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Alliant Energy 8-K Report, Material Impairment (Jun 24, 2024)

Reports
Financial Events
Filing Date
Filed June 24, 2024
Period End
June 20, 2024
Security
LNT
In the record · 2016–202610-K1110-Q338-K136

LNT filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 136 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’18Dec ’18
  2. Leadership change8-K · Jan ’21Jan ’21
  3. Leadership change8-K · Jan ’23Jan ’23
  4. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed June 24, 2024. Cited figures are marked; the original filing is the authoritative source.

On June 20, 2024, Alliant Energy Corporation and its wholly-owned subsidiary Interstate Power and Light Company (IPL) concluded they will record a one-time charge for the three and six months ending June 30, 2024.

The charge stems from a non-unanimous settlement agreement reached with the Office of Consumer Advocate and the Iowa Business Energy Coalition in IPL's retail electric rate review. The filing discloses this under Item 2.06, Material Impairment. Under the settlement, IPL concluded that it is no longer probable it will earn a return on the regulatory asset for its retired coal-fired Lansing Generating Station from retail customers once final rates are implemented later in 2024.

The non-cash pre-tax charge is approximately $60 milliona, or approximately $45 million after tax, which equals approximately $0.17 per diluted share. Investors should note that the settlement agreement remains subject to approval by the Iowa Utilities Board.

02—Key points

Key Highlights

  1. Alliant Energy and IPL concluded on June 20, 2024 that they will incur a one-time charge for the three and six months ending June 30, 2024.
  2. The non-cash pre-tax charge is approximately $60 million.
  3. The after-tax charge is approximately $45 million, or approximately $0.17 per diluted share.
  4. The charge relates to the regulatory asset for IPL's retired coal-fired Lansing Generating Station, which IPL no longer expects to earn a return on from retail customers.
  5. The charge follows a non-unanimous settlement agreement with the Office of Consumer Advocate and the Iowa Business Energy Coalition in IPL's retail electric rate review.
  6. The settlement agreement is subject to approval by the Iowa Utilities Board.
  7. Final rates are expected to be implemented later in 2024.

03—Questions

Frequently Asked Questions

  1. What is the size of the charge and its effect on earnings per share?

    The non-cash pre-tax charge is approximately $60 million. After tax, the charge is approximately $45 million, or approximately $0.17 per diluted share.

  2. Why is the company recording this charge?

    Under the non-unanimous settlement agreement reached in IPL's retail electric rate review, IPL concluded that it is no longer probable it will earn a return on the regulatory asset for the retired Lansing Generating Station from retail customers when final rates are implemented later in 2024.

  3. Which periods will the charge affect?

    The charge will be recorded for the three and six months ending June 30, 2024.

  4. Is the settlement agreement final?

    No. The settlement agreement is subject to approval by the Iowa Utilities Board.

  5. Who are the parties to the settlement?

    The settlement is a non-unanimous agreement reached with the Office of Consumer Advocate and the Iowa Business Energy Coalition in IPL's retail electric rate review.

04—Continue

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