPL announced updated plans to convert the coal-fired Edgewater Unit 5 to natural gas in 2028, subject to regulatory approvals. WPL previously planned to retire the EGU by June 1, 2025. As a result, Alliant Energy and WPL concluded Edgewater Unit 5 no longer meets the criteria to be considered probable of abandonment as of June 30, 2024. Refer to Note 3 for further discussion of Edgewater Unit 5.
Current report
AROs -The fair value of a legal obligation associated with the retirement of an asset is recorded as a liability when an asset is placed in service, when a legal obligation is subsequently identified or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement costs. Alliant Energy, IPL and WPL estimate the fair value of their AROs using present value techniques, in which they make various assumptions, including estimates of the amounts and timing of future cash flows associated with retirement activities, inflation and discount rates. Estimates of the timing and amounts of future cash outlays are based on projections of when and how assets will be retired and the cost of future removal activities. The estimates are subject to change and future updates could have a material impact on Alliant Energy’s, IPL’s and WPL’s financial condition and results of operations. In the second quarter of 2024, substantially due to the enactment of the revised CCR Rule, which significantly expands the scope of regulation to include coal ash ponds at sites that no longer produce electricity and inactive landfills, Alliant Energy, IPL and WPL recorded additional AROs of $355 million, $102 million and $253 million, respectively. These amounts are expected to be adjusted in the future as additional information is obtained for the specific site closure plans, including the determination of whether or not individual sites are considered legal obligations and the acceptance and approval of compliance approaches, which could change management assumptions and result in a material change to the recorded ARO amounts. Refer to Note 11 for further discussion of AROs.
Removed paragraphs (1)
Previous report
•In March 2024 and April 2024, FERC and the PSCW, respectively, approved the sales of WPL’s partial ownership interests in West Riverside to WEC Energy Group, Inc. (100 MW) and Madison Gas and Electric Company (25 MW). These sales are currently expected to occur in June 2024.
Reworded paragraphs (26)
Previous wording
•In April 2024, IPL and WPL entered into agreements to transfer a portion of the renewable tax credits generated in 2024 and 2025 from certain wind, solar and battery storage facilities to other corporate taxpayers in exchange for cash.
Current wording
•In April 2024 and June 2024, IPL and WPL entered into agreements to transfer a portion of the renewable tax credits generated in 2024 and 2025 from certain wind, solar and battery storage facilities to other corporate taxpayers in exchange for cash.
Previous wording
•In April 2024, the EPA issued revisions to the Coal Combustion Residuals Rule, which significantly expand the scope of regulation to include coal ash ponds at sites that no longer produce electricity and inactive landfills, including some IPL and WPL facilities. Alliant Energy, IPL and WPL are currently evaluating the revised Coal Combustion Residuals Rule and are unable to predict with certainty the future outcome or impact of these updates.
Current wording
•In May 2024, the EPA enacted the revised CCR Rule, which significantly expands the scope of regulation to include coal ash ponds at sites that no longer produce electricity and inactive landfills, including some IPL and WPL facilities. As a result, as discussed in Note 11, Alliant Energy, IPL and WPL recorded additional AROs in the second quarter of 2024. Alliant Energy, IPL and WPL continue to evaluate the revised CCR Rule and are unable to predict with certainty the future outcome or impact of these updates, including resolution of ongoing litigation.
Previous wording
•In April 2024, the EPA issued the final Section 111(d) rule for certain fossil-fueled EGUs and repealed the Affordable Clean Energy rule. The final Section 111(d) rule requires states to implement plans to reduce carbon dioxide emissions through various Best System of Emission Reduction measures at affected sources, including retirement, enforceable limits on operational capacity, co-firing with low-GHG fuels, or carbon capture and storage technology. State plans are subject to EPA approval, and must be submitted within 24 months of the final rule’s effective date, which has not yet been determined. The final rule’s compliance requirements will be phased in beginning in 2030 and covers fossil-fueled EGUs that utilize steam boilers to generate electricity, including IPL’s coal-fired Ottumwa Generating Station, George Neal Generating Station, Prairie Creek Generating Station Unit 3 and Louisa Generating Station, and IPL’s natural gas-fired Burlington Generating Station and Prairie Creek Generating Station Unit 4. The final rule does not apply to EGUs that are retired by January 2032 and is not currently expected to impact WPL’s coal-fired Columbia Energy Center or Edgewater Generating Station given current plans to retire these EGUs prior to this deadline. In addition, the final rule does not impact existing natural gas-fired combustion turbines, including IPL’s Marshalltown Generating Station and Emery Generating Station, and WPL’s Riverside Energy Center and West Riverside Energy Center; however, these EGUs could be subject to future Section 111(d) rules to reduce carbon dioxide emissions from existing combustion turbines. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters, including resolution of ongoing litigation that has been suspended while the EPA revised its regulations.
Current wording
•In May 2024, the EPA enacted the final Section 111(d) rule for certain fossil-fueled EGUs and repealed the Affordable Clean Energy rule. The final Section 111(d) rule requires states to implement plans to reduce carbon dioxide emissions through various Best System of Emission Reduction measures at affected sources, including retirement, enforceable limits on operational capacity, co-firing with low-greenhouse gases fuels, or carbon capture and storage technology. State plans are subject to EPA approval, and must be submitted by May 2026. The final rule’s compliance requirements will be phased in beginning in 2030 and covers fossil-fueled EGUs that utilize steam boilers to generate electricity, including IPL’s coal-fired Ottumwa Generating Station, George Neal Generating Station, Prairie Creek Generating Station Unit 3 and Louisa Generating Station, WPL’s coal-fired Edgewater Generating Station Unit 5 (WPL announced updated plans to convert the coal-fired Edgewater Unit 5 to natural gas in 2028, subject to regulatory approvals), and IPL’s natural gas-fired Burlington Generating Station and Prairie Creek Generating Station Unit 4. The final rule does not apply to EGUs that are retired by January 2032 and is not currently expected to impact WPL’s coal-fired Columbia Energy Center given current plans to retire this EGU prior to this deadline. In addition, the final rule does not impact existing natural gas-fired combustion turbines, including IPL’s Marshalltown Generating Station and Emery Generating Station, and WPL’s Riverside Energy Center and West Riverside Energy Center; however, these EGUs could be subject to future Section 111(d) rules to reduce carbon dioxide emissions from existing combustion turbines. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters, including resolution of ongoing litigation.
Previous wording
•In April 2024, the EPA issued final revised standards under Section 111(b), which establishes carbon dioxide emissions limits from certain new and reconstructed fossil-fueled EGU combustion turbines that commenced operation after May 23, 2023 with a capacity greater than 25 MW. The final revised standards do not apply to IPL’s Marshalltown Generating Station or WPL’s West Riverside Energy Center, which commenced operation prior to the applicability date of the final revised standards. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these revised standards, including resolution of ongoing litigation that has been suspended while the EPA revised its regulations.
Current wording
•In May 2024, the EPA enacted final revised standards under Section 111(b), which establishes carbon dioxide emissions limits from certain new and reconstructed fossil-fueled EGU combustion turbines that commenced operation after May 23, 2023 with a capacity greater than 25 MW. The final revised standards do not apply to IPL’s Marshalltown Generating Station or WPL’s West Riverside Energy Center, which commenced operation prior to the applicability date of the final revised standards. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these revised standards, including resolution of ongoing litigation.
Previous wording
•In April 2024, the EPA issued a final rule that revises discharge limits for specific categories of wastewater from existing coal-fired EGUs. The new limitations will be implemented in each facility’s wastewater discharge permits issued by state agencies and become effective as soon as possible but no later than December 31, 2029. Alliant Energy, IPL and WPL are currently evaluating the final rule and are unable to predict with certainty future compliance impacts.
Current wording
•In May 2024, the EPA enacted a final rule that revises discharge limits for specific categories of wastewater from existing coal-fired EGUs. The new limitations will be implemented in each facility’s wastewater discharge permits issued by state agencies and become effective as soon as possible but no later than December 31, 2029. Alliant Energy, IPL and WPL are currently evaluating the final rule and are unable to predict with certainty future compliance impacts, including resolution of ongoing litigation; however, costs to comply with this rule could have a material impact on their financial condition and results of operations.
Previous wording
•In May 2024, legislation was enacted in Iowa related to the advance rate-making principles for certain investments in Iowa. The most signification provisions of this legislation for Alliant Energy would allow IPL to include electric storage and nuclear-fired generation projects in the advance rate-making principles request process prior to making these investments in Iowa, and require IPL to obtain a certificate of public convenience, use and necessity (GCU Certificate) from the IUB in order to construct electric storage projects.
Current wording
•In May 2024, legislation was enacted in Iowa related to the advance rate-making principles for certain investments in Iowa. The most significant provisions of this legislation for Alliant Energy would allow IPL to include electric storage and nuclear-fired generation projects in the advance rate-making principles request process prior to making these investments in Iowa, and require IPL to obtain a certificate of public convenience, use and necessity (GCU Certificate) from the IUC in order to construct electric storage projects.
Previous wording
Alliant Energy’s Utilities and Corporate Services net income decreased by $4 million for the three-month period, primarily due to lower retail electric and gas sales due to impacts of warmer than normal temperatures during the three months ended March 31, 2024, and higher financing and depreciation expenses. These items were partially offset by higher revenue requirements from WPL’s capital investments.
Current wording
Alliant Energy’s Utilities and Corporate Services net income decreased by $79 million for the three-month period, primarily due to an asset valuation charge for IPL’s Lansing Generating Station as a result of the proposed rate review settlement, an ARO charge allocated to the steam business at IPL due to the revised CCR Rule, the timing of income taxes, higher financing and depreciation expenses, estimated temperature impacts on retail electric and gas sales, and changes in WPL electric fuel-related costs, net of recoveries. These items were partially offset by higher revenue requirements from WPL’s capital investments.
Previous wording
Net Income Variances -The following items contributed to increased (decreased) net income for the three months ended March 31, 2024 compared to the same period in 2023 (in millions):
Current wording
Net Income Variances -The following items contributed to increased (decreased) net income for the three and six months ended June 30, 2024 compared to the same periods in 2023 (in millions):
Previous wording
Electric and Gas Revenues and Sales Summary -Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), for the three months ended March 31 were as follows:
Current wording
Electric and Gas Revenues and Sales Summary -Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), for the three and six months ended June 30 were as follows:
Previous wording
Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreased 3% for the three months ended March 31, 2024 compared to the same period in 2023, primarily due to changes in sales volumes to industrial customers due to standby service customers that can use other generation and changes in temperatures, partially offset by an additional day of sales due to leap year in 2024. Alliant Energy’s retail gas sales volumes decreased 10% for the three months ended March 31, 2024 compared to the same period in 2023, primarily due to changes in temperatures, partially offset by an additional day of sales due to leap year in 2024.
Current wording
Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreased 1% and 2% for the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023, primarily due to changes in sales volumes to IPL’s industrial customers due to standby service customers that can use other generation and changes in temperatures. Alliant Energy’s retail gas sales volumes decreased 9% and 10% for the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023, primarily due to changes in temperatures. The six-month decrease in sales was partially offset by an extra day of sales during the first quarter of 2024 due to leap year.
Previous wording
Estimated decreases to operating income from the impacts of temperatures for the three months ended March 31 were as follows (in millions):
Current wording
Estimated increases (decreases) to operating income from the impacts of temperatures for the three and six months ended June 30 were as follows (in millions):
Previous wording
Electric Utility Revenue Variances -The following items contributed to increased (decreased) electric utility revenues for the three months ended March 31, 2024 compared to the same period in 2023 (in millions):
Current wording
Electric Utility Revenue Variances -The following items contributed to increased (decreased) electric utility revenues for the three and six months ended June 30, 2024 compared to the same periods in 2023 (in millions):
Previous wording
Gas Utility Revenue Variances -The following items contributed to increased (decreased) gas utility revenues for the three months ended March 31, 2024 compared to the same period in 2023 (in millions):
Current wording
Gas Utility Revenue Variances -The following items contributed to increased (decreased) gas utility revenues for the three and six months ended June 30, 2024 compared to the same periods in 2023 (in millions):
Previous wording
Electric Production Fuel and Purchased Power Expenses Variances -The following items contributed to (increased) decreased electric production fuel and purchased power expenses for the three months ended March 31, 2024 compared to the same period in 2023 (in millions):
Current wording
Electric Production Fuel and Purchased Power Expenses Variances -The following items contributed to (increased) decreased electric production fuel and purchased power expenses for the three and six months ended June 30, 2024 compared to the same periods in 2023 (in millions):
Previous wording
(a)Electric production fuel costs decreased primarily due to lower natural gas prices in the first quarter of 2024 compared to the same period in 2023 and lower natural gas volumes due to lower dispatch of IPL’s natural gas-fired EGUs in 2024, partially offset by higher coal volumes due to higher dispatch of WPL’s coal-fired EGUs in 2024.
Current wording
(a)Electric production fuel costs decreased for the three and six months ended June 30, 2024, compared to the same periods in 2023, primarily due to lower natural gas prices at IPL and WPL, and lower natural gas and coal volumes at IPL due to lower dispatch of IPL’s EGUs in 2024. The six-month decrease was partially offset byhigher coal volumes at WPL due to higher dispatch of WPL’s coal-fired EGUs in 2024.
Previous wording
(b)Purchased power expense increased primarily due to higher prices for electricity purchased by IPL and WPL.
Current wording
(b)Purchased power expense increased for the three and six months ended June 30, 2024, compared to the same periods in 2023, primarily due to higher prices for electricity purchased by IPL and WPL.
Previous wording
Cost of Gas Sold Expense Variances -The following items contributed to (increased) decreased cost of gas sold expense for the three months ended March 31, 2024 compared to the same period in 2023 (in millions):
Current wording
Cost of Gas Sold Expense Variances -The following items contributed to (increased) decreased cost of gas sold expense for the three and six months ended June 30, 2024 compared to the same periods in 2023 (in millions):
Previous wording
Other Operation and Maintenance Expenses Variances -The following items contributed to (increased) decreased other operation and maintenance expenses for the three months ended March 31, 2024 compared to the same period in 2023 (in millions):
Current wording
Other Operation and Maintenance Expenses Variances -The following items contributed to (increased) decreased other operation and maintenance expenses for the three and six months ended June 30, 2024 compared to the same periods in 2023 (in millions):
Previous wording
Liquidity Position -At March 31, 2024, Alliant Energy had $32 million of cash and cash equivalents, $666 million ($166 million at the parent company, $200 million at IPL and $300 million at WPL) of available capacity under the single revolving credit facility and $92 million of available capacity at IPL under its sales of accounts receivable program.
Current wording
Liquidity Position -At June 30, 2024, Alliant Energy had $92 million of cash and cash equivalents, $948 million ($398 million at the parent company, $250 million at IPL and $300 million at WPL) of available capacity under the single revolving credit facility and $65 million of available capacity at IPL under its sales of accounts receivable program.
Previous wording
Capital Structure -Capital structures at March 31, 2024 were as follows (Long-term Debt (including current maturities) (LD); Short-term Debt (SD); Common Equity (CE)):
Current wording
Capital Structure -Capital structures at June 30, 2024 were as follows (Long-term Debt (including current maturities) (LD); Common Equity (CE)):
Previous wording
Operating Activities -The following items contributed to increased (decreased) operating activity cash flows for the three months ended March 31, 2024 compared to the same period in 2023 (in millions):
Current wording
Operating Activities -The following items contributed to increased (decreased) operating activity cash flows for the six months ended June 30, 2024 compared to the same period in 2023 (in millions):
Previous wording
Investing Activities - The following items contributed to increased (decreased) investing activity cash flows for the three months ended March 31, 2024 compared to the same period in 2023 (in millions):
Current wording
Investing Activities - The following items contributed to increased (decreased) investing activity cash flows for the six months ended June 30, 2024 compared to the same period in 2023 (in millions):
Previous wording
(a)Largely due to higher expenditures for IPL’s solar generation and WPL’s battery storage, partially offset by lower expenditures for WPL’s solar generation.
Current wording
(a)Largely due to higher expenditures for WPL’s battery storage and IPL’s solar generation, partially offset by lower expenditures for WPL’s solar generation.
Previous wording
Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for the three months ended March 31, 2024 compared to the same period in 2023 (in millions):
Current wording
Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for the six months ended June 30, 2024 compared to the same period in 2023 (in millions):
Previous wording
Off-Balance Sheet Arrangements and Certain Financial Commitments -A summary of Alliant Energy’s and IPL’s off-balance sheet arrangements and Alliant Energy’s, IPL’s and WPL’s contractual obligations is included in the 2023 Form 10-K and has not changed materially from the items reported in the 2023 Form 10-K, except for the items described in Notes 4,7 and 13.
Current wording
Off-Balance Sheet Arrangements and Certain Financial Commitments -A summary of Alliant Energy’s and IPL’s off-balance sheet arrangements and Alliant Energy’s, IPL’s and WPL’s contractual obligations is included in the 2023 Form 10-K and has not changed materially from the items reported in the 2023 Form 10-K, except for the items described in Notes 4,7 and 14.
Previous wording
Solar Generation Projects Recently Completed or Under Construction - Alliant Energy and WPL currently expect construction costs associated with WPL’s approximately 1,100 MW of new solar generation will exceed the construction cost estimates previously approved by the PSCW by approximately $180 million. In February 2024, the PSCW issued an order approving deferral of the incremental solar generation construction costs. The PSCW’s order did not authorize a deferral for the return on such costs. In March 2024, WPL filed for judicial review of the PSCW’s retail electric rate review order (2024/2025 forward-looking Test Period) and solar generation construction cost deferral order related to the recovery and deferral of the return on the incremental solar generation construction costs in 2024 and 2025. Alliant Energy and WPL concluded that there was not a probable disallowance of anticipated higher rate base amounts as of March 31, 2024 given construction costs were reasonably and prudently incurred.
Current wording
Solar Generation Projects Recently Completed or Under Construction - Alliant Energy and WPL currently expect construction costs associated with WPL’s approximately 1,100 MW of new solar generation will exceed the construction cost estimates previously approved by the PSCW by approximately $195 million. In February 2024, the PSCW issued an order approving deferral of the incremental solar generation construction costs. The PSCW’s order did not authorize a deferral for the return on such costs. In March 2024, WPL filed for judicial review of the PSCW’s retail electric rate review order (2024/2025 forward-looking Test Period) and solar generation construction cost deferral order related to the recovery and deferral of the return on the incremental solar generation construction costs in 2024 and 2025. Alliant Energy and WPL concluded that there was not a probable disallowance of anticipated higher rate base amounts as of June 30, 2024 given construction costs were reasonably and prudently incurred.