| Segment | Q3 2024 |
|---------|---------|
| Electric Utility (USD Million) | **999**    |
| Gas Utility (USD Million) | **49**    |
| Other Utility (USD Million) | **12**    |
| Non-Utility and Other (USD Million) | **21**    |
| Total Revenue (USD Million) | **1,081**    |

75de4be81b8bb94cea856e07731e3e123f55c9f6d6b2413cefd33173ccb310a7

1. Given the **$0.10 reduction** in earnings due to unfavorable weather in the first half of 2024  **[LNT_3396315_10]** , how confident are you in achieving your full-year earnings guidance, and what specific measures are you taking to offset further weather-related impacts?

2. With the pending approval from the **Iowa Utilities Commission** on your rate review settlement  **[LNT_3396315_2]** , what are the potential risks if the **individual customer rate construct** is not approved, and how would that impact your agreements with new customers like data centers?

3. As the **two steam customer contracts** are ending in 2025  **[LNT_3396315_15]** , what impact will this have on your earnings profile, and what plans do you have to mitigate any potential negative effects on your financial performance?

4. Considering the expansion of **advanced ratemaking principles** in Iowa to include energy storage and nuclear  **[LNT_3396315_14]** , how do you plan to utilize this for future projects, and can you address any previous confusion regarding its application to certain projects?

5. You have reaffirmed your commitment to a **5% to 7% earnings growth target** and a **2024 ongoing EPS guidance range of $2.99 to $3.13**  **[LNT_3396315_2]** , which assumes normal weather, cost controls, and timely regulatory approvals. What contingencies are in place if these assumptions do not hold, and how will you ensure the achievement of your financial targets?

c83a1101b21b2770b0014bed65d6a2d8ce7fae8dd8a42fd5b3b92164a813ab01

### Q2 2024 Earnings Call
   - **Issued Period**: Q2 2024
   - **Guided Period**: FY 2024
   - **Guidance**:
     - **Ongoing Earnings Guidance**: Reaffirmed ongoing earnings guidance range of **$2.99 to $3.13 per share**  **[LNT_3396315_6]** **[LNT_3396315_2]** **[LNT_3396315_5]** .
     - **Earnings Growth Target**: Committed to a long-term **5% to 7% earnings growth target**  **[LNT_3396315_2]** .
     - **Equity Needs**: Modest equity needs to maintain a **40% to 45% parent equity structure**, with plans to issue approximately **$25 million a year** through a shareowner direct plan  **[LNT_3396315_9]** .

### Q1 2024 Earnings Call
   - **Issued Period**: Q1 2024
   - **Guided Period**: FY 2024
   - **Guidance**:
     - **Earnings Guidance**: Reaffirmed earnings guidance range of **$2.99 to $3.13 per share**, based on constructive and timely outcomes of regulatory proceedings, execution of cost controls, and normal weather in their service territory for the remainder of the year  **[LNT_3384353_5]** .
     - **Growth Target**: Positioning for another year of consistent **5% to 7% growth in adjusted earnings per share**  **[LNT_3384353_5]** .

### Q4 2023 Earnings Call
   - **Issued Period**: Q4 2023
   - **Guided Period**: FY 2023 and FY 2024
   - **Guidance**:
     - **2023 Earnings Guidance**: Narrowed earnings guidance to a range of **$2.85 to $2.93 per share**  **[LNT_3364395_5]** .
     - **2024 Earnings Guidance**: Midpoint represents a **6% increase** to the forecasted 2023 adjusted earnings  **[LNT_3364395_1]** .
     - **2024 Dividend Target**: Annual common stock dividend target of **$1.92 per share**, a **6% increase** from the 2023 dividends  **[LNT_3364395_1]** .

### Q3 2024 Earnings Call
   - **Issued Period**: Q3 2024
   - **Guided Period**: N/A
   - **Guidance**: The documents do not contain information about the Q3 2024 earnings call for Alliant Energy (LNT). Therefore, I cannot provide the guidance metrics or the guided period from that specific call.

ccd8dbd6bd46f69c9e1e1553fc720c804eadeb48559591390f618d3b367b5552

**Annual guidance for FY 2024:**
- **Ongoing earnings**: $2.99–$3.06  **[LNT_3405442_4]** **[LNT_3405442_12]**  (lowered from $2.99–$3.13  **[LNT_3396315_6]** **[LNT_3396315_2]** **[LNT_3396315_5]** )  
- **Long-term earnings growth target**: 5%–7%  **[LNT_3405442_1]**  (no change from 5%–7%  **[LNT_3396315_2]** )

**Annual guidance for FY 2025:**
- **Earnings guidance**: Midpoint ~6% above $3.03 (i.e., ~$3.21)  **[LNT_3405442_1]** **[LNT_3405442_18]** **[LNT_3405442_22]**  (no prior guidance)  
- **Dividend target**: $2.03  **[LNT_3405442_1]**  (no prior guidance)

**Multi-year guidance:**
- **Capital expenditure plan**: Increased by ~$1.8 billion, with a 10% CAGR through FY 2028  **[LNT_3405442_5]**  (no prior guidance)  
- **Financing plans**: Updated through FY 2028, maintaining ~40% parent capital structure  **[LNT_3405442_5]**  (no prior guidance)

30a2e2cec34f1c770bed65377a24b7203d3791afc036467c371a7c1667d850a5

Electric Utility

- Alliant Energy

- IPL

- WPL

Gas Utility

Other Utility

Non-Utility

Steam and Other

Total Revenue

fec843eb7429ba5d3188a6de50e692b5c6e24b26d5daef5752a972483ff04b79

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD, Per Share]

Earnings Per Share (EPS) - Diluted [USD, Per Share]

432b1908cc7235761b522f84e2b3e75cb336433f45860bf62f3daf3e358aba3e

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

55c4468f0eb70d9aec2c924c7aa4a80a8d62ca3e127267071a7237daaec8302b

| Name               | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| John O. Larsen     | Executive Chairman and Chairman of the Board of Alliant Energy, IPL, WPL | July 2019          | John O. Larsen has extensive experience in the utility business. He served as Chairman and CEO of Alliant Energy from February 2023 to January 2024 and as Chairman, President, and CEO from July 2019 to February 2023  **[0000352541-24-000038_lnt-20240401.htm:26]** **[0000352541-24-000038_lnt-20240401.htm:9]** .                |
| Lisa M. Barton     | President and Chief Executive Officer of Alliant Energy                  | January 1, 2024    | Lisa M. Barton has been serving as President and CEO of Alliant Energy since January 1, 2024. She joined as President and COO of Alliant Energy and CEO of IPL and WPL on February 27, 2023  **[0000352541-24-000038_lnt-20240401.htm:4]** **[0000352541-24-000038_lnt-20240401.htm:26]** **[0000352541-24-000038_lnt-20240401.htm:37]** .                                           |
| Robert J. Durian   | Executive Vice President and Chief Financial Officer                     | N/A                | Robert J. Durian serves as the Executive Vice President and CFO of Alliant Energy. He has been in this role since at least 2023, overseeing the financial operations of the company  **[0000352541-24-000104_lnt930202410-qex316.htm:0]** **[0000352541-24-000104_lnt930202410-qex314.htm:0]** **[0000352541-24-000104_lnt930202410-qex312.htm:0]** .                                                  |
| Raja Sundararajan  | Executive Vice President                                                 | June 12, 2023      | Raja Sundararajan joined Alliant Energy as an Executive Vice President on June 12, 2023, contributing to the company's strategic initiatives and operations  **[0000352541-24-000038_lnt-20240401.htm:26]** **[0000352541-23-000064_xslF345X02/wk-form3_1686776918.xml:0]** .                                                                              |
| David A. de Leon   | Senior Vice President and President of WPL                               | N/A                | David A. de Leon serves as the Senior Vice President and President of Wisconsin Power and Light (WPL) at Alliant Energy. Specific details regarding his start date in this role are not provided in the documents.                              |
| Terry L. Kouba     | Senior Vice President and President of IPL                               | At least 2021      | Terry L. Kouba serves as the Senior Vice President and President of Interstate Power and Light Company (IPL) at Alliant Energy. He has been in this role since at least 2021  **[0000352541-24-000038_lnt-20240401.htm:45]** . Specific information on his start date with the company is not provided. |

903fdb9ac69be9c8b84bcee4011aac9d479e691da3fd13dbb406894442a8b27e

Current Assets [USD, Millions]

Cash and Cash Equivalents [USD, Millions]

Accounts Receivable [USD, Millions]

Inventory [USD, Millions]

Non-Current Assets [USD, Millions]

Property, Plant, and Equipment (PP&E) [USD, Millions]

Goodwill [USD, Millions]

Intangible Assets [USD, Millions]

Current Liabilities [USD, Millions]

Accounts Payable [USD, Millions]

Short-term Debt [USD, Millions]

Accrued Expenses [USD, Millions]

Non-Current Liabilities [USD, Millions]

Long-term Debt [USD, Millions]

Lease Liabilities [USD, Millions]

Deferred Tax Liabilities [USD, Millions]

Shareholders' Equity [USD, Millions]

Retained Earnings [USD, Millions]

Common Stock [USD, Millions]

Additional Paid-in Capital [USD, Millions]

0b28521b1b17709459543a4a883e5a305764c591aded763d7f48caa9190ccb82

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2002  **[0000352541-24-000014_lnt-20231231.htm:100]**    | Present  | Current auditor   |

008e2626b18f90589ecae978b3e40d659e94c20cfabd52c0a6d80f063ad20983

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $1,081 million  **[0000352541-24-000104_lnt-20240930.htm:34]**   
- Electric Utility (Alliant Energy): $999 million  **[0000352541-24-000104_lnt-20240930.htm:34]**   
- Gas Utility (Alliant Energy): $49 million  **[0000352541-24-000104_lnt-20240930.htm:34]**   
- Operating Income (EBIT): $149 million  **[0000352541-24-000104_lnt-20240930.htm:9]**   
- Net Income: **$191 million**  **[0000352541-24-000104_lnt-20240930.htm:9]**   

f57f6ab3f21fe29d00037428cd048a804f5a36c659839e14b5c48e9d875fbb01

cd89a44827cd9a9ad79eb15764e268ce0ea0afe0ccee0280d04d565495080bc8

| Year  | Amount Due (Millions) | Debt Type                          | Interest Rate (%) | % of Total Debt                     |
|-------|------------------------|------------------------------------|-------------------|--------------------------------------|
| 2024  | $500                  | Senior Debentures (IPL)           | 3.25             | 4.7% = (500 / 10,679) * 100 **[0000352541-24-000104_lnt-20240930.htm:19]** |
| 2025  | $300                  | Variable Rate Term Loan (AEF)     | 6.0              | 2.8% = (300 / 10,679) * 100 **[0000352541-24-000104_lnt-20240930.htm:19]** |
| 2026  | $570                  | Convertible Senior Notes          | N/A              | 5.3% = (570 / 10,679) * 100 **[0000352541-24-000104_lnt-20240930.htm:19]** |
| 2027  | $375                  | Senior Notes (AEF)                | 5.4              | 3.5% = (375 / 10,679) * 100 **[0000352541-24-000104_lnt-20240930.htm:19]** |
| 2034  | $350                  | Senior Debentures (IPL)           | 4.95             | 3.3% = (350 / 10,679) * 100 **[0000352541-24-000104_lnt-20240930.htm:19]** |
| 2034  | $300                  | Debentures (WPL, Green Bonds)     | 5.375            | 2.8% = (300 / 10,679) * 100 **[0000352541-24-000104_lnt-20240930.htm:19]** |
| 2054  | $300                  | Senior Debentures (IPL)           | 5.45             | 2.8% = (300 / 10,679) * 100 **[0000352541-24-000104_lnt-20240930.htm:19]** |

b7623331bbb287ccd4a8a9e0c4c9e63196a5865b0a3f51f4aef127f4131842b5

- **Advancing renewable development with significant future capital expenditure opportunities**, including plans to add more renewables such as additional solar projects and **500 megawatts of wind repowering**, which will produce new production tax credits to monetize.  **[LNT_3364395_4]** **[LNT_3364395_13]**
- **Strong tax credit position**: The company has a **very robust set of tax credits to monetize over the next 4-5 years**, from existing wind projects, new solar projects (**1,500 megawatts**), wind repowering (**500 megawatts**), and battery projects (**275 megawatts**). This enhances cash flows and reduces financing needs.  **[LNT_3364395_13]**
- **Positive regulatory relationships and focus on affordability**: Alliant Energy continues to **push for general rate increases at or below cost of living increases**, and **affordability has been and will continue to be top of mind**. The company has a **strong track record of settlements in Iowa** and expects continued constructive regulatory outcomes.  **[LNT_3364395_14]** **[LNT_3364395_19]** **[LNT_3364395_20]** **[LNT_3364395_11]**

e54a64fa2cec6f7cd72b7f79f53c3737158e4798e03d41847a018a5db7036fe7

- **Uncertainty regarding future data center load growth**: While Alliant Energy mentions executing multiple agreements with data centers, the details are confidential, and the actual impact on load growth and revenues remains uncertain until these projects are announced.  **[LNT_3396315_11]**
- **Potential loss of earnings from expiring steam customer contracts**: The company acknowledged that two steam customer contracts will end in 2025. Although considered a modest portion of earnings, this could still negatively impact future revenue streams.  **[LNT_3396315_15]**
- **Risk of under-earning during the five-year rate case stay-out period**: The Iowa rate review settlement includes a stay-out period with earnings sharing mechanisms. If Alliant Energy's return on equity falls below certain levels, particularly during an economic downturn, it may face financial challenges despite provisions allowing for a new rate case filing.  **[LNT_3396315_13]**

a68848a79d44b539cc0886d58d55e76600f71ae6d0397327ee333d49676ee2e8

1. **Tax Credit Sales**  
   **Q:** Are you fully committed for about $400 million this year and next?  
   **A:** We've completed the sales of all 2023 generating tax credits, roughly **$120 million**.  **[LNT_3384353_7]**  For 2024, we expect tax credit transfers of over **$200 million**, growing to between **$300 million to $400 million** in 2025 as we continue building solar and battery projects with ITCs.  **[LNT_3384353_7]**  This approach lowers customer costs, provides cash flow, reduces external financing needs, and improves our FFO to debt metrics.  **[LNT_3384353_7]** 

2. **Rate Review Settlement in Iowa**  
   **Q:** Would you expect a partial or unanimous settlement in Iowa?  
   **A:** If we settle the rate review in Iowa, we anticipate a **total settlement** rather than a partial one.  **[LNT_3384353_9]**  The settlement window is from mid-May to mid-June.  **[LNT_3384353_9]**  The decision on whether we'll be at a **10.25%** or the **10.75%** ROE from the last settlement will likely be part of any agreement.  **[LNT_3384353_9]** 

3. **Economic Development Efforts**  
   **Q:** What types of customers are you looking to attract?  
   **A:** We're open to all types of economic development opportunities, including biofuels companies, manufacturing, and data centers.  **[LNT_3384353_6]**  A strategic advantage is that we don't have a litigated IRP process, so we can be **very nimble** in adapting to customer needs.  **[LNT_3384353_6]** 

4. **Timing for Energy Dome Approvals**  
   **Q:** Any update on timing for approvals for your proposed energy dome?  
   **A:** We expect to file for regulatory approval later this year, which normally takes up to a year through the PSCW.  **[LNT_3384353_8]**  We hope to have approvals by early **2025**.  **[LNT_3384353_8]** 

5. **IRP Legislation in Iowa**  
   **Q:** Was there a recommendation to implement an IRP process in Iowa?  
   **A:** Yes, legislation proposing an IRP process was circulated earlier this year but did not move forward.  **[LNT_3384353_10]**  Iowa recognizes the need for utilities to be flexible with generation, and we've seen advanced ratemaking expand to batteries and nuclear investments.  **[LNT_3384353_10]** 

e440bd90884c33ab0bb63fb838184d1b4e9365c41f33eedc6dcc2a9fa6eb962b

1. **Financing Plans and Equity Needs**  
   **Q:** Can you elaborate on tax credits and equity needs?  
   **A:** Management expects to fund capital expenditures through 2027 using cash flows from operations, including monetizing tax credits averaging close to **$300 million per year**.  **[LNT_3364395_7]**  This reduces the need for material common equity issuances for capital expenditures.  **[LNT_3364395_7]**  Potential new equity may be required depending on regulatory outcomes affecting capital structures, particularly if there are increases in equity layers at their utilities.  **[LNT_3364395_7]**  They requested a **250 basis point** increase in the equity layer at WPL, equating to about **$200 million**, or **$40 million** for every **50 basis point** change.  **[LNT_3364395_17]** 

2. **CapEx Plans and Renewables**  
   **Q:** What is driving changes in your CapEx plans?  
   **A:** Management is adjusting their capital expenditure plans by shifting some investment from renewables to gas projects in response to MISO capacity requirements.  **[LNT_3364395_12]**  Despite lower renewables spending, they still expect robust tax credit monetization from existing wind projects, new solar developments of **1,500 MW**, wind repowering of **500 MW**, and **275 MW** of battery projects, all generating tax credits over the next 4–5 years.  **[LNT_3364395_13]** 

3. **Regulatory Outcomes and Impact on Equity**  
   **Q:** How might regulatory decisions affect your equity needs?  
   **A:** Potential equity needs are tied to regulatory outcomes on capital structures in pending rate cases.  **[LNT_3364395_7]** **[LNT_3364395_17]**  In Iowa, the IUB approved a **10.25%** ROE for their 400 MW solar project, lower than the **10.75%** they sought.  **[LNT_3364395_16]**  They plan to use the rate review process to push for the higher ROE and believe this decision isn't indicative of outcomes in the rate filing.  **[LNT_3364395_16]**  In Wisconsin, they requested a **250 basis point** increase in the equity layer at WPL, equating to about **$200 million** in equity need.  **[LNT_3364395_17]** 

4. **O&M Reductions and Sustainability**  
   **Q:** Can you update us on O&M reductions?  
   **A:** They are targeting a **3% to 4%** O&M reduction.  **[LNT_3364395_15]**  About half of these reductions are sustainable due to efficiencies, such as benefits from the undergrounding program and cost reductions from plant retirements.  **[LNT_3364395_15]**  The other half comes from strategic spend adjustments.  **[LNT_3364395_15]**  They anticipate further O&M reductions in Q4 and expect to end up lower than in 2022.  **[LNT_3364395_15]** 

5. **Load Growth Expectations**  
   **Q:** What are your load growth assumptions for '24 and beyond?  
   **A:** Load in 2023 is largely in line with expectations after adjusting for temperatures.  **[LNT_3364395_8]**  They are planning similarly for 2024 but have seen strong economic development interest, which could lead to updates if that materializes.  **[LNT_3364395_8]** 

dcdfe5ac1fd7b5ac3619863bda51664dffa17b59d7f6cbb5b6a459a7adfd8445

1. **Long-Term EPS Growth and Load Impact**  
   **Q:** Will higher load growth affect your 5-7% EPS guidance?  
   **A:** Management views higher load growth as upside potential to their 5-7% long-term EPS growth guidance. They anticipate that Phase II growth would likely occur in the later years, extending growth opportunities.  **[LNT_3405442_8]** 

2. **Equity Issuance Plans Through 2028**  
   **Q:** How should we think about equity needs from '26 onward?  
   **A:** The company expects to need about **$1 billion of new common equity through 2028** to maintain a strong balance sheet and parent company equity ratio around 40%. This equity is likely to be raised ratably over 2026-2028, roughly **$300 million to $350 million per year**, potentially using ATMs.  **[LNT_3405442_9]** 

3. **Impact of Weather on 2024 Guidance**  
   **Q:** Was the 2024 guidance reduction due to weather headwinds?  
   **A:** The reduction is largely due to temperature impacts. The first nine months saw about a **$0.10 negative impact** from weather, with October adding more. They've offset about **75%** of this through cost reductions and other efforts, resulting in a **$0.03 decrease** from the original midpoint guidance for the year.  **[LNT_3405442_12]** 

4. **Conservative EPS Growth Outlook**  
   **Q:** With potential growth, why guide to only 6% EPS growth?  
   **A:** Management is being conservative due to timing uncertainties of load growth coming online. They aim to provide accurate forecasts with a clear line of sight. Future updates will be provided as agreements are finalized.  **[LNT_3405442_14]** 

5. **Potential Upside from Additional Data Centers**  
   **Q:** Does CapEx include assumptions for other economic deals?  
   **A:** Future economic development activities, including data centers, are considered upside to the plan. Success in landing more data centers would increase CapEx and sales, benefiting customer affordability.  **[LNT_3405442_13]** 

6. **Tax Credit Monetization in Financing Plan**  
   **Q:** Insights on tax credits in your financing plan?  
   **A:** Over the next four years through 2028, the company targets about **$1.6 billion to $1.7 billion** in tax credit monetization, averaging **$300 million to $400 million per year**, supported by existing and new renewables and energy storage.  **[LNT_3405442_20]** 

7. **Use of Junior Subordinated Debt**  
   **Q:** Will you use junior subordinated debt for equity needs?  
   **A:** Management is considering it as a future option and will evaluate different financing opportunities. They don't anticipate needing equity content financing instruments in 2025 but may consider options in the latter half of next year.  **[LNT_3405442_17]** 

8. **Near-Term Load Growth Expectations**  
   **Q:** What are near-term load growth assumptions for '25-'26?  
   **A:** Near-term load growth is expected to be consistent with historical levels, around **0.5% to 1%**, as larger data center loads are anticipated to ramp up starting in 2027.  **[LNT_3405442_24]** 

9. **Future CapEx Updates Timing**  
   **Q:** Should we expect CapEx revisions before next Q3?  
   **A:** Management is aligning updates with new data center loads and suggests a revision is possible in the first half of next year.  **[LNT_3405442_21]** 

10. **Resetting Long-Term EPS Growth Base**  
    **Q:** Is the EPS growth base now the 2024 guidance midpoint?  
    **A:** The company uses the current year's information, so the **2024 updated guidance midpoint of $3.03** is the base for long-term growth projections. They remain committed to a solid **6% growth rate**.  **[LNT_3405442_18]** **[LNT_3405442_19]** 

11. **Clarification on Load Growth Scenarios**  
    **Q:** You've reached 1.1 GW; does this rule out the low scenario?  
    **A:** Yes, having reached **1.1 GW**, the low flat load growth scenario is ruled out.  **[LNT_3405442_15]** 

12. **Wisconsin Regulatory Filing Plans**  
    **Q:** Will you file in Wisconsin similar to Iowa's plan?  
    **A:** They'll evaluate what's best for each jurisdiction. The Iowa solution is unique, and in Wisconsin, they can file every two years, so a different approach may be appropriate.  **[LNT_3405442_17]** 

13. **Impact of Weather on 2025 Growth**  
    **Q:** Will weather impacts reverse in 2025 earnings?  
    **A:** They expect to return to normal weather in 2025 but acknowledge that 2024 offsets are non-sustainable. This normalization supports a **6% growth** off the **$3.03** base in 2025 guidance.  **[LNT_3405442_22]** **[LNT_3405442_23]** 

14. **Earnings Sharing Mechanisms**  
    **Q:** When will earnings sharing mechanisms be triggered?  
    **A:** Higher load growth may trigger earnings sharing mechanisms in the back half of the plan, around **2028 and 2029**, as data center loads ramp up.  **[LNT_3405442_11]** 

3e7bcc4788c7147e688aeae0dd5e37c6e59c798ddb267026cb3c1c9d9b761ddf

- **Alliant Energy has executed multiple agreements with data centers in Iowa and Wisconsin, which is expected to drive significant load growth and increased earnings potential.**  **[LNT_3396315_11]** **[LNT_3396315_2]** **[LNT_3396315_3]**
- **The recent Iowa rate review settlement provides base rate stability through the end of the decade, positioning Alliant Energy to attract economic development and benefit from economic growth in the region.**  **[LNT_3396315_13]** **[LNT_3396315_14]** **[LNT_3396315_2]** **[LNT_3396315_3]**
- **Legislative changes in Iowa, including the expansion of advanced ratemaking principles and the megasite legislation, open up opportunities for Alliant Energy in energy storage, nuclear projects, and attracting large businesses with investments over **$1 billion**, fostering long-term growth prospects.**  **[LNT_3396315_14]** **[LNT_3396315_2]** **[LNT_3396315_3]**

2463f549cff67bca4922ff93a26fad5d266a6e5217fa8e156dbf6863a4a47309

- **Pressure on Margins Due to Rising Costs:** The company faces higher financing costs amid a higher-for-longer interest rate environment and increased capital expenditure plans. While they aim to keep rate increases at or below inflation, this commitment may constrain their ability to recover these increased costs, potentially pressuring margins.  **[LNT_3364395_19]**
- **Regulatory Risks in Rate Case Settlements:** Regulatory proceedings in Wisconsin and Iowa may become more challenging. Parties with greater emphasis on policy-related goals are increasingly influencing rate case proceedings, potentially complicating settlements. While the company has a history of constructive settlements, there is no guarantee of similar outcomes in the future.  **[LNT_3364395_20]** **[LNT_3364395_11]**
- **Flat Electric Load Growth Limiting Revenue:** Similar to other Midwest peers experiencing declines in load, the company's electric load growth may remain flat, limiting revenue growth. While they note economic development interest, their forecasts remain conservative, suggesting potential challenges in increasing future revenues.  **[LNT_3364395_8]**

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- **Alliant Energy is well-positioned for growth through economic development initiatives**, being open to attracting all types of customers, including biofuels, manufacturing, and data centers, which can drive increased demand and revenue growth.  **[LNT_3384353_6]**
- **Financial benefits from selling tax credits are improving cash flows and reducing financing needs**; the company has completed sales of all 2023 generating tax credits (approximately **$120 million**), expects over **$200 million** in 2024, and anticipates growth to **$300-$400 million** in 2025.  **[LNT_3384353_7]**
- **The company's flexibility due to the non-litigated IRP process in Iowa allows it to adapt quickly to customer needs**, providing a strategic advantage in attracting new customers and responding to growth opportunities.  **[LNT_3384353_6]**

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- **Regulatory Uncertainty in Iowa**: Alliant Energy's settlement on the Iowa rate review is still pending, with the settlement window opportunity between **mid-May to mid-June**.  **[LNT_3384353_9]**  The company expects a **total settlement rather than a partial one**  **[LNT_3384353_9]** , which could pose risks if agreements are not reached.
- **Potential Delays in Regulatory Approvals**: Approval for the proposed **Energy Dome** project may face delays, as filings will be made **later this year** and could take up to **a year** to complete, with a decision expected **by early 2025**.  **[LNT_3384353_8]**  This timeline could impact plans, considering the **Columbia plant is slated to retire in mid-2026**.  **[LNT_3384353_8]**
- **Dependence on Tax Credit Transfers**: The company's financial plans rely on the sale of tax credits, expecting to generate **over $200 million for 2024** and **between $300 million to $400 million in 2025**.  **[LNT_3384353_7]**  Any changes in tax credit markets or policies could adversely affect their financial position.

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1. **Data Center Contracts**  
   **Q:** When will you announce data center contracts?  
   **A:** We've executed multiple confidential agreements with data centers. Once we have certainty on load amount and timing, we'll announce the projects. We'll share load, timing, resources, and CapEx details at our third quarter earnings call, preparing for EEI.  **[LNT_3396315_11]** **[LNT_3396315_12]** 

2. **Iowa Settlement ROE Risks**  
   **Q:** What are the ROE risks in the Iowa settlement?  
   **A:** The Iowa rate review settlement is driven by economic development. If successful, it will enhance affordability and help us operate within stay-out provisions. There's a provision allowing a rate case if ROEs fall below a certain level. We're optimistic about upside from new data center growth and innovative models retaining tax benefits and energy margins from new generation.  **[LNT_3396315_13]** 

3. **Weather Impact on Earnings**  
   **Q:** How have weather headwinds affected earnings?  
   **A:** We experienced about a **$0.10 reduction in earnings** through the first half due to temperatures, mostly in Q1. We have line of sight to offset about **half** of these impacts and are confident in reaffirming our guidance of **$2.99 to $3.13**.  **[LNT_3396315_10]** 

4. **Advanced Ratemaking Opportunities**  
   **Q:** How does new legislation affect advanced ratemaking?  
   **A:** Iowa's recent legislation expands advanced ratemaking eligibility to include energy storage and nuclear, not just renewables. This opens opportunities for larger gas projects, renewables, and battery projects in the coming years.  **[LNT_3396315_14]** 

5. **Equity Needs Quantified**  
   **Q:** Can you quantify your modest equity needs?  
   **A:** We currently issue approximately **$25 million per year** via our shareowner direct plan, expected to continue into the foreseeable future. This is our only material equity need planned at this stage, but we'll revisit when we refresh our capital expenditure plans in November.  **[LNT_3396315_9]** 

6. **Capital Needs and Generation**  
   **Q:** Can you frame your capital needs and generation?  
   **A:** While we don't have specifics now, we're well-positioned with land, transmission access, and flexible rate mechanisms in supportive states. Our clean energy blueprint offers flexibility to align resources with load growth. We'll provide more details once we have information on load and timing.  **[LNT_3396315_16]** 

7. **Steam Contracts Impact**  
   **Q:** Is there earnings impact from ending steam contracts?  
   **A:** The ending steam customer contracts are a modest part of earnings. Agreements end in 2025 along with depreciation expense, so ongoing impact should not be material.  **[LNT_3396315_15]** 

8. **Load Growth Forecast**  
   **Q:** How should we think about your load growth?  
   **A:** It's a matter of timing. Once we have the information, we'll share it.  **[LNT_3396315_17]** 

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Alliant Energy Corp (LNT)

Financials