Commission | Name of Registrant, State of Incorporation, | IRS Employer |
File Number | Address of Principal Executive Offices and Telephone Number | Identification Number |
1-9894 | ALLIANT ENERGY CORPORATION | 39-1380265 |
(a Wisconsin corporation) | ||
4902 N. Biltmore Lane | ||
Madison, Wisconsin 53718 | ||
Telephone (608) 458-3311 | ||
1-4117 | INTERSTATE POWER AND LIGHT COMPANY | 42-0331370 |
(an Iowa corporation) | ||
Alliant Energy Tower | ||
Cedar Rapids, Iowa 52401 | ||
Telephone (319) 786-4411 | ||
0-337 | WISCONSIN POWER AND LIGHT COMPANY | 39-0714890 |
(a Wisconsin corporation) | ||
4902 N. Biltmore Lane | ||
Madison, Wisconsin 53718 | ||
Telephone (608) 458-3311 |
(a) | Not applicable. |
(b) | Not applicable. |
(c) | Not applicable. |
(d) | Exhibits. The following exhibits are being furnished herewith: |
Date: November 7, 2013 | By:/s/ Robert J. Durian |
Robert J. Durian | |
Controller and Chief Accounting Officer |
Date: November 7, 2013 | By:/s/ Robert J. Durian |
Robert J. Durian | |
Controller and Chief Accounting Officer |
Date: November 7, 2013 | By:/s/ Robert J. Durian |
Robert J. Durian | |
Controller and Chief Accounting Officer |
(99.1) | Alliant Energy Corporation press release dated November 7, 2013. |
Alliant Energy Corporation |
Corporate Headquarters |
4902 North Biltmore Lane |
Suite 1000 |
Madison, WI 53718-2148 |
www.alliantenergy.com |
FOR IMMEDIATE RELEASE | Media Contact: | Scott Reigstad (608) 458-3145 | ||
Investor Relations: | Susan Gille (608) 458-3956 |
Q3 2013 | Q3 2012 | ||||||
Utilities and Corporate Services | $1.56 | $1.45 | |||||
Non-regulated and Parent | (0.13 | ) | (0.11 | ) | |||
Alliant Energy Consolidated | $1.43 | $1.34 |
Q3 2013 | Q3 2012 | Variance | |||||||||
Utilities and Corporate Services: | |||||||||||
Lower capacity charges related to Riverside purchased power agreement | $— | ($0.15 | ) | $0.15 | |||||||
Estimated weather impact on electric sales | 0.07 | 0.20 | (0.13 | ) | |||||||
Lower income tax expense at IPL due to Iowa rate-making practices | 0.04 | ||||||||||
Higher depreciation expense (primarily related to the purchase of Riverside) | (0.04 | ) | |||||||||
Higher performance-based compensation expense | (0.07 | ) | (0.03 | ) | (0.04 | ) | |||||
Revenue requirement adjustment related to tax benefits at IPL | 0.03 | — | 0.03 | ||||||||
Lower energy conservation cost recovery amortizations at WPL | 0.03 | ||||||||||
Higher production tax credits | 0.03 | ||||||||||
Contract cancellation charge at IPL in 2012 | — | (0.02 | ) | 0.02 | |||||||
Other | 0.02 | ||||||||||
Total Utilities and Corporate Services | $0.11 | ||||||||||
Non-regulated and Parent: | |||||||||||
Electric and gas tax benefit riders impact at Parent (timing between quarters) | ($0.09 | ) | ($0.12 | ) | $0.03 | ||||||
Other effective tax rate adjustments at Parent (timing between quarters) | (0.05 | ) | (0.03 | ) | (0.02 | ) | |||||
Franklin County wind project | (0.02 | ) | — | (0.02 | ) | ||||||
Other | (0.01 | ) | |||||||||
Total Non-regulated and Parent | ($0.02 | ) |
Electric and gas | Q1-2013 | Q2-2013 | Q3-2013 | Q4-2013 | 2013 | ||||||||||||||
IPL | ($0.02 | ) | ($0.06 | ) | $0.17 | ($0.09 | ) | $— | |||||||||||
Parent | 0.02 | 0.03 | (0.09 | ) | 0.04 | — | |||||||||||||
$— | ($0.03 | ) | $0.08 | ($0.05 | ) | $— |
Electric | Q1-2012 | Q2-2012 | Q3-2012 | Q4-2012 | 2012 | ||||||||||||||
IPL | ($0.09 | ) | ($0.05 | ) | $0.18 | ($0.04 | ) | $— | |||||||||||
Parent | 0.06 | 0.04 | (0.12 | ) | 0.02 | — | |||||||||||||
($0.03 | ) | ($0.01 | ) | $0.06 | ($0.02 | ) | $— |
Revised | Previous | ||
Utilities and Corporate Services | $3.10 - $3.20 | $2.90 - $3.10 | |
Non-regulated and Parent | 0.05 - 0.10 | 0.05 - 0.15 | |
Alliant Energy Consolidated | $3.15 - $3.30 | $2.95 - $3.25 |
• | Stable economy and resulting implications on utility sales |
• | Normal weather and operating conditions in its utility service territories for the remainder of the year |
• | Continuing cost controls and operational efficiencies |
• | Execution of IPL’s and WPL’s capital expenditure plans |
• | Consolidated effective tax rate of 12% |
Utilities and Corporate Services | $3.20 - $3.40 |
Non-regulated and Parent | 0.05 - 0.15 |
Alliant Energy Consolidated | $3.25 - $3.55 |
• | Appropriate regulatory outcomes to allow IPL the ability to earn its authorized rate of return |
• | Ability of WPL to earn its authorized rate of return |
• | Stable economy and resulting implications on utility sales |
• | Normal weather and operating conditions in its utility service territories |
• | Continuing cost controls and operational efficiencies |
• | Execution of IPL’s and WPL’s capital expenditure plans |
• | Consolidated effective tax rate of 20% |
2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||
Utility business (a): | |||||||||||||||||||
Marshalltown Generating Station | $10 | $185 | $280 | $190 | $20 | ||||||||||||||
WPL generation investment | — | — | — | 45 | 245 | ||||||||||||||
Performance improvements | 35 | 70 | 25 | 45 | 35 | ||||||||||||||
Environmental | 300 | 185 | 145 | 140 | 65 | ||||||||||||||
Transmission network upgrades | 5 | 115 | 50 | 25 | — | ||||||||||||||
Other utility capital expenditures | 410 | 440 | 460 | 435 | 390 | ||||||||||||||
Total utility business | 760 | 995 | 960 | 880 | 755 | ||||||||||||||
Corporate Services (b) | 40 | 55 | 35 | 20 | 20 | ||||||||||||||
Other non-utility capital expenditures (b) | 30 | 10 | 5 | 5 | 5 | ||||||||||||||
$830 | $1,060 | $1,000 | $905 | $780 |
(a) | Cost estimates represent Alliant Energy’s estimated portion of total escalated construction expenditures and exclude allowance for funds used during construction (AFUDC), if applicable. |
(b) | Cost estimates represent total escalated construction expenditures and exclude capitalized interest. |
• | federal and state regulatory or governmental actions, including the impact of energy, tax, financial and health care legislation, and of regulatory agency orders; |
• | IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of operating costs, fuel costs, transmission costs, deferred expenditures, capital expenditures, and remaining costs related to generating units that may be permanently closed, earning their authorized rates of return, and the payments to their parent of expected levels of dividends; |
• | the ability to continue cost controls and operational efficiencies; |
• | the impact of WPL’s retail electric and gas base rate freeze in Wisconsin through 2014; |
• | weather effects on results of utility operations including impacts of temperature changes in IPL’s and WPL’s service territories on customers’ demand for electricity and gas; |
• | the impact of the economy in IPL’s and WPL’s service territories and the resulting impacts on sales volumes, margins and the ability to collect unpaid bills; |
• | the impact of energy efficiency, franchise retention and customer owned generation on sales volumes and margins; |
• | developments that adversely impact Alliant Energy’s, IPL’s and WPL’s ability to implement their strategic plan, including unanticipated issues with new emission controls equipment for various coal-fired electric generating facilities of IPL and WPL, IPL’s construction of its proposed natural gas-fired electric generating facility in Iowa, IPL’s and WPL’s transmission upgrade projects, WPL’s potential generation investment, Alliant Energy Resources, LLC’s selling price of the electricity output from its 100 megawatt Franklin County wind project, the potential decommissioning of certain generating facilities of IPL and WPL, and the pending sales of IPL’s electric and gas distribution assets in Minnesota; |
• | issues related to the availability of generating facilities and the supply and delivery of fuel and purchased electricity and the price thereof, including the ability to recover and to retain the recovery of purchased power, fuel and fuel-related costs through rates in a timely manner; |
• | the impact that price changes may have on IPL’s and WPL’s customers’ demand for utility services; |
• | issues associated with environmental remediation and environmental compliance, including compliance with the Consent Decree between WPL, the Sierra Club and the U.S. Environmental Protection Agency (EPA), future changes in environmental laws and regulations and litigation associated with environmental requirements; |
• | the ability to defend against environmental claims brought by state and federal agencies, such as the EPA, or third parties, such as the Sierra Club; |
• | the ability to recover through rates all environmental compliance and remediation costs, including costs for projects put on hold due to uncertainty of future environmental laws and regulations; |
• | the direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents; |
• | the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns; |
• | impacts of future tax benefits from deductions for repairs expenditures and mixed service costs and temporary differences from historical tax benefits from such deductions that are included in rates when the differences reverse in future periods; |
• | any material post-closing adjustments related to any past asset divestitures, including the sale of RMT, Inc.; |
• | continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies; |
• | inflation and interest rates; |
• | changes to the creditworthiness of counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters; |
• | issues related to electric transmission, including operating in Regional Transmission Organization (RTO) energy and ancillary services markets, the impacts of potential future billing adjustments and cost allocation changes from RTOs and recovery of costs incurred; |
• | unplanned outages, transmission constraints or operational issues impacting fossil or renewable generating facilities and risks related to recovery of resulting incremental costs through rates; |
• | any liabilities arising out of the alleged violation of the Employee Retirement Income Security Act of 1974 by the Alliant Energy Cash Balance Pension Plan and Alliant Energy’s ability to successfully pursue appropriate appeals with respect to any such liability; |
• | current or future litigation, regulatory investigations, proceedings or inquiries; |
• | Alliant Energy’s ability to sustain its dividend payout ratio goal; |
• | employee workforce factors, including changes in key executives, collective bargaining agreements and negotiations, work stoppages or restructurings; |
• | impacts that storms or natural disasters in IPL’s and WPL’s service territories, including floods, droughts and forest or prairie fires, may have on their operations and recovery of, and rate relief for, costs associated with restoration activities; |
• | the impact of distributed generation, including alternative electric suppliers, in IPL’s and WPL’s service territories on system reliability, operating expenses and customers’ demand for electricity; |
• | access to technological developments; |
• | material changes in retirement and benefit plan costs; |
• | the impact of performance-based compensation plans accruals; |
• | the effect of accounting pronouncements issued periodically by standard-setting bodies; |
• | the impact of changes to production tax credits for wind projects; |
• | the impact of adjustments made to deferred tax assets and liabilities from state apportionment assumptions; |
• | the ability to utilize tax credits and net operating losses generated to date, and those that may be generated in the future, before they expire; |
• | the ability to successfully complete tax audits, changes in tax accounting methods, including changes required by new tangible property regulations, and appeals with no material impact on earnings and cash flows; and |
• | factors listed in the “2013 Earnings Guidance” and “2014 Earnings Guidance” sections of this press release. |
EPS | Income (Loss) (in millions) | ||||||||||||||
Q3 2013 | Q3 2012 | Q3 2013 | Q3 2012 | ||||||||||||
IPL | $0.99 | $0.93 | $110.0 | $103.3 | |||||||||||
WPL | 0.55 | 0.51 | 61.3 | 55.9 | |||||||||||
Corporate Services | 0.02 | 0.01 | 1.8 | 1.3 | |||||||||||
Subtotal for Utilities and Corporate Services | 1.56 | 1.45 | 173.1 | 160.5 | |||||||||||
Non-regulated and Parent | (0.13 | ) | (0.11 | ) | (14.2 | ) | (11.5 | ) | |||||||
Earnings from continuing operations | 1.43 | 1.34 | 158.9 | 149.0 | |||||||||||
Earnings/(Loss) from discontinued operations | (0.01 | ) | 0.02 | (1.3 | ) | 1.7 | |||||||||
Alliant Energy Consolidated | $1.42 | $1.36 | $157.6 | $150.7 |
ALLIANT ENERGY CORPORATION | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||||
Operating revenues: | |||||||||||||||
Utility: | |||||||||||||||
Electric | $798.1 | $815.3 | $2,043.4 | $2,000.3 | |||||||||||
Gas | 39.8 | 46.8 | 310.5 | 263.9 | |||||||||||
Other | 17.4 | 12.2 | 52.4 | 39.7 | |||||||||||
Non-regulated | 11.3 | 13.3 | 37.9 | 39.7 | |||||||||||
866.6 | 887.6 | 2,444.2 | 2,343.6 | ||||||||||||
Operating expenses: | |||||||||||||||
Utility: | |||||||||||||||
Electric production fuel and energy purchases | 205.4 | 221.6 | 542.5 | 550.4 | |||||||||||
Purchased electric capacity | 58.6 | 84.0 | 167.6 | 216.2 | |||||||||||
Electric transmission service | 110.5 | 94.9 | 313.8 | 255.7 | |||||||||||
Cost of gas sold | 14.3 | 17.7 | 181.2 | 141.1 | |||||||||||
Other operation and maintenance | 156.3 | 144.7 | 453.7 | 432.6 | |||||||||||
Non-regulated operation and maintenance | 3.1 | 3.7 | 8.4 | 8.6 | |||||||||||
Depreciation and amortization | 92.1 | 83.6 | 277.4 | 247.4 | |||||||||||
Taxes other than income taxes | 24.9 | 23.7 | 74.3 | 73.5 | |||||||||||
665.2 | 673.9 | 2,018.9 | 1,925.5 | ||||||||||||
Operating income | 201.4 | 213.7 | 425.3 | 418.1 | |||||||||||
Interest expense and other: | |||||||||||||||
Interest expense | 42.5 | 38.3 | 127.6 | 115.8 | |||||||||||
Equity income from unconsolidated investments, net | (11.1 | ) | (10.4 | ) | (32.7 | ) | (30.4 | ) | |||||||
Allowance for funds used during construction | (8.5 | ) | (5.8 | ) | (21.1 | ) | (14.4 | ) | |||||||
Interest income and other | (0.6 | ) | (0.7 | ) | (1.7 | ) | (2.4 | ) | |||||||
22.3 | 21.4 | 72.1 | 68.6 | ||||||||||||
Income from continuing operations before income taxes | 179.1 | 192.3 | 353.2 | 349.5 | |||||||||||
Income taxes | 17.6 | 39.3 | 40.2 | 83.8 | |||||||||||
Income from continuing operations, net of tax | 161.5 | 153.0 | 313.0 | 265.7 | |||||||||||
Income (loss) from discontinued operations, net of tax | (1.3 | ) | 1.7 | (4.9 | ) | (2.3 | ) | ||||||||
Net income | 160.2 | 154.7 | 308.1 | 263.4 | |||||||||||
Preferred dividend requirements of subsidiaries | 2.6 | 4.0 | 15.3 | 11.9 | |||||||||||
Net income attributable to Alliant Energy common shareowners | $157.6 | $150.7 | $292.8 | $251.5 |
ALLIANT ENERGY CORPORATION | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
September 30, 2013 | December 31, 2012 | ||||||
(in millions) | |||||||
ASSETS: | |||||||
Property, plant and equipment: | |||||||
Utility plant in service, net of accumulated depreciation | $6,962.1 | $6,942.3 | |||||
Utility construction work in progress | 702.2 | 418.8 | |||||
Other property, plant and equipment, net of accumulated depreciation | 477.1 | 476.9 | |||||
Current assets: | |||||||
Cash and cash equivalents | 17.7 | 21.2 | |||||
Other current assets | 862.4 | 973.1 | |||||
Investments | 324.7 | 319.0 | |||||
Other assets | 1,635.0 | 1,634.2 | |||||
Total assets | $10,981.2 | $10,785.5 | |||||
CAPITALIZATION AND LIABILITIES: | |||||||
Capitalization: | |||||||
Alliant Energy Corporation common equity | $3,266.7 | $3,134.9 | |||||
Cumulative preferred stock of subsidiaries, net | 200.0 | 205.1 | |||||
Noncontrolling interest | 1.8 | 1.8 | |||||
Long-term debt, net (excluding current portion) | 3,104.8 | 3,136.6 | |||||
Total capitalization | 6,573.3 | 6,478.4 | |||||
Current liabilities: | |||||||
Current maturities of long-term debt | 48.4 | 1.5 | |||||
Commercial paper | 237.3 | 217.5 | |||||
Other current liabilities | 767.1 | 801.0 | |||||
Other long-term liabilities and deferred credits | 3,355.1 | 3,287.1 | |||||
Total capitalization and liabilities | $10,981.2 | $10,785.5 |
ALLIANT ENERGY CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2013 | 2012 | ||||||
(in millions) | |||||||
Cash flows from operating activities | $643.1 | $600.3 | |||||
Cash flows used for investing activities: | |||||||
Construction and acquisition expenditures: | |||||||
Utility business | (524.4 | ) | (412.7 | ) | |||
Alliant Energy Corporate Services, Inc. and non-regulated businesses | (35.9 | ) | (106.3 | ) | |||
Proceeds from Franklin County wind project cash grant | 62.4 | — | |||||
Other | (15.3 | ) | 1.3 | ||||
Net cash flows used for investing activities | (513.2 | ) | (517.7 | ) | |||
Cash flows used for financing activities: | |||||||
Common stock dividends | (156.2 | ) | (149.6 | ) | |||
Proceeds from issuance of preferred stock | 200.0 | — | |||||
Payments to redeem preferred stock | (211.0 | ) | — | ||||
Proceeds from issuance of long-term debt | — | 75.0 | |||||
Net change in commercial paper | 34.8 | 17.6 | |||||
Other | (1.0 | ) | 4.1 | ||||
Net cash flows used for financing activities | (133.4 | ) | (52.9 | ) | |||
Net increase (decrease) in cash and cash equivalents | (3.5 | ) | 29.7 | ||||
Cash and cash equivalents at beginning of period | 21.2 | 11.4 | |||||
Cash and cash equivalents at end of period | $17.7 | $41.1 |
September 30, 2013 | September 30, 2012 | ||||||
Common shares outstanding (000s) | 110,944 | 110,987 | |||||
Book value per share | $29.44 | $28.08 | |||||
Quarterly common dividend rate per share | $0.47 | $0.45 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Utility electric sales (000s of MWh) | |||||||||||||||
Residential | 2,133 | 2,290 | 5,880 | 5,887 | |||||||||||
Commercial | 1,760 | 1,762 | 4,808 | 4,811 | |||||||||||
Industrial | 2,947 | 3,020 | 8,531 | 8,699 | |||||||||||
Retail subtotal | 6,840 | 7,072 | 19,219 | 19,397 | |||||||||||
Sales for resale: | |||||||||||||||
Wholesale | 966 | 987 | 2,683 | 2,522 | |||||||||||
Bulk power and other | 233 | 371 | 669 | 818 | |||||||||||
Other | 29 | 37 | 112 | 111 | |||||||||||
Total | 8,068 | 8,467 | 22,683 | 22,848 | |||||||||||
Utility retail electric customers (at September 30) | |||||||||||||||
Residential | 846,687 | 843,672 | |||||||||||||
Commercial | 138,495 | 137,485 | |||||||||||||
Industrial | 2,833 | 2,847 | |||||||||||||
Total | 988,015 | 984,004 | |||||||||||||
Utility gas sold and transported (000s of Dth) | |||||||||||||||
Residential | 1,405 | 1,542 | 19,668 | 14,830 | |||||||||||
Commercial | 1,736 | 1,797 | 13,888 | 11,183 | |||||||||||
Industrial | 679 | 618 | 2,315 | 2,033 | |||||||||||
Retail subtotal | 3,820 | 3,957 | 35,871 | 28,046 | |||||||||||
Transportation / other | 15,385 | 16,295 | 44,879 | 43,303 | |||||||||||
Total | 19,205 | 20,252 | 80,750 | 71,349 | |||||||||||
Utility retail gas customers (at September 30) | |||||||||||||||
Residential | 368,795 | 366,543 | |||||||||||||
Commercial | 45,491 | 45,263 | |||||||||||||
Industrial | 439 | 455 | |||||||||||||
Total | 414,725 | 412,261 | |||||||||||||
Estimated margin increases (decreases) from impacts of weather (in millions) - | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Electric margins | $13 | $36 | $19 | $37 | |||||||||||
Gas margins | — | 1 | 2 | (11 | ) | ||||||||||
Total weather impact on margins | $13 | $37 | $21 | $26 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | Normal (a) | 2013 | 2012 | Normal (a) | ||||||||||||
Cooling degree days (CDDs) (a) | |||||||||||||||||
Cedar Rapids, Iowa (IPL) | 619 | 699 | 507 | 865 | 1,044 | 729 | |||||||||||
Madison, Wisconsin (WPL) | 517 | 731 | 442 | 707 | 1,067 | 618 | |||||||||||
Heating degree days (HDDs) (a) | |||||||||||||||||
Cedar Rapids, Iowa (IPL) | 99 | 218 | 146 | 4,395 | 3,420 | 4,271 | |||||||||||
Madison, Wisconsin (WPL) | 157 | 212 | 183 | 4,799 | 3,581 | 4,530 |