x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number | Name of Registrant, State of Incorporation, Address of Principal Executive Offices and Telephone Number | IRS Employer Identification Number | ||
1-9894 | ALLIANT ENERGY CORPORATION | 39-1380265 | ||
(a Wisconsin corporation) | ||||
4902 N. Biltmore Lane | ||||
Madison, Wisconsin 53718 | ||||
Telephone (608) 458-3311 | ||||
1-4117 | INTERSTATE POWER AND LIGHT COMPANY | 42-0331370 | ||
(an Iowa corporation) | ||||
Alliant Energy Tower | ||||
Cedar Rapids, Iowa 52401 | ||||
Telephone (319) 786-4411 | ||||
0-337 | WISCONSIN POWER AND LIGHT COMPANY | 39-0714890 | ||
(a Wisconsin corporation) | ||||
4902 N. Biltmore Lane | ||||
Madison, Wisconsin 53718 | ||||
Telephone (608) 458-3311 |
Large Accelerated Filer | Accelerated Filer | Non-accelerated Filer | Smaller Reporting Company Filer | ||||
Alliant Energy Corporation | x | ||||||
Interstate Power and Light Company | x | ||||||
Wisconsin Power and Light Company | x |
Alliant Energy Corporation | Common stock, $0.01 par value, 110,937,182 shares outstanding |
Interstate Power and Light Company | Common stock, $2.50 par value, 13,370,788 shares outstanding (all of which are owned beneficially and of record by Alliant Energy Corporation) |
Wisconsin Power and Light Company | Common stock, $5 par value, 13,236,601 shares outstanding (all of which are owned beneficially and of record by Alliant Energy Corporation) |
Page | |
Alliant Energy Corporation: | |
Interstate Power and Light Company: | |
Wisconsin Power and Light Company: | |
Page | |
Abbreviation or Acronym | Definition | |
2013 Form 10-K | Combined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, 2013 | |
AFUDC | Allowance for funds used during construction | |
Alliant Energy | Alliant Energy Corporation | |
AROs | Asset retirement obligations | |
ATC | American Transmission Company LLC | |
ATI | AE Transco Investments, LLC | |
CAA | Clean Air Act | |
CAIR | Clean Air Interstate Rule | |
CEO | Chief Executive Officer | |
CFO | Chief Financial Officer | |
Columbia | Columbia Energy Center | |
Corporate Services | Alliant Energy Corporate Services, Inc. | |
Court | U.S. District Court for the Western District of Wisconsin | |
CRANDIC | Cedar Rapids and Iowa City Railway Company | |
CSAPR | Cross-State Air Pollution Rule | |
CWIP | Construction work in progress | |
DAEC | Duane Arnold Energy Center | |
D.C. Circuit Court | U.S. Court of Appeals for the D.C. Circuit | |
DCP | Deferred Compensation Plan | |
Dth | Dekatherm | |
Edgewater | Edgewater Generating Station | |
EGU | Electric generating unit | |
EPA | U.S. Environmental Protection Agency | |
EPB | Emissions Plan and Budget | |
EPS | Earnings per weighted average common share | |
FERC | Federal Energy Regulatory Commission | |
Financial Statements | Condensed Consolidated Financial Statements | |
FTR | Financial transmission right | |
Fuel-related | Electric production fuel and energy purchases | |
GAAP | U.S. generally accepted accounting principles | |
GHG | Greenhouse gases | |
HDD | Heating degree days | |
IPL | Interstate Power and Light Company | |
IPO | Initial public offering | |
ITC | ITC Midwest LLC | |
IUB | Iowa Utilities Board | |
Jo-Carroll | Jo-Carroll Energy, Inc. | |
Kewaunee | Kewaunee Nuclear Power Plant | |
MDA | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
MGP | Manufactured gas plant | |
MidAmerican | MidAmerican Energy Company | |
MISO | Midcontinent Independent System Operator, Inc. | |
MPUC | Minnesota Public Utilities Commission | |
MW | Megawatt | |
MWh | Megawatt-hour | |
NAAQS | National Ambient Air Quality Standards |
Abbreviation or Acronym | Definition | |
Nelson Dewey | Nelson Dewey Generating Station | |
Note(s) | Combined Notes to Condensed Consolidated Financial Statements | |
NOx | Nitrogen oxide | |
OPEB | Other postretirement benefits | |
PJM | PJM Interconnection, LLC | |
PPA | Purchased power agreement | |
PSCW | Public Service Commission of Wisconsin | |
PSD | Prevention of Significant Deterioration | |
Receivables Agreement | Receivables Purchase and Sale Agreement | |
Resources | Alliant Energy Resources, LLC | |
RMT | RMT, Inc. | |
RTO | Regional Transmission Organization | |
SCR | Selective catalytic reduction | |
SIP | State implementation plan | |
SO2 | Sulfur dioxide | |
SSR | System Support Resource | |
TransData | TransData, Inc. | |
U.S. | United States of America | |
Whiting Petroleum | Whiting Petroleum Corporation | |
WPL | Wisconsin Power and Light Company | |
WPL Transco | WPL Transco, LLC | |
XBRL | Extensible Business Reporting Language |
• | federal and state regulatory or governmental actions, including the impact of energy, tax, financial and health care legislation, and of regulatory agency orders; |
• | IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of fuel costs, operating costs, transmission costs, deferred expenditures, capital expenditures, and remaining costs related to EGUs that may be permanently closed, earning their authorized rates of return, and the payments to their parent of expected levels of dividends; |
• | the ability to continue cost controls and operational efficiencies; |
• | the impact of IPL’s proposed retail electric base rate freeze in Iowa during 2014 through 2016; |
• | the impact of WPL’s proposed retail electric and gas base rate freeze in Wisconsin during 2015 and 2016; |
• | weather effects on results of utility operations, including impacts of temperature changes in IPL’s and WPL’s service territories on customers’ demand for electricity and gas; |
• | the impact of the economy in IPL’s and WPL’s service territories and the resulting impacts on sales volumes, margins and the ability to collect unpaid bills; |
• | the impact of 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 EGUs of IPL and WPL, IPL’s construction of its natural gas-fired EGU in Iowa, WPL’s potential generation investment, Resources’ selling price of the electricity output from its Franklin County wind project, the potential decommissioning of certain EGUs of IPL and WPL, and the proposed sales of IPL’s electric and gas distribution assets in Minnesota; |
• | issues related to the availability of EGUs 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; |
• | 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; |
• | issues associated with environmental remediation and environmental compliance, including compliance with the Consent Decree between WPL, the Sierra Club and the EPA, future changes in environmental laws and regulations, 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; |
• | impacts that storms or natural disasters in IPL’s and WPL’s service territories may have on their operations and recovery of, and rate relief for, costs associated with restoration activities; |
• | the direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents; |
• | the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns; |
• | impacts of future tax benefits from deductions for repairs expenditures and allocation of 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; |
• | 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 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 EGUs and risks related to recovery of resulting incremental costs through rates; |
• | current or future litigation, regulatory investigations, proceedings or inquiries; |
• | Alliant Energy’s ability to sustain its dividend payout ratio goal; |
• | employee workforce factors, including changes in key executives, collective bargaining agreements and negotiations, work stoppages or restructurings; |
• | access to technological developments; |
• | 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 MDA and Risk Factors in Item 1A in the 2013 Form 10-K. |
For the Three Months | |||||||
Ended March 31, | |||||||
2014 | 2013 | ||||||
(in millions, except per share amounts) | |||||||
Operating revenues: | |||||||
Utility: | |||||||
Electric | $675.8 | $633.2 | |||||
Gas | 240.7 | 197.3 | |||||
Other | 22.8 | 17.2 | |||||
Non-regulated | 13.5 | 11.9 | |||||
Total operating revenues | 952.8 | 859.6 | |||||
Operating expenses: | |||||||
Utility: | |||||||
Electric production fuel and energy purchases | 213.9 | 179.1 | |||||
Purchased electric capacity | 24.8 | 57.0 | |||||
Electric transmission service | 114.1 | 103.7 | |||||
Cost of gas sold | 161.9 | 128.0 | |||||
Other operation and maintenance | 161.0 | 150.2 | |||||
Non-regulated operation and maintenance | 1.3 | 2.2 | |||||
Depreciation and amortization | 95.5 | 92.6 | |||||
Taxes other than income taxes | 26.1 | 26.1 | |||||
Total operating expenses | 798.6 | 738.9 | |||||
Operating income | 154.2 | 120.7 | |||||
Interest expense and other: | |||||||
Interest expense | 45.2 | 42.6 | |||||
Equity income from unconsolidated investments, net | (11.4 | ) | (10.7 | ) | |||
Allowance for funds used during construction | (9.1 | ) | (5.6 | ) | |||
Interest income and other | (1.7 | ) | (0.8 | ) | |||
Total interest expense and other | 23.0 | 25.5 | |||||
Income from continuing operations before income taxes | 131.2 | 95.2 | |||||
Income taxes | 20.6 | 12.1 | |||||
Income from continuing operations, net of tax | 110.6 | 83.1 | |||||
Loss from discontinued operations, net of tax | — | (3.0 | ) | ||||
Net income | 110.6 | 80.1 | |||||
Preferred dividend requirements of subsidiaries | 2.6 | 10.2 | |||||
Net income attributable to Alliant Energy common shareowners | $108.0 | $69.9 | |||||
Weighted average number of common shares outstanding (basic and diluted) | 110.8 | 110.8 | |||||
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted): | |||||||
Income from continuing operations, net of tax | $0.97 | $0.66 | |||||
Loss from discontinued operations, net of tax | — | (0.03 | ) | ||||
Net income | $0.97 | $0.63 | |||||
Amounts attributable to Alliant Energy common shareowners: | |||||||
Income from continuing operations, net of tax | $108.0 | $72.9 | |||||
Loss from discontinued operations, net of tax | — | (3.0 | ) | ||||
Net income attributable to Alliant Energy common shareowners | $108.0 | $69.9 | |||||
Dividends declared per common share | $0.51 | $0.47 |
March 31, 2014 | December 31, 2013 | ||||||
(in millions) | |||||||
ASSETS | |||||||
Property, plant and equipment: | |||||||
Utility: | |||||||
Electric plant | $9,510.8 | $9,415.7 | |||||
Gas plant | 918.8 | 909.9 | |||||
Other plant | 550.8 | 547.9 | |||||
Accumulated depreciation | (3,789.5 | ) | (3,726.2 | ) | |||
Net plant | 7,190.9 | 7,147.3 | |||||
Construction work in progress: | |||||||
Columbia Energy Center Units 1 and 2 emission controls (WPL) | 274.6 | 265.0 | |||||
Ottumwa Generating Station Unit 1 emission controls (IPL) | 144.0 | 135.1 | |||||
George Neal Generating Station Unit 3 emission controls (IPL) | 59.6 | 54.6 | |||||
Other | 252.2 | 223.2 | |||||
Other, less accumulated depreciation | 22.3 | 22.3 | |||||
Total utility | 7,943.6 | 7,847.5 | |||||
Non-regulated and other: | |||||||
Non-regulated Generation, less accumulated depreciation | 247.2 | 249.4 | |||||
Alliant Energy Corporate Services, Inc. and other, less accumulated depreciation | 235.4 | 229.6 | |||||
Total non-regulated and other | 482.6 | 479.0 | |||||
Total property, plant and equipment | 8,426.2 | 8,326.5 | |||||
Current assets: | |||||||
Cash and cash equivalents | 14.5 | 9.8 | |||||
Accounts receivable, less allowance for doubtful accounts: | |||||||
Customer | 106.6 | 81.8 | |||||
Unbilled utility revenues | 78.3 | 92.3 | |||||
Other | 311.7 | 299.2 | |||||
Production fuel, at weighted average cost | 68.8 | 103.6 | |||||
Materials and supplies, at weighted average cost | 72.1 | 69.6 | |||||
Gas stored underground, at weighted average cost | 10.1 | 38.6 | |||||
Regulatory assets | 64.4 | 53.9 | |||||
Other | 209.7 | 262.4 | |||||
Total current assets | 936.2 | 1,011.2 | |||||
Investments: | |||||||
Investment in American Transmission Company LLC | 276.9 | 272.1 | |||||
Other | 56.0 | 57.5 | |||||
Total investments | 332.9 | 329.6 | |||||
Other assets: | |||||||
Regulatory assets | 1,352.9 | 1,359.3 | |||||
Deferred charges and other | 68.6 | 85.8 | |||||
Total other assets | 1,421.5 | 1,445.1 | |||||
Total assets | $11,116.8 | $11,112.4 |
ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Continued) | |||||||
March 31, 2014 | December 31, 2013 | ||||||
(in millions, except per share and share amounts) | |||||||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization: | |||||||
Alliant Energy Corporation common equity: | |||||||
Common stock - $0.01 par value - 240,000,000 shares authorized; 110,937,182 and 110,943,669 shares outstanding | $1.1 | $1.1 | |||||
Additional paid-in capital | 1,506.4 | 1,507.8 | |||||
Retained earnings | 1,832.2 | 1,780.7 | |||||
Accumulated other comprehensive loss | (0.2 | ) | (0.2 | ) | |||
Shares in deferred compensation trust - 224,076 and 227,469 shares at a weighted average cost of $35.89 and $35.25 per share | (8.0 | ) | (8.0 | ) | |||
Total Alliant Energy Corporation common equity | 3,331.5 | 3,281.4 | |||||
Cumulative preferred stock of Interstate Power and Light Company | 200.0 | 200.0 | |||||
Noncontrolling interest | 1.7 | 1.8 | |||||
Total equity | 3,533.2 | 3,483.2 | |||||
Long-term debt, net (excluding current portion) | 2,980.6 | 2,977.8 | |||||
Total capitalization | 6,513.8 | 6,461.0 | |||||
Current liabilities: | |||||||
Current maturities of long-term debt | 358.8 | 358.5 | |||||
Commercial paper | 221.3 | 279.4 | |||||
Accounts payable | 388.1 | 365.0 | |||||
Regulatory liabilities | 224.5 | 196.6 | |||||
Other | 191.5 | 233.8 | |||||
Total current liabilities | 1,384.2 | 1,433.3 | |||||
Other long-term liabilities and deferred credits: | |||||||
Deferred income tax liabilities | 2,141.7 | 2,112.7 | |||||
Regulatory liabilities | 611.9 | 624.9 | |||||
Pension and other benefit obligations | 203.0 | 206.6 | |||||
Other | 262.2 | 273.9 | |||||
Total long-term liabilities and deferred credits | 3,218.8 | 3,218.1 | |||||
Commitments and contingencies (Note 13) | |||||||
Total capitalization and liabilities | $11,116.8 | $11,112.4 |
For the Three Months | |||||||
Ended March 31, | |||||||
2014 | 2013 | ||||||
(in millions) | |||||||
Cash flows from operating activities: | |||||||
Net income | $110.6 | $80.1 | |||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 95.5 | 92.6 | |||||
Other amortizations | 15.1 | 9.7 | |||||
Deferred taxes and investment tax credits | 35.9 | 22.5 | |||||
Equity income from unconsolidated investments, net | (11.4 | ) | (10.7 | ) | |||
Distributions from equity method investments | 9.4 | 8.9 | |||||
Other | (7.2 | ) | (3.6 | ) | |||
Other changes in assets and liabilities: | |||||||
Accounts receivable | (55.6 | ) | (12.9 | ) | |||
Sales of accounts receivable | 46.0 | (30.0 | ) | ||||
Production fuel | 34.8 | 3.3 | |||||
Gas stored underground | 28.5 | 28.7 | |||||
Regulatory assets | (20.7 | ) | 19.9 | ||||
Accounts payable | 25.4 | 1.5 | |||||
Derivative liabilities | (11.8 | ) | (23.3 | ) | |||
Other | (0.9 | ) | 11.9 | ||||
Net cash flows from operating activities | 293.6 | 198.6 | |||||
Cash flows used for investing activities: | |||||||
Construction and acquisition expenditures: | |||||||
Utility business | (159.0 | ) | (153.2 | ) | |||
Alliant Energy Corporate Services, Inc. and non-regulated businesses | (14.0 | ) | (14.1 | ) | |||
Proceeds from Franklin County wind project cash grant | — | 62.4 | |||||
Other | (3.8 | ) | (14.8 | ) | |||
Net cash flows used for investing activities | (176.8 | ) | (119.7 | ) | |||
Cash flows used for financing activities: | |||||||
Common stock dividends | (56.5 | ) | (52.2 | ) | |||
Preferred dividends paid by subsidiaries | (2.6 | ) | (3.8 | ) | |||
Payments to redeem cumulative preferred stock of IPL and WPL | — | (211.0 | ) | ||||
Proceeds from issuance of cumulative preferred stock of IPL | — | 200.0 | |||||
Net change in commercial paper | (58.1 | ) | 10.9 | ||||
Other | 5.1 | 9.4 | |||||
Net cash flows used for financing activities | (112.1 | ) | (46.7 | ) | |||
Net increase in cash and cash equivalents | 4.7 | 32.2 | |||||
Cash and cash equivalents at beginning of period | 9.8 | 21.2 | |||||
Cash and cash equivalents at end of period | $14.5 | $53.4 | |||||
Supplemental cash flows information: | |||||||
Cash paid (refunded) during the period for: | |||||||
Interest, net of capitalized interest | $41.4 | $43.5 | |||||
Income taxes, net of refunds | ($3.9 | ) | $2.3 | ||||
Significant non-cash investing and financing activities: | |||||||
Accrued capital expenditures | $85.9 | $99.5 |
For the Three Months | |||||||
Ended March 31, | |||||||
2014 | 2013 | ||||||
(in millions) | |||||||
Operating revenues: | |||||||
Electric utility | $374.2 | $350.2 | |||||
Gas utility | 135.7 | 114.3 | |||||
Steam and other | 19.0 | 13.4 | |||||
Total operating revenues | 528.9 | 477.9 | |||||
Operating expenses: | |||||||
Electric production fuel and energy purchases | 115.2 | 96.7 | |||||
Purchased electric capacity | 24.8 | 41.4 | |||||
Electric transmission service | 83.6 | 74.6 | |||||
Cost of gas sold | 88.1 | 72.1 | |||||
Other operation and maintenance | 97.2 | 90.5 | |||||
Depreciation and amortization | 48.7 | 47.6 | |||||
Taxes other than income taxes | 13.8 | 13.9 | |||||
Total operating expenses | 471.4 | 436.8 | |||||
Operating income | 57.5 | 41.1 | |||||
Interest expense and other: | |||||||
Interest expense | 22.5 | 19.6 | |||||
Allowance for funds used during construction | (6.0 | ) | (3.8 | ) | |||
Interest income and other | — | (0.1 | ) | ||||
Total interest expense and other | 16.5 | 15.7 | |||||
Income before income taxes | 41.0 | 25.4 | |||||
Income tax benefit | (5.0 | ) | (6.1 | ) | |||
Net income | 46.0 | 31.5 | |||||
Preferred dividend requirements | 2.6 | 8.6 | |||||
Earnings available for common stock | $43.4 | $22.9 |
March 31, 2014 | December 31, 2013 | ||||||
(in millions) | |||||||
ASSETS | |||||||
Property, plant and equipment: | |||||||
Electric plant | $5,089.0 | $5,034.9 | |||||
Gas plant | 463.5 | 456.8 | |||||
Steam and other plant | 304.3 | 302.8 | |||||
Accumulated depreciation | (2,055.5 | ) | (2,025.3 | ) | |||
Net plant | 3,801.3 | 3,769.2 | |||||
Construction work in progress: | |||||||
Ottumwa Generating Station Unit 1 emission controls | 144.0 | 135.1 | |||||
George Neal Generating Station Unit 3 emission controls | 59.6 | 54.6 | |||||
Other | 168.1 | 156.7 | |||||
Other, less accumulated depreciation | 21.3 | 21.2 | |||||
Total property, plant and equipment | 4,194.3 | 4,136.8 | |||||
Current assets: | |||||||
Cash and cash equivalents | 5.8 | 4.4 | |||||
Accounts receivable, less allowance for doubtful accounts | 257.5 | 246.9 | |||||
Production fuel, at weighted average cost | 54.6 | 75.6 | |||||
Materials and supplies, at weighted average cost | 40.6 | 39.4 | |||||
Gas stored underground, at weighted average cost | 5.6 | 18.9 | |||||
Regulatory assets | 26.6 | 28.5 | |||||
Other | 106.6 | 122.2 | |||||
Total current assets | 497.3 | 535.9 | |||||
Investments | 18.6 | 18.6 | |||||
Other assets: | |||||||
Regulatory assets | 1,091.4 | 1,085.0 | |||||
Deferred charges and other | 29.0 | 29.7 | |||||
Total other assets | 1,120.4 | 1,114.7 | |||||
Total assets | $5,830.6 | $5,806.0 |
INTERSTATE POWER AND LIGHT COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Continued) | |||||||
March 31, 2014 | December 31, 2013 | ||||||
(in millions, except per share and share amounts) | |||||||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization: | |||||||
Interstate Power and Light Company common equity: | |||||||
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding | $33.4 | $33.4 | |||||
Additional paid-in capital | 1,182.8 | 1,152.8 | |||||
Retained earnings | 501.9 | 493.5 | |||||
Total Interstate Power and Light Company common equity | 1,718.1 | 1,679.7 | |||||
Cumulative preferred stock | 200.0 | 200.0 | |||||
Total equity | 1,918.1 | 1,879.7 | |||||
Long-term debt, net (excluding current portion) | 1,520.2 | 1,520.0 | |||||
Total capitalization | 3,438.3 | 3,399.7 | |||||
Current liabilities: | |||||||
Current maturities of long-term debt | 38.4 | 38.4 | |||||
Accounts payable | 214.7 | 187.1 | |||||
Accounts payable to associated companies | 0.3 | 29.1 | |||||
Regulatory liabilities | 155.2 | 143.8 | |||||
Accrued taxes | 37.4 | 51.1 | |||||
Other | 61.9 | 74.8 | |||||
Total current liabilities | 507.9 | 524.3 | |||||
Other long-term liabilities and deferred credits: | |||||||
Deferred income tax liabilities | 1,216.0 | 1,193.0 | |||||
Regulatory liabilities | 448.8 | 471.1 | |||||
Pension and other benefit obligations | 47.9 | 48.6 | |||||
Other | 171.7 | 169.3 | |||||
Total other long-term liabilities and deferred credits | 1,884.4 | 1,882.0 | |||||
Commitments and contingencies (Note 13) | |||||||
Total capitalization and liabilities | $5,830.6 | $5,806.0 |
For the Three Months | |||||||
Ended March 31, | |||||||
2014 | 2013 | ||||||
(in millions) | |||||||
Cash flows from operating activities: | |||||||
Net income | $46.0 | $31.5 | |||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 48.7 | 47.6 | |||||
Deferred tax expense (benefit) and investment tax credits | 12.4 | (10.7 | ) | ||||
Other | (2.3 | ) | (0.7 | ) | |||
Other changes in assets and liabilities: | |||||||
Accounts receivable | (48.9 | ) | (34.7 | ) | |||
Sales of accounts receivable | 46.0 | (30.0 | ) | ||||
Production fuel | 21.0 | 0.8 | |||||
Accounts payable | 28.8 | 8.1 | |||||
Accounts payable to associated companies | (28.8 | ) | 8.1 | ||||
Regulatory liabilities | (9.0 | ) | 14.7 | ||||
Deferred income taxes | 20.3 | 23.4 | |||||
Other | (28.6 | ) | 7.1 | ||||
Net cash flows from operating activities | 105.6 | 65.2 | |||||
Cash flows used for investing activities: | |||||||
Utility construction and acquisition expenditures | (91.1 | ) | (77.5 | ) | |||
Other | (5.5 | ) | (5.7 | ) | |||
Net cash flows used for investing activities | (96.6 | ) | (83.2 | ) | |||
Cash flows from (used for) financing activities: | |||||||
Common stock dividends | (35.0 | ) | (31.6 | ) | |||
Preferred stock dividends | (2.6 | ) | (3.2 | ) | |||
Capital contributions from parent | 30.0 | 30.0 | |||||
Payments to redeem cumulative preferred stock | — | (150.0 | ) | ||||
Proceeds from issuance of cumulative preferred stock | — | 200.0 | |||||
Net change in commercial paper | — | (41.3 | ) | ||||
Other | — | 14.3 | |||||
Net cash flows from (used for) financing activities | (7.6 | ) | 18.2 | ||||
Net increase in cash and cash equivalents | 1.4 | 0.2 | |||||
Cash and cash equivalents at beginning of period | 4.4 | 4.5 | |||||
Cash and cash equivalents at end of period | $5.8 | $4.7 | |||||
Supplemental cash flows information: | |||||||
Cash paid during the period for: | |||||||
Interest | $19.3 | $21.1 | |||||
Income taxes, net of refunds | $1.5 | $4.8 | |||||
Significant non-cash investing and financing activities: | |||||||
Accrued capital expenditures | $46.3 | $60.7 |
For the Three Months | |||||||
Ended March 31, | |||||||
2014 | 2013 | ||||||
(in millions) | |||||||
Operating revenues: | |||||||
Electric utility | $301.6 | $283.0 | |||||
Gas utility | 105.0 | 83.0 | |||||
Other | 3.8 | 3.8 | |||||
Total operating revenues | 410.4 | 369.8 | |||||
Operating expenses: | |||||||
Electric production fuel and energy purchases | 98.7 | 82.4 | |||||
Purchased electric capacity | — | 15.6 | |||||
Electric transmission service | 30.5 | 29.1 | |||||
Cost of gas sold | 73.8 | 55.9 | |||||
Other operation and maintenance | 63.8 | 59.7 | |||||
Depreciation and amortization | 44.7 | 43.1 | |||||
Taxes other than income taxes | 11.2 | 11.3 | |||||
Total operating expenses | 322.7 | 297.1 | |||||
Operating income | 87.7 | 72.7 | |||||
Interest expense and other: | |||||||
Interest expense | 21.1 | 21.3 | |||||
Equity income from unconsolidated investments | (11.4 | ) | (10.8 | ) | |||
Allowance for funds used during construction | (3.1 | ) | (1.8 | ) | |||
Interest income and other | — | (0.1 | ) | ||||
Total interest expense and other | 6.6 | 8.6 | |||||
Income before income taxes | 81.1 | 64.1 | |||||
Income taxes | 26.3 | 20.5 | |||||
Net income | 54.8 | 43.6 | |||||
Preferred dividend requirements | — | 1.6 | |||||
Earnings available for common stock | $54.8 | $42.0 |
March 31, 2014 | December 31, 2013 | ||||||
(in millions) | |||||||
ASSETS | |||||||
Property, plant and equipment: | |||||||
Electric plant | $4,421.8 | $4,380.8 | |||||
Gas plant | 455.3 | 453.1 | |||||
Other plant | 246.5 | 245.1 | |||||
Accumulated depreciation | (1,734.0 | ) | (1,700.9 | ) | |||
Net plant | 3,389.6 | 3,378.1 | |||||
Leased Sheboygan Falls Energy Facility, less accumulated amortization | 69.3 | 70.9 | |||||
Construction work in progress: | |||||||
Columbia Energy Center Units 1 and 2 emission controls | 274.6 | 265.0 | |||||
Other | 84.1 | 66.5 | |||||
Other, less accumulated depreciation | 1.0 | 1.1 | |||||
Total property, plant and equipment | 3,818.6 | 3,781.6 | |||||
Current assets: | |||||||
Cash and cash equivalents | 4.9 | 0.5 | |||||
Accounts receivable, less allowance for doubtful accounts: | |||||||
Customer | 98.8 | 73.0 | |||||
Unbilled utility revenues | 78.3 | 92.3 | |||||
Other | 39.7 | 33.1 | |||||
Production fuel, at weighted average cost | 14.2 | 28.0 | |||||
Materials and supplies, at weighted average cost | 29.6 | 28.9 | |||||
Gas stored underground, at weighted average cost | 4.5 | 19.7 | |||||
Regulatory assets | 37.8 | 25.4 | |||||
Other | 92.5 | 101.7 | |||||
Total current assets | 400.3 | 402.6 | |||||
Investments: | |||||||
Investment in American Transmission Company LLC | 276.9 | 272.1 | |||||
Other | 17.9 | 19.5 | |||||
Total investments | 294.8 | 291.6 | |||||
Other assets: | |||||||
Regulatory assets | 261.5 | 274.3 | |||||
Deferred charges and other | 38.5 | 54.3 | |||||
Total other assets | 300.0 | 328.6 | |||||
Total assets | $4,813.7 | $4,804.4 |
WISCONSIN POWER AND LIGHT COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Continued) | |||||||
March 31, 2014 | December 31, 2013 | ||||||
(in millions, except per share and share amounts) | |||||||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization: | |||||||
Wisconsin Power and Light Company common equity: | |||||||
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding | $66.2 | $66.2 | |||||
Additional paid-in capital | 959.0 | 959.0 | |||||
Retained earnings | 642.3 | 617.2 | |||||
Total Wisconsin Power and Light Company common equity | 1,667.5 | 1,642.4 | |||||
Noncontrolling interest | 2.6 | — | |||||
Total equity | 1,670.1 | 1,642.4 | |||||
Long-term debt, net (excluding current portion) | 1,323.7 | 1,323.6 | |||||
Total capitalization | 2,993.8 | 2,966.0 | |||||
Current liabilities: | |||||||
Current maturities of long-term debt | 8.5 | 8.5 | |||||
Commercial paper | 155.5 | 183.7 | |||||
Accounts payable | 114.2 | 120.0 | |||||
Accounts payable to associated companies | 20.2 | 26.0 | |||||
Regulatory liabilities | 69.3 | 52.8 | |||||
Other | 64.0 | 60.5 | |||||
Total current liabilities | 431.7 | 451.5 | |||||
Other long-term liabilities and deferred credits: | |||||||
Deferred income tax liabilities | 902.0 | 897.1 | |||||
Regulatory liabilities | 163.1 | 153.8 | |||||
Capital lease obligations - Sheboygan Falls Energy Facility | 93.3 | 94.5 | |||||
Pension and other benefit obligations | 87.4 | 88.4 | |||||
Other | 142.4 | 153.1 | |||||
Total long-term liabilities and deferred credits | 1,388.2 | 1,386.9 | |||||
Commitments and contingencies (Note 13) | |||||||
Total capitalization and liabilities | $4,813.7 | $4,804.4 |
For the Three Months | |||||||
Ended March 31, | |||||||
2014 | 2013 | ||||||
(in millions) | |||||||
Cash flows from operating activities: | |||||||
Net income | $54.8 | $43.6 | |||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 44.7 | 43.1 | |||||
Other amortizations | 12.8 | 7.1 | |||||
Deferred taxes and investment tax credits | 20.8 | 26.7 | |||||
Equity income from unconsolidated investments | (11.4 | ) | (10.8 | ) | |||
Distributions from equity method investments | 9.4 | 8.9 | |||||
Other | (2.1 | ) | (1.3 | ) | |||
Other changes in assets and liabilities: | |||||||
Regulatory assets | (10.9 | ) | 13.3 | ||||
Derivative assets | (19.8 | ) | (2.4 | ) | |||
Accrued taxes | 5.4 | (24.3 | ) | ||||
Regulatory liabilities | 26.1 | 5.8 | |||||
Other | (1.1 | ) | (4.3 | ) | |||
Net cash flows from operating activities | 128.7 | 105.4 | |||||
Cash flows used for investing activities: | |||||||
Utility construction and acquisition expenditures | (67.9 | ) | (75.7 | ) | |||
Other | (2.6 | ) | (0.4 | ) | |||
Net cash flows used for investing activities | (70.5 | ) | (76.1 | ) | |||
Cash flows used for financing activities: | |||||||
Common stock dividends | (29.7 | ) | (29.1 | ) | |||
Payments to redeem cumulative preferred stock | — | (61.0 | ) | ||||
Net change in commercial paper | (28.2 | ) | 73.4 | ||||
Other | 4.1 | (4.9 | ) | ||||
Net cash flows used for financing activities | (53.8 | ) | (21.6 | ) | |||
Net increase in cash and cash equivalents | 4.4 | 7.7 | |||||
Cash and cash equivalents at beginning of period | 0.5 | 0.7 | |||||
Cash and cash equivalents at end of period | $4.9 | $8.4 | |||||
Supplemental cash flows information: | |||||||
Cash paid (refunded) during the period for: | |||||||
Interest | $23.2 | $23.4 | |||||
Income taxes, net of refunds | ($0.6 | ) | $25.9 | ||||
Significant non-cash investing and financing activities: | |||||||
Accrued capital expenditures | $33.7 | $35.0 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||
Tax-related | $834.0 | $829.7 | $808.3 | $798.6 | $25.7 | $31.1 | |||||||||||||||||
Pension and OPEB costs | 351.8 | 355.3 | 172.6 | 174.2 | 179.2 | 181.1 | |||||||||||||||||
AROs | 68.5 | 65.7 | 38.6 | 36.7 | 29.9 | 29.0 | |||||||||||||||||
Environmental-related costs | 27.8 | 25.0 | 23.0 | 21.0 | 4.8 | 4.0 | |||||||||||||||||
Emission allowances | 29.2 | 30.0 | 29.2 | 30.0 | — | — | |||||||||||||||||
Derivatives | 9.1 | 21.1 | 2.5 | 5.9 | 6.6 | 15.2 | |||||||||||||||||
Other | 96.9 | 86.4 | 43.8 | 47.1 | 53.1 | 39.3 | |||||||||||||||||
$1,417.3 | $1,413.2 | $1,118.0 | $1,113.5 | $299.3 | $299.7 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||
Cost of removal obligations | $420.0 | $418.9 | $279.3 | $277.7 | $140.7 | $141.2 | |||||||||||||||||
IPL’s tax benefit riders | 239.8 | 265.4 | 239.8 | 265.4 | — | — | |||||||||||||||||
Energy efficiency cost recovery | 64.1 | 52.7 | 14.9 | 9.3 | 49.2 | 43.4 | |||||||||||||||||
Derivatives | 33.3 | 7.2 | 8.8 | 3.6 | 24.5 | 3.6 | |||||||||||||||||
IPL’s electric transmission cost recovery | 21.2 | 14.6 | 21.2 | 14.6 | — | — | |||||||||||||||||
IPL’s electric transmission assets sale | 18.8 | 21.6 | 18.8 | 21.6 | — | — | |||||||||||||||||
Other | 39.2 | 41.1 | 21.2 | 22.7 | 18.0 | 18.4 | |||||||||||||||||
$836.4 | $821.5 | $604.0 | $614.9 | $232.4 | $206.6 |
Electric tax benefit rider | $23 | ||
Gas tax benefit rider | 3 | ||
$26 |
2014 | 2013 | ||
Maximum outstanding aggregate cash proceeds (based on daily outstanding balances) | $75.0 | $170.0 | |
Average outstanding aggregate cash proceeds (based on daily outstanding balances) | 27.6 | 139.2 | |
Costs incurred | 0.2 | 0.3 |
March 31, 2014 | December 31, 2013 | ||
Customer accounts receivable | $183.9 | $151.6 | |
Unbilled utility revenues | 67.6 | 86.2 | |
Other receivables | 0.1 | 0.2 | |
Receivables sold | 251.6 | 238.0 | |
Less: cash proceeds (a) | 75.0 | 29.0 | |
Deferred proceeds | 176.6 | 209.0 | |
Less: allowance for doubtful accounts | 5.8 | 5.5 | |
Fair value of deferred proceeds | $170.8 | $203.5 | |
Outstanding receivables past due | $27.4 | $21.5 |
(a) | Changes in cash proceeds are presented in “Sales of accounts receivable” in operating activities in Alliant Energy’s and IPL’s cash flows statements. |
2014 | 2013 | ||
Collections reinvested in receivables | $541.4 | $491.3 | |
Credit losses, net of recoveries | 2.5 | 1.9 |
Alliant Energy | WPL | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
ATC | ($11.2 | ) | ($10.3 | ) | ($11.2 | ) | ($10.3 | ) | |||||||
Other | (0.2 | ) | (0.4 | ) | (0.2 | ) | (0.5 | ) | |||||||
($11.4 | ) | ($10.7 | ) | ($11.4 | ) | ($10.8 | ) |
Shares outstanding, January 1, 2014 | 110,943,669 | |
Equity-based compensation plans (Note 9(b)) | 37,049 | |
Other | (43,536 | ) |
Shares outstanding, March 31, 2014 | 110,937,182 |
Alliant Energy | Parent | ||||||
March 31, 2014 | (Consolidated) | Company | IPL | WPL | |||
Commercial paper: | |||||||
Amount outstanding | $221.3 | $65.8 | $— | $155.5 | |||
Weighted average remaining maturity | 1 day | 1 day | N/A | 2 days | |||
Weighted average interest rates | 0.1% | 0.2% | N/A | 0.1% | |||
Available credit facility capacity | $778.7 | $234.2 | $300.0 | $244.5 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Three Months Ended March 31 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Maximum amount outstanding (based on daily outstanding balances) | $316.2 | $243.4 | $10.0 | $26.3 | $204.7 | $160.0 | |||||||||||||||||
Average amount outstanding (based on daily outstanding balances) | $275.6 | $170.8 | $0.3 | $4.8 | $173.0 | $72.9 | |||||||||||||||||
Weighted average interest rates | 0.1 | % | 0.3 | % | 0.2 | % | 0.4 | % | 0.1 | % | 0.2 | % |
Alliant Energy | IPL | WPL | |||||||||||||||
Three Months Ended March 31 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||
Statutory federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | |||||
IPL’s tax benefit riders | (11.9 | ) | (12.8 | ) | (31.2 | ) | (37.3 | ) | — | — | |||||||
Production tax credits | (6.7 | ) | (7.5 | ) | (8.3 | ) | (9.7 | ) | (6.4 | ) | (6.9 | ) | |||||
Effect of rate-making on property-related differences | (5.3 | ) | (5.0 | ) | (12.4 | ) | (14.0 | ) | (1.0 | ) | (0.3 | ) | |||||
Other items, net | 4.6 | 3.0 | 4.7 | 2.0 | 4.8 | 4.2 | |||||||||||
Overall income tax rate | 15.7 | % | 12.7 | % | (12.2 | %) | (24.0 | %) | 32.4 | % | 32.0 | % |
End of Production | Nameplate | Production Tax Credits | ||||||||||
Tax Credit Generation | Capacity in MW | 2014 | 2013 | |||||||||
Cedar Ridge (WPL) | December 2018 | 68 | $1.2 | $1.2 | ||||||||
Bent Tree - Phase I (WPL) | February 2021 | 201 | 4.2 | 3.5 | ||||||||
Subtotal (WPL) | 5.4 | 4.7 | ||||||||||
Whispering Willow - East (IPL) | December 2019 | 200 | 4.6 | 3.9 | ||||||||
$10.0 | $8.6 |
Alliant Energy | Carryforward Amount | Deferred Tax Assets | Earliest Expiration Date | ||||||
Federal net operating losses | $697 | $239 | 2029 | ||||||
State net operating losses | 681 | 34 | 2018 | ||||||
Federal tax credits | 181 | 178 | 2022 | ||||||
$451 |
IPL | Carryforward Amount | Deferred Tax Assets | Earliest Expiration Date | ||||||
Federal net operating losses | $303 | $104 | 2029 | ||||||
State net operating losses | 172 | 8 | 2018 | ||||||
Federal tax credits | 59 | 58 | 2022 | ||||||
$170 |
WPL | Carryforward Amount | Deferred Tax Assets | Earliest Expiration Date | ||||||
Federal net operating losses | $302 | $103 | 2029 | ||||||
State net operating losses | 96 | 5 | 2018 | ||||||
Federal tax credits | 64 | 62 | 2022 | ||||||
$170 |
Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||
Alliant Energy | 2014 | 2013 | 2014 | 2013 | |||||||||||
Service cost | $3.3 | $3.9 | $1.3 | $1.6 | |||||||||||
Interest cost | 13.5 | 12.3 | 2.4 | 2.1 | |||||||||||
Expected return on plan assets | (18.7 | ) | (18.5 | ) | (2.1 | ) | (2.0 | ) | |||||||
Amortization of prior service cost (credit) | — | 0.1 | (3.0 | ) | (3.0 | ) | |||||||||
Amortization of actuarial loss | 4.8 | 9.0 | 0.6 | 1.2 | |||||||||||
$2.9 | $6.8 | ($0.8 | ) | ($0.1 | ) |
Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||
IPL | 2014 | 2013 | 2014 | 2013 | |||||||||||
Service cost | $1.8 | $2.2 | $0.6 | $0.7 | |||||||||||
Interest cost | 6.3 | 5.7 | 1.0 | 0.9 | |||||||||||
Expected return on plan assets | (9.0 | ) | (8.8 | ) | (1.5 | ) | (1.4 | ) | |||||||
Amortization of prior service credit | — | — | (1.6 | ) | (1.6 | ) | |||||||||
Amortization of actuarial loss | 2.0 | 3.8 | 0.3 | 0.7 | |||||||||||
$1.1 | $2.9 | ($1.2 | ) | ($0.7 | ) |
Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||
WPL | 2014 | 2013 | 2014 | 2013 | |||||||||||
Service cost | $1.2 | $1.4 | $0.5 | $0.6 | |||||||||||
Interest cost | 5.7 | 5.2 | 1.0 | 0.8 | |||||||||||
Expected return on plan assets | (8.1 | ) | (8.0 | ) | (0.3 | ) | (0.3 | ) | |||||||
Amortization of prior service cost (credit) | 0.1 | 0.1 | (1.0 | ) | (1.0 | ) | |||||||||
Amortization of actuarial loss | 2.3 | 4.3 | 0.3 | 0.5 | |||||||||||
$1.2 | $3.0 | $0.5 | $0.6 |
Pension Benefits Costs | OPEB Credits | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
IPL | $0.4 | $0.5 | ($0.1 | ) | ($0.1 | ) | |||||||||
WPL | 0.3 | 0.3 | — | — |
Alliant Energy | IPL (a) | WPL (a) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
401(k) costs | $5.9 | $5.4 | $3.1 | $2.8 | $2.6 | $2.3 |
(a) | IPL’s and WPL’s amounts include allocated costs associated with Corporate Services employees. |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Compensation expense | $3.1 | $2.7 | $1.7 | $1.4 | $1.3 | $1.1 | |||||||||||||||||
Income tax benefits | 1.3 | 1.1 | 0.7 | 0.6 | 0.5 | 0.5 |
2014 | 2013 | ||||
Nonvested shares, January 1 | 139,940 | 145,277 | |||
Granted | 51,221 | 49,093 | |||
Vested | (45,235 | ) | (54,430 | ) | |
Nonvested shares, March 31 | 145,926 | 139,940 |
2014 | 2013 | ||||||
2011 Grant | 2010 Grant | ||||||
Performance shares vested | 45,235 | 54,430 | |||||
Percentage of target number of performance shares | 147.5 | % | 197.5 | % | |||
Aggregate payout value (in millions) | $3.4 | $4.8 | |||||
Payout - cash (in millions) | $2.9 | $4.4 | |||||
Payout - common stock shares issued | 4,810 | 4,177 |
2014 | 2013 | ||||
Nonvested units, January 1 | 65,912 | 64,969 | |||
Granted | 20,422 | 22,201 | |||
Vested | (20,751 | ) | (19,760 | ) | |
Forfeited | (311 | ) | (1,013 | ) | |
Nonvested units, March 31 | 65,272 | 66,397 |
2014 | 2013 | ||||||
2011 Grant | 2010 Grant | ||||||
Performance units vested | 20,751 | 19,760 | |||||
Percentage of target number of performance units | 147.5 | % | 197.5 | % | |||
Payout value (in millions) | $1.2 | $1.3 |
Performance Shares | Performance Units | ||||||||||||||||||||||
2014 Grant | 2013 Grant | 2012 Grant | 2014 Grant | 2013 Grant | 2012 Grant | ||||||||||||||||||
Nonvested awards | 51,221 | 49,093 | 45,612 | 20,422 | 21,726 | 23,124 | |||||||||||||||||
Alliant Energy common stock closing price on March 31, 2014 | $56.81 | $56.81 | $56.81 | ||||||||||||||||||||
Alliant Energy common stock closing price on grant date | $53.77 | $47.58 | $43.05 | ||||||||||||||||||||
Estimated payout percentage based on performance criteria | 100 | % | 118 | % | 119 | % | 100 | % | 118 | % | 119 | % | |||||||||||
Fair values of each nonvested award | $56.81 | $67.04 | $67.60 | $53.77 | $56.14 | $51.23 |
2014 | 2013 | ||||||||||||
Shares | Weighted Average Fair Value | Shares | Weighted Average Fair Value | ||||||||||
Nonvested shares, January 1 | 158,922 | $42.71 | 211,651 | $32.42 | |||||||||
Granted | 51,221 | 53.77 | 49,093 | 47.58 | |||||||||
Vested (a) | (90,847 | ) | 40.91 | — | — | ||||||||
Forfeited (b) | (18,982 | ) | 38.75 | (101,822 | ) | 23.67 | |||||||
Nonvested shares, March 31 | 100,314 | 50.74 | 158,922 | 42.71 |
(a) | In 2014, 45,612 and 45,235 performance contingent restricted shares granted in 2012 and 2011, respectively, vested because the specified performance criteria for such shares were met. |
(b) | In 2013, 101,822 performance contingent restricted shares granted in 2009 were forfeited because the specified performance criteria for such shares were not met. |
2014 | 2013 | ||||
Nonvested awards, January 1 | 96,977 | 59,639 | |||
Granted | 42,446 | 39,530 | |||
Vested (a) | (55,517 | ) | — | ||
Forfeited | (3,406 | ) | — | ||
Nonvested awards, March 31 | 80,500 | 99,169 |
(a) | In 2014, 34,766 and 20,751 performance contingent cash awards granted in 2012 and 2011 vested, resulting in cash payouts valued at $1.9 million and $1.1 million, respectively. |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Balance, January 1 | $109.7 | $101.5 | $47.9 | $45.5 | $52.4 | $46.9 | |||||||||||||||||
Liabilities settled | (0.5 | ) | (0.1 | ) | (0.3 | ) | — | (0.2 | ) | (0.1 | ) | ||||||||||||
Liabilities incurred (a) | 16.5 | — | 16.3 | — | 0.2 | — | |||||||||||||||||
Accretion expense | 1.0 | 1.0 | 0.5 | 0.5 | 0.4 | 0.4 | |||||||||||||||||
Balance, March 31 | $126.7 | $102.4 | $64.4 | $46.0 | $52.8 | $47.2 |
(a) | In 2014, IPL recorded AROs of $12.0 million related to its Sutherland Generating Station. |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
March 31, 2014 | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Derivative assets (Note 12) | $41.3 | $41.3 | $15.9 | $15.9 | $25.4 | $25.4 | |||||||||||||||||
Deferred proceeds (sales of receivables) (Note 3(a)) | 170.8 | 170.8 | 170.8 | 170.8 | — | — | |||||||||||||||||
Capitalization and liabilities: | |||||||||||||||||||||||
Long-term debt (including current maturities) | 3,339.4 | 3,819.8 | 1,558.6 | 1,779.6 | 1,332.2 | 1,582.5 | |||||||||||||||||
Cumulative preferred stock (Note 6) | 200.0 | 183.8 | 200.0 | 183.8 | — | — | |||||||||||||||||
Derivative liabilities (Note 12) | 9.0 | 9.0 | 2.2 | 2.2 | 6.8 | 6.8 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
December 31, 2013 | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Derivative assets (Note 12) | $26.7 | $26.7 | $21.1 | $21.1 | $5.6 | $5.6 | |||||||||||||||||
Deferred proceeds (sales of receivables) (Note 3(a)) | 203.5 | 203.5 | 203.5 | 203.5 | — | — | |||||||||||||||||
Capitalization and liabilities: | |||||||||||||||||||||||
Long-term debt (including current maturities) | 3,336.3 | 3,712.3 | 1,558.4 | 1,726.4 | 1,332.1 | 1,532.9 | |||||||||||||||||
Cumulative preferred stock (Note 6) | 200.0 | 167.0 | 200.0 | 167.0 | — | — | |||||||||||||||||
Derivative liabilities (Note 12) | 20.8 | 20.8 | 5.2 | 5.2 | 15.6 | 15.6 |
Risk management purpose | Type of instrument |
Mitigate pricing volatility for: | |
Electricity purchased to supply customers | Electric swap and physical forward contracts (IPL and WPL) |
Fuel used to supply natural gas-fired EGUs | Natural gas swap contracts (IPL and WPL) |
Natural gas options and physical forward contracts (WPL) | |
Natural gas supplied to retail customers | Natural gas options and physical forward contracts (IPL and WPL) |
Natural gas swap contracts (IPL) | |
Fuel used at coal-fired EGUs | Coal physical forward contract with volumetric optionality (IPL and WPL) |
Optimize the value of natural gas pipeline capacity | Natural gas physical forward contracts (IPL and WPL) |
Natural gas swap contracts (IPL) | |
Manage transmission congestion costs | FTRs (IPL and WPL) |
Alliant Energy | March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Fair | Level | Level | Level | Fair | Level | Level | Level | ||||||||||||||||||||||||
Value | 1 | 2 | 3 | Value | 1 | 2 | 3 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivatives - commodity contracts | $41.3 | $— | $11.2 | $30.1 | $26.7 | $— | $4.7 | $22.0 | |||||||||||||||||||||||
Deferred proceeds | 170.8 | — | — | 170.8 | 203.5 | — | — | 203.5 | |||||||||||||||||||||||
Capitalization and liabilities: | |||||||||||||||||||||||||||||||
Long-term debt (including current maturities) | 3,819.8 | — | 3,816.5 | 3.3 | 3,712.3 | — | 3,711.8 | 0.5 | |||||||||||||||||||||||
Cumulative preferred stock | 183.8 | 183.8 | — | — | 167.0 | 167.0 | — | — | |||||||||||||||||||||||
Derivatives - commodity contracts | 9.0 | — | 2.8 | 6.2 | 20.8 | — | 3.2 | 17.6 |
IPL | March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Fair | Level | Level | Level | Fair | Level | Level | Level | ||||||||||||||||||||||||
Value | 1 | 2 | 3 | Value | 1 | 2 | 3 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivatives - commodity contracts | $15.9 | $— | $6.8 | $9.1 | $21.1 | $— | $3.0 | $18.1 | |||||||||||||||||||||||
Deferred proceeds | 170.8 | — | — | 170.8 | 203.5 | — | — | 203.5 | |||||||||||||||||||||||
Capitalization and liabilities: | |||||||||||||||||||||||||||||||
Long-term debt (including current maturities) | 1,779.6 | — | 1,779.6 | — | 1,726.4 | — | 1,726.4 | — | |||||||||||||||||||||||
Cumulative preferred stock | 183.8 | 183.8 | — | — | 167.0 | 167.0 | — | — | |||||||||||||||||||||||
Derivatives - commodity contracts | 2.2 | — | 0.9 | 1.3 | 5.2 | — | 1.7 | 3.5 |
WPL | March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Fair | Level | Level | Level | Fair | Level | Level | Level | ||||||||||||||||||||||||
Value | 1 | 2 | 3 | Value | 1 | 2 | 3 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivatives - commodity contracts | $25.4 | $— | $4.4 | $21.0 | $5.6 | $— | $1.7 | $3.9 | |||||||||||||||||||||||
Capitalization and liabilities: | |||||||||||||||||||||||||||||||
Long-term debt (including current maturities) | 1,582.5 | — | 1,582.5 | — | 1,532.9 | — | 1,532.9 | — | |||||||||||||||||||||||
Derivatives - commodity contracts | 6.8 | — | 1.9 | 4.9 | 15.6 | — | 1.5 | 14.1 |
Alliant Energy | Commodity Contract Derivative | ||||||||||||||
Assets and (Liabilities), net | Deferred Proceeds | ||||||||||||||
Three Months Ended March 31 | 2014 | 2013 | 2014 | 2013 | |||||||||||
Beginning balance, January 1 | $4.4 | $11.9 | $203.5 | $66.8 | |||||||||||
Total net gains (losses) (realized/unrealized) included in changes in net assets (a) | 38.4 | (2.4 | ) | — | — | ||||||||||
Transfers out of Level 3 (b) | — | 3.6 | — | — | |||||||||||
Settlements (c) | (18.9 | ) | (8.2 | ) | (32.7 | ) | 55.3 | ||||||||
Ending balance, March 31 | $23.9 | $4.9 | $170.8 | $122.1 | |||||||||||
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at March 31 (a) | $31.0 | ($2.4 | ) | $— | $— |
IPL | Commodity Contract Derivative | ||||||||||||||
Assets and (Liabilities), net | Deferred Proceeds | ||||||||||||||
Three Months Ended March 31 | 2014 | 2013 | 2014 | 2013 | |||||||||||
Beginning balance, January 1 | $14.6 | $12.5 | $203.5 | $66.8 | |||||||||||
Total net gains (losses) (realized/unrealized) included in changes in net assets (a) | 4.2 | (2.9 | ) | — | — | ||||||||||
Transfers out of Level 3 (b) | — | 1.1 | — | — | |||||||||||
Settlements (c) | (11.0 | ) | (6.4 | ) | (32.7 | ) | 55.3 | ||||||||
Ending balance, March 31 | $7.8 | $4.3 | $170.8 | $122.1 | |||||||||||
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at March 31 (a) | $3.1 | ($2.9 | ) | $— | $— |
WPL | Commodity Contract Derivative | ||||||
Assets and (Liabilities), net | |||||||
Three Months Ended March 31 | 2014 | 2013 | |||||
Beginning balance, January 1 | ($10.2 | ) | ($0.6 | ) | |||
Total net gains (realized/unrealized) included in changes in net assets (a) | 34.2 | 0.5 | |||||
Transfers out of Level 3 (b) | — | 2.5 | |||||
Settlements | (7.9 | ) | (1.8 | ) | |||
Ending balance, March 31 | $16.1 | $0.6 | |||||
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at March 31 (a) | $27.9 | $0.5 |
(a) | Gains and losses related to derivative assets and derivative liabilities are recorded in regulatory assets and regulatory liabilities on the balance sheets. |
(b) | Observable market inputs became available for certain commodity contracts previously classified as Level 3 for transfers out of Level 3. The transfers were valued as of the beginning of the period. |
(c) | Settlements related to deferred proceeds are due to the change in the carrying amount of receivables sold less the allowance for doubtful accounts associated with the receivables sold and cash proceeds received from the receivables sold. |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Excluding FTRs | FTRs | Excluding FTRs | FTRs | Excluding FTRs | FTRs | ||||||||||||||||||
March 31, 2014 | $16.5 | $7.4 | $1.1 | $6.7 | $15.4 | $0.7 | |||||||||||||||||
December 31, 2013 | (13.9 | ) | 18.3 | (2.1 | ) | 16.7 | (11.8 | ) | 1.6 |
2014 | 2015 | 2016 | 2017 | 2018 | Total | ||||||||||||
Alliant Energy | |||||||||||||||||
Electricity (MWhs) | 4,895 | 2,912 | 1,318 | 1,314 | 1,314 | 11,753 | |||||||||||
FTRs (MWhs) | 3,037 | — | — | — | — | 3,037 | |||||||||||
Natural gas (Dths) | 29,496 | 10,842 | 2,959 | — | — | 43,297 | |||||||||||
Coal (tons) | 1,194 | 936 | 955 | 868 | 714 | 4,667 | |||||||||||
IPL | |||||||||||||||||
Electricity (MWhs) | 1,955 | 722 | — | — | — | 2,677 | |||||||||||
FTRs (MWhs) | 1,963 | — | — | — | — | 1,963 | |||||||||||
Natural gas (Dths) | 20,185 | 8,815 | 2,504 | — | — | 31,504 | |||||||||||
Coal (tons) | 203 | — | 216 | 129 | 184 | 732 | |||||||||||
WPL | |||||||||||||||||
Electricity (MWhs) | 2,940 | 2,190 | 1,318 | 1,314 | 1,314 | 9,076 | |||||||||||
FTRs (MWhs) | 1,074 | — | — | — | — | 1,074 | |||||||||||
Natural gas (Dths) | 9,311 | 2,027 | 455 | — | — | 11,793 | |||||||||||
Coal (tons) | 991 | 936 | 739 | 739 | 530 | 3,935 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Commodity contracts | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||||
Current derivative assets | $31.5 | $25.6 | $15.4 | $20.2 | $16.1 | $5.4 | |||||||||||||||||
Non-current derivative assets | 9.8 | 1.1 | 0.5 | 0.9 | 9.3 | 0.2 | |||||||||||||||||
Current derivative liabilities | 4.2 | 6.7 | 1.1 | 3.0 | 3.1 | 3.7 | |||||||||||||||||
Non-current derivative liabilities | 4.8 | 14.1 | 1.1 | 2.2 | 3.7 | 11.9 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||
Regulatory assets | $10.1 | $9.5 | $5.5 | $2.7 | $4.6 | $6.8 | |||||||||||||||||
Regulatory liabilities | 48.1 | 16.4 | 12.1 | 8.8 | 36.0 | 7.6 |
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Alliant Energy | IPL | WPL | Alliant Energy | IPL | WPL | ||||||||||||||||||
Aggregate fair value | $9.0 | $2.2 | $6.8 | $20.8 | $5.2 | $15.6 | |||||||||||||||||
Credit support to be posted if triggered | 9.0 | 2.2 | 6.8 | 20.8 | 5.2 | 15.6 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||
(as reported) | Net | (as reported) | Net | (as reported) | Net | ||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Derivative assets | $41.3 | $32.3 | $15.9 | $9.7 | $25.4 | $22.6 | |||||||||||||||||
Derivative liabilities | 9.0 | 4.9 | 2.2 | 0.9 | 6.8 | 4.0 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Derivative assets | 26.7 | 23.5 | 21.1 | 19.5 | 5.6 | 4.0 | |||||||||||||||||
Derivative liabilities | 20.8 | 17.6 | 5.2 | 3.6 | 15.6 | 14.0 |
Alliant Energy | IPL | WPL | |||||||||
Purchased power (a): | |||||||||||
DAEC (IPL) | $1,619 | $1,619 | $— | ||||||||
Other | 247 | 1 | 246 | ||||||||
1,866 | 1,620 | 246 | |||||||||
Natural gas | 276 | 146 | 130 | ||||||||
Coal (b) | 309 | 134 | 175 | ||||||||
SO2 emission allowances | 34 | 34 | — | ||||||||
Other (c) | 33 | 21 | 9 | ||||||||
$2,518 | $1,955 | $560 |
(a) | Includes payments required by PPAs for capacity rights and minimum quantities of MWhs required to be purchased. |
(b) | Corporate Services entered into system-wide coal contracts on behalf of IPL and WPL that include minimum future commitments. These commitments were assigned to IPL and WPL based on information available as of March 31, 2014 regarding expected future usage, which is subject to change. |
(c) | Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2014. |
Alliant Energy | IPL | WPL | |||||||||||||||
Range of estimated future costs | $14 | - | $33 | $13 | - | $31 | $1 | - | $2 | ||||||||
Current and non-current environmental liabilities | 21 | 19 | 2 |
• | SCR system at Edgewater Unit 5 by May 1, 2013 (placed in service in 2012); |
• | Scrubbers and baghouses at Columbia Units 1 and 2 by December 31, 2014 (Columbia Unit 2 scrubber and baghouse were placed in service in April 2014); |
• | Scrubber and baghouse at Edgewater Unit 5 by December 31, 2016; and |
• | SCR system at Columbia Unit 2 by December 31, 2018. |
Utilities | Non-Regulated, | Alliant Energy | |||||||||||||||||||||
Electric | Gas | Other | Total | Parent and Other | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||
Operating revenues | $675.8 | $240.7 | $22.8 | $939.3 | $13.5 | $952.8 | |||||||||||||||||
Operating income | 94.3 | 43.0 | 7.9 | 145.2 | 9.0 | 154.2 | |||||||||||||||||
Net income attributable to Alliant Energy common shareowners | 98.2 | 9.8 | 108.0 | ||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||
Operating revenues | $633.2 | $197.3 | $17.2 | $847.7 | $11.9 | $859.6 | |||||||||||||||||
Operating income | 73.6 | 37.3 | 2.9 | 113.8 | 6.9 | 120.7 | |||||||||||||||||
Amounts attributable to Alliant Energy common shareowners: | |||||||||||||||||||||||
Income from continuing operations, net of tax | 64.9 | 8.0 | 72.9 | ||||||||||||||||||||
Loss from discontinued operations, net of tax | — | (3.0 | ) | (3.0 | ) | ||||||||||||||||||
Net income attributable to Alliant Energy common shareowners | 64.9 | 5.0 | 69.9 |
Electric | Gas | Other | Total | ||||||||||||
(in millions) | |||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||
Operating revenues | $374.2 | $135.7 | $19.0 | $528.9 | |||||||||||
Operating income | 26.5 | 23.3 | 7.7 | 57.5 | |||||||||||
Earnings available for common stock | 43.4 | ||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||
Operating revenues | $350.2 | $114.3 | $13.4 | $477.9 | |||||||||||
Operating income | 17.2 | 20.7 | 3.2 | 41.1 | |||||||||||
Earnings available for common stock | 22.9 |
Electric | Gas | Other | Total | ||||||||||||
(in millions) | |||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||
Operating revenues | $301.6 | $105.0 | $3.8 | $410.4 | |||||||||||
Operating income | 67.8 | 19.7 | 0.2 | 87.7 | |||||||||||
Earnings available for common stock | 54.8 | ||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||
Operating revenues | $283.0 | $83.0 | $3.8 | $369.8 | |||||||||||
Operating income (loss) | 56.4 | 16.6 | (0.3 | ) | 72.7 | ||||||||||
Earnings available for common stock | 42.0 |
IPL | WPL | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Corporate Services billings | $33 | $32 | $28 | $26 | |||||||||||
Sales credited | 2 | 2 | (1 | ) | 3 | ||||||||||
Purchases billed | 99 | 76 | 30 | 14 |
IPL | WPL | ||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||
Net payables to Corporate Services | $35 | $62 | $41 | $46 |
2014 | 2013 | ||||||
ATC billings to WPL | $24 | $24 | |||||
WPL billings to ATC | 3 | 3 |
2014 | 2013 | ||||||
Operating revenues | $— | $0.9 | |||||
Operating expenses | — | 5.6 | |||||
Loss before income taxes | — | (4.7 | ) | ||||
Income tax benefit | — | (1.7 | ) | ||||
Loss from discontinued operations, net of tax | $— | ($3.0 | ) |
• |
• |
• |
• |
• |
• |
• |
• |
• |
• |
• |
• |
• |
Alliant Energy | |||||
Utilities and Corporate Services | Non-regulated and Parent | ||||
- Electric and gas services in IA (IPL) | - Transportation (Resources) | ||||
- Electric and gas services in WI (WPL) | - Non-regulated Generation (Resources) | ||||
- 16% interest in ATC (primarily WPL) | - Parent Company | ||||
- Electric and gas services in MN (IPL) (a) | |||||
- Corporate Services |
(a) | In September 2013, IPL signed definitive agreements to sell its Minnesota electric and natural gas distribution assets. Pending receipt of remaining regulatory approvals, the transactions are expected to be concluded in the second half of 2014. |
2014 | 2013 | ||||||||||||||
Income | EPS | Income (Loss) | EPS | ||||||||||||
Continuing operations: | |||||||||||||||
Utilities and Corporate Services | $100.2 | $0.90 | $66.4 | $0.60 | |||||||||||
Non-regulated and parent | 7.8 | 0.07 | 6.5 | 0.06 | |||||||||||
Income from continuing operations | 108.0 | 0.97 | 72.9 | 0.66 | |||||||||||
Loss from discontinued operations | — | — | (3.0 | ) | (0.03 | ) | |||||||||
Net income | $108.0 | $0.97 | $69.9 | $0.63 |
• | an estimated $0.10 per share increase from higher electric and gas sales in the first quarter of 2014 compared to the first quarter of 2013 due to weather conditions; |
• | $0.09 per share of lower purchased electric capacity expense related to the previous DAEC PPA recorded in the first quarter of 2014 compared to the first quarter of 2013; |
• | $0.08 per share of purchased electric capacity expense related to the Kewaunee PPA recorded in the first quarter of 2013; |
• | $0.06 per share of charges related to preferred stock redemptions at IPL and WPL in the first quarter of 2013; |
• | an estimated $0.04 per share of higher weather-normalized retail electric sales in the first quarter of 2014 compared to the first quarter of 2013; and |
• | $0.03 per share of higher margins on a sharing mechanism related to optimizing gas capacity contracts at IPL in the first quarter of 2014 compared to the first quarter of 2013. |
• | $0.04 per share of lower electric margins from changes in the recovery of fuel-related costs at WPL in the first quarter of 2014 compared to the first quarter of 2013; and |
• | $0.03 per share of higher energy efficiency cost recovery amortizations at WPL in the first quarter of 2014 compared to the first quarter of 2013. |
• | April 2014 - IPL and MidAmerican each filed an updated EPB with the IUB. IPL’s EPB includes the scrubber and baghouse currently under construction at Ottumwa Unit 1 and the scrubber currently under construction at Lansing Unit 4. MidAmerican’s EPB includes the scrubber and baghouse currently under construction at George Neal Unit 3. Alliant Energy and IPL currently expect the IUB to issue its decisions on IPL’s and MidAmerican’s EPBs by the end of 2014. |
• | April 2014 - The scrubber and baghouse at WPL’s Columbia Unit 2 were placed in service to reduce SO2 and mercury emissions at the EGU. |
• | March 2014 - After reaching a unanimous agreement with parties to the DAEC PPA proceeding, IPL filed with the IUB a settlement agreement and joint motion for approval of the settlement agreement to extend IPL’s Iowa retail electric base rate freeze through 2016 and provide retail electric customer billing credits of $70 million in 2014 (beginning May 2014), decreasing to $25 million in 2015 and further decreasing to $10 million in 2016. The settlement agreement included the continuation of the energy adjustment clause, continuation of the transmission cost rider, continuation of electric tax benefit rider credits through at least 2016, the ability for IPL to seek rate relief if a significant event occurs, and the ability for parties to the DAEC PPA proceeding to request show cause action if IPL’s Iowa retail electric return on common equity exceeds 11%. IPL currently expects a decision from the IUB regarding the settlement agreement in the second quarter of 2014. |
• | April 2014 - After discussions with PSCW staff and intervener groups, WPL filed a retail base rate filing with the PSCW based on a forward-looking test period that includes 2015 and 2016. The filing requested approval for WPL to implement a $5 million decrease in annual base rates for WPL’s retail gas customers effective January 1, 2015 followed by a freeze of such gas base rates through the end of 2016. The filing also requested authority to maintain customer base rates for WPL’s retail electric customers at their current levels through the end of 2016. Recovery of costs for the construction of emission controls projects at Columbia Units 1 and 2 and Edgewater Unit 5, generation performance and reliability improvements at Columbia Units 1 and 2, and other ongoing capital expenditures were included in the request. The recovery of the costs for these capital projects are offset by the impact of changes in amortizations of regulatory assets and regulatory liabilities. WPL currently expects a decision from the PSCW regarding this rate filing in the second quarter of 2014. |
• | April 2014 - The U.S. Supreme Court reversed the D.C. Circuit Court’s August 2012 decision that vacated CSAPR. As a result, the EPA is expected to propose plans regarding CSAPR or another rule by the end of 2014. Alliant Energy, IPL and WPL do not anticipate immediate implementation of CSAPR due to outstanding legal and regulatory uncertainties. In the meantime, CAIR remains effective. |
• | March 2014 - IPL extended through March 2016 the purchase commitment from the third party to which it sells its receivables. |
• | March 2014 - Standard & Poor’s Rating Services affirmed the current credit ratings and outlooks for Alliant Energy, IPL and WPL. |
• | March 2014 - At March 31, 2014, Alliant Energy and its subsidiaries had $779 million of available capacity under the revolving credit facilities, $105 million of available capacity at IPL under its sales of accounts receivable program and $15 million of cash and cash equivalents. |
• | March 2014 - Jo-Carroll provided notice of termination of its wholesale power supply agreement with IPL effective April 1, 2018. Sales to Jo-Carroll represented 2% of IPL’s total electric sales in 2013. |
• | April 2014 - FERC accepted an SSR agreement and related cost allocation filed by MISO related to another utility’s EGU (Presque Isle) in a local resource zone for which ATC provides transmission services as an SSR, effective February 1, 2014. WPL’s share of the annual revenue requirement is expected to be approximately $10 million. In April 2014, the PSCW filed a complaint with FERC, requesting that FERC find the MISO SSR cost allocation for ATC to be unjust and unreasonable. If the PSCW’s complaint prevails, SSR costs allocated to WPL are expected to decrease. |
Test | Regulatory Capital Structure | After-tax | Average Retail Rate | |||||||||||
Utility Type | Period | CE | LD | SD | WACC | Base (in millions) (a) | ||||||||
Electric | 2015 | 50.5% | 48.9% | 0.6% | 7.9% | $2,329 | ||||||||
Electric | 2016 | 51.0% | 46.2% | 2.8% | 7.8% | 2,450 | ||||||||
Gas | 2015 | 50.5% | 48.9% | 0.6% | 7.9% | 201 | ||||||||
Gas | 2016 | 51.0% | 46.2% | 2.8% | 7.8% | 204 |
(a) | Average rate base is calculated using a 13-month average. |
Revenues and Costs (dollars in millions) | MWhs Sold (MWhs in thousands) | ||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||
Residential | $268.2 | $248.1 | 8 | % | 2,224 | 2,049 | 9 | % | |||||||||||
Commercial | 161.0 | 147.2 | 9 | % | 1,654 | 1,545 | 7 | % | |||||||||||
Industrial | 185.3 | 175.8 | 5 | % | 2,824 | 2,697 | 5 | % | |||||||||||
Retail subtotal | 614.5 | 571.1 | 8 | % | 6,702 | 6,291 | 7 | % | |||||||||||
Sales for resale: | |||||||||||||||||||
Wholesale | 53.5 | 47.1 | 14 | % | 936 | 884 | 6 | % | |||||||||||
Bulk power and other | (4.1 | ) | 3.2 | (228 | %) | 90 | 151 | (40 | %) | ||||||||||
Other | 11.9 | 11.8 | 1 | % | 42 | 40 | 5 | % | |||||||||||
Total revenues/sales | 675.8 | 633.2 | 7 | % | 7,770 | 7,366 | 5 | % | |||||||||||
Electric production fuel expense | 129.1 | 113.9 | 13 | % | |||||||||||||||
Energy purchases expense | 84.8 | 65.2 | 30 | % | |||||||||||||||
Purchased electric capacity expense | 24.8 | 57.0 | (56 | %) | |||||||||||||||
Electric margins (a) | $437.1 | $397.1 | 10 | % |
(a) | Includes $23 million and $18 million of credits on IPL’s Iowa retail electric customers’ bills for the first quarters of 2014 and 2013, respectively, resulting from the electric tax benefit rider. The electric tax benefit rider results in reductions in electric revenues that are offset by reductions in income tax expense for the years ended December 31, 2014 and 2013. |
Alliant Energy | IPL | WPL | |||||||||
Lower purchased electric capacity expenses at IPL related to the previous DAEC PPA, which ended in February 2014 | $16 | $16 | $— | ||||||||
Purchased electric capacity expenses at WPL during the first quarter of 2013 related to the Kewaunee PPA, which ended in December 2013 | 16 | — | 16 | ||||||||
Estimated increase from changes in sales caused by weather conditions | 10 | 6 | 4 | ||||||||
Higher revenues at IPL related to changes in recovery amounts for transmission costs through the transmission rider (a) | 8 | 8 | — | ||||||||
Changes in electric fuel-related costs, net of recoveries at WPL | (7 | ) | — | (7 | ) | ||||||
Decreased revenues at IPL due to higher credits on Iowa retail electric customers’ bills resulting from the electric tax benefit rider | (5 | ) | (5 | ) | — | ||||||
Other (b) | 2 | (3 | ) | 5 | |||||||
$40 | $22 | $18 |
(a) | Higher transmission rider revenues were offset by higher electric transmission service expenses. |
(b) | Includes an increase in weather-normalized sales volumes at IPL and WPL. |
Actual | ||||||||
2014 | 2013 | Normal | ||||||
HDD (a): | ||||||||
Cedar Rapids, Iowa (IPL) | 4,192 | 3,521 | 3,425 | |||||
Madison, Wisconsin (WPL) | 4,275 | 3,745 | 3,498 |
(a) | HDD are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDD. |
2014 | 2013 | Change | |||||||||
IPL | $7 | $1 | $6 | ||||||||
WPL | 6 | 2 | 4 | ||||||||
Total Alliant Energy | $13 | $3 | $10 |
2014 | 2013 | Change | |||||||||
DAEC PPA (IPL) | $25 | $41 | ($16 | ) | |||||||
Kewaunee PPA (WPL) | — | 16 | ($16 | ) | |||||||
$25 | $57 | ($32 | ) |
Revenues and Costs (dollars in millions) | Dths Sold (Dths in thousands) | ||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||
Residential | $144.0 | $117.8 | 22 | % | 16,835 | 13,886 | 21 | % | |||||||||||
Commercial | 78.2 | 64.6 | 21 | % | 10,575 | 8,967 | 18 | % | |||||||||||
Industrial | 7.2 | 6.2 | 16 | % | 1,123 | 996 | 13 | % | |||||||||||
Retail subtotal | 229.4 | 188.6 | 22 | % | 28,533 | 23,849 | 20 | % | |||||||||||
Transportation/other | 11.3 | 8.7 | 30 | % | 18,028 | 16,459 | 10 | % | |||||||||||
Total revenues/sales | 240.7 | 197.3 | 22 | % | 46,561 | 40,308 | 16 | % | |||||||||||
Cost of gas sold | 161.9 | 128.0 | 26 | % | |||||||||||||||
Gas margins (a) | $78.8 | $69.3 | 14 | % |
(a) | Includes $3 million and $2 million of credits on IPL’s Iowa retail gas customers’ bills for the first quarters of 2014 and 2013, respectively, resulting from the gas tax benefit rider. The gas tax benefit rider results in reductions in gas revenues that are offset by reductions in income tax expense for the years ended December 31, 2014 and 2013. |
First Quarter 2014 vs. First Quarter 2013 Summary: | Alliant Energy | IPL | WPL | ||||||||
Higher energy efficiency cost recovery amortizations at WPL (a) | $5 | $— | $5 | ||||||||
Other (b) | 6 | 7 | (1 | ) | |||||||
$11 | $7 | $4 |
(a) | The July 2012 PSCW order for WPL’s 2013/2014 test period electric and gas base rate case authorized higher energy efficiency cost recovery amortizations for 2014. |
(b) | Primarily due to changes in other administrative and general expenses. Also contributing to the three-month increase were higher generation and distribution system expenses at IPL, resulting from the timing of maintenance projects at IPL’s EGUs and increased maintenance of IPL’s electric and gas distribution systems. |
Revenues and Costs (dollars in millions) | MWhs Sold (MWhs in thousands) | ||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||
Residential | $150.5 | $140.3 | 7 | % | 1,234 | 1,136 | 9 | % | |||||||||||
Commercial | 100.0 | 91.8 | 9 | % | 1,046 | 987 | 6 | % | |||||||||||
Industrial | 107.6 | 102.9 | 5 | % | 1,710 | 1,653 | 3 | % | |||||||||||
Retail subtotal | 358.1 | 335.0 | 7 | % | 3,990 | 3,776 | 6 | % | |||||||||||
Sales for resale: | |||||||||||||||||||
Wholesale | 7.7 | 7.3 | 5 | % | 121 | 103 | 17 | % | |||||||||||
Bulk power and other | 0.2 | 0.5 | (60 | %) | 5 | 27 | (81 | %) | |||||||||||
Other | 8.2 | 7.4 | 11 | % | 22 | 20 | 10 | % | |||||||||||
Total revenues/sales | 374.2 | 350.2 | 7 | % | 4,138 | 3,926 | 5 | % | |||||||||||
Electric production fuel expense | 66.2 | 54.4 | 22 | % | |||||||||||||||
Energy purchases expense | 49.0 | 42.3 | 16 | % | |||||||||||||||
Purchased electric capacity expense | 24.8 | 41.4 | (40 | %) | |||||||||||||||
Electric margins (a) | $234.2 | $212.1 | 10 | % |
(a) | Includes $23 million and $18 million of credits on IPL’s Iowa retail electric customers’ bills for the first quarters of 2014 and 2013, respectively, resulting from the electric tax benefit rider. The electric tax benefit rider results in reductions in electric revenues that are offset by reductions in income tax expense for the years ended December 31, 2014 and 2013. |
Revenues and Costs (dollars in millions) | Dths Sold (Dths in thousands) | ||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||
Residential | $81.3 | $68.5 | 19 | % | 9,518 | 7,969 | 19 | % | |||||||||||
Commercial | 42.5 | 36.4 | 17 | % | 5,730 | 4,959 | 16 | % | |||||||||||
Industrial | 4.6 | 4.0 | 15 | % | 733 | 658 | 11 | % | |||||||||||
Retail subtotal | 128.4 | 108.9 | 18 | % | 15,981 | 13,586 | 18 | % | |||||||||||
Transportation/other | 7.3 | 5.4 | 35 | % | 8,699 | 8,558 | 2 | % | |||||||||||
Total revenues/sales | 135.7 | 114.3 | 19 | % | 24,680 | 22,144 | 11 | % | |||||||||||
Cost of gas sold | 88.1 | 72.1 | 22 | % | |||||||||||||||
Gas margins (a) | $47.6 | $42.2 | 13 | % |
(a) | Includes $3 million and $2 million of credits on IPL’s Iowa retail gas customers’ bills for the first quarters of 2014 and 2013, respectively, resulting from the gas tax benefit rider. The gas tax benefit rider results in reductions in gas revenues that are offset by reductions in income tax expense for the years ended December 31, 2014 and 2013. |
Revenues and Costs (dollars in millions) | MWhs Sold (MWhs in thousands) | ||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||
Residential | $117.7 | $107.8 | 9 | % | 990 | 913 | 8 | % | |||||||||||
Commercial | 61.0 | 55.4 | 10 | % | 608 | 558 | 9 | % | |||||||||||
Industrial | 77.7 | 72.9 | 7 | % | 1,114 | 1,044 | 7 | % | |||||||||||
Retail subtotal | 256.4 | 236.1 | 9 | % | 2,712 | 2,515 | 8 | % | |||||||||||
Sales for resale: | |||||||||||||||||||
Wholesale | 45.8 | 39.8 | 15 | % | 815 | 781 | 4 | % | |||||||||||
Bulk power and other | (4.3 | ) | 2.7 | (259 | %) | 85 | 124 | (31 | %) | ||||||||||
Other | 3.7 | 4.4 | (16 | %) | 20 | 20 | — | % | |||||||||||
Total revenues/sales | 301.6 | 283.0 | 7 | % | 3,632 | 3,440 | 6 | % | |||||||||||
Electric production fuel expense | 62.9 | 59.5 | 6 | % | |||||||||||||||
Energy purchases expense | 35.8 | 22.9 | 56 | % | |||||||||||||||
Purchased electric capacity expense | — | 15.6 | (100 | %) | |||||||||||||||
Electric margins | $202.9 | $185.0 | 10 | % |
Revenues and Costs (dollars in millions) | Dths Sold (Dths in thousands) | ||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||
Residential | $62.7 | $49.3 | 27 | % | 7,317 | 5,917 | 24 | % | |||||||||||
Commercial | 35.7 | 28.2 | 27 | % | 4,845 | 4,008 | 21 | % | |||||||||||
Industrial | 2.6 | 2.2 | 18 | % | 390 | 338 | 15 | % | |||||||||||
Retail subtotal | 101.0 | 79.7 | 27 | % | 12,552 | 10,263 | 22 | % | |||||||||||
Transportation/other | 4.0 | 3.3 | 21 | % | 9,329 | 7,901 | 18 | % | |||||||||||
Total revenues/sales | 105.0 | 83.0 | 27 | % | 21,881 | 18,164 | 20 | % | |||||||||||
Cost of gas sold | 73.8 | 55.9 | 32 | % | |||||||||||||||
Gas margins | $31.2 | $27.1 | 15 | % |
Alliant Energy (Consolidated) | IPL | WPL | ||||||||||||||||||
Common equity | $3,331.5 | 47 | % | $1,718.1 | 49 | % | $1,667.5 | 53 | % | |||||||||||
Preferred stock | 200.0 | 3 | % | 200.0 | 6 | % | — | — | % | |||||||||||
Noncontrolling interest | 1.7 | — | % | — | — | % | 2.6 | — | % | |||||||||||
Long-term debt (incl. current maturities) | 3,339.4 | 47 | % | 1,558.6 | 45 | % | 1,332.2 | 42 | % | |||||||||||
Short-term debt | 221.3 | 3 | % | — | — | % | 155.5 | 5 | % | |||||||||||
$7,093.9 | 100 | % | $3,476.7 | 100 | % | $3,157.8 | 100 | % |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Cash and cash equivalents, January 1 | $9.8 | $21.2 | $4.4 | $4.5 | $0.5 | $0.7 | |||||||||||||||||
Cash flows from (used for): | |||||||||||||||||||||||
Operating activities | 293.6 | 198.6 | 105.6 | 65.2 | 128.7 | 105.4 | |||||||||||||||||
Investing activities | (176.8 | ) | (119.7 | ) | (96.6 | ) | (83.2 | ) | (70.5 | ) | (76.1 | ) | |||||||||||
Financing activities | (112.1 | ) | (46.7 | ) | (7.6 | ) | 18.2 | (53.8 | ) | (21.6 | ) | ||||||||||||
Net increase | 4.7 | 32.2 | 1.4 | 0.2 | 4.4 | 7.7 | |||||||||||||||||
Cash and cash equivalents, March 31 | $14.5 | $53.4 | $5.8 | $4.7 | $4.9 | $8.4 |
Total Number | Average Price | Total Number of Shares | Maximum Number (or Approximate | ||||||||
of Shares | Paid Per | Purchased as Part of | Dollar Value) of Shares That May Yet | ||||||||
Period | Purchased (a) | Share | Publicly Announced Plan | Be Purchased Under the Plan (a) | |||||||
January 1 through January 31 | 3,555 | $51.44 | — | N/A | |||||||
February 1 through February 28 | 43,345 | 53.76 | — | N/A | |||||||
March 1 through March 31 | 495 | 54.70 | — | N/A | |||||||
47,395 | 53.60 | — |
(a) | Includes 3,555, 2,190 and 495 shares of Alliant Energy common stock for January 1 through January 31, February 1 through February 28, and March 1 through March 31, respectively, purchased on the open market and held in a rabbi trust under the Alliant Energy DCP. There is no limit on the number of shares of Alliant Energy common stock that may be held under the DCP, which currently does not have an expiration date. Also includes 41,155 shares of Alliant Energy common stock for February 1 through February 28 transferred from employees to Alliant Energy to satisfy tax withholding requirements in connection with the vesting of certain restricted stock under equity-based compensation plans. |
ALLIANT ENERGY CORPORATION | |
Registrant | |
By: /s/ Robert J. Durian | Controller and Chief Accounting Officer |
Robert J. Durian | (Principal Accounting Officer and Authorized Signatory) |
INTERSTATE POWER AND LIGHT COMPANY | |
Registrant | |
By: /s/ Robert J. Durian | Controller and Chief Accounting Officer |
Robert J. Durian | (Principal Accounting Officer and Authorized Signatory) |
WISCONSIN POWER AND LIGHT COMPANY | |
Registrant | |
By: /s/ Robert J. Durian | Controller and Chief Accounting Officer |
Robert J. Durian | (Principal Accounting Officer and Authorized Signatory) |
Exhibit Number | Description | |
10.1# | Amendment to the Alliant Energy Defined Contribution Supplemental Retirement Plan (incorporated by reference to Exhibit 10.1 to Alliant Energy’s Form 8-K filed March 12, 2014 (File No. 1-9894)) | |
12.1 | Ratio of Earnings to Fixed Charges for Alliant Energy | |
12.2 | Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements for IPL | |
12.3 | Ratio of Earnings to Fixed Charges for WPL | |
31.1 | Certification of the Chairman, President and CEO for Alliant Energy | |
31.2 | Certification of the Senior Vice President and CFO for Alliant Energy | |
31.3 | Certification of the Chairman and CEO for IPL | |
31.4 | Certification of the Senior Vice President and CFO for IPL | |
31.5 | Certification of the Chairman and CEO for WPL | |
31.6 | Certification of the Senior Vice President and CFO for WPL | |
32.1 | Written Statement of the CEO and CFO Pursuant to 18 U.S.C.§1350 for Alliant Energy | |
32.2 | Written Statement of the CEO and CFO Pursuant to 18 U.S.C.§1350 for IPL | |
32.3 | Written Statement of the CEO and CFO Pursuant to 18 U.S.C.§1350 for WPL | |
101.INS* | XBRL Instance Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document |
Three Months Ended | |||||||||||||||||||||||
March 31, | Years Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
Net income from continuing operations attributable to Alliant Energy Corporation common shareowners | $108.0 | $72.9 | $364.2 | $324.9 | $323.1 | $291.5 | $111.6 | ||||||||||||||||
Income tax expense (benefit) (a) | 20.6 | 12.1 | 53.9 | 89.4 | 69.2 | 147.7 | (6.8 | ) | |||||||||||||||
Subtotal | 128.6 | 85.0 | 418.1 | 414.3 | 392.3 | 439.2 | 104.8 | ||||||||||||||||
Fixed charges as defined | 49.2 | 47.7 | 189.0 | 208.0 | 208.4 | 215.4 | 199.7 | ||||||||||||||||
Adjustment for undistributed equity earnings | (2.0 | ) | (1.8 | ) | (8.3 | ) | (7.1 | ) | (7.0 | ) | (5.9 | ) | (6.7 | ) | |||||||||
Less: | |||||||||||||||||||||||
Interest capitalized | 0.2 | — | 0.5 | 6.1 | 2.7 | — | — | ||||||||||||||||
Preferred dividend requirements of subsidiaries (pre-tax basis) (b) | 3.1 | 4.4 | 13.0 | 20.1 | 22.0 | 27.6 | 17.7 | ||||||||||||||||
Total earnings as defined | $172.5 | $126.5 | $585.3 | $589.0 | $569.0 | $621.1 | $280.1 | ||||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense | $45.2 | $42.6 | $172.8 | $156.7 | $158.3 | $162.8 | $154.8 | ||||||||||||||||
Interest capitalized | 0.2 | — | 0.5 | 6.1 | 2.7 | — | — | ||||||||||||||||
Estimated interest component of rent expense | 0.7 | 0.7 | 2.7 | 25.1 | 25.4 | 25.0 | 27.2 | ||||||||||||||||
Preferred dividend requirements of subsidiaries (pre-tax basis) (b) | 3.1 | 4.4 | 13.0 | 20.1 | 22.0 | 27.6 | 17.7 | ||||||||||||||||
Total fixed charges as defined | $49.2 | $47.7 | $189.0 | $208.0 | $208.4 | $215.4 | $199.7 | ||||||||||||||||
Ratio of Earnings to Fixed Charges (c) | 3.51 | 2.65 | 3.10 | 2.83 | 2.73 | 2.88 | 1.40 |
Three Months Ended | |||||||||||||||||||||||
March 31, | Years Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
Net income | $46.0 | $31.5 | $189.9 | $150.2 | $139.3 | $143.4 | $153.0 | ||||||||||||||||
Income tax expense (benefit) (a) | (5.0 | ) | (6.1 | ) | (37.9 | ) | (19.8 | ) | (3.6 | ) | 42.3 | 27.0 | |||||||||||
Income before income taxes | 41.0 | 25.4 | 152.0 | 130.4 | 135.7 | 185.7 | 180.0 | ||||||||||||||||
Fixed charges as defined | 22.9 | 19.9 | 82.3 | 79.3 | 79.6 | 83.1 | 77.5 | ||||||||||||||||
Total earnings as defined | $63.9 | $45.3 | $234.3 | $209.7 | $215.3 | $268.8 | $257.5 | ||||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense | $22.5 | $19.6 | $81.3 | $78.5 | $78.7 | $82.2 | $76.5 | ||||||||||||||||
Estimated interest component of rent expense | 0.4 | 0.3 | 1.0 | 0.8 | 0.9 | 0.9 | 1.0 | ||||||||||||||||
Total fixed charges as defined | $22.9 | $19.9 | $82.3 | $79.3 | $79.6 | $83.1 | $77.5 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 2.79 | 2.28 | 2.85 | 2.64 | 2.70 | 3.23 | 3.32 | ||||||||||||||||
Preferred dividend requirements (pre-tax basis) (b) | $2.3 | $2.6 | $8.6 | $10.9 | $14.6 | $19.9 | $18.1 | ||||||||||||||||
Fixed charges and preferred dividend requirements | $25.2 | $22.5 | $90.9 | $90.2 | $94.2 | $103.0 | $95.6 | ||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements | 2.54 | 2.01 | 2.58 | 2.32 | 2.29 | 2.61 | 2.69 |
Three Months Ended | |||||||||||||||||||||||
March 31, | Years Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
Net income | $54.8 | $43.6 | $177.5 | $165.7 | $163.5 | $152.3 | $89.5 | ||||||||||||||||
Income taxes (a) | 26.3 | 20.5 | 87.2 | 94.6 | 81.9 | 98.3 | 45.8 | ||||||||||||||||
Income before income taxes | 81.1 | 64.1 | 264.7 | 260.3 | 245.4 | 250.6 | 135.3 | ||||||||||||||||
Fixed charges as defined | 21.4 | 21.6 | 86.4 | 103.9 | 103.3 | 101.6 | 99.9 | ||||||||||||||||
Adjustment for undistributed equity earnings | (2.0 | ) | (1.9 | ) | (8.3 | ) | (7.9 | ) | (6.4 | ) | (5.6 | ) | (7.1 | ) | |||||||||
Total earnings as defined | $100.5 | $83.8 | $342.8 | $356.3 | $342.3 | $346.6 | $228.1 | ||||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense | $21.1 | $21.3 | $85.0 | $80.2 | $79.9 | $78.6 | $74.8 | ||||||||||||||||
Estimated interest component of rent expense | 0.3 | 0.3 | 1.4 | 23.7 | 23.4 | 23.0 | 25.1 | ||||||||||||||||
Total fixed charges as defined | $21.4 | $21.6 | $86.4 | $103.9 | $103.3 | $101.6 | $99.9 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 4.70 | 3.88 | 3.97 | 3.43 | 3.31 | 3.41 | 2.28 |
1. | I have reviewed this quarterly report on Form 10-Q of Alliant Energy Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman, President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Alliant Energy Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Interstate Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Interstate Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Wisconsin Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Wisconsin Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman, President and Chief Executive Officer |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman and Chief Executive Officer |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
/s/ Patricia L. Kampling |
Patricia L. Kampling |
Chairman and Chief Executive Officer |
/s/ Thomas L. Hanson |
Thomas L. Hanson |
Senior Vice President and Chief Financial Officer |
Regulatory Matters (Regulatory Liabilities) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2014
|
Dec. 31, 2013
|
---|---|---|
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 836.4 | $ 821.5 |
Cost of removal obligations [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 420.0 | 418.9 |
IPL's tax benefit riders [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 239.8 | 265.4 |
Energy efficiency cost recovery [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 64.1 | 52.7 |
Derivatives [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 33.3 | 7.2 |
IPL's electric transmission cost recovery [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 21.2 | 14.6 |
IPL's electric transmission assets sale [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 18.8 | 21.6 |
Other [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 39.2 | 41.1 |
IPL [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 604.0 | 614.9 |
IPL [Member] | Cost of removal obligations [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 279.3 | 277.7 |
IPL [Member] | IPL's tax benefit riders [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 239.8 | 265.4 |
IPL [Member] | Energy efficiency cost recovery [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 14.9 | 9.3 |
IPL [Member] | Derivatives [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 8.8 | 3.6 |
IPL [Member] | IPL's electric transmission cost recovery [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 21.2 | 14.6 |
IPL [Member] | IPL's electric transmission assets sale [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 18.8 | 21.6 |
IPL [Member] | Other [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 21.2 | 22.7 |
WPL [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 232.4 | 206.6 |
WPL [Member] | Cost of removal obligations [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 140.7 | 141.2 |
WPL [Member] | Energy efficiency cost recovery [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 49.2 | 43.4 |
WPL [Member] | Derivatives [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 24.5 | 3.6 |
WPL [Member] | Other [Member]
|
||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 18.0 | $ 18.4 |
Income Taxes (Production Tax Credits (Net Of State Tax Impacts)) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2014
|
Mar. 31, 2013
|
|
Production Tax Credits [Line Items] | ||
Production Tax Credits | $ 10.0 | $ 8.6 |
WPL [Member]
|
||
Production Tax Credits [Line Items] | ||
Production Tax Credits | 5.4 | 4.7 |
Cedar Ridge Wind Project [Member] | WPL [Member]
|
||
Production Tax Credits [Line Items] | ||
Nameplate Capacity (in megawatts) | 68 | |
Bent Tree Phase I Wind Project [Member] | WPL [Member]
|
||
Production Tax Credits [Line Items] | ||
Nameplate Capacity (in megawatts) | 201 | |
Whispering Willow East Wind Project [Member] | IPL [Member]
|
||
Production Tax Credits [Line Items] | ||
Nameplate Capacity (in megawatts) | 200 | |
Bent Tree Phase I Wind Project [Member] | WPL [Member]
|
||
Production Tax Credits [Line Items] | ||
Production Tax Credits | 4.2 | 3.5 |
Cedar Ridge Wind Project [Member] | WPL [Member]
|
||
Production Tax Credits [Line Items] | ||
Production Tax Credits | 1.2 | 1.2 |
Whispering Willow East Wind Project [Member] | IPL [Member]
|
||
Production Tax Credits [Line Items] | ||
Production Tax Credits | $ 4.6 | $ 3.9 |
Common Equity (Common Share Activity) (Details)
|
3 Months Ended |
---|---|
Mar. 31, 2014
|
|
Common Stock Oustanding [Roll Forward] | |
Shares outstanding, January 1, 2014 (in shares) | 110,943,669 |
Equity-based compensation plans (in shares) | 37,049 |
Other (in shares) | (43,536) |
Shares outstanding, March 31, 2014 (in shares) | 110,937,182 |
A*9"^<5@I2+?)2R;141M!RZ&]&"K,K1MVY
M;'YGYY/,2+.9&<-/BA1HS$SRUQX[C]$ES3=9N(5,)4U2I+70P(<&.CF"1J)C
M01D8)4G=5]0!W>$]^8K[/6VY59,2>H3GQ-`<>W5;41^"=AT3]W^`0``__\#`%!+`P04``8`"````"$`4!#"`F4#
M``#2"0``&0```'AL+W=OTH<412IZ^/*].CGOK&E+7F_<
MT`M/^\_?SW;WKM%U>[_(3K]G&_<%:]\OCK[\\7'CSVAX9ZQSP
M4+<;]]AUY[7OM\6157GK\3.K0;/G395W\+4Y^.VY8?FN-ZI.?A0$"[_*R]I%
M#^OF,S[X?E\6;,N+MXK5'3IIV"GO@'][+,^M\E85GW%7Y