DERIVATIVE INSTRUMENTS

Commodity Derivatives -

Notional Amounts - As of September 30, 2024, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):


	Electricity		FTRs		Natural Gas		Diesel Fuel
	MWhs	Years	MWhs	Years	Dths	Years		Gallons	Years
Alliant Energy	1,841	2024-2026	15,595	2024-2025	156,626	2024-2032		3,150	2024-2025
IPL	675	2024-2026	5,385	2024-2025	67,817	2024-2030		—	—
WPL	1,166	2024-2026	10,210	2024-2025	88,809	2024-2032		3,150	2024-2025

Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):


	Alliant Energy		IPL		WPL
	September 30, 2024	December 31, 2023	September 30, 2024	December 31, 2023	September 30, 2024	December 31, 2023
Current derivative assets	$51	$44	$37	$30	$14	$14
Non-current derivative assets	31	44	18	24	13	20
Current derivative liabilities	31	51	14	22	17	29
Non-current derivative liabilities	45	47	6	8	39	39

Based on IPL’s and WPL’s cost recovery mechanisms, the majority of changes in the fair value of derivative liabilities/assets result in comparable changes to regulatory assets/liabilities on the balance sheets.

Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At September 30, 2024 and December 31, 2023, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered.

Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, derivative assets and derivative liabilities related to commodity contracts would have been presented on the balance sheets as follows (in millions):


	Alliant Energy		IPL		WPL
	Gross		Gross		Gross
	(as reported)	Net	(as reported)	Net	(as reported)	Net
September 30, 2024
Derivative assets	$82	$63	$55	$45	$27	$18
Derivative liabilities	76	57	20	10	56	47
December 31, 2023
Derivative assets	88	47	54	32	34	15
Derivative liabilities	98	57	30	8	68	49

Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement.

Interest Rate Derivative - The interest rate derivative associated with AEF’s interest rate swap maturing in January 2026 was valued based on quoted prices that utilize current market interest rate forecasts. As of September 30, 2024, $1 million of non-current interest rate derivative liabilities was recorded in “Other liabilities” on Alliant Energy’s balance sheet. This interest rate derivative was designated as a cash flow hedge, with changes in fair value recorded as other comprehensive income/loss. As of September 30, 2024, accumulated other comprehensive loss included $1 million of losses related to the interest rate swap. Reductions to interest expense of $1 million and $3 million for the three and nine months ended September 30, 2024, respectively, and $1 million and $2 million for the three and nine months ended September 30, 2023, respectively, were recorded in Alliant Energy’s income statement related to the interest rate swap.

Derivative Instruments [Line Items]

Derivative Instruments

DERIVATIVE INSTRUMENTS

Commodity Derivatives -

Notional Amounts - As of September 30, 2024, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):


	Electricity		FTRs		Natural Gas		Diesel Fuel
	MWhs	Years	MWhs	Years	Dths	Years		Gallons	Years
Alliant Energy	1,841	2024-2026	15,595	2024-2025	156,626	2024-2032		3,150	2024-2025
IPL	675	2024-2026	5,385	2024-2025	67,817	2024-2030		—	—
WPL	1,166	2024-2026	10,210	2024-2025	88,809	2024-2032		3,150	2024-2025

Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):


	Alliant Energy		IPL		WPL
	September 30, 2024	December 31, 2023	September 30, 2024	December 31, 2023	September 30, 2024	December 31, 2023
Current derivative assets	$51	$44	$37	$30	$14	$14
Non-current derivative assets	31	44	18	24	13	20
Current derivative liabilities	31	51	14	22	17	29
Non-current derivative liabilities	45	47	6	8	39	39

Based on IPL’s and WPL’s cost recovery mechanisms, the majority of changes in the fair value of derivative liabilities/assets result in comparable changes to regulatory assets/liabilities on the balance sheets.

Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At September 30, 2024 and December 31, 2023, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered.

Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, derivative assets and derivative liabilities related to commodity contracts would have been presented on the balance sheets as follows (in millions):


	Alliant Energy		IPL		WPL
	Gross		Gross		Gross
	(as reported)	Net	(as reported)	Net	(as reported)	Net
September 30, 2024
Derivative assets	$82	$63	$55	$45	$27	$18
Derivative liabilities	76	57	20	10	56	47
December 31, 2023
Derivative assets	88	47	54	32	34	15
Derivative liabilities	98	57	30	8	68	49

Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement.