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LNT · Alliant Energy

32 filings

10-K

LNT 10-K Annual Reports

Alliant Energy - 32 annual reports

Filing record · 2016–202610-K1110-Q338-K136

2025
Alliant Energy Annual Report, Year Ended Dec 31, 2025
Alliant Energy Corporation is a regulated investor-owned public utility holding company serving approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two utility subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). For 2025, Alliant Energy reported consolidated net income attributable to common shareowners of $810 million, or $3.14 per diluted share, up from $690 million, or $2.69 per diluted share, in 2024. Utilities and Corporate Services net income rose $153 million, driven mainly by higher revenue requirements from capital investments, estimated temperature impacts and the absence of 2024 charges, partly offset by higher O&M, depreciation and financing expenses. Non-utility and Parent results declined, with a 2025 asset valuation charge for the non-utility business. The company plans heavy capital spending, with construction and acquisition expenditures of $3.13 billion in 2026 rising to $3.63 billion in 2028 and totaling roughly $13 billion over the next four years. Growth is tied to data center and other large load customers, with executed electric service agreements covering aggregate peak demands of approximately 3 gigawatts. The company expects to fund this through debt and equity, including up to $2.4 billion of common stock issuance from 2026 through 2029, and its Board raised the targeted 2026 annual dividend to $2.14 per share. Key risks include regulatory outcomes, tax credit legislation under the One Big Beautiful Bill Act, environmental rules, and capital market access. The filing notes that IPL has a retail electric base rate moratorium through September 2029 and that WPL received PSCW approval for a 2026 base rate increase of $69 million for electric and $7 million for gas. Balance sheet leverage is elevated, with a consolidated debt-to-total-capitalization ratio of 62% on the actual basis, compared with 60% on the adjusted basis that treats 50% of junior subordinated notes as equity. Alliant Energy's credit ratings are BBB+ (S&P) and Baa2 (Moody's), both stable outlooks. Operating cash flow was $1.17 billion in 2025, roughly flat with 2024, while investing outflows of $1.90 billion exceeded it.
Feb 20, 2026
2024
Alliant Energy Annual Report, Year Ended Dec 31, 2024
Alliant Energy Corporation is a regulated investor-owned public utility holding company serving approximately 1,000,000 electric and approximately 430,000 natural gas customers in the Midwest through its two utility subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). Net income attributable to Alliant Energy common shareowners was $690 million, or $2.69 per diluted share, in 2024, compared with $703 million, or $2.78 per share, in 2023. Utilities and Corporate Services net income was $722 million ($2.81 per share), down $2 million from 2023, with the decline primarily due to a $60 million pre-tax asset valuation charge for IPL's Lansing Generating Station, estimated temperature impacts, restructuring and voluntary separation charges, and an ARO charge for IPL's steam business related to the revised CCR Rule. The company's strategy centers on significant customer-focused investments. Alliant Energy plans approximately $2.2 billion of construction and acquisition expenditures in 2025, rising to $3.0 billion in 2027 and $2.96 billion in 2028, with the largest share going to renewables and energy storage. Over the next five years it plans roughly 1,200 MW of new wind and solar, 1,000 MW of energy storage, and 750 MW of new natural gas resources. IPL also signed electric service agreements with two prospective data center customers with aggregate maximum demands of approximately 1.9 gigawatts, subject to IUC approval. IPL's September 2024 retail electric rate order provides an annual base rate increase of $185 million and a retail electric base rate moratorium from October 2025 through September 2029, while WPL's rate base continues to grow with a planned rate review for 2026/2027. Key risks highlighted include regulatory outcomes, MISO resource adequacy changes, environmental rules (including the revised CCR Rule and Section 111 rules), potential repeal or amendment of the Inflation Reduction Act, and the company's credit ratings, where Alliant Energy's S&P outlook is Negative.
Feb 21, 2025
2023
Alliant Energy Annual Report, Year Ended Dec 31, 2023
Alliant Energy Corporation is a regulated, investor-owned public utility holding company headquartered in Madison, Wisconsin, serving approximately 1,000,000 electric and approximately 425,000 natural gas customers in the Midwest through its utility subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). Its strategy centers on a Clean Energy Blueprint for transitioning to cleaner energy, with WPL completing 639 MW of solar in 2023 and expecting roughly 1,500 MW of additional zero-fuel-cost solar resources in aggregate by the end of 2024 across Alliant Energy. Alliant Energy reported 2023 consolidated net income attributable to common shareowners of $703 million, or $2.78 per share, compared with $686 million, or $2.73 per share, in 2022. Utilities and Corporate Services net income rose $34 million, driven by higher revenue requirements and AFUDC from capital investments. The company plans substantial capital spending, with construction and acquisition expenditures of $2,275 million in 2024 and $1,980 million in 2025 on a consolidated basis, and management has forecast capital expenditures of approximately $9 billion over the next four years. Financing needs are expected to be met through long-term debt and common stock issuance, and the 2024 annual dividend target was raised to $1.92 per share. Key risks noted in the filing include regulatory outcomes on rate relief, cost overruns on solar projects (WPL reported construction costs expected to exceed approved amounts by approximately $180 million), coal plant retirements, MISO resource adequacy changes, cybersecurity, and credit rating and capital market access.
Feb 16, 2024
2022
Alliant Energy Annual Report, Year Ended Dec 31, 2022
Alliant Energy Corporation (Nasdaq: LNT) is a regulated investor-owned public utility holding company headquartered in Madison, Wisconsin, providing regulated electric and natural gas service to approximately 995,000 electric and approximately 425,000 natural gas customers through its utility subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). For 2022, net income attributable to Alliant Energy common shareowners was $686 million, or $2.73 per share, up from $659 million, or $2.63 per share, in 2021. Operating income rose to $928 million from $795 million, driven largely by higher WPL revenue requirements from rate base growth and higher electric and gas margins. The company's Utilities and Corporate Services segment contributed $690 million, or $2.74 per share. The company's strategy centers on its Clean Energy Blueprint, with planned development of approximately 1,100 MW of solar generation at WPL and approximately 400 MW of solar at IPL, plus battery storage projects, alongside planned retirements of coal-fired units. Management forecasts total construction and acquisition expenditures of $1.85 billion in 2023, $2.41 billion in 2024, $2.02 billion in 2025 and $2.20 billion in 2026. The company expects higher earnings in 2023 on increasing rate base, and a 6% increase in its targeted 2023 annual dividend to $1.81 per share. Alliant Energy also expects to issue up to $1.2 billion of long-term debt and up to $250 million of common stock in 2023. Investors should weigh the company's large capital program against regulatory risk. The IUB denied IPL's advance rate-making principles for 400 MW of solar and 75 MW of battery storage, with IPL pursuing judicial review, and the Inflation Reduction Act of 2022 is expected to shift financing toward long-term debt and common stock. The auditor, Deloitte & Touche LLP, issued an unqualified opinion dated February 24, 2023, and identified the impact of rate regulation as a critical audit matter.
Feb 24, 2023
2021
Alliant Energy Annual Report, Year Ended Dec 31, 2021
Alliant Energy Corporation (LNT) is a regulated, investor-owned public utility holding company headquartered in Madison, Wisconsin, providing electric and natural gas service to approximately 985,000 electric and 425,000 natural gas customers through its utility subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). For 2021, net income attributable to Alliant Energy common shareowners was $659 million, or $2.63 per diluted share, up from $614 million, or $2.47 per share, in 2020. The company's Utilities and Corporate Services segment income rose $46 million, driven mainly by increasing rate base, partially offset by higher depreciation and lower AFUDC. Management expects earnings growth in 2022 from rising revenue requirements on utility investments, and it targets a 2022 annual common dividend of $1.71 per share. The filing centers on a strategy of transitioning away from coal. The company plans roughly 1,100 MW of solar at WPL with in-service dates in 2022 and 2023, roughly 400 MW of solar plus 75 MW of battery storage at IPL, and aims to eliminate all coal-fired EGUs by 2040. Forecasted construction and acquisition expenditures total $1.64 billion for 2022 rising to $2.09 billion in 2024, and the company has forecasted about $7 billion of capital expenditures over the next four years. Much of the solar build is expected to be partly financed by tax equity partners. Key risks include regulatory outcomes on rate recovery, supply-chain and cost inflation for solar projects, MISO capacity accreditation changes, pending EPA climate and water rules, and dependence on capital markets and credit ratings. Balance sheet metrics support investment-grade positioning. At year-end 2021, Alliant Energy had total assets of $18.55 billion and a debt-to-capital ratio of 57% against a 65% covenant limit, with IPL and WPL each at 49%. Credit ratings were stable, with Alliant Energy at A- (S&P) and Baa2 (Moody's). The company issued $300 million of 3.1% IPL senior debentures due 2051 and $300 million of 1.95% WPL green bonds due 2031 in 2021, and redeemed IPL's 5.1% cumulative preferred stock for $200 million.
Feb 18, 2022
2020
Alliant Energy Annual Report, Year Ended Dec 31, 2020
Alliant Energy Corporation (Nasdaq: LNT) is a regulated Midwest utility holding company whose primary focus is regulated electric and natural gas service to approximately 975,000 electric and approximately 420,000 natural gas customers through its public utility subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). For 2020, net income attributable to Alliant Energy common shareowners was $614 million, or $2.47 per diluted share, compared with $557 million, or $2.33 per share, in 2019. Utilities and Corporate Services income rose $57 million, driven mainly by higher earnings from IPL's and WPL's increasing rate base, partially offset by higher depreciation and lower AFUDC. Consolidated operating revenues were $3,416 million in 2020 versus $3,648 million in 2019, and retail electric and gas sales volumes fell 2% and 13%, respectively, largely due to COVID-19, the August 2020 derecho windstorm and temperatures. The company's capital program is large and forward-looking. Alliant Energy's construction and acquisition expenditure plan totals $1,295 million for 2021 rising to $1,625 million in 2022, and the filing states it has forecasted capital expenditures of approximately $6 billion over the next four years. The strategy centers on cleaner energy, including roughly 1,000 MW of planned WPL solar generation and about 400 MW of IPL solar generation by the end of 2023, plus retirement of the coal-fired Lansing, Edgewater and Columbia units. Management expects higher earnings in 2021 from rate base growth and a dividend increase to a targeted $1.61 per share for 2021. Balance sheet and liquidity remained adequate, with $54 million of cash at year-end and $611 million of available capacity under the single revolving credit facility. Long-term debt, net, rose to $6,769 million from $5,533 million, and the filing reports credit ratings of A- (S&P) and Baa2 (Moody's) for the parent, with a stable outlook. Deloitte & Touche issued unqualified opinions on the financial statements and internal control over financial reporting.
Feb 19, 2021
2019
Alliant Energy Annual Report, Year Ended Dec 31, 2019
Alliant Energy Corporation (Nasdaq: LNT) is a Wisconsin-incorporated regulated investor-owned public utility holding company providing regulated electric and natural gas service to approximately 970,000 electric and 420,000 natural gas customers in the Midwest through its two utility subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). In 2019, consolidated revenues were $3,647.7 million and net income attributable to Alliant Energy common shareowners was $557.2 million, or $2.33 per diluted share, compared with $512.1 million, or $2.19 per diluted share, in 2018. Utilities and Corporate Services income rose $44 million, primarily on higher earnings from increasing rate base, partly offset by higher depreciation and interest expense. The company's strategy centers on affordable energy, customer-focused investments in cleaner generation, and growing customer demand. Construction and acquisition expenditures were $1,640.1 million in 2019, and management forecasts capital expenditures of approximately $5 billion over the next four years. Key projects include completed IPL wind projects, WPL's 730 MW West Riverside gas-fired facility expected in the first half of 2020, and a plan for up to 1,000 MW of WPL solar generation by 2023. Management expects higher 2020 earnings from increasing revenue requirements, offset in part by returning excess deferred tax credits from Federal Tax Reform, and expects to issue up to $250 million of common stock in 2020. Investors should note the company's dependence on regulatory outcomes for rate relief, its large net operating loss and tax credit carryforwards that it plans to use, and climate-related pressure on its fossil-fueled generation, which the filing says could raise costs or affect stock and debt pricing. Total assets at year-end were $16,700.7 million and long-term obligations, net, were $6,190.8 million. The 2020 dividend target was raised to $1.52 per share, a quarterly rate of $0.38.
Feb 21, 2020
2018
Alliant Energy Annual Report, Year Ended Dec 31, 2018
Alliant Energy Corporation (LNT) is a Midwest regulated investor-owned public utility holding company whose primary focus is regulated electric and natural gas service to approximately 965,000 electric and approximately 415,000 natural gas customers through its two public utility subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). In 2018 Alliant reported net income attributable to common shareowners of $512.1 million, or $2.19 per share, up from $457.3 million, or $1.99 per share, in 2017. Revenues rose to $3,534.5 million from $3,382.2 million, and utility electric and gas margins both increased, driven by IPL and WPL rate base growth, temperature-driven sales and higher AFUDC, partly offset by higher depreciation and interest expense. The company's capital program is large and forward-looking. Construction and acquisition expenditures were $1,633.9 million in 2018, and the company's table projects $1,610 million for 2019 alone, including renewable projects, the West Riverside natural gas-fired facility (WPL's estimated portion about $640 million) and electric and gas distribution systems. Alliant plans up to 1,200 MW of wind generation during 2018 through 2020 and says it has forecast capital expenditures of approximately $5 billion over the next four years. Management expects to fund this through external financings, including up to $400 million of common stock in 2019 and planned long-term debt issuances at IPL and WPL. The 2019 annual dividend target was raised to $1.42 per share, a 6% increase. Key risks highlighted include regulatory outcomes on rate relief and cost recovery, environmental regulation of CO2 emissions and coal-fired generation, dependence on capital market access and credit ratings (Alliant Energy's ratings carry negative outlooks at S&P and Moody's), weather and cyber security exposure, and pension funding requirements. Alliant Energy expects to retire coal-fired EGUs from its energy mix by 2050 and set voluntary goals to reduce CO2 emissions from fossil-fueled generation 40% by 2030 and 80% by 2050 from 2005 levels.
Feb 22, 2019
2017
Alliant Energy Annual Report, Year Ended Dec 31, 2017
Alliant Energy Corporation is a regulated investor-owned public utility holding company in Madison, Wisconsin, providing electric service to approximately 960,000 customers and natural gas service to approximately 410,000 customers through its two utility subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). For 2017, Alliant Energy reported net income attributable to common shareowners of $457.3 million, or $1.99 per share, up from $371.5 million, or $1.64 per share, in 2016. Operating revenues were $3,382.2 million, and cash flows from operating activities were $983.4 million. The increase was primarily driven by base rate increases at IPL and WPL, the effects of Tax Reform, and the absence of 2016 asset valuation charges on the Franklin County wind farm, partially offset by higher depreciation expense. The company's strategic plan centers on growth and optimization. Key 2017 developments include the enactment of Tax Reform in December 2017, which reduced the federal corporate tax rate from 35% to 21%, the in-service of IPL's 706 MW Marshalltown natural gas-fired combined-cycle generating station in April 2017, and the planned expansion of up to 1,200 MW of wind generation (up to 1,000 MW at IPL and up to 200 MW at WPL). Alliant Energy expects capital expenditures of approximately $5 billion over the next four years and plans to issue up to $200 million of common stock in 2018. The 2018 annual common stock dividend target was increased to $1.34 per share, a quarterly rate of $0.335. Regulatory and environmental matters remain significant. IPL's retail electric rate review resulted in an IUB order in February 2018 approving a $130 million annual increase, with final rates expected in the first half of 2018. Environmental uncertainty persists around the Clean Power Plan, CO2 regulations for new and existing fossil-fueled generating units, and the Consent Decrees at IPL and WPL. The company reported no material legal proceedings and an unqualified audit opinion from Deloitte & Touche LLP.
Feb 23, 2018
2016
Alliant Energy Annual Report, Year Ended Dec 31, 2016
Alliant Energy Corporation reported 2016 operating revenues of $3,320.0 million and net income attributable to Alliant Energy common shareowners of $371.5 million, or $1.64 per diluted share, compared with $378.2 million, or $1.68 per share, in 2015. The decrease was primarily due to asset valuation charges of $86.4 million related to the Franklin County wind farm, partially offset by higher electric and gas margins and higher AFUDC, primarily related to the Marshalltown project. Alliant Energy is a regulated holding company whose utilities, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL), serve approximately 960,000 electric and 410,000 natural gas customers in the Midwest. The company reported total assets of $13,373.8 million at year-end 2016 and plans to invest heavily in its strategic plan, with construction and acquisition expenditures of $1,196.8 million in 2016 and forecasted expenditures of approximately $6 billion over the next four years. Key growth initiatives include the construction of IPL's Marshalltown natural gas-fired combined-cycle unit, expected in service in April 2017 with estimated capital expenditures of approximately $670 million, and WPL's Riverside expansion, expected in service by early 2020 with WPL's estimated portion of capital expenditures of approximately $640 million. IPL received Iowa regulatory approval for up to 500 MW of additional wind generation, subject to a $1,830/kilowatt cost cap. WPL received a Wisconsin retail rate order authorizing a $9 million increase in annual electric rates and a $9 million increase in annual gas rates effective January 1, 2017, with a 10.0% return on common equity. Alliant Energy announced a targeted 2017 annual common stock dividend of $1.26 per share. Investors should weigh the company's sizeable capital program and regulatory dependence against risks highlighted in the filing, including timely rate recovery, environmental regulation (including the Clean Power Plan, which the Supreme Court stayed in February 2016), Consent Decrees with the EPA and Sierra Club, transmission cost increases, and the potential effects of federal tax reform on net operating loss carryforwards. Holders should also note the expected termination of certain wholesale power supply agreements, including WPPI Energy (sales representing 5% of WPL's 2016 total electric sales) and Jo-Carroll Energy (3% of IPL's total electric sales).
Feb 24, 2017
2015
Alliant Energy Annual Report, Year Ended Dec 31, 2015
Alliant Energy Corporation (LNT) is a regulated investor-owned public utility holding company headquartered in Madison, Wisconsin, serving approximately 950,000 electric and 410,000 natural gas customers through its utility subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). In 2015, Alliant reported operating revenues of $3,253.6 million, net income attributable to common shareowners of $378.2 million, and EPS of $3.36 (EPS from continuing operations of $3.38), compared with $3,350.3 million of revenues and $3.46 EPS in 2014. Lower earnings were attributed primarily to higher WPL electric transmission service expense, lower sales from milder temperatures, higher income tax, depreciation, interest and employee benefit costs, losses on the sale of IPL's Minnesota distribution assets, and lower Transportation earnings. The company's strategic plan centers on competitive value, exceptional service and responsible resources. Major projects include IPL's Marshalltown natural gas-fired combined-cycle unit (cost cap of $920 million, expected in service by the second quarter of 2017), WPL's proposed Riverside expansion (estimated capital expenditures of approximately $700 million, with a PSCW decision expected by the second quarter of 2016), and environmental controls at coal-fired units. Alliant's construction and acquisition expenditures were $1,034.3 million in 2015, and anticipated expenditures are $1,165 million for 2016 at the consolidated level. The company raised $133 million in net proceeds through an at-the-market equity program and expects to target a 2016 annual common dividend of $2.35 per share. Key risks highlighted include regulatory outcomes and rate freezes (IPL's Iowa electric base rate freeze and WPL's electric and gas base rate freezes run through 2016), EPA greenhouse gas rules including the Clean Power Plan, which the Supreme Court stayed in February 2016, pending FERC decisions on MISO transmission owner return on equity complaints, commodity price exposure at WPL's retail electric operations, cyber and physical security threats, and the capital market access needed to fund roughly $5 billion of forecasted capital expenditures over four years.
Feb 24, 2016
2014
Alliant Energy Annual Report, Year Ended Dec 31, 2014
Alliant Energy Corporation (LNT) is a regulated investor-owned public utility holding company headquartered in Madison, Wisconsin, whose primary subsidiaries are Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). The company serves approximately 1 million electric and approximately 420,000 natural gas customers in the Midwest. For 2014, Alliant Energy reported operating revenues of $3,350.3 million, net income attributable to common shareowners of $383.1 million, and earnings per share of $3.46, compared with $3.23 in 2013. Electric utility operations accounted for the largest share of operating revenue, followed by gas. The company's common stock closed 2014 at $66.42, and the 2015 targeted annual dividend was raised to $2.20 per share. The filing describes a strategic plan built on competitive costs, safe and reliable service, and responsible resources. Major capital projects include IPL's approximately 650 MW Marshalltown natural gas-fired combined-cycle unit (cost cap of $920 million, expected in service in the second quarter of 2017) and WPL's proposed approximately 650 MW Riverside expansion, with estimated capital expenditures of $725 million to $775 million. Alliant Energy estimates total utility construction and acquisition expenditures of $1,075 million in 2015, and the filing notes forecasted capital expenditures of approximately $4.2 billion over the next four years. Retail base rates are frozen at IPL in Iowa and at WPL in Wisconsin through 2016, and IPL is selling its Minnesota electric and natural gas distribution assets, expected to close in 2015. Key risks highlighted include extensive regulation, pending EPA greenhouse gas and CO2 rules for existing and new fossil-fueled generation, environmental compliance costs, coal and natural gas price exposure, dependence on capital markets, and the loss of wholesale customers. Three wholesale customers have given notice of termination, and the filing states the company's wholesale supply agreements with Jo-Carroll, WPPI Energy and Great Lakes Utilities will end in 2017 or 2018. Alliant Energy reported Long-term obligations, net of $3,791.1 million and total assets of $12,085.9 million at year-end 2014.
Feb 25, 2015
2013
Alliant Energy Annual Report, Year Ended Dec 31, 2013
Alliant Energy Corporation (NYSE: LNT) is a regulated investor-owned public utility holding company headquartered in Madison, Wisconsin, serving approximately 1 million electric and approximately 418,000 natural gas customers in the Midwest through its utility subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). Its 2013 consolidated operating revenues were $3,276.8 million, up from $3,094.5 million in 2012, and income from continuing operations attributable to common shareowners was $364.2 million, or $3.29 per share, compared with $2.93 per share in 2012. Utility operations remain the primary source of earnings and cash flow, with electric operations representing the largest segment. Results were helped by higher weather-normalized sales, a revenue requirement adjustment at IPL, and lower energy conservation amortizations at WPL, partly offset by higher depreciation and transmission costs. The company's strategic plan centers on competitive costs, safe and reliable service, and balanced generation. Major initiatives include construction of the approximately 600 MW Marshalltown natural gas-fired combined-cycle plant at IPL, subject to a $920 million cost cap; emission controls projects at several coal-fired units, including scrubbers and baghouses at Columbia Units 1 and 2, Edgewater Unit 5, and Ottumwa Unit 1; and planned retirements of older coal units. IPL also agreed to sell its Minnesota electric and natural gas distribution assets for approximately $128 million in aggregate, with closing expected in the second half of 2014 pending regulatory approvals. Planned 2014 through 2017 construction and acquisition expenditures total $945 million, $950 million, $880 million and $780 million for Alliant Energy, respectively. Key risks highlighted in the filing include extensive regulation and the timing of rate recovery, environmental regulation including pending greenhouse gas rules and mercury and air toxics standards, dependence on capital markets and credit ratings, rising transmission costs, and the uncertain outcome of a FERC complaint on transmission return on equity. Investors should also note that WPL's retail electric and gas base rates are frozen through 2014, that IPL's Iowa retail electric base rate case is expected to be filed in late March 2014, and that Alliant Energy's targeted 2014 annual dividend was increased to $2.04 per share.
Feb 25, 2014
2012
Alliant Energy Annual Report, Year Ended Dec 31, 2012
Alliant Energy Corporation (LNT), a regulated investor-owned public utility holding company headquartered in Madison, Wisconsin, filed this combined Form 10-K for fiscal 2012 together with its subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). The company reported 2012 net income of $335.7 million, or $319.8 million attributable to common shareowners ($2.89 per diluted share), compared with $2.74 in 2011. Operating revenues were $3,094.5 million in 2012 versus $3,221.4 million in 2011. Utility electric and gas operations supply about 1 million electric and about 415,000 natural gas customers, and electric margins were $1,605.5 million. Income from continuing operations per share was $2.93, and the company declared dividends of $1.80 per share, with a 2013 annual dividend target raised to $1.88. The filing describes a large capital program. Construction and acquisition expenditures totaled $1,158.1 million in 2012, and management estimates $780 million to $955 million of annual utility spending for 2013 through 2016 at the Alliant Energy level. Key projects include IPL's proposed approximately 600 MW Marshalltown natural gas combined-cycle plant, environmental emission controls at several coal units, WPL's purchase of the 600 MW Riverside Energy Center for $403.5 million, and the Franklin County wind project. The company also expects to retire or fuel-switch several older coal units by 2016 and 2018. Regulatory developments include base rate freezes at IPL's Iowa electric rates through 2013 and WPL's Wisconsin electric and gas rates through 2014, and a January 2013 Iowa order allowing IPL to proceed with a purchased power agreement for the Duane Arnold Energy Center. Investors should weigh several risks disclosed in the filing: regulatory outcomes on rate recovery, rising transmission costs (electric transmission service expenses expected to rise by approximately $70 million at Alliant Energy in 2013), pending federal environmental rules affecting coal-fired generation, dependence on access to capital markets and credit ratings, and an ERISA class-action judgment of $18.7 million against the Cash Balance Plan that is under appeal. Liquidity at year-end included $21.2 million of cash and $733 million of available revolving credit capacity.
Feb 26, 2013
2011
Alliant Energy Annual Report, Year Ended Dec 31, 2011
Alliant Energy Corporation (NYSE: LNT), a regulated investor-owned public utility holding company, filed this combined Form 10-K for 2011 with subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). The company provides regulated electric service to about 986,000 customers and gas service to about 414,000 customers in Iowa, Wisconsin and Minnesota. Alliant Energy reported 2011 operating revenues of $3,665.3 million and net income attributable to common shareowners of $303.6 million, or $2.74 per diluted share, compared with $287.6 million, or $2.60, in 2010. Utility earnings per share from continuing operations were $2.57 in 2011 versus $2.51 in 2010, and the non-regulated and parent segment contributed $0.16 per share versus $0.11. The filing highlights several forward-looking capital commitments. Alliant Energy expects construction and acquisition expenditures of $1,190 million in 2012, and it has forecast $4 billion of capital expenditures over the next four years. Planned projects include WPL's expected purchase of the 600 MW Riverside Energy Center in late 2012, IPL's potential 600 MW natural gas-fired facility in Iowa, and emission control projects at several coal units. The company also announced a targeted 2012 annual common dividend of $1.80 per share, up from $1.70 in 2011, and announced plans to sell RMT, its renewable energy services subsidiary, during 2012. RMT's 2011 results were hurt by losses on certain solar projects tied to subcontractor problems. Key risks include extensive regulation, environmental compliance costs, uncertain outcomes of EPA rules such as CSAPR (stayed by the D.C. Circuit in December 2011) and the Utility MACT Rule, and a pending class action lawsuit over the Alliant Energy Cash Balance Pension Plan, where the plan estimates a potential judgment of up to about $17 million. Moody's changed the credit outlooks for Alliant Energy, IPL and WPL from stable to negative in September 2011. IPL's Iowa retail base rate freeze runs through 2013, and the company has an Iowa tax benefit rider that returned $61 million to customers in 2011 and is expected to return about $81 million in 2012.
Feb 27, 2012
2010
Alliant Energy Annual Report, Year Ended Dec 31, 2010
Alliant Energy Corporation (LNT) is a regulated investor-owned public utility holding company headquartered in Madison, Wisconsin, providing electric service to approximately 1 million customers and natural gas service to approximately 412,000 customers in the Midwest through its two utility subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). In 2010, consolidated operating revenues were $3,416.1 million and net income attributable to Alliant Energy common shareowners was $287.6 million, or $2.60 per diluted share, compared with $1.01 per share in 2009, which included a $203 million pre-tax loss on early extinguishment of the Exchangeable Senior Notes. Utility electric margins rose 21% to $1,575.3 million, driven primarily by non-fuel retail rate increases at IPL and WPL that added $213 million of electric revenues. The company is pursuing a strategic plan built on competitive costs, reliable service and balanced generation, including new wind projects (WPL's 200 MW Bent Tree - Phase I, which reached full commercial operation in February 2011), the planned purchase of Riverside Energy Center (600 MW, expected 2013), the planned purchase of WEPCO's 25% interest in Edgewater Unit 5, and environmental compliance projects with estimated capital expenditures of $110 million in 2011, $270 million in 2012 and $260 million in 2013. Alliant Energy projects total construction and acquisition expenditures of $720 million in 2011, $920 million in 2012 and $1,165 million in 2013, and it increased its expected 2011 annual dividend to $1.70 per share. Key risks highlighted in the filing include regulatory outcomes on rate relief (including the IPL Minnesota interim rate refund exposure and the Iowa base rate freeze through 2013), environmental regulation of coal-fired generation and potential greenhouse gas rules, pending Sierra Club and EPA air permitting claims against WPL's Nelson Dewey, Columbia and Edgewater plants (WPL believes an adverse outcome could be significant), a class action lawsuit against the Alliant Energy Cash Balance Pension Plan with a potential judgment of up to $23 million, and dependence on capital market access given a commitment to maintain investment-grade credit ratings.
Feb 28, 2011
2009
Alliant Energy Annual Report, Year Ended Dec 31, 2009
Alliant Energy Corporation (LNT) reported 2009 net income attributable to common shareowners of $111.0 million, or $1.01 per diluted share, down from $288.0 million, or $2.61 per share, in 2008. The decline was driven primarily by a $203 million pre-tax loss on early extinguishment of its Exchangeable Senior Notes due 2030, which the company repurchased for $241 million in 2009. Utility operations remained the core earnings driver, with utility earnings of $223.8 million ($2.03 per share) versus $241.3 million in 2008, while parent company and other results were a loss of $123.6 million. Operating revenues were $3,432.8 million, down from $3,681.7 million, reflecting lower sales volumes from weak economic conditions, cool summer weather and industrial customer transitions to self-generation. The company's forward agenda is capital-intensive. Alliant forecasts construction and acquisition expenditures of $875 million in 2010, $865 million in 2011 and $780 million in 2012, centered on wind generation (IPL's Whispering Willow - West and WPL's Bent Tree - Phase I), environmental controls at coal plants, and the potential purchase of the Riverside Energy Center. Management raised the expected 2010 annual dividend to $1.58 per share from $1.50, and its 2009 dividend payout ratio was 74% of utility earnings against a stated goal of 60% to 70%. Near-term regulatory outcomes are favorable in parts: IPL received a final Iowa retail electric rate increase of $84 million (about 7%) and WPL received an annual electric rate increase of $59 million (about 6%), both effective January 2010. Risks include a pending EPA enforcement matter alleging Clean Air Act violations at Nelson Dewey, Columbia and Edgewater, a class action over the Cash Balance Pension Plan with alleged underpayments of $24 million to $54 million, and a sharp rise in ITC transmission charges to IPL in 2010, estimated at $85 million to $95 million higher than 2009. Liquidity appears adequate, with $175 million of cash and $433 million of available revolving credit capacity at year-end 2009. Total long-term debt, net was $2,404.5 million at Alliant Energy consolidated. Credit ratings are investment grade and stable across all entities, with Alliant Energy's senior unsecured debt rated BBB by S&P and Baa1 by Moody's.
Feb 26, 2010
2008
Alliant Energy Annual Report, Year Ended Dec 31, 2008
Alliant Energy Corporation (NYSE: LNT) is a regulated investor-owned public utility holding company headquartered in Madison, Wisconsin, providing electric and natural gas service to approximately 1 million electric and 400,000 gas customers in the Midwest through its utility subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). In 2008, net income was $288.0 million, or $2.61 per diluted share, compared with $425.3 million, or $3.78 per share, in 2007. The decline was driven mainly by the absence of a $123 million after-tax gain from IPL's 2007 sale of its electric transmission assets, June 2008 Midwest flooding that cost approximately $200 million, and lower sales from weak economic conditions. Operating revenues rose to $3.68 billion from $3.44 billion, and the Board set the expected 2009 annual dividend at $1.50 per share. The company's strategy centers on a large infrastructure investment program, with capital expenditures of $1.31 billion, $1.55 billion and $1.23 billion forecast for 2009, 2010 and 2011. Key projects include the Whispering Willow - East wind project, the proposed Sutherland #4 coal-fired facility, the Bent Tree wind project, and WPL's planned June 2009 purchase of the Neenah Energy Facility. The Public Service Commission of Wisconsin denied WPL's Nelson Dewey #3 construction application in December 2008, and WPL is evaluating alternatives. Air-quality compliance spending is estimated at $1.8 billion to $2.0 billion through 2019. Management expects 2009 pension costs and electric transmission charges at IPL to rise materially. The filing also highlights significant legal and financial risk. The trustee for Resources' $402.5 million Exchangeable Senior Notes due 2030 alleges a default tied to asset transfers. If the company loses, it would record a pre-tax loss of about $364 million to $365 million and could face cross-default consequences under its credit facility and IPL's receivables sale program. A separate ERISA class action concerns the cash balance pension plan. Management believes neither matter will have a material adverse effect, though the outcomes remain uncertain.
Feb 27, 2009
2007
Alliant Energy Annual Report, Year Ended Dec 31, 2007
Alliant Energy Corporation (LNT) reported 2007 net income of $425.3 million, or $3.78 per basic share, compared with $315.7 million in 2006. Continuing-operations income was $424.7 million, boosted by a pre-tax gain of $219 million from IPL's December 2007 sale of its electric transmission assets to ITC Midwest LLC for net proceeds of $772 million. Electric utility operating revenues were $2,410.8 million in 2007 versus $2,443.0 million in 2006, and electric margins rose to $1,208.1 million from $1,185.6 million. Non-regulated Resources earnings fell to $34.7 million from $69.0 million, largely because 2006 included a $150 million after-tax gain on the sale of Alliant Energy New Zealand stock. The company is executing a utility generation plan for 2008 to 2013 that includes the Sutherland #4 coal unit (630 MW, IPL), Nelson Dewey #3 coal unit (300 MW, WPL), the Cedar Ridge wind farm (68 MW), the Whispering Willow wind project (up to 200 MW, IPL), a planned 200 MW Minnesota wind farm, and the purchase of the 300 MW Neenah Energy Facility from Resources. Total construction and acquisition expenditures were $542.0 million in 2007. The company forecasts utility construction and acquisition expenditures of $1,040 million in 2008, $1,220 million in 2009 and $2,000 million in 2010, and it describes cumulative capital expenditure plans of over $4 billion over three years. Liquidity was $557 million of available revolving credit capacity and $746 million of cash at December 31, 2007. The 2008 annual dividend was increased to $1.40 per share from $1.27. Alliant Energy completed a $400 million share repurchase program in 2007, reducing common shares outstanding to 110.4 million from 116.1 million. The filing also flags risks including Iowa and Wisconsin regulatory outcomes for new generation, environmental rules (CAIR, CAMR, which a February 2008 court decision vacated and remanded, and possible greenhouse gas regulation), MISO market changes, and a pending IRS proposal to defer $257 million of capital losses tied to former Brazil investments.
Feb 28, 2008
2006
Alliant Energy Annual Report, Year Ended Dec 31, 2006
Alliant Energy Corporation (LNT), a regulated investor-owned public utility holding company, filed this combined Form 10-K for fiscal 2006 with its subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). Consolidated net income was $315.7 million, or $2.69 per diluted share, compared with a net loss of $7.7 million in 2005, which had included $334.3 million of pre-tax Brazil asset valuation charges. Income from continuing operations was $338.3 million ($2.89 per diluted share). Utility net income was $259.0 million, and non-regulated (Resources) net income was $69.0 million, helped by a $254 million pre-tax gain on the sale of its New Zealand investment. Operating revenues were $3,359.4 million. The company completed the sale of its Duane Arnold Energy Center interest in January 2006 and its New Zealand and Brazil investments, and it has signed agreements to sell IPL's electric transmission assets to ITC Midwest LLC for approximately $750 million in cash and its Mexico investment. The company's strategy centers on its utility business, which it expects to provide the majority of future earnings and cash flows. Alliant plans substantial new generation investment over 2007 through 2013, including a 300 MW clean-coal base-load unit at Nelson Dewey, a 250 MW share of a proposed Sutherland facility, and wind projects, with 2007 and 2008 construction expenditures projected at $535 million and $1,085 million respectively. Consolidated cash and cash equivalents were $265.2 million at year-end, with $471 million of available revolving credit capacity. The Board increased the share repurchase authorization to $400 million in February 2007, and the annual dividend rate was raised to $1.27 per share. Key risks flagged in the filing include regulatory outcomes affecting rate recovery, coal and natural gas price volatility, the expiration in May 2007 of WPL's collective bargaining agreement covering 1,312 employees, the Calpine bankruptcy affecting certain power purchase agreements, weather exposure, and an unquantified ice storm impact on IPL's transmission and distribution system in February 2007.
Mar 1, 2007
2005
Alliant Energy Annual Report, Year Ended Dec 31, 2005
Alliant Energy Corporation (NYSE: LNT) reported a net loss of $7.7 million, or $0.07 per share, for 2005, compared with net income of $145.5 million, or $1.28 per share, in 2004. The result was driven by non-cash asset valuation charges of $334 million pre-tax ($202 million after-tax, or $1.73 per share) on its Brazil investments, which were sold in January 2006 for $152 million. Income from continuing operations fell to $56.4 million from $218.4 million, while utility earnings rose to $251.7 million from $221.4 million, helped by higher electric margins, rate increases and a $0.08 per share benefit from a federal tax audit resolution. The company is shifting its strategy toward regulated utilities, with its utility business expected to provide the majority of earnings and capital investment in 2006 and 2007. Alliant plans to divest most non-regulated assets, including China, Mexico and New Zealand-related holdings, and sold its interest in the Duane Arnold Energy Center nuclear plant to FPL Group for about $329 million in net proceeds in January 2006. Capital expenditures are projected at $475 million for 2006 and $600 million for 2007, and the company plans roughly $1.0 billion of new generation additions from 2006 to 2013. The quarterly dividend was increased to $0.2875 per share from $0.2625. Key risks include fuel and purchased power cost recovery at WPL, where the company estimates about $40 million of under-collected 2005 fuel costs, coal delivery disruptions from railroad derailments, pending rate cases, Calpine's Chapter 11 filing affecting purchased power agreements, and the possibility that Alliant cannot generate enough capital gains to use its capital loss carryforwards. Alliant's credit ratings are in the BBB+ to A- range, with stable outlooks.
Mar 3, 2006
2004
Alliant Energy Annual Report, Year Ended Dec 31, 2004
Alliant Energy Corporation (filed as Alliant Energy Corporation, NYSE: LNT) reports consolidated 2004 operating revenues of $2,958.7 million and net income of $145.5 million, or $1.28 diluted EPS, versus $183.5 million ($1.81) in 2003. Income from continuing operations rose to $210.8 million ($1.85 per diluted share) from $156.0 million ($1.54), while the loss from discontinued operations of $65.3 million ($0.57 per share) drove the decline in reported net income. The company describes its domestic utility business (IPL and WPL) as its core business and primary source of earnings and cash flows; domestic utility income from continuing operations was $221.4 million in 2004 versus $197.2 million in 2003, aided by rate increases, a lower effective tax rate and weather-normalized sales growth, offset in part by extremely mild weather that management estimates reduced after-tax earnings by $22 to $25 million. The company is pursuing a strategy to streamline its portfolio: it is selling its nuclear interests (WPL's 41% of Kewaunee and IPL's 70% of Duane Arnold Energy Center), Illinois utility properties, and several non-regulated businesses, with proceeds expected for debt reduction. Alliant Energy's debt-to-total capitalization ratio was 48% at year-end, compared with 61% in early 2003, and its planned 1,600 MW domestic generation build-out by 2010 is in progress, including a 300 MW Sheboygan Falls facility expected to cost about $150 million. Risks highlighted in the filing include the outcome of an IRS Technical Advice Memorandum on exchangeable note interest deductions, Brazilian arbitration, China coal cost increases, and a Ottumwa Generating Station outage and Kewaunee shutdown in early 2005.
Mar 4, 2005
2003
Alliant Energy Annual Report, Year Ended Dec 31, 2003
Alliant Energy Corporation (LNT) reported 2003 net income of $183.5 million, or $1.81 per diluted share, up from $106.9 million ($1.18) in 2002, with operating revenues of $3.13 billion. Income from continuing operations was $159.7 million ($1.57 per diluted share) versus $87.5 million in 2002. The company describes domestic utility operations as its core business and sole growth platform under an updated strategic plan, and says it completed the November 2002 plan to strengthen its financial profile. That plan included asset sales (Australian, affordable housing and SmartEnergy businesses, and an IPO of over 94% of WPC stock), reducing debt by approximately $875 million in 2003, a $318 million common equity offering in July 2003, and a cut in the annual common dividend from $2.00 to $1.00 per share. Looking ahead, the company plans a domestic generation build-out of about 1,600 MW between 2004 and 2010, with expected capital expenditures of approximately $650 million over that period. Total construction and acquisition expenditures are estimated at $700 million for 2004 and $610 million for 2005. The Emery gas plant (550 MW, $400 million) is expected in service in late second quarter 2004, and the sale of WP&L's 41% interest in Kewaunee to Dominion is expected to be completed by fall 2004. Risks include the Brazil investments, a negative credit outlook from Standard & Poor's, the unresolved WP&L labor contract, and pending federal legislation that could repeal PUHCA.
Mar 11, 2004
2002
Alliant Energy Annual Report, Year Ended Dec 31, 2002
Alliant Energy Corporation's 2002 Form 10-K reports consolidated operating revenues of $2.61 billion and net income of $106.9 million, or $1.18 per diluted share, down from $2.14 per share in 2001. Income from continuing operations fell to $76.3 million ($0.84 per share) from $126.2 million, reflecting $0.46 per share of valuation charges in non-regulated businesses, a net loss of $47 million from Brazil investments, and higher interest expense. Domestic utility income rose slightly, with higher electric and gas margins largely offset by higher operating expenses and a higher effective tax rate. Total assets grew to $7.0 billion at year-end 2002, and long-term obligations net were $2.78 billion. In November 2002 the board approved five strategic actions to strengthen the balance sheet: exiting non-regulated businesses (Whiting oil and gas, Australian operations, and affordable housing), cutting the annual common dividend target from $2.00 to $1.00 per share starting in the first quarter of 2003, reducing 2002-2003 construction and acquisition spending by about $400 million, planning to raise $200 to $300 million of common equity in 2003, and adding cost controls. Management expects asset sales to strengthen liquidity by up to $800 million to $1 billion. In March 2003, the company agreed to sell its Australian investment to Meridian Energy for about $350 million, with after-tax net cash proceeds of approximately $165 million. Credit conditions weakened during the period. Moody's downgraded Alliant Energy's commercial paper to P-3 in January 2003, and the outlook for all entities is negative from Standard & Poor's. Financial covenants were met at December 31, 2002. The company also faces pending rate cases in Wisconsin and Iowa, a dispute with the Wisconsin DNR over Columbia Energy Center, and an ongoing lawsuit challenging Wisconsin's holding company law.
Mar 26, 2003
1999
Alliant Energy Annual Report, Year Ended Dec 31, 1999
Alliant Energy Corporation's 1999 combined Form 10-K (filed jointly with IES Utilities Inc. and Wisconsin Power and Light Company) reports net income of $196.6 million, or $2.51 per share, up from $96.7 million, or $1.26 per share, in 1998, which included $54 million of pre-tax merger-related expenses. Operating revenues were $2.20 billion. Results were helped by $40.3 million of pre-tax gains on sales of McLeodUSA stock, higher electric and gas margins, and lower operation and maintenance expenses. Utility earnings were $161.1 million ($2.06 per share) versus $109.5 million in 1998, and non-regulated Resources earned $37.8 million versus a $8.9 million loss. The balance sheet grew substantially, with total assets of $6.08 billion at year-end 1999 versus $4.96 billion, driven largely by the McLeodUSA investment, which was carried at $1.12 billion. Common equity rose to $2.16 billion. Management expects construction and acquisition expenditures of approximately $939 million in 2000, including about $484 million for international investments tied to the January 2000 Brazil acquisition, a roughly $347 million stake in four Brazilian electric utilities. The company also issued $402.5 million of exchangeable senior notes in February 2000, whose accounting can cause non-cash earnings swings tied to McLeodUSA's share price. Key regulatory and structural items include a four-year rate freeze following the 1998 merger, a proposed Iowa electric restructuring bill, planned formation of American Transmission Company, and a proposed merger of IES Utilities and Interstate Power Company into Interstate Power and Light Company. The filing also notes the 2000 earnings growth target of 4-6% from business operations.
Mar 29, 2000
1998-A
Alliant Energy Annual Report (Amendment), Year Ended Dec 31, 1998
This Form 10-K/A amendment, filed by Interstate Energy Corporation (now Alliant Energy Corporation) together with its subsidiaries IES Utilities Inc. and Wisconsin Power and Light Company, presents audited financial statements for fiscal year 1998. Interstate Energy reported 1998 operating revenues of $2.13 billion, down from $2.30 billion in 1997, and net income of $96.7 million, or $1.26 per share, compared with $144.6 million, or $1.90 per share, in 1997. The decline is attributed in the filing's figures to lower nonregulated and other revenues ($267.8 million versus $391.0 million) and to merger-related expenses recorded across 1998 quarters, which the notes describe as approximately $10 million, $35 million, $6 million and $3 million pre-tax. Operating income fell to $283.3 million from $336.4 million. The balance sheet shows total assets of $4.96 billion at December 31, 1998, and total common equity of $1.61 billion. Long-term debt, excluding current maturities, rose to $1.54 billion from $1.47 billion. Net cash flows from operating activities were $467.8 million in 1998. Investors should note the company's $320.3 million investment in McLeodUSA Inc., carried at fair value under available-for-sale accounting, and the impairment charges recorded in 1998 for oil and gas properties ($9.7 million) and regulatory assets ($9.0 million). The filing also notes that Whiting Petroleum changed its oil and gas accounting from the full cost to the successful efforts method, with prior periods restated. The subsidiaries' statements show IES Utilities Inc. net income of $61.9 million and Wisconsin Power and Light Company net income of $35.6 million for 1998. Note 17 discloses that shareowners approved renaming the corporation Alliant Energy Corporation, effective May 20, 1999.
Nov 1, 1999
1998
Alliant Energy Annual Report, Year Ended Dec 31, 1998
Interstate Energy Corporation (IEC), which is currently doing business as Alliant Energy Corporation, reported 1998 net income of $96.7 million, or $1.26 per share, down from $144.6 million, or $1.90 per share, in 1997. The results include $54 million of pre-tax merger-related charges tied to the April 21, 1998 merger of IES Industries, WPL Holdings and Interstate Power Company. Excluding those charges, the filing cites net income of $131.3 million, or $1.71 per share. Operating revenues were $2.13 billion in 1998 versus $2.30 billion in 1997, and the company's electric utility revenues rose to $1.57 billion. Nonregulated operations posted a net loss of about $8.9 million in 1998. The company's principal businesses are regulated electric and gas utilities in Iowa, Wisconsin, Minnesota and Illinois, operated through IES Utilities Inc., Wisconsin Power and Light Company and Interstate Power Company, plus nonregulated operations under Alliant Energy Resources. Earnings were pressured by higher purchased-power and transmission costs at WP&L, milder weather that cut retail gas sales by 15.7 percent, and lower oil and gas prices at Whiting Petroleum. Retail electricity sales volumes rose about 2 percent on economic growth. The McLeodUSA Inc. stock holding was valued at $320.3 million at year-end 1998, against a cost basis of $29.1 million. The filing also describes a four-year rate freeze on electric and gas prices tied to the merger, a federal court decision on March 16, 1999 upholding the SEC's approval of the merger, and ongoing state-level electric restructuring efforts in Iowa and Wisconsin. Capital expenditures for 1999 are estimated at about $495 million, and the company is pursuing an independent transmission company with Northern States Power Co.
Mar 31, 1999
1994-A
Alliant Energy Annual Report (Amendment), Year Ended Dec 31, 1994
WPL Holdings, Inc. (now Alliant Energy) filed this annual report on Form 10-K for the year ended December 31, 1994. The filing consists of the Item 14 exhibit index and financial statements for the company's employee benefit plans. It lists the company's consolidated financial statements for 1994, 1993 and 1992, which are included in Part II of the report, along with Schedules I and II. It also reports that the Form 8-K filings for the period are "None." The company's auditor for the plans was Arthur Andersen LLP, Milwaukee, dated April 12, 1995. The main financial information in this filing concerns the employee plans. The Wisconsin Power and Light Company Employee Stock Ownership Plan was terminated by the Board of Directors on September 21, 1994. Its final benefit payout on December 14, 1994 totaled $36,466,377, which represented all of the plan's remaining assets. Net assets available for benefits were $42,454,339 at December 31, 1993. Separately, the Employees' Retirement Savings Plan B was merged into Plan A effective December 31, 1994, with assets of $35,302,746 transferred. Plan A's net assets rose from $35,250,582 at December 31, 1993 to $94,310,165 at December 31, 1994, and its WPL Holdings, Inc. Common Stock Fund held $34,932,006 at year-end 1994. The exhibit index also covers corporate governance and compensation documents. These include the restated Articles of Incorporation, the By-Laws revised to February 23, 1994, a Rights Agreement dated February 22, 1989, several executive compensation and severance plans, a Financial Data Schedule (Exhibit 27), and the 1995 Proxy Statement for the annual meeting to be held May 17, 1995.
May 26, 1995
1994
Alliant Energy Annual Report, Year Ended Dec 31, 1994
WPL Holdings, Inc. is a Wisconsin holding company whose main subsidiary, Wisconsin Power and Light Company (WPL), is a public utility providing electric and natural gas service mainly in south and central Wisconsin. The other principal subsidiary, Heartland Development Corporation (HDC), runs nonregulated businesses in environmental engineering and consulting, affordable housing, and energy services. For 1994, the company reported operating revenues of $816.2 million, net income of $65.3 million, and earnings per share of $2.13, compared with $2.11 in 1993. Management said 1994 results were affected by two non-recurring items: a $5.3 million after-tax benefit from reversing a coal contract penalty and $13.7 million of pre-tax early retirement and severance costs. Excluding these items, earnings per share were $2.24 versus $2.15 in 1993. A major change for investors is the Wisconsin PSCW's rate order UR-109, effective January 1, 1995. It cut electric revenues by about $12.3 million annually and set an 11.5 percent allowed return on common equity. The order also eliminated the electric fuel adjustment clause and the automatic purchased gas adjustment clause, so WPL now benefits from fuel cost reductions but bears fuel cost increases. WPL must also keep a utility common equity level of 51.93 percent through 1996, and the PSCW must approve dividends above the $58.1 million forecast for 1995 if they would push that ratio below the target. Capital needs are significant. WPL's estimated construction and total capital requirements are $128.6 million in 1995 and $209.7 million in 1997. The company expects to finance part of these needs externally, including $40.5 million of additional equity and $65 million of long-term debt over the next three years. The Kewaunee nuclear plant (WPL owns 41 percent) has steam generator tube corrosion that could reduce its capacity by up to 20 percent by 2013, and the owners decided to continue operating the existing generators rather than replace them.
Mar 14, 1995
1993-A
Alliant Energy Annual Report (Amendment), Year Ended Dec 31, 1993
This annual report on Form 10-K from WPL Holdings, Inc. (now Alliant Energy), parent of Wisconsin Power and Light Company, covers the year ended December 31, 1993. Item 14 lists the consolidated financial statements for 1993, 1992 and 1991, including income, balance sheets, cash flows, capitalization and common shareowners' investment, along with financial statement schedules. It also lists the exhibits, which include the restated articles of incorporation, by-laws revised to January 1, 1993, executive compensation and benefit plans, a computation of the ratio of earnings to fixed charges and preferred dividend requirements, a list of subsidiaries, auditor consents, and the 1994 proxy statement. The company reports no Form 8-K filings during the period. Most of the filed text consists of audited financial statements for three employee benefit plans, each of which holds WPL Holdings common stock. The Wisconsin Power and Light Company Employee Stock Ownership Plan had net assets of $42,454,339 at December 31, 1993, versus $43,812,233 a year earlier, and held 1,291,387 WPL Holdings shares valued at $32.875 per share. Employees' Retirement Savings Plan A reported net assets of $35,250,582 (versus $29,493,802 in 1992), including WPL Holdings stock valued at $8,442,384. Plan B reported net assets of $30,516,185 (versus $25,342,511), including WPL Holdings stock valued at $6,783,015. Arthur Andersen & Co. audited the plan statements and issued unqualified opinions dated March 25, 1994. The filing also describes WPL Holdings' shareholder rights plan, declared in February 1989, which has an exercise price of $60.00 per share, becomes exercisable if a person or group acquires 20 percent or more of the outstanding shares, and expires February 22, 1999.
May 27, 1994
1993
Alliant Energy Annual Report, Year Ended Dec 31, 1993
WPL Holdings, Inc. is a Wisconsin holding company whose largest subsidiary, Wisconsin Power and Light Company (WP&L), is a public utility providing electric service to about 360,000 customers and gas service to about 136,000 customers in southern and central Wisconsin. Its nonregulated subsidiary, Heartland Development Corporation (HDC), is engaged in environmental engineering and consulting (RMT, Inc. and others), affordable housing and historic rehabilitation, and energy-related products and services. For 1993, operating revenues rose to $773 million from $673 million, net income increased to $63 million from $58 million, and earnings per share were $2.11 compared with $2.10 in 1992. Electric margin rose to $350.7 million from $329.9 million, driven by warmer summer weather and lower electric fuel costs per kilowatt-hour. The company's regulatory return on common equity for WP&L was reduced from 12.4 percent to 11.6 percent in the final PSCW retail rate order effective October 1, 1993, which authorized an annual electric rate increase of $15.6 million. Management plans to hold WP&L retail rates flat through 1996 in response to competitive pressures from regulatory change. Capital requirements are significant, with WP&L estimating total capital requirements of $154.8 million in 1994, and the company issued 1.65 million common shares in April 1993 for net proceeds of $56.7 million. Common equity rose to 47.9 percent of total capitalization at year-end 1993 from 44.2 percent a year earlier. Key risks flagged in the filing include the Wisconsin Supreme Court's decision on a 1989 coal contract assessment, whose financial impact management said cannot currently be determined, and a manufactured gas plant remediation program estimated at about $81 million over 35 years. The Kewaunee nuclear plant's steam generator tube corrosion may lead to a gradual power reduction of about 1 percent per year beginning as soon as 1995.
Feb 28, 1994
1992-A
Alliant Energy Annual Report (Amendment), Year Ended Dec 31, 1992
This Form 10-K/A (Amendment No. 1) for fiscal year 1992 of WPL Holdings, Inc. (now Alliant Energy) adds financial statements and schedules for three employee benefit plans of its subsidiary, Wisconsin Power and Light Company: the Employee Stock Ownership Plan (ESOP), Employees' Retirement Savings Plan A (salaried employees), and Employees' Retirement Savings Plan B (hourly employees). The amendment does not contain consolidated corporate financial statements or business discussion. The filing states that Arthur Andersen & Co. audited the plans and issued unqualified opinions dated April 23, 1993. The ESOP reported net assets available for benefits of $43,812,233 at December 31, 1992, up from $42,346,805 a year earlier. Nearly all of its assets were 1,293,353 shares of WPL Holdings common stock, valued at $33.875 per share at year-end. Its 1992 increase came from dividend income of $2,367,641 and unrealized appreciation of $795,904, offset by distributions to terminated participants of $1,698,117. Plan A's net assets were $29,493,802 at year-end 1992 versus $24,232,063 in 1991, and Plan B's were $25,342,511 versus $21,100,103. Plan A's total additions in 1992 were $5,727,351 and Plan B's were $5,275,051. For investors, the filing mainly shows the size of employee retirement savings tied to the company's stock. WPL Holdings common stock was a significant holding in both Plan A ($7,370,389) and Plan B ($5,510,478) at year-end 1992. The filing also notes that the shareowner purchase rights, with an exercise price of $60.00 per share, expire on February 22, 1999.
Feb 7, 1994