Adjustments for Non-Cash Items

Reversal from +173 million USD to -167 million USD

Q4 2024 shows a stark turnaround in non-cash adjustments compared to Q4 2023, indicating potential reversals in previously recognized accruals or deferred credits. This likely reflects completed reversals of earlier non-cash adjustments tied to construction, derivatives, or regulatory remeasurements. "

Capital Expenditures (CapEx)

Decline of approximately 85% (from 2,158 million USD to 313 million USD)

A dramatic drop in CapEx suggests that Q4 2023’s heavy investments, possibly driven by aggressive renewable projects or large-scale construction, have substantially slowed down or completed by Q4 2024, reducing new spending commitments in the current period. "

Proceeds from Debt

Turned negative from +1,158 million USD to -97 million USD

The shift from positive to negative debt proceeds indicates a complete reversal in financing activity—from raising capital in Q4 2023 to repaying or refinancing debt in Q4 2024, highlighting a strategic change and possibly a focus on improving the balance sheet. "

Dividend Payments

Decline from 594 million USD to 169 million USD

Substantial reduction in dividend payments points to a lower payout policy in Q4 2024 compared to Q4 2023. This could be driven by efforts to conserve cash amid changing liquidity conditions or an adjustment in board policy, reflecting a more cautious approach. "

Net Change in Cash

Plunged from an increase of 28 million USD to a decrease of 791 million USD

The liquidity deterioration is significant as the net cash moved from a modest inflow to a large outflow, likely due to reduced operating cash inflows, lower CapEx spending offsetting a significant increase in debt repayments and dividend reductions. "

2025 Earnings Guidance

FY 2025

Midpoint implied at ~$3.03 per share (a 6% increase over 2024 earnings " " )

Range of $3.15 to $3.25 per share "

raised

Long-Term Earnings Growth

FY 2025

5% to 7% "

5% to 7% "

no change

Capital Expenditure

FY 2025

$2 billion additional investment planned through 2028 "

Plan to update its 2025–2028 financing plans (qualitative update) "

no change

Regulatory Filings

FY 2025

no prior guidance

Wisconsin retail electric and gas rate review for test years 2026/2027 and additional filings expected in 2025 "

no prior guidance

Data Center Expansion and Load Growth

Mentioned throughout Q1–Q3 with early initiatives such as incentivizing data center customers via tax exemptions, executing agreements for load commitments (e.g. 1.1 GW in Q3, confidential agreements in Q2) " " "

Q4 details show robust progress with 1.9 GW of load commitments secured at Big Cedar and additional demand from Wisconsin emerging through new customer land purchases " "

Consistent focus with increased commitment and clearer load growth targets, reflecting stronger customer demand and an optimistic outlook for future expansion. " " "

Capital Expenditure Planning and Financing Challenges

Q1–Q3 calls covered CapEx updates aligned with renewable investments and risk‐balanced financing, including modest refinancing activities and early updates on future plans " " "

Q4 presents detailed financing strategies, including a refreshed capital plan slated for Q1 2025, a mix of equity and debt financing, and a clear focus on generation investments driven by data center growth " " "

Enhanced emphasis on financing structure with a shift toward generation investments and clearer forward guidance, signaling a mature and integrated CapEx strategy. " " "

Regulatory and Rate Review Developments

Q1–Q3 discussions focused on initiating rate filings, partial settlements (including Iowa’s ICR construct), and progress on regulatory dockets in both Iowa and Wisconsin " " "

Q4 highlights detailed filings in both states, including Wisconsin rate reviews addressing new generation projects and an approved Iowa rate construct that stabilizes base rates; multiple active dockets are underscored " " "

Continuity in regulatory engagement with an added layer of detail in Q4, reinforcing stability and proactive rate design to support investment and customer growth. " " "

New Generation Capacity and Fuel Mix Diversification

Earlier periods (Q1–Q3) discussed solar and wind investments, Clean Energy Blueprint updates, and plans for diversification through repowering existing assets and natural gas flexibility " " "

Q4 emphasizes significant new generation capacity with 1.5 GW of solar and an 1.8 GW wind fleet already operating, alongside strategies to integrate these with demand response and capacity purchases for data centers " "

Steady focus on diversifying the fuel mix with accelerated renewable capacity additions in Q4, reflecting an ongoing transition toward cleaner energy. " " "

Weather-Related Earnings Impact

Q1–Q3 consistently noted weather effects with modest earnings reductions (between $0.04 and $0.10 per share) that were partially offset by operational measures " " "

Q4 reports the largest negative impact, with milder winter temperatures reducing earnings by approximately $0.15 per share, indicating heightened sensitivity and challenges in the current period "

An upward trend in weather sensitivity is evident in Q4, with greater negative impacts compared to earlier periods, even though offset measures continue to mitigate some effects. " " "

Reliance on Tax Credits and Incentives

Q1–Q3 consistently mentioned tax credit monetization supporting renewable projects, with amounts starting around $120 million and projecting growth into the mid–$300 million range " "

Q4 elaborates on safe harboring actions, secure permitting, and a significant increase in cash flow from tax credit monetization, underpinning robust financing for renewable and battery storage initiatives " "

A maintained and deepening reliance on tax credits, with Q4 highlighting more aggressive measures and structural initiatives to leverage these incentives for future growth. " " "

Customer Acquisition and Economic Development Initiatives

Q1–Q3 addressed attracting new customers (biofuels, manufacturing, early data center initiatives) and regulatory support for economic development (megasite and advanced ratemaking reforms) " " "

Q4 features enhanced customer acquisition strategies with large commitments for data center load (1.9 GW) and legislative support in both Iowa and Wisconsin that further bolster economic development efforts " "

A progression from exploratory initiatives to decisive commercial commitments, especially in the data center segment, reinforcing economic development as a key strategic focus. " " "

ESG and Sustainability Concerns

Q1 and Q3 stressed renewable investments, solar certifications, and Clean Energy Blueprint pursuits, while Q2 had limited direct ESG commentary beyond mentions of clean energy " " "

Q4 explicitly emphasizes ESG through increased renewable capacity, advanced energy storage projects, and strategic use of tax credit monetization to support sustainable energy initiatives " "

Growing prominence of ESG themes, with Q4 offering a broader and deeper commitment to sustainability compared to earlier periods, which had a less explicit focus (notably in Q2). " " "

Economic Uncertainty and Recession Risks

Q1–Q3 provided no direct discussion of economic uncertainty or recession risks " "

Q4 also does not address these topics, maintaining an absence of discussion regarding broader economic risks [document]

This topic remains consistently unaddressed across all periods, suggesting it is not a current focus in the company’s earnings discussions.