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What changed in Alliant Energy's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Alliant Energy's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+401 added−384 removedSource: 10-K (2025-02-21) vs 10-K (2024-02-16)

Top changes in Alliant Energy's 2024 10-K

401 paragraphs added · 384 removed · 303 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

89 edited+20 added−25 removed52 unchanged
Biggest change(b) All or some of the renewable energy attributes associated with generation from these sources may be used in future years to comply with renewable energy standards or other regulatory requirements. 12 Table of C o ntents Electric Operating Information IPL WPL 2023 2022 2021 2023 2022 2021 Revenues (in millions): Residential $641 $673 $620 $579 $560 $495 Commercial 519 536 508 301 285 255 Industrial 501 538 505 467 427 388 Retail subtotal 1,661 1,747 1,633 1,347 1,272 1,138 Sales for resale: Wholesale 62 64 57 151 169 130 Bulk power and other 11 13 17 60 98 39 Other 27 35 45 26 23 22 Total $1,761 $1,859 $1,752 $1,584 $1,562 $1,329 Sales (000s MWh): Residential 3,586 3,793 3,680 3,590 3,686 3,673 Commercial 3,988 4,049 4,022 2,341 2,387 2,361 Industrial 6,335 6,428 6,581 5,100 5,066 5,115 Retail subtotal 13,909 14,270 14,283 11,031 11,139 11,149 Sales for resale: Wholesale 766 771 738 2,093 2,095 2,049 Bulk power and other 1,465 1,401 1,069 3,265 2,333 1,949 Other 32 33 35 26 29 36 Total 16,172 16,475 16,125 16,415 15,596 15,183 Customers (End of Period): Retail 500,938 498,515 496,435 495,044 490,854 485,135 Other 878 867 858 2,036 2,036 2,020 Total 501,816 499,382 497,293 497,080 492,890 487,155 Other Selected Electric Data: Maximum summer peak hour demand (MW) 2,940 2,895 2,892 2,926 2,800 2,680 Maximum winter peak hour demand (MW) 2,294 2,449 2,433 1,946 2,046 2,028 Cooling degree days (a): Cedar Rapids, Iowa (IPL) (normal - 819) 974 908 974 N/A N/A N/A Madison, Wisconsin (WPL) (normal - 706) N/A N/A N/A 781 787 845 Sources of electric energy (000s MWh): Gas 6,636 4,625 4,011 8,128 6,813 6,044 Purchased power: Wind (b) 2,504 2,985 2,285 1,563 1,437 1,244 Other (b) 730 835 1,166 1,153 1,968 1,476 Wind (b) 4,257 4,991 4,088 1,153 1,433 1,143 Solar (b) 11 11 11 460 30 6 Coal 2,252 3,305 4,756 4,195 4,111 5,462 Other (b) 1 2 1 185 196 208 Total 16,391 16,754 16,318 16,837 15,988 15,583 Revenue per KWh sold to retail customers (cents) 11.94 12.24 11.43 12.21 11.42 10.21 (a) Cooling degree days are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base.
Biggest change(b) All or some of the renewable energy attributes associated with generation from these sources may be used in future years to comply with renewable energy standards or other regulatory requirements. 13 Table of C o ntents Electric Operating Information IPL WPL 2024 2023 2022 2024 2023 2022 Revenues (in millions): Residential $640 $641 $673 $596 $579 $560 Commercial 525 519 536 296 301 285 Industrial 497 501 538 455 467 427 Retail subtotal 1,662 1,661 1,747 1,347 1,347 1,272 Sales for resale: Wholesale 61 62 64 139 151 169 Bulk power and other (6) 11 13 92 60 98 Other 30 27 35 47 26 23 Total $1,747 $1,761 $1,859 $1,625 $1,584 $1,562 Sales (000s MWh): Residential 3,573 3,586 3,793 3,531 3,590 3,686 Commercial 3,974 3,988 4,049 2,330 2,341 2,387 Industrial 6,073 6,335 6,428 5,088 5,100 5,066 Retail subtotal 13,620 13,909 14,270 10,949 11,031 11,139 Sales for resale: Wholesale 750 766 771 2,033 2,093 2,095 Bulk power and other 1,138 1,465 1,401 4,482 3,265 2,333 Other 32 32 33 25 26 29 Total 15,540 16,172 16,475 17,489 16,415 15,596 Customers (End of Period): Retail 503,279 500,938 498,515 499,688 495,044 490,854 Other 881 878 867 2,034 2,036 2,036 Total 504,160 501,816 499,382 501,722 497,080 492,890 Other Selected Electric Data: Maximum summer peak hour demand (MW) 2,833 2,940 2,895 2,805 2,926 2,800 Maximum winter peak hour demand (MW) 2,359 2,294 2,449 2,034 1,946 2,046 Cooling degree days (a): Cedar Rapids, Iowa (IPL) (normal - 819) 890 974 908 N/A N/A N/A Madison, Wisconsin (WPL) (normal - 704) N/A N/A N/A 742 781 787 Sources of electric energy (000s MWh): Gas 5,965 6,636 4,625 7,918 8,128 6,813 Purchased power: Wind (b) 2,681 2,504 2,985 1,604 1,563 1,437 Other (b) 1,228 730 835 487 1,153 1,968 Wind (b) 4,347 4,257 4,991 1,193 1,153 1,433 Solar (b) 119 11 11 1,714 460 30 Coal 1,442 2,252 3,305 4,762 4,195 4,111 Other (b) — 1 2 201 185 196 Total 15,782 16,391 16,754 17,879 16,837 15,988 Revenue per KWh sold to retail customers (cents) $12.20 $11.94 $12.24 $12.30 $12.21 $11.42 (a) Cooling degree days 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 cooling degree days. Refer to “ Gas Operating Information ” below for details of heating degree days.
Normal degree days are calculated using a rolling 20-year average of historical cooling degree days. Refer to “ Gas Operating Information ” below for details of heating degree days.
In addition to competitive salaries and wages, our Total Rewards programs include: • competitive short- and long-term incentive compensation; • a 401(k) savings plan with an employer match; • healthcare and insurance benefits, including medical, vision, dental, life, short-term disability, and long-term disability insurance; • health savings and flexible spending accounts; • enhanced offerings to support the well-being of employees and their families; • paid time off to use for vacation, personal time, sick time, holidays, bereavement, jury duty, military leave, parental leave, maternity leave, and adoption leave; • adoption assistance; • legal planning assistance; • tuition reimbursement; • Vacation Donation program; and • Volunteer Grants and Matching Gifts program.
In addition to competitive salaries and wages, our Total Rewards programs include: • competitive short- and long-term incentive compensation; • a 401(k) savings plan with an employer contribution and employer match; • healthcare and insurance benefits, including medical, vision, dental, life, short-term disability, and long-term disability insurance; • health savings and flexible spending accounts; • enhanced offerings to support the well-being of employees and their families; • paid time off to use for vacation, personal time, sick time, holidays, bereavement, jury duty, military leave, parental leave, maternity leave, and adoption leave; • adoption assistance; • legal planning assistance; • tuition reimbursement; • Vacation Donation program; and • Volunteer Grants and a Matching Gifts program.
Gas Supply - IPL and WPL maintain purchase agreements with numerous suppliers of natural gas from various gas producing regions of the U.S. and Canada. In providing gas commodity service to retail customers, Corporate Services administers a diversified portfolio of transportation and storage contracts on behalf of IPL and WPL.
Gas Supply - IPL and WPL maintain purchase agreements with numerous suppliers of natural gas from various gas producing regions of the U.S. and Canada. In providing gas commodity service to retail customers, Corporate Services administers a portfolio of transportation and storage contracts on behalf of IPL and WPL.
Travero - is a diversified supply chain solutions company, including a short-line rail freight service in Iowa; a Mississippi River barge, rail and truck freight terminal in Illinois; freight brokerage services; wind turbine blade recycling services; and a rail-served warehouse in Iowa.
Travero - is a supply chain solutions company, including a short-line rail freight service in Iowa; a Mississippi River barge, rail and truck freight terminal in Illinois; freight brokerage services; wind turbine blade recycling services; and a rail-served warehouse in Iowa.
Annually, Alliant Energy awards up to 25 scholarships to children of its current employees and eligible retirees who have achieved excellent records in high school who are pursuing a higher education. Scholarship award recipients may enroll in any accredited two- or four-year college, university or vocational-technical school in the U.S.
Annually, Alliant Energy awards up to 25 scholarships to children of its current employees and eligible retirees. Award recipients have achieved excellent records in high school, are pursuing a higher education, and may enroll in any accredited two- or four-year college, university or vocational-technical school in the U.S.
WPL must obtain a CPCN from the PSCW in order to construct a new EGU in Wisconsin with a capacity of 100 MW or more. In addition, WPL’s ownership and operation of EGUs (including those located outside the state of Wisconsin) to serve Wisconsin customers are subject to retail utility rate regulation by the PSCW.
WPL must obtain a CPCN from the PSCW in order to construct a new EGU (including energy storage) in Wisconsin with a capacity of 100 MW or more. In addition, WPL’s ownership and operation of EGUs (including those located outside the state of Wisconsin) to serve Wisconsin customers are subject to retail utility rate regulation by the PSCW.
If the utility’s actual return on common equity is outside of this range, future rates could be adjusted. In addition, the rules require that IPL must receive an order from the IUB related to the subsequent proceeding review before it can file another rate review.
If the utility’s actual return on common equity is outside of this range, future rates could be adjusted. In addition, the rules require that IPL must receive an order from the IUC related to the subsequent proceeding review before it can file another rate review.
Gas Pipeline Projects - IPL must obtain a pipeline permit from the IUB related to the siting of utility gas pipelines in Iowa that will be operated at a pressure over 150 pounds per square inch and will transport gas to a distribution system or single, large volume customer.
Gas Pipeline Projects - IPL must obtain a pipeline permit from the IUC related to the siting of utility gas pipelines in Iowa that will be operated at a pressure over 150 pounds per square inch and will transport gas to a distribution system or single, large volume customer.
IUB - IPL is subject to regulation by the IUB for various matters including, but not limited to, retail utility rates and standards of service, accounting requirements, the construction of EGUs, and the acquisition, sale or lease of assets with values that exceed 3% of IPL’s revenues.
IUC - IPL is subject to regulation by the IUC for various matters including, but not limited to, retail utility rates and standards of service, accounting requirements, the construction of EGUs, and the acquisition, sale or lease of assets with values that exceed 3% of IPL’s revenues.
Electric Generating Unit Environmental Controls Projects - At its sole discretion, IPL may submit an updated emissions plan and budget to the IUB setting out a multi-year plan and budget for managing regulated emissions from its coal-fired EGUs in a cost-effective manner.
Electric Generating Unit Environmental Controls Projects - At its sole discretion, IPL may submit an updated emissions plan and budget to the IUC setting out a multi-year plan and budget for managing regulated emissions from its coal-fired EGUs in a cost-effective manner.
WPL operates in municipalities pursuant to permits of indefinite duration and state statutes authorizing utility operation in areas annexed by a municipality. At December 31, 2023, WPL supplied electric and natural gas service to approximately 500,000 and 200,000 retail customers, respectively.
WPL operates in municipalities pursuant to permits of indefinite duration and state statutes authorizing utility operation in areas annexed by a municipality. At December 31, 2024, WPL supplied electric and natural gas service to approximately 500,000 and 200,000 retail customers, respectively.
Advance rate-making principles are also available for the repowering of an alternative energy production facility or certain significant alterations of an existing EGU. Upon approval of rate-making principles by the IUB, IPL must either construct the EGU or repower the alternative energy production facility under the approved rate-making principles, or not at all.
Advance rate-making principles are also available for the repowering of an alternative energy production facility or certain significant alterations of an existing EGU. Upon approval of rate-making principles by the IUC, IPL must either construct the EGU or repower the alternative energy production facility under the approved rate-making principles, or not at all.
Long-term generation plans are intended to meet customer demand, reduce air emissions and water impacts, reduce reliance on wholesale market purchases and mitigate the impacts of future EGU retirements while maintaining compliance with long-term electric demand planning reserve margins, renewable energy standards established by regulators and other various requirements.
Long-term generation plans are intended to meet growing customer demand, reduce air emissions and water impacts, reduce reliance on wholesale market purchases and mitigate the impacts of future EGU retirements while maintaining compliance with long-term electric demand planning reserve margins, renewable energy standards established by regulators, among other requirements.
Alliant Energy’s primary focus is to provide regulated electric and natural gas service to approximately 1,000,000 electric and approximately 425,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.
Alliant Energy’s primary focus is to provide regulated electric and natural gas service to approximately 1,000,000 electric and approximately 430,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.
Advance Rate-making Principles - Iowa law allows Iowa utilities to request rate-making principles prior to making certain generation investments in Iowa.
Advance Rate-making Principles - Iowa law allows Iowa utilities to request rate-making principles prior to making certain investments in Iowa.
If rate-making principles are not approved by the IUB, IPL may construct the facility, subject to other applicable approvals (such as a GCU Certificate), subject to recovery in future rate reviews.
If rate-making principles are not approved by the IUC, IPL may construct the facility, subject to other applicable approvals (such as a GCU Certificate), subject to recovery in future rate reviews.
The IUB has rules that establish minimum filing requirements for rate reviews using a forward-looking test period, and a related subsequent proceeding review after the close of the forward-looking test period.
The IUC has rules that establish minimum filing requirements for rate reviews using a forward-looking test period, and a related subsequent proceeding review after the close of the forward-looking test period.
The coal procurement process supports periodic purchases, staggering of contract terms, stair-stepped levels of supply going forward and supplier diversity. Similarly, given the term lengths of their transportation agreements and strategic alignment of agreement expirations for negotiation purposes, Alliant Energy, IPL and WPL believe they are reasonably insulated against future higher coal transportation rates from the major railroads.
The coal procurement process supports periodic purchases, staggering of contract terms, stair-stepped levels of supply going forward and different suppliers. Similarly, given the term lengths of their transportation agreements and strategic alignment of agreement expirations for negotiation purposes, Alliant Energy, IPL and WPL believe they are reasonably insulated against future higher coal transportation rates from the major railroads.
WPL also sells electricity to wholesale customers in Wisconsin. 3 Table of C o ntents 3) CORPORATE SERVICES - provides administrative services to Alliant Energy, IPL, WPL and AEF. 4) AEF - Alliant Energy’s non-utility holdings are organized under AEF, which manages a portfolio of wholly-owned subsidiaries and additional holdings, including the following distinct platforms: ATI - currently holds all of Alliant Energy’s interest in ATC Holdings.
WPL also sells electricity to wholesale customers in Wisconsin. 3) CORPORATE SERVICES - provides administrative services to Alliant Energy, IPL, WPL and AEF. 4) AEF - Alliant Energy’s non-utility holdings are organized under AEF, which manages a portfolio of wholly-owned subsidiaries and additional holdings, including the following distinct platforms: ATI - currently holds all of Alliant Energy’s interest in ATC Holdings.
IPL’s ownership and operation of EGUs (including those located outside the state of Iowa) to serve Iowa customers is subject to retail utility rate regulation by the IUB.
IPL’s ownership and operation of EGUs (including those located outside the state of Iowa) to serve Iowa customers is subject to retail utility rate regulation by the IUC.
IPL and WPL currently exceed their respective renewable energy standards requirements. 3) STRATEGY - Refer to “ Overview ” in MDA for discussion of Alliant Energy’s strategy, which supports its mission to deliver energy solutions and exceptional service that its customers and communities count on - affordably, safely, reliably and sustainably. C.
IPL and WPL currently exceed their respective renewable energy standards requirements. 3) STRATEGY - Refer to “ Overview ” in MDA for discussion of Alliant Energy’s strategy, which supports its mission to deliver energy solutions and exceptional service that its customers and communities count on - affordably, safely, reliably and sustainably. 9 Table of C o ntents C.
Gas Distribution Projects - A CA application is required to be filed with the PSCW for construction approval of gas projects with an estimated project cost of $5.9 million or more and at any time that WPL requests to extend gas service to a new portion of its service territory.
Gas Distribution Projects - A CA application is required to be filed with the PSCW for construction approval of gas projects with an estimated project cost of $8.1 million or more and at any time that WPL requests to extend gas service to a new portion of its service territory.
Gas Demand Planning Reserve Margin - IPL and WPL are required to maintain adequate pipeline capacity to ensure they meet their customers’ maximum daily system demand requirements. IPL and WPL currently have planning reserve margins of 2% and 6%, respectively, above their forecasted maximum daily system demand requirements from November 2023 through March 2024.
Gas Demand Planning Reserve Margin - IPL and WPL are required to maintain adequate pipeline capacity to ensure they meet their customers’ maximum daily system demand requirements. IPL and WPL currently have planning reserve margins of 2% and 5%, respectively, above their forecasted maximum daily system demand requirements from November 2024 through March 2025.
Electric Generating Unit Upgrades and Electric Distribution Projects - A CA application is required to be filed with the PSCW for construction approval of any additions to EGUs, including environmental controls projects, as well as electric distribution projects, with estimated project costs of $12.4 million or more.
Electric Generating Unit Upgrades and Electric Distribution Projects - A CA application is required to be filed with the PSCW for construction approval of any additions to EGUs, including environmental controls projects, as well as electric distribution projects, with estimated project costs of $16.3 million or more.
Currently, WPL is required to defer a portion of its earnings if its annual regulatory return on common equity exceeds certain levels. Public Benefits - WPL contributes 1.2% of its annual retail utility revenues to help fund Focus on Energy, Wisconsin’s state-wide energy efficiency and renewable energy resource program.
Currently, WPL is required to defer a portion of its earnings if its annual regulatory return on common equity exceeds certain levels. 7 Table of C o ntents Public Benefits - WPL contributes 1.2% of its annual retail utility revenues to help fund Focus on Energy, Wisconsin’s state-wide energy efficiency and renewable energy resource program.
Electric Generating Units - IPL must obtain a certificate of public convenience, use and necessity (GCU Certificate) from the IUB in order to construct a new, or significantly alter (including fuel switching) an existing, EGU located in Iowa with 25 MW or more of nameplate generating capacity.
Electric Generating Units - IPL must obtain a certificate of public convenience, use and necessity (GCU Certificate) from the IUC in order to construct a new, or significantly alter (including fuel switching) an existing, EGU or energy storage facility located in Iowa with a nameplate generating capacity of 25 MW or more.
IPL provides utility services to incorporated communities as directed by the IUB and utilizes non-exclusive franchises, which cover the use of public right-of-ways for utility facilities in incorporated communities for a maximum term of 25 years. At December 31, 2023, IPL supplied electric and natural gas service to approximately 500,000 and 225,000 retail customers, respectively, in Iowa.
IPL provides utility services to incorporated communities as directed by the IUC and utilizes non-exclusive franchises, which cover the use of public right-of-ways for utility facilities in incorporated communities for a maximum term of 25 years. At December 31, 2024, IPL supplied electric and natural gas service to approximately 500,000 and 230,000 retail customers, respectively, in Iowa.
It is one of our Values - “Care for others: Together we create a workplace where people feel like they belong and can use their unique backgrounds, talents and perspectives to their fullest potential.” Alliant Energy is driven by DEI&B and believes the achievement of its strategic objectives can only be achieved with a focused and engaged workforce.
It is one of our Values - “Care for others: Together we create a workplace where people feel like they can use their backgrounds, talents and perspectives to their fullest potential.” Alliant Energy believes the achievement of its strategic objectives can only be achieved with a focused and engaged workforce.
Purchased Power - IPL and WPL periodically enter into PPAs and purchase electricity from wholesale energy markets to meet a portion of their customer demand for electricity. Electric Transmission - IPL and WPL do not own electric transmission service assets and currently receive transmission services from ITC and ATC, respectively.
Purchased Power - IPL and WPL periodically enter into PPAs and purchase electricity from wholesale energy markets to meet a portion of their customer demand for electricity. 11 Table of C o ntents Electric Transmission - IPL and WPL do not own electric transmission service assets and currently receive transmission services from ITC and ATC, respectively.
All of WPL’s bargaining unit employees are covered by the International Brotherhood of Electrical Workers Local 965 collective bargaining agreement, which expires May 31, 2026. Safety - Safety is integral to our company’s culture. It is one of our Values - “Live safety. Everyone. Always.
All of WPL’s bargaining unit employees are covered by the International Brotherhood of Electrical Workers Local 965 collective bargaining agreement, which expires May 31, 2026. 4 Table of C o ntents Safety - Safety is integral to our company’s culture. It is one of our Values - “Live safety. Everyone. Always.
The primary first tier wholly-owned subsidiaries of Alliant Energy are as follows: 1) IPL - is a public utility engaged principally in the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Iowa.
The primary first tier wholly-owned subsidiaries of Alliant Energy are as follows: 3 Table of C o ntents 1) IPL - is a public utility engaged principally in the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Iowa.
Development-ready Sites - includes various rail-served and ready-to-build manufacturing and industrial sites throughout Iowa and Wisconsin, with access to various airports, interstate freeways and Alliant Energy’s electric services. B. INFORMATION RELATING TO ALLIANT ENERGY ON A CONSOLIDATED BASIS 1) HUMAN CAPITAL MANAGEMENT - Alliant Energy’s core purpose is to serve customers and build stronger communities.
Development-ready Sites - includes various rail-served and ready-to-build manufacturing and industrial sites throughout Alliant Energy’s service territories, with access to various airports and interstate freeways. B. INFORMATION RELATING TO ALLIANT ENERGY ON A CONSOLIDATED BASIS 1) HUMAN CAPITAL MANAGEMENT - Alliant Energy’s core purpose is to serve customers and build stronger communities.
Electric Demand Planning Reserve Margin - IPL and WPL are required to maintain a planning reserve margin above their load at the time of the MISO-wide peak to ensure reliability of electric service to their customers.
Electric Demand Planning Reserve Margin - IPL and WPL are required to maintain a planning reserve margin above their load at the time of the MISO-wide peak each season to ensure reliable electric service to their customers.
Advance Rate-making Principles - Wisconsin law provides Wisconsin utilities with the opportunity to request rate-making principles prior to the purchase or construction of any EGU utilized to serve Wisconsin customers. WPL is not obligated to file 7 Table of C o ntents for or accept authorized rate-making principles under Wisconsin law.
Advance Rate-making Principles - Wisconsin law provides Wisconsin utilities with the opportunity to request rate-making principles prior to the purchase or construction of any EGU utilized to serve Wisconsin customers. WPL is not obligated to file for or accept authorized rate-making principles under Wisconsin law.
New Electric Generating Units - A CA application is required to be filed with the PSCW for construction approval of any new EGU (including battery storage) with a capacity of less than 100 MW and a project cost of $12.4 million or more.
New Electric Generating Units - A CA application is required to be filed with the PSCW for construction approval of any new EGU (including energy storage) with a capacity of less than 100 MW and a project cost of $16.3 million or more.
Customers - IPL and WPL provide electric utility service to a diversified base of retail customers in several industries, with the largest concentrations in the farming, agriculture, industrial manufacturing, chemical (including ethanol), packaging and food 9 Table of C o ntents industries. IPL and WPL also sell electricity to wholesale customers, which primarily consist of municipalities and rural electric cooperatives.
Customers - IPL and WPL provide electric utility service to a large base of retail customers in several industries, with the largest concentrations in the farming, agriculture, industrial manufacturing, chemical (including ethanol), packaging and food industries. IPL and WPL also sell electricity to wholesale customers, which primarily consist of municipalities and rural electric cooperatives.
Alliant Energy, IPL and WPL currently plan to construct and/or acquire additional renewable, battery and natural gas resources to meet the requirements of the seasonal resource adequacy process and have reflected the estimated capital expenditures for these projects in the “Generation” lines in the construction and acquisition table in “ Liquidity and Capital Resources .” Seasonal capacity reserve margins are as follows: June 2024 - August 2024 September 2024 - November 2024 December 2024 - February 2025 March 2025 - May 2025 Required installed capacity reserve margin 17.7% 25.2% 49.4% 40.8% Required unforced capacity reserve margin 9.0% 14.2% 27.4% 26.7% Generation Fuel Supply - IPL and WPL own a portfolio of EGUs located in Iowa, Wisconsin and Minnesota with a diversified fuel mix that includes natural gas, renewable resources and coal.
Alliant Energy, IPL and WPL currently plan to construct and/or acquire additional renewable, energy storage and natural gas resources to meet the requirements of the seasonal resource adequacy process and have reflected the estimated capital expenditures for these projects in the “Generation” lines in the construction and acquisition table in “ Liquidity and Capital Resources .” Seasonal capacity reserve margins are as follows: June 2025 - August 2025 September 2025 - November 2025 December 2025 - February 2026 March 2026 - May 2026 Required installed capacity reserve margin 15.7% 25.3% 38.6% 38.8% Required unforced capacity reserve margin 7.9% 14.9% 18.4% 25.3% Generation Fuel Supply - IPL and WPL own a portfolio of EGUs located in Iowa, Wisconsin and Minnesota with a fuel mix that includes natural gas, renewable resources and coal.
Short- and long-term incentive plans are designed with a mix of operational and financial metrics that align employees with strategic corporate and social goals.
Short- and long-term incentive plans have a mix of operational and financial metrics that align employees with strategic corporate goals.
Only accredited capacity assigned to EGUs is available to meet these requirements. In order for an EGU to receive accredited capacity, it must meet MISO capacity accreditation requirements, which can include satisfying transmission requirements identified in its interconnection agreement prior to the MISO planning year.
In order for an EGU to receive accredited capacity, it must meet MISO capacity accreditation requirements, which can include satisfying transmission requirements identified in its interconnection agreement prior to the MISO planning year.
As a result, IPL may file for, and the IUB must render a decision on, rate-making principles for certain new EGUs located in Iowa, including any alternative energy production facility (such as a wind or solar facility, as well as battery storage constructed in combination with these facilities), combined-cycle natural gas-fired EGU, and certain base-load EGUs with a nameplate generating capacity of 300 MW or more (such as nuclear-fired generation).
As a result, IPL may file for, and the IUC must render a decision on, rate-making principles for certain new EGUs located in Iowa, including any alternate energy production facility (such as a wind, solar, energy storage or nuclear-fired facility), combined-cycle natural gas-fired EGU, and certain base-load EGUs with a nameplate generating capacity of 300 MW or more.
CSAPR establishes state-specific annual sulfur dioxide and nitrogen oxides emission caps and ozone season nitrogen oxides emission caps. In 2023, the EPA finalized revisions to the CSAPR state-specific ozone season nitrogen oxides emission caps and utility-specific emission allowances for certain states, including Wisconsin, beginning in 2023.
CSAPR establishes state-specific annual sulfur dioxide and nitrogen oxides emission caps and ozone season nitrogen oxides emission caps. In 2023, the EPA finalized revisions to the CSAPR state-specific ozone season nitrogen oxides emission caps and utility-specific emission allowances for certain states, including Wisconsin, beginning in 2023; however, these revisions were stayed by the Supreme Court in June 2024.
MISO allocates auction revenue rights to IPL and WPL annually based on a fiscal year from June 1 through May 31 and historical use of the transmission system.
MISO allocates auction revenue rights to IPL and WPL annually based on a fiscal year from June 1 through May 31 and historical use of the transmission system. The allocated auction revenue rights are used by IPL and WPL to acquire FTRs through the FTR auctions operated by MISO.
FERC’s approval also established planning reserve margin requirements for all market participants on a seasonal basis and determined a seasonal accredited capacity value for certain classes of generating resources, including higher accredited capacity for wind generation during the Spring, Fall and Winter seasons and higher accredited capacity for solar generation during the Summer season.
Capacity planning reserve margins are required for all market participants on a seasonal basis, and seasonal accredited capacity values are determined for certain classes of generating resources, including higher accredited capacity for wind generation during the Spring, Fall and Winter seasons and higher accredited capacity for solar generation during the Summer season.
Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters. Clean Air Act Section 111(b) - In 2015, the EPA published final standards under Section 111(b) of the CAA, which establish CO2 emissions limits for certain new fossil-fueled EGUs.
Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters, including resolution of ongoing litigation. 8 Table of C o ntents Clean Air Act Section 111(b) - In 2015, the EPA published final standards under Section 111(b) of the CAA, which establish CO2 emissions limits for certain new fossil-fueled EGUs, including IPL’s Marshalltown Generation Station and WPL’s West Riverside Energy Center.
(b) All or some of the renewable energy attributes associated with generation from these sources may be used in future years to comply with renewable energy standards or other regulatory requirements. 13 Table of C o ntents 2) GAS UTILITY OPERATIONS General - Gas utility operations represent the second largest operating segment for Alliant Energy, IPL and WPL.
(b) All or some of the renewable energy attributes associated with generation from these sources may be used in future years to comply with renewable energy standards or other regulatory requirements. 14 Table of C o ntents 2) GAS UTILITY OPERATIONS General - Alliant Energy’s gas utility operations are located in the Midwest with IPL providing gas service in Iowa and WPL providing gas service in Wisconsin.
WPL utilizes its current renewable portfolio, which primarily consists of wind, solar and hydro energy, both owned and acquired under PPAs, to meet these requirements.
IPL primarily relies upon renewable energy generated from the wind or solar resources it owns and renewable energy acquired under PPAs to meet these requirements. WPL utilizes its current renewable portfolio, which primarily consists of wind, solar and hydro energy, both owned and acquired under PPAs, to meet these requirements.
Gas Operating Information - Alliant Energy 2023 2022 2021 Revenues (in millions): Residential $316 $371 $257 Commercial 163 197 139 Industrial 16 20 17 Retail subtotal 495 588 413 Transportation/other 45 54 43 Total $540 $642 $456 Sales (000s Dths): Residential 25,838 31,109 26,795 Commercial 18,291 21,097 18,516 Industrial 2,276 2,815 2,868 Retail subtotal 46,405 55,021 48,179 Transportation/other 115,177 104,812 99,179 Total 161,582 159,833 147,358 Retail Customers (End of Period) 428,143 426,153 422,864 Other Selected Gas Data: Heating degree days (a): Cedar Rapids, Iowa (IPL) (normal - 6,699) 5,807 7,222 6,539 Madison, Wisconsin (WPL) (normal - 6,974) 6,157 7,210 6,620 Revenue per Dth sold to retail customers $10.67 $10.69 $8.57 Purchased gas costs per Dth sold to retail customers $6.37 $6.97 $5.29 14 Table of C o ntents Gas Operating Information IPL WPL 2023 2022 2021 2023 2022 2021 Revenues (in millions): Residential $176 $202 $146 $140 $169 $111 Commercial 86 101 79 77 96 60 Industrial 11 14 12 5 6 5 Retail subtotal 273 317 237 222 271 176 Transportation/other 27 34 28 18 20 15 Total $300 $351 $265 $240 $291 $191 Sales (000s Dths): Residential 13,146 16,250 13,873 12,692 14,859 12,922 Commercial 8,477 10,257 9,065 9,814 10,840 9,451 Industrial 1,505 1,985 1,943 771 830 925 Retail subtotal 23,128 28,492 24,881 23,277 26,529 23,298 Transportation/other 43,232 43,264 40,738 71,945 61,548 58,441 Total 66,360 71,756 65,619 95,222 88,077 81,739 Retail Customers (End of Period) 226,265 226,284 225,517 201,878 199,869 197,347 Other Selected Gas Data: Maximum daily winter peak demand (Dth) 290,922 259,474 269,335 234,796 201,980 221,256 Heating degree days (a): Cedar Rapids, Iowa (IPL) (normal - 6,699) 5,807 7,222 6,539 N/A N/A N/A Madison, Wisconsin (WPL) (normal - 6,974) N/A N/A N/A 6,157 7,210 6,620 Revenue per Dth sold to retail customers $11.80 $11.13 $9.53 $9.54 $10.22 $7.55 Purchased gas cost per Dth sold to retail customers $7.16 $7.17 $5.96 $5.59 $6.77 $4.58 (a) Heating degree days are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base.
Gas Operating Information - Alliant Energy 2024 2023 2022 Revenues (in millions): Residential $275 $316 $371 Commercial 133 163 197 Industrial 11 16 20 Retail subtotal 419 495 588 Transportation/other 46 45 54 Total $465 $540 $642 Sales (000s Dths): Residential 24,243 25,838 31,109 Commercial 16,974 18,291 21,097 Industrial 2,272 2,276 2,815 Retail subtotal 43,489 46,405 55,021 Transportation/other 123,386 115,177 104,812 Total 166,875 161,582 159,833 Retail Customers (End of Period) 430,699 428,143 426,153 Other Selected Gas Data: Heating degree days (a): Cedar Rapids, Iowa (IPL) (normal - 6,736) 5,450 5,807 7,222 Madison, Wisconsin (WPL) (normal - 6,987) 5,801 6,157 7,210 Revenue per Dth sold to retail customers $9.63 $10.67 $10.69 Purchased gas costs per Dth sold to retail customers $5.06 $6.37 $6.97 15 Table of C o ntents Gas Operating Information IPL WPL 2024 2023 2022 2024 2023 2022 Revenues (in millions): Residential $148 $176 $202 $127 $140 $169 Commercial 68 86 101 65 77 96 Industrial 7 11 14 4 5 6 Retail subtotal 223 273 317 196 222 271 Transportation/other 27 27 34 19 18 20 Total $250 $300 $351 $215 $240 $291 Sales (000s Dths): Residential 12,413 13,146 16,250 11,830 12,692 14,859 Commercial 7,714 8,477 10,257 9,260 9,814 10,840 Industrial 1,513 1,505 1,985 759 771 830 Retail subtotal 21,640 23,128 28,492 21,849 23,277 26,529 Transportation/other 43,075 43,232 43,264 80,311 71,945 61,548 Total 64,715 66,360 71,756 102,160 95,222 88,077 Retail Customers (End of Period) 226,838 226,265 226,284 203,861 201,878 199,869 Other Selected Gas Data: Maximum daily winter peak demand (Dth) 267,820 290,922 259,474 221,135 234,796 201,980 Heating degree days (a): Cedar Rapids, Iowa (IPL) (normal - 6,736) 5,450 5,807 7,222 N/A N/A N/A Madison, Wisconsin (WPL) (normal - 6,987) N/A N/A N/A 5,801 6,157 7,210 Revenue per Dth sold to retail customers $10.30 $11.80 $11.13 $8.97 $9.54 $10.22 Purchased gas cost per Dth sold to retail customers $5.68 $7.16 $7.17 $4.44 $5.59 $6.77 (a) Heating degree days are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base.
We constantly strive to attract, retain and develop a diverse and qualified workforce of high-performing employees, and create and foster an environment of inclusion and belonging for all employees.
We constantly strive to attract, retain and develop a qualified workforce of high-performing employees and foster an environment of high levels of engagement.
We maintain executive and local safety leadership teams to establish our safety vision, strategy and priorities, and ensure education and recognition of employee actions that improve our safety culture.
We maintain executive and local safety leadership teams to establish our safety vision, strategy and priorities, and ensure education and recognition of employee actions that improve our safety culture. This leadership provides strong support for sustained growth of both employee and public safety programs and initiatives.
In 2009, the EPA issued a ruling that found GHG emissions contribute to climate change and therefore threaten public health and welfare, which is the basis for implementing CO2 reduction standards under the CAA.
In 2009, the EPA issued a ruling that found GHG emissions contribute to climate change and therefore threaten public health and welfare, which is the basis for implementing CO2 reduction standards under the CAA. The primary GHG directly emitted from Alliant Energy’s utility operations is CO2 from the combustion of fossil fuels at its EGUs.
The average cost of delivered fuel per million British Thermal Units used for electric generation was as follows: IPL WPL 2023 2022 2021 2023 2022 2021 All fuels $2.83 $4.37 $2.10 $3.09 $4.47 $2.62 Natural gas (a) 3.10 5.76 2.54 3.47 6.02 3.31 Coal 2.09 2.31 1.81 2.54 2.43 2.07 (a) The average cost of natural gas includes commodity and transportation costs, as well as realized gains and losses from swap and option contracts used to hedge the price of natural gas volumes expected to be used by IPL’s and WPL’s natural gas-fired EGUs. 10 Table of C o ntents Natural Gas - Alliant Energy, IPL and WPL own several natural gas-fired EGUs, and WPL also has exclusive rights to the output of AEF’s Sheboygan Falls Energy Facility under an affiliated lease agreement.
The average cost of delivered fuel per million British Thermal Units used for electric generation was as follows: IPL WPL 2024 2023 2022 2024 2023 2022 All fuels $2.49 $2.83 $4.37 $2.74 $3.09 $4.47 Natural gas (a) 2.52 3.10 5.76 3.03 3.47 6.02 Coal 2.29 2.09 2.31 2.37 2.54 2.43 (a) The average cost of natural gas includes commodity and transportation costs, as well as realized gains and losses from swap and option contracts used to hedge the price of natural gas volumes expected to be used by IPL’s and WPL’s natural gas-fired EGUs.
Alliant Energy’s electric utility operations are located in the Midwest with IPL providing retail electric service in Iowa and WPL providing retail and wholesale electric service in Wisconsin. IPL also sells electricity to wholesale customers in Minnesota, Illinois and Iowa. Refer to the “ Electric Operating Information ” tables for additional details regarding electric utility operations.
IPL also sells electricity to wholesale customers in Minnesota and Illinois. Refer to the “ Electric Operating Information ” tables for additional details regarding electric utility operations.
In addition, MISO may dispatch generators that support reliability needs, but that would not have operated based on economic needs. In these cases, MISO’s settlement assures that these generators are made whole financially for their variable costs.
MISO generally dispatches the lowest cost generators, while recognizing current system constraints, to reduce costs for purchasers in the wholesale energy market. In addition, MISO may dispatch generators that support reliability needs, but that would not have operated based on economic needs. In these cases, MISO’s settlement assures that these generators are made whole financially for their variable costs.
Employees - At December 31, 2023, Alliant Energy, IPL and WPL had the following full- and part-time employees: Total Number of Percentage of Employees Number of Bargaining Unit Covered by Collective Employees Employees Bargaining Agreements Alliant Energy 3,281 1,755 53% IPL 1,116 774 69% WPL 1,045 868 83% The majority of IPL’s bargaining unit employees are covered by the International Brotherhood of Electrical Workers Local 204 (Cedar Rapids) collective bargaining agreement, which expires August 31, 2024.
Employees - At December 31, 2024, Alliant Energy, IPL and WPL had the following full- and part-time employees: Total Number of Percentage of Employees Number of Bargaining Unit Covered by Collective Employees Employees Bargaining Agreements Alliant Energy 2,998 1,732 58% IPL 1,043 759 73% WPL 1,003 860 86% The majority of IPL’s bargaining unit employees are covered by the International Brotherhood of Electrical Workers Local 204 (Cedar Rapids) collective bargaining agreement, which expires August 31, 2028.
Electric Operating Information - Alliant Energy 2023 2022 2021 Revenues (in millions): Residential $1,220 $1,233 $1,115 Commercial 820 821 763 Industrial 968 965 893 Retail subtotal 3,008 3,019 2,771 Sales for resale: Wholesale 213 233 187 Bulk power and other 71 111 56 Other 53 58 67 Total $3,345 $3,421 $3,081 Sales (000s MWh): Residential 7,176 7,479 7,353 Commercial 6,329 6,436 6,383 Industrial 11,435 11,494 11,696 Retail subtotal 24,940 25,409 25,432 Sales for resale: Wholesale 2,859 2,866 2,787 Bulk power and other 4,730 3,734 3,018 Other 58 62 71 Total 32,587 32,071 31,308 Customers (End of Period): Retail 995,982 989,369 981,570 Other 2,914 2,903 2,878 Total 998,896 992,272 984,448 Other Selected Electric Data: Maximum summer peak hour demand (MW) 5,856 5,629 5,486 Maximum winter peak hour demand (MW) 4,240 4,415 4,413 Cooling degree days (a): Cedar Rapids, Iowa (IPL) (normal - 819) 974 908 974 Madison, Wisconsin (WPL) (normal - 706) 781 787 845 Sources of electric energy (000s MWh): Gas 14,764 11,438 10,055 Purchased power: Wind (b) 4,067 4,422 3,529 Other (b) 1,883 2,803 2,642 Wind (b) 5,410 6,424 5,231 Solar (b) 471 41 17 Coal 6,447 7,416 10,218 Other (b) 186 198 209 Total 33,228 32,742 31,901 Revenue per KWh sold to retail customers (cents) 12.06 11.88 10.90 (a) Cooling degree days are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base.
Refer to “ Electric Demand Planning Reserve Margin ” above for discussion of MISO’s seasonal resource adequacy process establishing capacity planning reserve margin and capacity accreditation requirements. 12 Table of C o ntents Electric Operating Information - Alliant Energy 2024 2023 2022 Revenues (in millions): Residential $1,236 $1,220 $1,233 Commercial 821 820 821 Industrial 952 968 965 Retail subtotal 3,009 3,008 3,019 Sales for resale: Wholesale 200 213 233 Bulk power and other 86 71 111 Other 77 53 58 Total $3,372 $3,345 $3,421 Sales (000s MWh): Residential 7,104 7,176 7,479 Commercial 6,304 6,329 6,436 Industrial 11,161 11,435 11,494 Retail subtotal 24,569 24,940 25,409 Sales for resale: Wholesale 2,783 2,859 2,866 Bulk power and other 5,620 4,730 3,734 Other 57 58 62 Total 33,029 32,587 32,071 Customers (End of Period): Retail 1,002,967 995,982 989,369 Other 2,915 2,914 2,903 Total 1,005,882 998,896 992,272 Other Selected Electric Data: Maximum summer peak hour demand (MW) 5,638 5,856 5,629 Maximum winter peak hour demand (MW) 4,317 4,240 4,415 Cooling degree days (a): Cedar Rapids, Iowa (IPL) (normal - 819) 890 974 908 Madison, Wisconsin (WPL) (normal - 704) 742 781 787 Sources of electric energy (000s MWh): Gas 13,883 14,764 11,438 Purchased power: Wind (b) 4,285 4,067 4,422 Other (b) 1,715 1,883 2,803 Wind (b) 5,540 5,410 6,424 Solar (b) 1,833 471 41 Coal 6,204 6,447 7,416 Other (b) 201 186 198 Total 33,661 33,228 32,742 Revenue per KWh sold to retail customers (cents) $12.25 $12.06 $11.88 (a) Cooling degree days are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base.
IPL also sells electricity to wholesale customers in Minnesota, Illinois and Iowa.
IPL also sells electricity to wholesale customers in Minnesota (IPL’s related wholesale power agreement expires July 2025), Illinois and Iowa.
Through a variety of health, welfare and compensation programs, we offer employees choice and control, while supporting their financial, physical, and mental well-being. Tools and resources are provided to employees to help maintain and improve their health.
Total Rewards - Our market-competitive Total Rewards programs are designed to meet the varied and evolving needs of our employees. Through a variety of health, welfare and compensation programs, we offer employees choice and control, and help support their financial, physical, and mental well-being. We provide tools and resources to employees to help maintain and improve their health.
IPL is also engaged in the generation and distribution of steam for two customers in Cedar Rapids, Iowa. 2) WPL - is a public utility engaged principally in the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Wisconsin.
IPL is also engaged in the generation and distribution of steam for two customers in Cedar Rapids, Iowa, which are each under contract through 2025 for taking minimum quantities of annual steam usage, with certain conditions, after which IPL expects to exit the steam business. 2) WPL - is a public utility engaged principally in the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Wisconsin.
Non-utility Wind Farm - includes a 50% cash equity ownership interest in a 225 MW non-utility wind farm located in Oklahoma. Sheboygan Falls Energy Facility - is a 347 MW, simple-cycle, natural gas-fired EGU near Sheboygan Falls, Wisconsin, which is currently leased to WPL through 2039. Refer to Note 10 for additional information on WPL’s Sheboygan Falls Energy Facility lease.
Sheboygan Falls Energy Facility - is a 347 MW, simple-cycle, natural gas-fired EGU near Sheboygan Falls, Wisconsin, which is currently leased to WPL through 2044. Refer to Note 9 for additional information on WPL’s Sheboygan Falls Energy Facility lease.
Natural gas obtained from producers, marketers and brokers, as well as gas in storage, is utilized to meet the peak heating season requirements. Storage contracts generally allow IPL and WPL to purchase gas in the summer and inject it into underground storage fields, and remove it from storage fields in the winter to deliver to customers.
Storage contracts generally allow IPL and WPL to purchase gas in the summer and inject it into underground storage fields, and remove it from storage fields in the winter to deliver to customers.
The EPA plans to finalize the revised Section 111(b) rule in 2024. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these standards.
Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these revised standards, including resolution of ongoing litigation.
IPL and WPL utilize accredited capacity from EGUs they own, and have rights to through PPAs, to meet a substantial portion of their current MISO planning reserve margin requirements and periodically rely on short-term market capacity purchases to supplement the accredited capacity from such EGUs.
IPL and WPL utilize accredited capacity from EGUs they own, and have rights to through PPAs, to meet a substantial portion of their current MISO planning reserve margin requirements and periodically rely on short-term market capacity purchases to supplement the accredited capacity from such EGUs. 10 Table of C o ntents MISO Seasonal Resource Adequacy Process - MISO’s resource adequacy process includes capacity planning reserve margins and capacity accreditation requirements with four distinct seasons, to help ensure the reliability of electricity in the MISO region.
INFORMATION RELATING TO UTILITY OPERATIONS Alliant Energy’s utility business (IPL and WPL) has three segments: a) electric operations; b) gas operations; and c) other, which includes IPL’s steam operations and the unallocated portions of the utility business.
INFORMATION RELATING TO UTILITY OPERATIONS Alliant Energy’s utility business includes the operations of IPL (electric, gas and steam operations) and WPL (electric and gas operations), which are both reportable segments.
Normal degree days are calculated using a rolling 20-year average of historical heating degree days. 3) OTHER UTILITY OPERATIONS - STEAM - IPL’s Prairie Creek facility is the primary source of steam for IPL’s two high-pressure steam customers in Iowa. These customers are each under contract through 2025 for taking minimum quantities of annual steam usage, with certain conditions.
Normal degree days are calculated using a rolling 20-year average of historical heating degree days. 3) OTHER UTILITY OPERATIONS - STEAM - IPL’s Prairie Creek facility provides steam for IPL’s two high-pressure steam customers in Iowa.
Diversity, Equity, Inclusion and Belonging (DEI&B) - A diverse, equitable and inclusive workplace where everyone feels like they belong is crucial for the success and retention of our employees, to attract future talent and to execute our purpose-driven strategy to serve our customers and build stronger communities.
Employee Engagement - A workplace where everyone feels meaningful connection to work and company goals is crucial for the success and retention of our employees, to attract future talent and to execute our purpose-driven strategy to serve our customers and build stronger communities.
The historical test periods may be adjusted for certain known and measurable changes to capital investments, cost of capital and operating and maintenance expenses consistent with IUB rules and regulations.
The IUC must decide on requests for retail rate changes within 10 months of the date of the application for which changes are filed, subject to certain exceptions. The historical test periods may be adjusted for certain known and measurable changes to capital investments, cost of capital and operating and maintenance expenses consistent with IUC rules and regulations.
Corporate Venture Investments - includes various minority ownership interests in regional and national venture funds, including a global coalition of energy companies working together to help advance the transition towards a cleaner, more sustainable, and inclusive energy future, by identifying and researching innovative technologies and business models within the emerging energy economy.
Corporate Venture Investments - includes various minority ownership interests in regional and national venture funds, including a global coalition of energy companies working together to help identify and research innovative technologies and business models within the emerging energy economy. Non-utility Wind Farm - includes a 50% cash equity ownership interest in a 225 MW non-utility wind farm located in Oklahoma.
Energy Efficiency - In accordance with Iowa law, IPL is required to file an energy efficiency plan (EEP) every five years with the IUB.
Energy Efficiency - In accordance with Iowa law, IPL is required to file an energy efficiency plan (EEP) every five years with the IUC. An EEP provides a utility’s plan and related budget to achieve specified levels of electric and gas energy savings.
Refer to Note 1(g) for discussion of the recovery of these costs from IPL’s retail electric and gas customers.
IUC approval demonstrates that IPL’s EEP is reasonably expected to achieve cost-effective delivery of the energy efficiency programs. Refer to Note 1(g) for discussion of the recovery of these costs from IPL’s retail electric and gas customers.
IPL’s and WPL’s electric, gas and other revenues as a percentage of total revenues were as follows: IPL WPL 1) ELECTRIC UTILITY OPERATIONS General - Electric utility operations represent the largest operating segment for Alliant Energy, IPL and WPL.
IPL’s and WPL’s electric, gas and other revenues as a percentage of total revenues were as follows: IPL WPL 1) ELECTRIC UTILITY OPERATIONS General - Alliant Energy’s electric utility operations are located in the Midwest with IPL providing retail and wholesale electric service in Iowa and WPL providing retail and wholesale electric service in Wisconsin.
MISO’s bid/offer-based markets compare the cost of IPL and WPL generation against other generators, which affects IPL and WPL generation operations, energy purchases and energy sales. MISO generally dispatches the lowest cost generators, while recognizing current system constraints, to reduce costs for purchasers in the wholesale energy market.
Wholesale Energy Market - IPL and WPL sell and purchase power in the day-ahead and real-time wholesale energy markets operated by MISO. MISO’s bid/offer-based markets compare the cost of IPL and WPL generation against other generators, which affects IPL and WPL generation operations, energy purchases and energy sales.
In addition, IPL and WPL provide transportation service to commercial and industrial customers by moving customer-owned gas through Alliant Energy’s distribution systems to the customers’ meters. Seasonality - Gas sales follow a seasonal pattern with an annual base-load of gas and a large heating peak occurring during the winter season.
Customers - IPL and WPL provide gas utility service to a large base of retail customers and industries, including research, education, hospitality, manufacturing and chemicals (including ethanol). In addition, IPL and WPL provide transportation service to commercial and industrial customers by moving customer-owned gas through Alliant Energy’s distribution systems to the customers’ meters.
The EPA’s proposed revised Section 111(d) rule would require states to implement plans to reduce CO2 emissions through various Best System of Emission Reduction standards by applying various measures at affected sources, including retirement, enforceable limits on operational capacity, co-firing with low-GHG fuels, or other technological controls.
Clean Air Act Section 111(d) - In May 2024, the EPA enacted the final Section 111(d) rule under the CAA for certain fossil-fueled EGUs, which requires states to implement plans to reduce CO2 emissions through various Best System of Emission Reduction (BSER) measures at affected sources, including retirement, enforceable limits on operational capacity, co-firing with low-GHG fuels, or carbon capture and energy storage technology.
In Iowa, counties and cities are prohibited from regulating the sale of natural gas and propane, which supports IPL’s ability to provide gas utility service to a diversified base of retail customers and industries.
In Iowa, counties and cities are prohibited from regulating the sale of natural gas and propane, which supports IPL’s ability to provide gas utility service to retail customers and industries. 6 Table of C o ntents Retail Utility Base Rates - IPL files periodic requests with the IUC for retail rate changes and may base those requests on either historical or forward-looking test periods.
These facilities help meet customer demand for electricity when natural gas prices are low enough to make natural gas-fired generation economical compared to other fuel sources.
Natural Gas - Alliant Energy, IPL and WPL own several natural gas-fired EGUs, and WPL also has exclusive rights to the output of AEF’s Sheboygan Falls Energy Facility under an affiliated lease agreement. These facilities help meet customer demand for electricity when natural gas prices are low enough to make natural gas-fired generation economical compared to other fuel sources.
Refer to Note 17(g) for discussion of a court decision, which is currently expected to reduce the base return on equity authorized for MISO transmission owners, including ATC. MISO Markets - IPL and WPL are members of MISO, a FERC-approved Regional Transmission Organization, which is responsible for monitoring and ensuring equal access to the transmission system in their footprint.
MISO Markets - IPL and WPL are members of MISO, a FERC-approved Regional Transmission Organization, which is responsible for monitoring and ensuring equal access to the transmission system in their footprint. IPL and WPL participate in the wholesale energy and ancillary services markets operated by MISO, which are discussed in more detail below.
We offer awareness campaigns, natural gas and electric public safety presentations, and free online resources and training programs and guidance to assist local emergency responders. Total Rewards - Our market-competitive Total Rewards programs are designed to meet the varied and evolving needs of our employees.
Public safety is equally important, as we interact with our customers to provide energy to their homes and businesses. We offer awareness campaigns, natural gas and electric public safety presentations, and free online resources and training programs and guidance to assist local emergency responders.
IPL and WPL participate in the wholesale energy and ancillary services markets operated by MISO, which are discussed in more detail below. As agent for IPL and WPL, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO.
As agent for IPL and WPL, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO. Corporate Services assigns such sales and purchases between IPL and WPL based on statements received from MISO.
Renewable Energy Standards - Iowa and Wisconsin have renewable energy standards, which establish the minimum amount of energy IPL and WPL must supply from renewable resources. IPL primarily relies upon renewable energy generated from the wind resources it owns and renewable energy acquired under PPAs to meet these requirements.
Manufactured Gas Plant Sites - Refer to Note 1 6 (e) for discussion of IPL’s and WPL’s MGP sites. Renewable Energy Standards - Iowa and Wisconsin have renewable energy standards, which establish the minimum amount of energy IPL and WPL must supply from renewable resources.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeOur future plans and existing operations may be impacted by changing expectations, including heightened emphasis on environmental and social justice concerns related to supporting an equitable transition to cleaner energy and a low-carbon economy. There can be no assurance that we would be able to recover all or any increased environmental costs from our customers.
Biggest changeChanges in or new development of environmental restrictions may force us to incur significant expenses or expenses that may exceed our estimates. Our future plans and existing operations may be impacted by changing expectations, including environmental and social justice concerns related to renewable energy and a low-carbon economy.
Further, investors may determine that we are too reliant on fossil fuels, reducing demand for our stock, which may cause our stock price to decrease, or not buy our debt securities, which may cause our cost of capital to increase.
Further, investors may determine that we are too reliant on fossil fuels, reducing demand for our stock, which may cause our stock price to decrease, or investors may not buy our debt securities, which may cause our cost of capital to increase.
If our credit ratings are downgraded for any reason, such as worsening credit metric impacts, negative changes to our regulatory environment, or general negative outlook for the utility industry, we could pay higher interest rates in future financings, the pool of potential lenders could be reduced, borrowing costs under existing credit facilities could increase, our access to the commercial paper market could be limited, or we could be required to provide additional credit assurance, including cash collateral, to contract counterparties.
If our credit ratings are downgraded for any reason, such as worsening credit metric impacts, reduced liquidity, negative changes to our regulatory environment, or general negative outlook for the utility industry, we could pay higher interest rates in future financings, the pool of potential lenders could be reduced, borrowing costs under existing credit facilities could increase, our access to the commercial paper market could be limited, or we could be required to provide additional credit assurance, including cash collateral, to contract counterparties.
Regulation of oil and gas production could affect our upstream supply of natural gas for electricity generation and to provide directly to our residential and business customers from our local distribution company. This could result in rapid increased demand for alternative non-fossil energy sources and economy-wide electrification.
Regulation of oil and gas production could affect our upstream supply of natural gas for electricity generation and to provide directly to our residential and business customers from our local distribution company. This could result in rapid increased demand for alternative non-fossil fuel energy sources and economy-wide electrification.
Further, the electric transmission system in our utilities’ service territories can experience constraints, limiting the ability to transmit electricity within our service territories. The transmission constraints could result in an inability to deliver electricity from generating facilities, particularly wind and solar generating facilities, to the national grid, or to access lower cost sources of electricity.
Further, the electric transmission system in our utilities’ service territories can experience constraints, limiting our ability to transmit electricity. The transmission constraints could result in an inability to deliver electricity from generating facilities, particularly wind and solar generating facilities, to the national grid, or to access lower cost sources of electricity.
If we do not receive adequate dividends and distributions from our subsidiaries, then we may not be able to make, or may have to reduce, dividend payments on Alliant Energy common stock. We are subject to risks related to inflation - We have recently experienced a significant increase in inflation.
If we do not receive adequate dividends and distributions from our subsidiaries, then we may not be able to make, or may have to reduce, dividend payments on Alliant Energy common stock. We are subject to risks related to inflation - We have experienced a significant increase in inflation.
Our strategy includes large construction projects, which are subject to risks - Our strategy includes constructing renewable generating facilities, energy storage facilities, natural gas-fired generating facilities and large-scale additions and upgrades to our electric and gas distribution systems and generating assets. These construction projects are subject to various risks.
Our strategy includes large construction projects, which are subject to risks - Our strategy includes constructing renewable generating facilities, energy storage facilities, natural gas-fired generating facilities, and large-scale additions and upgrades to our electric and gas distribution systems and generating assets. These construction and upgrade projects are subject to various risks.
Risks Related to Laws and Regulations Our utility business is significantly impacted by government legislation, regulation and oversight - Our utility financial condition is influenced by how regulatory authorities, including the IUB, the PSCW and FERC, establish the rates we can charge our customers, our authorized rates of return and common equity levels, and the costs that may be recovered from customers.
Risks Related to Laws and Regulations Our utility business is significantly impacted by government legislation, regulation and oversight - Our utility financial condition is influenced by how regulatory authorities, including the IUC, the PSCW and FERC, establish the rates we can charge our customers, our authorized rates of return and common equity levels, and the costs that may be recovered from customers.
These risks include: the inability to obtain necessary regulatory approvals and permits in a timely manner; adverse interpretation or enforcement of permit conditions; changes in applicable laws or regulations; changes in costs of materials, equipment, commodities, fuel or labor including due to inflation, tariffs, labor issues, or supply shortages; delays caused by construction accidents or injuries; shortages in materials, equipment, or qualified labor; changes to the scope or timing of the projects; general contractors, subcontractors, or equipment not performing as required under their contracts; the inability to agree to contract terms or disputes in contract terms; the inability to successfully resolve warranty claims; poor initial cost estimates; work stoppages; adverse weather conditions; government actions; legal action; unforeseen engineering or technology issues; limited access to capital or other financing arrangements; and other adverse economic conditions.
These risks include: the inability to obtain necessary regulatory approvals and permits in a timely 19 Table of C o ntents manner; adverse interpretation or enforcement of permit conditions; changes in applicable laws or regulations; changes in costs of materials, equipment, commodities, fuel or labor including due to inflation, tariffs or labor issues; delays caused by construction accidents or injuries; shortages in materials, equipment, or qualified labor; changes to the scope or timing of the projects; general contractors, subcontractors, or equipment not performing as required under their contracts; the inability to agree to contract terms or disputes in contract terms; the inability to successfully resolve warranty claims; poor initial cost estimates; work stoppages; adverse weather conditions; government actions; legal action; unforeseen engineering or technology issues; limited access to capital or other financing arrangements; and other adverse economic conditions.
As a result, we may experience adverse impacts on our financial condition and results of operations. In addition, our operations are subject to extensive regulation primarily by the IUB, the PSCW and FERC.
As a result, we may experience adverse impacts on our financial condition and results of operations. In addition, our operations are subject to extensive regulation primarily by the IUC, the PSCW and FERC.
The impact of supply chain disruptions and other factors continue to create uncertainty in near-term economic conditions, including whether inflation will continue and at what rate. Increases in inflation raise our costs for labor, materials and services. Inflation may also cause interest rates to increase, increasing our cost of capital.
The impact of supply chain disruptions and other factors continue to create uncertainty in near-term economic conditions, including whether inflation will continue and at what rate. Increases in inflation raise our costs for labor, materials and services. Inflation may also cause interest rates to increase or stay elevated, increasing our cost of capital.
Our utility business is developing battery storage facilities, which are expected to generate investment tax credits. Investment tax credits are dependent on the tax capitalized costs of the qualifying generating facilities and the applicable tax credit rate.
Our utility business is developing energy storage facilities, which are expected to generate investment tax credits. Investment tax credits are dependent on the tax capitalized costs of the qualifying generating facilities and the applicable tax credit rate.
If we cannot generate enough taxable income in the future to utilize all of the tax credit carryforwards before they expire due to lower than expected financial performance or changes to tax regulations, we may incur material charges to earnings. The IRA Act allows for the sale or transfer of eligible renewable tax credits to other taxpayers.
If we cannot generate enough taxable income in the future to utilize all of the tax credit carryforwards before they expire due to lower than expected financial performance or changes to tax regulations, we may incur material charges to earnings. The Inflation Reduction Act of 2022 allows for the sale or transfer of eligible renewable tax credits to other taxpayers.
Risks Related to Business Operations A cyber attack may disrupt our operations or lead to a loss or misuse of confidential and proprietary information or potential liability - We operate in an industry that requires the continuous use and operation of information and telecommunications systems.
A cyber attack may disrupt our operations or lead to a loss or misuse of confidential and proprietary information or potential liability - We operate in an industry that requires the continuous use and operation of information and telecommunications systems.
The impacts on our operations include: our ability to site and construct new energy facilities, such as renewable energy or battery storage projects, and recover associated costs; our ability to decommission generating facilities and recover related costs and the remaining carrying value of these facilities and related assets; changes to MISO’s resource adequacy process establishing seasonal capacity planning reserve margin and capacity accreditation requirements that may impact how and when new generating facilities such as IPL’s and WPL’s additional solar generation may be accredited with energy capacity, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO’s seasonal resource adequacy process, or procure capacity whereby such costs might not be recovered in rates; the impact of the lack of availability of existing and new generating facilities has on our accredited capacity for such facilities pursuant to MISO’s seasonal resource adequacy process; IPL’s ability to achieve certain aggregate summer capacity factors under the consumer protection plan for its up to 400 MW of solar generation projects; the rates paid to transmission operators and how those costs are recovered from customers, including our ability to continue to use a transmission rider in Iowa; our ability to site, construct and recover costs for new natural gas pipelines; our ability to recover costs to upgrade our electric and gas distribution systems; the amount of certain sources of energy we must use, such as renewable sources; our ability to purchase generating facilities and recover the costs associated therewith; our ability to sell utility assets and any conditions placed upon the sale of such assets; our ability to enter into purchased power agreements and recover the costs associated therewith; the allocation of expenditures by transmission companies on transmission network upgrades and our ability to recover costs associated therewith; reliability; safety; the issuance of securities and ability to use other financing arrangements for our renewable energy projects; accounting matters; and transactions between affiliates.
The impacts on our operations include: our ability to site and construct new energy facilities, such as renewable energy, energy storage projects, or natural gas-fired electric generating units, and recover associated costs; our ability to decommission generating facilities 16 Table of C o ntents and recover related costs and the remaining carrying value of these facilities and related assets; MISO’s resource adequacy process establishing seasonal capacity planning reserve margin and capacity accreditation requirements, as well as additional changes to capacity accreditation, such as the direct loss of load methodology, impact how and when existing and new generating facilities such as IPL’s and WPL’s additional solar generation are accredited with energy capacity, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO’s seasonal resource adequacy process, or procure capacity whereby such costs might not be recovered in rates; the impact of the lack of availability of existing and new generating facilities has on our accredited capacity for such facilities pursuant to MISO’s seasonal resource adequacy process; IPL’s ability to achieve certain aggregate summer capacity factors under the consumer protection plan for its up to 400 MW of solar generation projects; the rates paid to transmission operators and how those costs are recovered from customers, including our ability to continue to use a transmission rider in Iowa; our ability to site, construct and recover costs for new natural gas pipelines; our ability to recover costs to upgrade our electric and gas distribution systems; the amount of certain sources of energy we must use, such as renewable sources; our ability to purchase generating facilities and recover the costs associated therewith; our ability to sell utility assets and any conditions placed upon the sale of such assets; our ability to enter into purchased power agreements and recover the costs associated therewith; the allocation of expenditures by transmission companies on transmission network upgrades and our ability to recover costs associated therewith; reliability; safety; the issuance of securities and ability to use other financing arrangements for our renewable energy projects; accounting matters; and transactions between affiliates.
We may not be able to recover all costs for projects to reduce GHG emissions in rates if regulators determine that the pace of GHG emissions efforts or new technologies are not prudent.
We may not be able to recover all costs for projects to reduce GHG emissions in rates if regulators determine that the pace of GHG emissions efforts or new technologies are not prudent. The extent of the U.S.
We may not be able to pass on all of the changes in costs to our customers, especially at WPL where we do not have an automatic retail electric fuel cost adjustment 17 Table of C o ntents clause to timely recover such costs and where electric fuel cost recovery may be limited if WPL earns in excess of its authorized return on common equity.
We may not be able to pass on all of the changes in costs to our customers, especially at WPL where we do not have an automatic retail electric fuel cost adjustment clause to timely recover such costs and where electric fuel cost recovery may be limited if WPL earns in excess of its authorized return on common equity.
The global supply chain has experienced, and is expected to continue to experience, disruptions due to a multitude of factors, such as geopolitical issues, supplier manufacturing constraints, labor issues, transportation issues, resource availability, long lead times, tariffs, tighter credit markets, inflation, pandemics and weather.
The global supply chain has experienced, and is expected to continue to experience, disruptions due to a multitude of factors, such as geopolitical issues, supplier manufacturing constraints, labor issues, transportation issues, tariffs, changes in laws, executive orders, resource availability, long lead times, tighter credit markets, inflation, pandemics and weather.
Storms and natural disasters may impact our customers and the resulting reduced demand for energy could cause lower sales and revenues, which may not be replaced or recovered in rates, or rate recovery may be delayed. Any of these items could adversely impact our financial condition and results of operations.
Storms and natural disasters may impact our customers and the resulting reduced demand for energy could cause 20 Table of C o ntents lower sales and revenues, which may not be replaced or recovered in rates, or rate recovery may be delayed. Any of these items could adversely impact our financial condition and results of operations.
For example, WPL has notified the PSCW that its solar generating facility developments have exceeded the approved costs. We may not be able to meet capacity requirements to comply with electric demand planning reserve margins if a construction project is not completed or is delayed.
For example, WPL has notified the PSCW that its solar generating facility developments have exceeded the approved costs. We may not be able to meet capacity requirements, including new demand from high usage customers, to comply with electric demand planning reserve margins if a construction project is not completed or is delayed.
We are also subject to oversight and monitoring by organizations such as the North American Electric Reliability Corporation, the Midwest Reliability Organization, the Pipeline and Hazardous Materials Safety Administration, MISO and the Department of Homeland Security Transportation Security Administration.
We are also subject to oversight and monitoring by organizations such as the North American Electric Reliability Corporation, the Midwest Reliability Organization, the Pipeline and Hazardous Materials Safety Administration, the Midcontinent Independent System Operator, Inc. (MISO) and the Department of Homeland Security Transportation Security Administration.
The operation of our natural gas distribution and transportation infrastructure also involves many risks, such as leaks, explosions, mechanical problems, members of the 16 Table of C o ntents public or contractors coming into contact with our infrastructure, and employee and public safety.
The operation of our natural gas distribution and transportation infrastructure also involves many risks, such as leaks, explosions, mechanical problems, members of the public or contractors coming into contact with our infrastructure, and employee and public safety.
The extent of the EPA’s proposed rules to regulate GHG emissions at fossil-fuel fired electric generating units and specific impacts, including state plans to implement the emissions reductions, remains uncertain. There could also be changes by the current or future Presidential or Gubernatorial Administrations.
Environmental Protection Agency’s proposed rules to regulate GHG emissions at fossil-fuel fired electric generating units and specific impacts, including state plans to implement the emissions reductions, remains uncertain. There could also be changes by the current or future Presidential or Gubernatorial Administrations.
Regulation or legislation mandating GHG emissions reductions or other clean energy standards affecting utility companies could materially increase costs, causing some electric generating units to be uneconomical to operate or maintain. We are vulnerable to potential risks associated with transition to a lower-carbon economy that may extend to our supply chain and natural gas operations.
Regulation or legislation mandating GHG emissions reductions or other clean energy standards affecting utility companies could materially increase costs, causing some electric generating units to be uneconomical to operate or maintain. We are vulnerable to potential risks associated with the construction of electric generating units that may extend to our supply chain and natural gas operations.
Energy demand may decrease due to many things, including economic conditions, proliferation of customer and third party-owned generation, technological advances that reduce the costs of renewable energy and storage solutions for our customers, government policies, such as the Inflation Reduction Act of 2022 (IRA Act), which incentivize customer and third party-owned generation, loss of service territory or franchises, energy efficiency measures, technological advances that improve energy efficiency, third-party disrupters, loss of wholesale customers, loss of customers that pursue their own renewable projects to achieve specific sustainability goals, and the adverse impact of tariffs on our customers.
Energy demand may decrease due to many things, including economic conditions, proliferation of customer and third party- 18 Table of C o ntents owned generation, technological advances that reduce the costs of renewable energy and energy storage solutions for our customers, government policies, such as the Inflation Reduction Act of 2022, which incentivize customer and third party-owned generation, loss of service territory or franchises, energy efficiency measures, changes in customer usage due to rate design changes, such as time of use rates, technological advances that improve energy efficiency, third-party disrupters, loss of wholesale customers, loss of customers that pursue their own renewable projects to achieve specific sustainability goals, and the adverse impact of tariffs on our customers.
We face threats from use of malicious code (such as malware, viruses and ransomware), employee theft or misuse, advanced persistent threats, vulnerabilities (such as the log4j and MOVEit vulnerabilities), fraud attempts, and phishing attacks. Incidents of ransomware attacks have been increasing in frequency and magnitude.
We face threats from use of malicious code (such as malware, viruses and ransomware), employee theft or misuse, vulnerabilities (such as the log4j and MOVEit vulnerabilities), fraud attempts, phishing attacks and advanced persistent threats.
Demand for energy may decrease - Our results of operations are affected by the demand for energy in our service territories.
Risks Related to Business Operations Demand for energy may decrease - Our results of operations are affected by the demand for energy in our service territories.
It may be difficult to hire and retain such a skilled workforce due to labor market conditions, such as low unemployment rates in our service territories, the length of time employees need to acquire the skills, and general competition for talent. The competitive employment market also increases the amounts we pay our employees in critical positions.
It may be difficult to hire and retain such a skilled workforce due to labor market conditions, such as low unemployment rates in our service territories, the length of time employees need to acquire the skills, and general competition for talent.
We have seen and anticipate a steady pace of retirements due to our aging workforce. The labor market for our employees is very competitive, increasing the likelihood that we may lose critical employees or have difficulty hiring qualified employees for critical roles and not have enough time to adequately train employees to prepare for upcoming retirements.
The labor market for our employees is very competitive, increasing the likelihood that we may lose critical employees or have difficulty hiring qualified employees for critical roles and not have enough time to adequately train employees to prepare for upcoming retirements.
We plan to sell a substantial amount of our eligible renewable tax credits.
We have sold, and continue to plan to sell, a substantial amount of our eligible renewable tax credits.
The IRA Act introduced new labor requirements that are required to qualify for the full value of renewable tax credits. Failure to meet these requirements on renewable projects that began construction after January 28, 2023 could result in a significant reduction in the amount of renewable tax credits, which could adversely impact our financial condition and results of operations.
Failure to meet these requirements on renewable projects that began construction after January 28, 2023 could result in a significant reduction in the amount of renewable tax credits, which could adversely impact our financial condition and results of operations.
Lastly, we have obligations to provide electric and natural gas service to customers under regulatory requirements and contractual commitments. Failure to meet our service obligations, and failure of IPL’s solar generating facilities to achieve a certain level of output, could adversely impact our financial condition and results of operations.
Lastly, we have obligations to provide electric and natural gas service to customers under regulatory requirements and contractual commitments. Failure to meet our service obligations could adversely impact our financial condition and results of operations.
The inability to sell renewable tax credits at reasonable terms, or if renewable tax credits that we generate or sell are determined to not be eligible or eligible at a different rate, could materially impact our tax credit carryforward position or result in liability to purchasers of the tax credits.
The inability to sell renewable tax credits at reasonable terms, or the determination that renewable tax credits that we generate or sell are not eligible or are eligible at a different rate, could materially impact our tax credit carryforward position or result in liability to purchasers of the tax credits, which could subject us to significant litigation, liability and costs.
IPL and WPL may not receive an adequate amount of rate relief to recover all costs and earn their authorized rates of return, rates may be reduced, rate refunds may be required, rate adjustments may not be approved on a timely basis, costs may not be otherwise recovered through rates, future rates may be temporarily frozen, laws or rules may limit the ability to file rate adjustments or the period covered by a rate adjustment, regulatory decisions may limit the ability to defer recovery of and a return on prudently incurred costs in between rate reviews, certain rate base items may not receive a full weighted average cost of capital, and authorized rates of return on capital may be reduced.
IPL and WPL may not receive an adequate amount of rate relief to recover all costs and earn their authorized rates of return, rates may be reduced, rate refunds may be required, rate adjustments may not be approved on a timely basis, costs may not be otherwise recovered through rates, earnings above certain thresholds may be required to be refunded, recovery of capital expenditures, including those for electric distribution systems, above certain thresholds may be capped or not be allowed, rates may be temporarily frozen, such as IPL’s current retail electric rate base moratorium through September 2029, laws, rules or settlements may limit the ability to file rate adjustments or the period covered by a rate adjustment, regulatory decisions may limit the ability to defer recovery of and a return on prudently incurred costs in between rate reviews, certain rate base items may not receive a full weighted average cost of capital, and authorized rates of return on capital may be reduced.
If we were unable to obtain enough natural gas or coal for our electric generating facilities under our existing contracts, or to obtain electricity under existing or future purchased power agreements, we could be required to purchase natural gas or coal at higher prices, need to secure higher cost delivery of natural gas or coal, be forced to curtail the operation of our natural gas-fired or coal-fired generating facilities, be forced to purchase electricity from higher-cost generating resources in the Midcontinent Independent System Operator, Inc.
If we were unable to obtain enough natural gas or coal for our electric generating units under our existing contracts, or to obtain electricity under existing or future purchased power agreements, we could be required to purchase natural gas or coal at higher prices, need to secure higher cost delivery of natural gas or coal, be forced to curtail the operation of our natural gas-fired or coal-fired generating facilities, be forced to purchase electricity from higher-cost generating resources in the MISO energy market and/or be required to purchase replacement capacity to comply with electric demand planning reserve margins.
If the technology systems were to fail or be breached by a cyber attack or a computer virus, and not be recovered in a timely fashion, we may be unable to fulfill critical business functions and confidential data could be compromised, adversely impacting our financial condition and results of operation. 15 Table of C o ntents In addition, we use information technology systems to collect and retain sensitive information, including personal information about our customers, shareowners and employees.
If the technology systems were to fail or be breached by a cyber attack or a computer virus, and not be recovered in a timely fashion, we may be unable to fulfill critical business functions and confidential data could be compromised, adversely impacting our financial condition and results of operation.
We may incur material post-closing adjustments related to past asset and business divestitures - We have sold certain non-utility subsidiaries such as Whiting Petroleum Corporation (Whiting Petroleum). We may continue to incur liabilities relating to our previous ownership of, or the transactions pursuant to which we disposed of, these subsidiaries and assets.
We may incur material post-closing adjustments related to past asset and business divestitures - We have sold certain non-utility subsidiaries and may continue to incur liabilities relating to our previous ownership of, or the transactions pursuant to which we disposed of, these subsidiaries and assets. Any potential liability depends on a number of factors outside of our control.
Environmental laws and regulations affecting power generation and electric and gas distribution are complex and subject to continued uncertainty and could be changed by the current or future Presidential or Gubernatorial Administrations. These laws and regulations have imposed, and proposed laws and regulations could impose in the future, additional costs on our utility operations.
Environmental laws and regulations affecting power generation and electric and gas distribution are complex and subject to continued uncertainty and could be changed by the current or future Presidential or Gubernatorial Administrations.
We are also subject to collective bargaining agreements covering approximately 1,800 employees. Any work stoppage experienced in connection with negotiations of collective bargaining agreements could adversely affect our financial condition and results of operations as well as our ability to implement our strategy.
Any work stoppage experienced in connection with negotiations of 21 Table of C o ntents collective bargaining agreements could adversely affect our financial condition and results of operations as well as our ability to implement our strategy.
We have forecasted capital expenditures of approximately $9 billion over the next four years. Disruption, uncertainty or volatility in the capital markets could increase our cost of capital or limit our ability to raise funds needed to operate our businesses.
Disruption, uncertainty or volatility in the capital markets could increase our cost of capital or limit our ability to raise funds needed to operate our businesses.
(MISO) energy market and/or be required to purchase replacement capacity to comply with electric demand planning reserve margins. We may be obligated to pay for coal deliveries under our contracts even if our coal-fired generating facilities do not operate enough to fully utilize the amounts of coal covered by the contracts.
We may be obligated to pay for coal deliveries under our contracts even if our coal-fired generating facilities do not operate enough to fully utilize the amounts of coal covered by the contracts.
The loss of customers, the inability to replace those customers with new customers, and the decrease in demand for energy could negatively impact our financial condition and results of operations.
The loss of customers, the inability to replace those customers with new customers, and the decrease in demand for energy could negatively impact our financial condition and results of operations. Our utility business is seasonal and may be adversely affected by the impacts of weather - Electric and gas utility businesses are seasonal businesses.
The pace and feasibility to fully achieve decarbonization is also contingent on the future development and full-scale deployment of emerging energy technologies and supporting infrastructure, as well as electrification of other economic sectors.
The pace and feasibility to fully achieve decarbonization is also contingent on the future development and full-scale deployment of emerging energy technologies and supporting infrastructure, as well as electrification of other economic sectors. 17 Table of C o ntents Changing economic conditions and drivers to support significant load growth, including data centers, could influence electric demand.
Provisions of the Wisconsin Utility Holding Company Act may limit our ability to invest in or grow our non-utility activities and may deter potential purchasers who might be willing to pay a premium for our stock. 18 Table of C o ntents Our utility businesses are subject to numerous environmental laws and regulations - Our utilities are subject to numerous federal, regional, state and local environmental laws, regulations, court orders, and international treaties.
Provisions of the Wisconsin Utility Holding Company Act may limit our ability to invest in or grow our non-utility activities and may deter potential purchasers who might be willing to pay a premium for our stock.
Failure to comply with the laws, regulations and court orders, changes in the laws and regulations and failure to recover costs of compliance may adversely impact our financial condition and results of operations.
There can be no assurance that we would be able to recover all or any increased environmental costs from our customers. Failure to comply with the laws, regulations and court orders, changes in the laws and regulations and failure to recover costs of compliance may adversely impact our financial condition and results of operations.
In addition, there are physical risks associated with adapting to changing climate conditions and extreme weather events. Further, assessment of the science to evaluate and limit global temperature rise continues to evolve.
We could suffer financial loss, reputational damage, litigation, or other negative repercussions if we are unable to meet our voluntary GHG reduction goals. In addition, there are physical risks associated with adapting to changing climate conditions and extreme weather events. Further, assessment of the science to evaluate and limit global temperature rise continues to evolve.
If the federal or state tax rates are increased, 19 Table of C o ntents we may experience adverse impacts to our financial condition and results of operations until those rates are reflected in our regulatory filings.
In addition, our tax liability is determined by our taxable income multiplied by the current tax rates in effect. If the federal or state tax rates are increased, or we become subject to a corporate alternative minimum tax, we may experience adverse impacts to our financial condition and results of operations until those rates are reflected in our regulatory filings.
However, the ability to achieve our GHG reduction goals and implement our strategy is subject to uncertainties as to how climate change concerns will ultimately impact us and various factors that may be out of our control. These uncertainties include transition risks related to laws and regulations, technology and business operations, or economic and market conditions.
Actions related to global climate change and reducing greenhouse gas (GHG) emissions could negatively impact us - We have established voluntary GHG reduction goals and continue to review our strategy; however, the ability to achieve our voluntary GHG reduction goals and implement our strategy is subject to uncertainties as to how climate change concerns will ultimately impact us and various factors that may be out of our control.
Demand for natural gas depends significantly upon temperature patterns in winter months due to heavy use in residential and commercial heating. As a result, our overall operating results in the future may fluctuate substantially on a seasonal basis. In addition, we have historically generated less revenues and income when temperatures are warmer in the winter and/or cooler in the summer.
As a result, our overall operating results in the future may fluctuate substantially on a seasonal basis. In addition, we have historically generated less revenues and income when temperatures are warmer in the winter and/or cooler in the summer. Thus, mild winters and/or summers could have an adverse impact on our financial condition and results of operations.
If our non-utility holdings do not perform at expected levels, we could experience an adverse impact on our financial condition and results of operations.
If our non-utility holdings do not perform at expected levels, we could experience an adverse impact on our financial condition and results of operations. Risks Related to Economic, Financial and Labor Market Conditions We are subject to employee workforce factors that could affect our businesses - We operate in an industry that requires specialized technical skills.
Any required payments on retained liabilities, guarantees or indemnification obligations with respect to Whiting Petroleum or other past and future asset or business divestitures could adversely impact our financial condition and results of operations. 20 Table of C o ntents We are dependent on the capital markets and could be negatively impacted by disruptions in the capital markets - Successful implementation of our strategy is dependent upon our ability to access the capital markets.
Any required payments on retained liabilities, guarantees or indemnification obligations with respect to past and future asset or business divestitures could adversely impact our financial condition and results of operations.
In some cases, we outsource administration of certain functions to vendors that have been or could be targets of cyber attacks.
In addition, we use information technology systems to collect and retain sensitive information, including personal information about our customers, shareowners and employees, which is subject to privacy laws and regulations. In some cases, we outsource administration of certain functions to vendors that have been or could be targets of cyber attacks.
Risks Related to Economic, Financial and Labor Market Conditions We are subject to employee workforce factors that could affect our businesses - We operate in an industry that requires specialized technical skills. Further, we must build a workforce that is innovative, customer-focused and competitive to thrive in the future in order to successfully implement our strategy.
Further, we must build a workforce that is innovative, customer-focused and competitive to thrive in the future in order to successfully implement our strategy. We have seen and anticipate a steady pace of retirements due to our aging workforce.
Our utility business is seasonal and may be adversely affected by the impacts of weather - Electric and gas utility businesses are seasonal businesses. Demand for electricity is greater in the summer months associated with higher air conditioning needs and winter months associated with higher heating needs.
Demand for electricity is greater in the summer months associated with higher air conditioning needs and winter months associated with higher heating needs. Demand for natural gas depends significantly upon temperature patterns in winter months due to heavy use in residential and commercial heating.
We have incurred, and will continue to incur, capital and other expenditures to comply with these and other environmental laws and regulations. Changes in or new development of environmental restrictions may force us to incur significant expenses or expenses that may exceed our estimates.
These laws and regulations have imposed, and proposed laws and regulations could impose in the future, additional costs on our utility operations and requirements that impact our ability to continue operating electric generating units. We have incurred, and will continue to incur, capital and other expenditures to comply with these and other environmental laws and regulations.
Removed
Thus, mild winters and/or summers could have an adverse impact on our financial condition and results of operations.
Added
Our utility businesses are subject to numerous environmental laws and regulations - Our utilities are subject to numerous federal, regional, state and local environmental laws, regulations, court orders, and international treaties.
Removed
Actions related to global climate change and reducing greenhouse gas (GHG) emissions could negatively impact us - We have established GHG reduction goals and continue to review our strategy and our role in supporting the transition to a low-carbon economy.
Added
These uncertainties include transition risks related to laws and regulations, technology and business operations, or economic and market conditions. Research and development of technologies, innovations, and advancements may not evolve as anticipated in order to provide cost-effective alternatives to traditional energy sources.
Removed
Repeal or amendment of the IRA Act, or portions of the IRA Act, could have an adverse impact on our financial condition and results of operations. In addition, our tax liability is determined by our taxable income multiplied by the current tax rates in effect.
Added
This could affect the timing of retirement for our existing coal-fired electric generating units, and our need to add new fossil-fueled generation resources due to growing electric loads.
Removed
Any potential liability depends on a number of factors outside of our control, including the financial condition of Whiting Petroleum, certain of its partners, and/or their assignees.
Added
Repeal or amendment of the Inflation Reduction Act of 2022, or portions of the Inflation Reduction Act of 2022, could have an adverse impact on our financial condition and results of operations, including, but not limited to, a material increase in customer costs, a material decrease in cash flows from operating activities, which could impact metrics used by rating agencies, and a negative impact on the economics of future planned renewable and energy storage projects.
Added
If energy storage facilities are not completed in the anticipated timeframe or investment tax credits are not able to be generated or sold due to the repeal or amendment of the Inflation Reduction Act of 2022, we may experience adverse impacts on our financial condition and results of operations.
Added
The Inflation Reduction Act of 2022 introduced new labor requirements that are required to qualify for the full value of renewable tax credits.
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Demand for energy from high usage customers may impact our business - The ability to serve significant new commercial or industrial customers on contract rates, including data centers, may require certain regulatory approvals, and the activities and costs related to the construction, acquisition or contracts for additional generation capacity and transmission required to meet the high demands of such customers could be significant.
Added
The inability or delays in obtaining regulatory approvals or securing additional capacity or transmission, due to supply chain risk, operational risk, or other factors, may impact our ability, or the cost, to provide energy to new customers, the contract rates may not fully recover the costs, the contracts may increase counterparty credit risk, and the costs to provide service may be higher than expected.
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The contract rates for high usage customers are subject to regulatory approvals and our regulatory authorities may change the rates we can charge and the costs that can be recovered.
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A high usage customer may decide not to take energy, take less energy than anticipated, or not take service on the anticipated schedule, due to changes in business needs, construction delays, technological advances that improve energy efficiency, or other factors, which may result in lower demand for energy than anticipated.
Added
The addition of high usage customers may increase the concentration of sales, and increase revenue and earnings volatility. These factors could negatively impact our financial condition and results of operations.
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This includes threats from nation-state actors (such as VOLT TYPHOON and SALT TYPHOON), which have demonstrated an increased focus on targeting critical industries, including telecommunications and energy. Incidents of ransomware attacks have been increasing in frequency and magnitude.
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Insurance coverage may not continue to be available at all, or at rates or terms similar to those presently available to us. In addition, our insurance may not be sufficient or effective under all circumstances and against all hazards or liabilities to which we may be subject.
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Any losses for which we are not fully insured or that are not covered by insurance at all could materially adversely affect our results of operations and financial position.
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The competitive employment market also increases the amounts we pay our employees in critical positions, which we may be unable to recover in rates. We are also subject to collective bargaining agreements covering approximately 1,700 employees.
Added
We are dependent on the capital markets and could be negatively impacted by disruptions in the capital markets - Successful implementation of our strategy is dependent upon our ability to access the capital markets. We have forecasted capital expenditures of approximately $11 billion over the next four years.
Added
IPL and WPL have entered into conditional commitments with the U.S. Department of Energy’s Loan Programs Office for loan guarantees of approximately $3 billion in aggregate and WPL has been selected for additional grants. The inability to access these funds due to federal action or other reasons may increase our costs and interest rates.
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ITEM 1B. UNRESOLVED STAFF COMMENTS None. 22 Table of C o ntents

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeWe also periodically collaborate with law enforcement experts, external assessors, consultants, industry peers and other third parties in connection with understanding market and threat conditions used to identify, assess and mitigate cyber security risks. 21 Table of C o ntents The cybersecurity program includes: • a dedicated cybersecurity team; • information technology and telecommunication systems implemented with segmentation and multiple levels of access controls; • a security operations center that continuously monitors information technology and telecommunications systems; • an incident response team composed of individuals from the information technology, operations, accounting, finance, legal, and communications departments, as needed, which is activated to respond to cybersecurity incidents; • periodic drills and exercises to address risks and prepare for extraordinary scenarios, including industry collaboration on incident preparation, such as GridEx drills hosted by NERC, participation in a full activation drill at least annually, and several tabletop drills during the year; • periodic drills with the full executive team, including the Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Accounting Officer (CAO), Chief Information Officer (CIO) and General Counsel; • periodic information security awareness training and phishing simulations for employees and contractors who access our networks; • periodic security assessments of evolving risks and threats that lead to strengthening of cybersecurity measures; • implementation of automation solutions to strengthen detection and response capabilities; and • maintenance of cyber liability insurance.
Biggest changeThe cybersecurity program includes: • a dedicated cybersecurity team; • operations, information technology and telecommunication systems implemented with segmentation and multiple levels of access controls; • a security operations center that continuously monitors information technology and telecommunications systems; • an incident response team composed of individuals from the information technology, operations, accounting, finance, legal, and communications departments, as needed, which is activated to respond to cybersecurity incidents; • periodic drills and exercises to address risks and prepare for extraordinary scenarios, including industry collaboration on incident preparation, such as GridEx drills hosted by NERC, participation in a full activation drill at least annually, and several tabletop drills during the year; • periodic drills with the full executive team, including the Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Accounting Officer (CAO), Chief Information Officer (CIO) and General Counsel; • periodic information security awareness training and phishing simulations for employees and contractors who access our networks; • periodic security assessments of evolving risks and threats that lead to strengthening of cybersecurity measures; • implementation of automation solutions to strengthen detection and response capabilities; and • maintenance of cyber liability insurance.
We maintain a cybersecurity program that includes development and implementation of policies, procedures and tools designed to help ensure availability of critical information technology and telecommunication systems and safeguard sensitive information . The cybersecurity program is assessed against industry standards, including the Center for Internet Security critical security controls.
We maintain a cybersecurity program that includes development and implementation of policies, procedures and tools designed to help ensure availability of critical operations, information technology and telecommunication systems and safeguard sensitive information . The cybersecurity program is assessed against industry standards, including certain Center for Internet Security critical security controls.
Cybersecurity risks are identified through the enterprise risk management (ERM) program as key risks we face. These risks could include use of malicious code, employee theft or misuse, advanced persistent threats, vulnerabilities, fraud attempts, and phishing attacks that could cause, among others, an information technology system failure, or breach or loss of sensitive information.
Cybersecurity risks are identified as key risks through the enterprise risk management (ERM) program. These risks could include use of malicious code, employee theft or misuse, advanced persistent threats, vulnerabilities, fraud attempts, and phishing attacks that could cause, among others, an operations or information technology system failure, or breach or loss of sensitive information.
Management, including the CIO, provides reports approximately quarterly to the Board regarding risks, threats, the threat landscape, assessments of and improvements to the cybersecurity program and internal response preparedness.
Management, including the CIO, provides reports approximately quarterly to the Board regarding risks, threats, the threat landscape, assessments of and improvements to the cybersecurity program, and internal response preparedness. 23 Table of C o ntents
Our cybersecurity program is overseen by our Senior Vice President and CIO, who has nearly two decades of experience in information technology, having previously held CIO roles with other organizations, as well as experience in the utility sector. The CIO oversees a team dedicated to the support of cybersecurity tools and the overall cybersecurity program.
Our cybersecurity program is overseen by our Senior Vice President and CIO, who has nearly four decades of experience in information technology, including two decades as a CIO, having previously held CIO roles with other organizations, as well as experience in the utility sector.
The CIO reports to the Executive Vice President and CFO. The CIO provides periodic briefs regarding prevention, detection, mitigation and remediation of cybersecurity incidents, as well as risks, threats and the threat landscape to the Board and executive management, including the CEO, CFO and CAO.
The CIO provides periodic briefs regarding prevention, detection, mitigation and remediation of cybersecurity incidents, as well as risks, threats and the threat landscape to the Board and executive management, including the CEO, CFO and CAO. These briefs are used to help continuously improve our cybersecurity program and to inform risk assessments as part of the ERM program.
These briefs are used to help continuously improve our cybersecurity program and to inform risk assessments as part of the ERM program. The full Board of Directors is responsible for oversight of our key cybersecurity risks. The Board retains direct oversight of cybersecurity matters to best utilize the experiences and expertise of all Board members.
The full Board of Directors is responsible for oversight of our key cybersecurity risks. The Board retains direct oversight of cybersecurity matters to best utilize the experiences and expertise of all Board members.
Added
We also periodically collaborate with federal and state law enforcement experts, external assessors, consultants, industry peers and other third parties in connection with understanding market and threat conditions used to identify, assess and mitigate cyber security risks.
Added
The CIO oversees a team dedicated to the support of cybersecurity tools and the overall cybersecurity program. The CIO reports to the Executive Vice President and CFO.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThe principal properties of those subsidiaries are as follows: 22 Table of C o ntents IPL and WPL Electric - At December 31, 2023, IPL’s and WPL’s facilities by primary fuel type were as follows: IPL Generating In-service Capacity Name of Facility and Location Dates in MW (a) Marshalltown Generating Station (Units 1-3); Marshalltown, IA 2017 656 Emery Generating Station (Units 1-3); Mason City, IA 2004 533 Marshalltown Combustion Turbines (Units 1-3); Marshalltown, IA 1978 162 Burlington Generating Station (Unit 1); Burlington, IA 1968 160 Prairie Creek Generating Station (Unit 4); Cedar Rapids, IA 1967 114 Burlington Combustion Turbines (Units 1-4); Burlington, IA 1994-1996 36 Total Gas 1,661 Upland Prairie (121 Units); Clay and Dickinson Cos., IA 2019 299 Whispering Willow - North (81 Units); Franklin Co., IA 2020 201 Whispering Willow - East (121 Units); Franklin Co., IA 2009 200 Golden Plains (82 Units); Winnebago and Kossuth Cos., IA 2020 200 English Farms (69 Units); Poweshiek Co., IA 2019 172 Richland (53 Units); Sac Co., IA 2020 131 Franklin County (60 Units); Franklin Co., IA 2012 99 Total Wind 1,302 Ottumwa Generating Station (Unit 1); Ottumwa, IA (b) 1981 348 George Neal Generating Station (Unit 4); Sioux City, IA (c) 1979 166 George Neal Generating Station (Unit 3); Sioux City, IA (d) 1975 143 Prairie Creek Generating Station (Units 1 and 3); Cedar Rapids, IA 1958-1997 36 Louisa Generating Station (Unit 1); Louisa, IA (e) 1983 30 Total Coal 723 Lime Creek Combustion Turbines (Units 1-2); Mason City, IA 1991 71 Total Oil 71 Dubuque Solar Facility; Dubuque, IA 2017 5 Marshalltown Solar Facility; Marshalltown, IA 2020 3 Total Solar 8 Battery Storage; various locations in IA 2019-2023 9 Total Battery Storage 9 Total capacity 3,774 23 Table of C o ntents WPL Generating In-service Capacity Name of Facility and Location Dates in MW (a) Riverside Energy Center (Units 1-3); Beloit, WI 2004 530 West Riverside Energy Center (Units 1-3); Beloit, WI (f) 2020 508 Neenah Energy Facility (Units 1-2); Neenah, WI 2000 299 South Fond du Lac Combustion Turbines (2 Units); Fond du Lac, WI (g) 1994 164 Total Gas 1,501 Bent Tree (122 Units); Freeborn Co., MN 2010-2011 201 Kossuth (56 Units); Kossuth Co., IA 2020 152 Cedar Ridge (41 Units); Fond du Lac Co., WI 2008 68 Forward Wind Energy Center (37 Units); Dodge and Fond du Lac Cos., WI (h) 2008 59 Total Wind 480 Columbia Energy Center (Units 1-2); Portage, WI (i) 1975-1978 606 Edgewater Generating Station (Unit 5); Sheboygan, WI 1985 406 Total Coal 1,012 Wood County Solar Facility, Wood Co., WI 2022 150 Onion River Solar Facility, Sheboygan Co., WI 2023 150 Springfield Solar Facility, Dodge Co., WI 2023 100 Wautoma Solar Facility, Waushara Co., WI 2023 99 Crawfish River Solar Facility, Jefferson Co., WI 2023 75 Paddock Solar Facility, Rock Co., WI 2023 65 Bear Creek Solar Facility, Richland Co., WI 2022 50 North Rock Solar Facility, Rock Co., WI 2022 50 Albany Solar Facility, Green Co., WI 2023 50 Beaver Dam Solar Facility, Dodge Co., WI 2023 50 Cassville Solar Facility, Grant Co., WI 2023 50 West Riverside Solar Facility, Beloit, WI (f) 2021 3 Customer- and Community-hosted Solar; various locations in WI 2021-2022 4 Total Solar 896 Prairie du Sac Hydro Plant (8 Units); Prairie due Sac, WI 1914-1940 17 Kilbourn Hydro Plant (4 Units); Wisconsin Dells, WI 1926-1939 7 Total Hydro 24 Battery Storage; various locations in WI 2022-2023 9 Total Battery Storage 9 Total capacity 3,922 (a) Based on the summer installed generating capacity included in MISO’s resource adequacy process for the planning period from June 2023 through May 2024, except for wind facilities, solar facilities and battery storage, which are based on nameplate capacity.
Biggest changeThe principal properties of those subsidiaries are as follows: IPL and WPL Electric - At December 31, 2024, IPL’s and WPL’s facilities by primary fuel type were as follows: IPL Generating In-service Capacity Name of Facility and Location Dates in MW (a) Marshalltown Generating Station (Units 1-3); Marshalltown, IA 2017 652 Emery Generating Station (Units 1-3); Mason City, IA 2004 531 Marshalltown Combustion Turbines (Units 1-3); Marshalltown, IA 1978 105 Burlington Generating Station (Unit 1); Burlington, IA 1968 131 Prairie Creek Generating Station (Unit 4); Cedar Rapids, IA 1967 126 Burlington Combustion Turbines (Units 1-4); Burlington, IA 1994-1996 37 Total Gas 1,582 Upland Prairie (121 Units); Clay and Dickinson Cos., IA 2019 299 Whispering Willow - North (81 Units); Franklin Co., IA 2020 201 Whispering Willow - East (121 Units); Franklin Co., IA 2009 200 Golden Plains (82 Units); Winnebago and Kossuth Cos., IA 2020 200 English Farms (69 Units); Poweshiek Co., IA 2019 172 Richland (53 Units); Sac Co., IA 2020 131 Franklin County (60 Units); Franklin Co., IA 2012 99 Total Wind 1,302 Pleasant Creek (Units 1-2), Linn Co., IA 2024 200 Wever; Lee Co., IA 2024 150 Creston; Union Co., IA 2024 50 Dubuque; Dubuque, IA 2017 5 Marshalltown; Marshalltown, IA 2020 3 Customer-hosted and Community Solar; various locations in IA 2024 11 Total Solar 419 Ottumwa Generating Station (Unit 1); Ottumwa, IA (b) 1981 339 George Neal Generating Station (Unit 4); Sioux City, IA (c) 1979 167 George Neal Generating Station (Unit 3); Sioux City, IA (d) 1975 140 Prairie Creek Generating Station (Units 1 and 3); Cedar Rapids, IA 1958-1997 30 Louisa Generating Station (Unit 1); Louisa, IA (e) 1983 30 Total Coal 706 Lime Creek Combustion Turbines (Units 1-2); Mason City, IA 1991 70 Total Oil 70 Energy Storage; various locations in IA 2019-2023 9 Total Energy Storage 9 Total capacity 4,088 24 Table of C o ntents WPL Generating In-service Capacity Name of Facility and Location Dates in MW (a) Riverside Energy Center (Units 1-3); Beloit, WI 2004 536 West Riverside Energy Center (Units 1-3); Beloit, WI (f) 2020 387 Neenah Energy Facility (Units 1-2); Neenah, WI 2000 292 South Fond du Lac Combustion Turbines (2 Units); Fond du Lac, WI (g) 1994 163 Total Gas 1,378 Bent Tree (122 Units); Freeborn Co., MN 2010-2011 201 Kossuth (56 Units); Kossuth Co., IA 2020 152 Cedar Ridge (41 Units); Fond du Lac Co., WI 2008 68 Forward Wind Energy Center (37 Units); Dodge and Fond du Lac Cos., WI (h) 2008 59 Total Wind 480 Grant County, Grant Co., WI 2024 200 Wood County, Wood Co., WI 2022 150 Onion River, Sheboygan Co., WI 2023 150 Springfield, Dodge Co., WI 2023 100 Wautoma, Waushara Co., WI 2023 99 Crawfish River, Jefferson Co., WI 2023 75 Paddock, Rock Co., WI 2023 65 Bear Creek, Richland Co., WI 2022 50 North Rock, Rock Co., WI 2022 50 Albany, Green Co., WI 2023 50 Beaver Dam, Dodge Co., WI 2023 50 Cassville, Grant Co., WI 2023 50 West Riverside, Beloit, WI (f) 2021 2 Customer-hosted and Community Solar; various locations in WI 2021-2022 4 Total Solar 1,095 Columbia Energy Center (Units 1-2); Portage, WI (i) 1975-1978 598 Edgewater Generating Station (Unit 5); Sheboygan, WI 1985 406 Total Coal 1,004 Prairie du Sac (8 Units); Prairie du Sac, WI 1914-1940 13 Kilbourn (4 Units); Wisconsin Dells, WI 1926-1939 6 Total Hydro 19 Energy Storage; various locations in WI 2022-2023 9 Total Energy Storage 9 Total capacity 3,985 (a) Based on the summer installed generating capacity included in MISO’s resource adequacy process for the planning period from June 2024 through May 2025, except for wind facilities, solar facilities and energy storage, which are based on nameplate capacity.
AEF - AEF’s principal properties included in “Property, plant and equipment, net” on Alliant Energy’s balance sheet at December 31, 2023 were as follows: Non-utility Generation - Includes the Sheboygan Falls Energy Facility, a 347 MW, simple-cycle, natural gas-fired facility near Sheboygan Falls, Wisconsin that was placed in service in 2005 and is leased to WPL.
AEF - AEF’s principal properties included in “Property, plant and equipment, net” on Alliant Energy’s balance sheet at December 31, 2024 were as follows: Non-utility Generation - Includes the Sheboygan Falls Energy Facility, a 347 MW, simple-cycle, natural gas-fired facility near Sheboygan Falls, Wisconsin that was placed in service in 2005 and is leased to WPL.
(f) Represents WPL’s 73.8% ownership interest, which is operated by WPL. (g) Represents Units 2 and 3, which WPL owns. WPL also operates, but does not own, South Fond du Lac Combustion Turbines Units 1 and 4. (h) Represents WPL’s 42.64% ownership interest, which is operated by Invenergy Services, LLC.
(f) Represents WPL’s 56.6% ownership interest, which is operated by WPL. (g) Represents Units 2 and 3, which WPL owns. WPL also operates, but does not own, South Fond du Lac Combustion Turbines Units 1 and 4. (h) Represents WPL’s 42.64% ownership interest, which is operated by Invenergy Services, LLC.
The summer installed generating capacity included in MISO’s resource adequacy process for the planning period from June 2023 through May 2024 for the Sheboygan Falls Energy Facility was 297 MW.
The summer installed generating capacity included in MISO’s resource adequacy process for the planning period from June 2024 through May 2025 for the Sheboygan Falls Energy Facility was 298 MW.
Corporate Services - Corporate Services’ property included in “Property, plant and equipment, net” on Alliant Energy’s balance sheet at December 31, 2023 consisted primarily of computer software, and the corporate headquarters building located in Madison, Wisconsin.
Refer to Note 9 for information regarding WPL’s lease of the Sheboygan Falls Energy Facility from AEF’s Non-utility Generation business. Corporate Services - Corporate Services’ property included in “Property, plant and equipment, net” on Alliant Energy’s balance sheet at December 31, 2024 consisted primarily of computer software, and the corporate headquarters building located in Madison, Wisconsin.
IPL and WPL own overhead electric distribution line, underground electric distribution cable and substation distribution transformers, substantially all of which are located in Iowa for IPL and Wisconsin for WPL. 24 Table of C o ntents Gas - IPL’s and WPL’s gas properties consist primarily of mains and services, meters, regulating and gate stations and other related transmission and distribution equipment.
Gas - IPL’s and WPL’s gas properties consist primarily of mains and services, meters, regulating and gate stations and other related transmission and distribution equipment. IPL’s and WPL’s gas distribution facilities include gas mains located in Iowa and Wisconsin, respectively. 25 Table of C o ntents Other - IPL’s other property includes steam service assets.
(i) Represents WPL’s 53.5% ownership interest, which is operated by WPL.
(i) Represents WPL’s 53.5% ownership interest, which is operated by WPL. IPL and WPL own overhead electric distribution line, underground electric distribution cable and substation distribution transformers, substantially all of which are located in Iowa for IPL and Wisconsin for WPL.
Removed
IPL’s and WPL’s gas distribution facilities include gas mains located in Iowa and Wisconsin, respectively. Other - IPL’s other property includes steam service assets. Refer to Note 10 for information regarding WPL’s lease of the Sheboygan Falls Energy Facility from AEF’s Non-utility Generation business.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeRefer to Note 17(c) for discussion of legal and administrative proceedings before various courts and agencies with respect to matters arising in the ordinary course of business.
Biggest changeRefer to Note 1 6 (c) for discussion of legal and administrative proceedings before various courts and agencies with respect to matters arising in the ordinary course of business.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeBarton has served as President and CEO and as a director since January 2024. She previously served as President and COO since February 2023, as Executive Vice President (VP) and COO of American Electric Power Company, Inc.
Biggest changeShe previously served as President and Chief Operating Officer (COO) since February 2023, as Executive Vice President (VP) and COO of American Electric Power Company, Inc. (AEP) from January 2021 to November 2022, and as Executive VP - Utilities of AEP from January 2020 to December 2020. IPL and WPL Ms.
Barton has served as CEO since February 2023, and as a director since January 2024. 25 Table of C o ntents Name Age as of Filing Date Registrant Positions Robert J. Durian 53 Alliant Energy, IPL and WPL Mr. Durian has served as Executive VP and Chief Financial Officer (CFO) since February 2020.
Barton has served as CEO since February 2023, and as a director since January 2024. Robert J. Durian 54 Alliant Energy, IPL and WPL Mr. Durian has served as Executive VP and Chief Financial Officer (CFO) since February 2020. He previously served as Senior VP and CFO since February 2019.
He previously served as Executive VP - External Affairs of AEP since July 2022, as Senior VP - Regulatory and Customer Solutions of AEP from July 2021 to July 2022, and as President and COO of AEP Ohio from January 2019 to July 2021. Benjamin M. Bilitz 48 Alliant Energy, IPL and WPL Mr.
He previously served as Executive VP - External Affairs of AEP since July 2022, as Senior VP - Regulatory and Customer Solutions of AEP from July 2021 to July 2022, and as President and COO of AEP Ohio from January 2019 to July 2021. 26 Table of C o ntents Name Age as of Filing Date Registrant Positions Benjamin M.
She was selected to become President of IPL effective May 1, 2024. Raja Sundararajan 49 Alliant Energy, IPL and WPL Mr. Sundararajan has served as Executive VP since June 2023.
She previously served as Director of Operations from January 2020 to December 2021. IPL Ms. Farlinger has served as President since May 2024. Raja Sundararajan 49 Alliant Energy, IPL and WPL Mr. Sundararajan has served as Executive VP since June 2023.
The executive officers of Alliant Energy, IPL and WPL as of the date of this filing are as follows: Name Age as of Filing Date Registrant Positions John O. Larsen 60 Alliant Energy Mr. Larsen has served as a director since February 2019, and as Executive Chairman and Chairman of the Board since January 2024.
The executive officers of Alliant Energy, IPL and WPL as of the date of this filing are as follows: Name Age as of Filing Date Registrant Positions Lisa M. Barton 59 Alliant Energy Ms. Barton has served as President and Chief Executive Officer (CEO) and as a director since January 2024.
Kouba 65 Alliant Energy and WPL Mr. Kouba has served as Senior VP since January 2019. Mr. Kouba plans to retire effective May 1, 2024. IPL Mr. Kouba has served as President since January 2019. Mayuri N. Farlinger 41 Alliant Energy and WPL Ms. Farlinger has served as Vice President since January 2022.
David A. de Leon 62 Alliant Energy and IPL Mr. de Leon has served as Senior VP since January 2019. WPL Mr. de Leon has served as President since January 2019. Mayuri N. Farlinger 42 Alliant Energy and WPL Ms. Farlinger has served as Vice President since January 2022.
Bilitz has served as Chief Accounting Officer and Controller since December 2016. PART II
Bilitz 50 Alliant Energy, IPL and WPL Mr. Bilitz has served as Chief Accounting Officer and Controller since December 2016. Dylan M. Syse 39 Alliant Energy, IPL and WPL Mr. Syse was selected to become Chief Accounting Officer and Controller effective March 2, 2025.
Removed
He previously served as Chair of the Board and Chief Executive Officer (CEO) since February 2023, as Chair of the Board, President and CEO from July 2019 to February 2023, and as President and Chief Operating Officer (COO) from January 2019 to July 2019. IPL and WPL Mr.
Added
He has served as Assistant Controller since November 2021, as Manager - Accounting and Reporting from May 2020 to November 2021, and as Manager - Accounting from May 2018 to April 2020. PART II
Removed
Larsen has served as a director since February 2019, and as Executive Chairman and Chairman of the Board since January 2024. He previously served as Chair of the Board since July 2019, and as CEO from January 2019 to February 2023. Lisa M. Barton 58 Alliant Energy Ms.
Removed
(AEP) from January 2021 to November 2022, as Executive VP - Utilities of AEP from January 2020 to December 2020, and as Executive VP - Transmission of AEP from 2011 to 2019. IPL and WPL Ms.
Removed
He previously served as Senior VP and CFO since February 2019; and as Senior VP, CFO and Treasurer from January 2018 to February 2019. David A. de Leon 61 Alliant Energy and IPL Mr. de Leon has served as Senior VP since January 2019. WPL Mr. de Leon has served as President since January 2019. Terry L.
Removed
She previously served as Director of Operations from January 2020 to December 2021, as Director of Revenue Management from February 2019 to January 2020, and as Manager - Customer Support Center, Billing Integrity from May 2018 to February 2019. IPL Ms. Farlinger has served as Vice President since January 2022.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeCommon Stock Repurchases - A summary of Alliant Energy common stock repurchases for the quarter ended December 31, 2023 was as follows: 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 Period Purchased (a) Share Publicly Announced Plan Yet Be Purchased Under the Plan (a) October 1 to October 31 5,338 $49.75 — N/A November 1 to November 30 3,685 49.32 — N/A December 1 to December 31 25 51.16 — N/A 9,048 49.58 — (a) All shares were purchased on the open market and held in a rabbi trust under the DCP.
Biggest changeCommon Stock Repurchases - A summary of Alliant Energy common stock repurchases for the quarter ended December 31, 2024 was as follows: 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 Period Purchased (a) Share Publicly Announced Plan Yet Be Purchased Under the Plan (a) October 1 to October 31 6,487 $59.67 — N/A November 1 to November 30 2,933 62.65 — N/A December 1 to December 31 19 59.99 — N/A 9,439 60.60 — (a) All shares were purchased on the open market and held in a rabbi trust under the 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.
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. ITEM 6. [RESERVED]
ITEM 5. MARKET FOR REGISTRANTS’ COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Common Stock Data - Alliant Energy’s common stock trades on the Nasdaq Global Select Market under the symbol “LNT,” and the closing sales price at December 31, 2023 was $51.30.
ITEM 5. MARKET FOR REGISTRANTS’ COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Common Stock Data - Alliant Energy’s common stock trades on the Nasdaq Global Select Market under the symbol “LNT,” and the closing sales price at December 31, 2024 was $59.14.
Shareowners - At December 31, 2023, there were 20,547 holders of record of Alliant Energy’s common stock, including holders through Alliant Energy’s Shareowner Direct Plan. Alliant Energy is the sole common shareowner of all 13,370,788 and 13,236,601 shares of IPL and WPL common stock, respectively, currently outstanding.
Shareowners - At December 31, 2024, there were 19,293 holders of record of Alliant Energy’s common stock, including holders through Alliant Energy’s Shareowner Direct Plan. Alliant Energy is the sole common shareowner of all 13,370,788 and 13,236,601 shares of IPL and WPL common stock, respectively, currently outstanding.
The timing and amount of future dividends is subject to an approved dividend declaration from Alliant Energy’s Board of Directors, and is dependent upon earnings expectations, capital requirements, and general financial business conditions, among other factors.
The timing and amount of future dividends is subject to approval of quarterly dividend declarations from Alliant Energy’s Board of Directors, and is dependent upon earnings expectations, capital requirements, and general financial business conditions, among other factors.
As a result, there is no established public trading market for the common stock of either IPL or WPL. Dividends - In November 2023, Alliant Energy announced an increase in its targeted 2024 annual common stock dividend to $1.92 per share, which is equivalent to a quarterly rate of $0.48 per share, beginning with the February 2024 dividend payment.
As a result, there is no established public trading market for the common stock of either IPL or WPL. Dividends - In October 2024, Alliant Energy announced an increase in its targeted 2025 annual common stock dividend to $2.03 per share, which is equivalent to a quarterly rate of $0.5075 per share, beginning with the February 2025 dividend payment.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

131 edited+57 added−46 removed52 unchanged
Biggest changeAlliant Energy’s Non-utility and Parent net income decreased by $23 million in 2023 compared to 2022, primarily due to higher interest expense. 28 Table of C o ntents Net Income Variances - The following items contributed to increased (decreased) net income for 2023 compared to 2022 (in millions): Alliant Energy IPL WPL Revenues: Changes in electric utility (Refer to details below ) ($76) ($98) $22 Changes in gas utility (Refer to details below ) (102) (51) (51) Changes in other utility 3 3 — Changes in non-utility (3) — — Changes in total revenues (178) (146) (29) Operating expenses: Changes in electric production fuel and purchased power (Refer to details below ) 94 101 (8) Changes in electric transmission service (Refer to details below ) (10) (13) 3 Changes in cost of gas sold (Refer to details below ) 90 40 49 Changes in other operation and maintenance (Refer to details below ) 29 16 7 Changes in depreciation and amortization (Refer to Note 2 for discussion of reductions to WPL’s depreciation and amortization expense, which was partially offset by WPL’s solar generation placed in service in 2022) (5) (7) 3 Changes in taxes other than income taxes (5) — (5) Changes in total operating expenses 193 137 49 Changes in operating income 15 (9) 20 Other income and deductions: Changes in interest expense (Higher primarily due to financings completed in 2023 and 2022, and higher interest rates) (69) (7) (28) Changes in equity income from unconsolidated investments, net (Refer to Note 6 for details) 10 — — Changes in AFUDC (Higher primarily due to higher levels of CWIP balances related to solar generation and battery storage) 40 10 30 Changes in Other (Refer to Note 13(a) for details of IPL’s qualified pension plan settlement losses in 2022) 3 4 2 Changes in total other income and deductions (16) 7 4 Changes in income before income taxes (1) (2) 24 Changes in income taxes (Refer to Note 12 for details) 18 8 6 Changes in net income $17 $6 $30 29 Table of C o ntents Electric and Gas Revenues and Sales Summary - Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), were as follows: Electric Gas Revenues MWhs Sold Revenues Dths Sold 2023 2022 2023 2022 2023 2022 2023 2022 Alliant Energy Retail $3,008 $3,019 24,940 25,409 $495 $588 46,405 55,021 Sales for resale: Wholesale 213 233 2,859 2,866 N/A N/A N/A N/A Bulk power and other 71 111 4,730 3,734 N/A N/A N/A N/A Transportation/Other 53 58 58 62 45 54 115,177 104,812 $3,345 $3,421 32,587 32,071 $540 $642 161,582 159,833 IPL Retail $1,661 $1,747 13,909 14,270 $273 $317 23,128 28,492 Sales for resale: Wholesale 62 64 766 771 N/A N/A N/A N/A Bulk power and other 11 13 1,465 1,401 N/A N/A N/A N/A Transportation/Other 27 35 32 33 27 34 43,232 43,264 $1,761 $1,859 16,172 16,475 $300 $351 66,360 71,756 WPL Retail $1,347 $1,272 11,031 11,139 $222 $271 23,277 26,529 Sales for resale: Wholesale 151 169 2,093 2,095 N/A N/A N/A N/A Bulk power and other 60 98 3,265 2,333 N/A N/A N/A N/A Transportation/Other 26 23 26 29 18 20 71,945 61,548 $1,584 $1,562 16,415 15,596 $240 $291 95,222 88,077 Sales Trends and Temperatures - Alliant Energy’s retail electric and gas sales volumes decreased 2% and 16%, respectively, in 2023 compared to 2022, primarily due to changes in temperatures.
Biggest changeAlliant Energy’s Non-utility and Parent net income decreased by $16 million in 2024 compared to 2023, primarily due to higher financing expense. 29 Table of C o ntents Net Income Variances - The following items contributed to increased (decreased) net income for 2024 compared to 2023 (in millions): Alliant Energy IPL WPL Revenues: Changes in electric utility (Refer to details below ) $27 ($14) $41 Changes in gas utility (Refer to details below ) (75) (50) (25) Changes in other utility 2 — 2 Changes in total revenues (46) (64) 18 Operating expenses: Changes in electric production fuel and purchased power (Refer to details below ) 108 13 96 Changes in electric transmission service (Refer to details below ) (30) 3 (33) Changes in cost of gas sold (Refer to details below ) 75 43 33 Asset valuation charge for IPL’s Lansing Generating Station in 2024 (Refer to Note 2 for details) (60) (60) — Changes in other operation and maintenance (Refer to details below ) (1) (5) (8) Changes in depreciation and amortization (Higher primarily due to solar generation placed in service in 2024 and 2023, as well as WPL’s amortization of liquidated damages related to West Riverside procurement contracts, which resulted in reductions to depreciation and amortization expenses in 2023, and updated electric depreciation rates for IPL effective October 1, 2024) (96) (16) (77) Changes in taxes other than income taxes (7) (3) (4) Changes in total operating expenses (11) (25) 7 Changes in operating income (57) (89) 25 Other income and deductions: Changes in interest expense (Higher primarily due to financings completed in 2024 and 2023) (55) (22) (16) Changes in AFUDC (Primarily due to changes in levels of CWIP balances related to solar generation and energy storage, and IPL’s refurbishment of the existing Franklin County wind farm) (25) 22 (47) Changes in Other 6 14 (11) Changes in total other income and deductions (74) 14 (74) Changes in income before income taxes (131) (75) (49) Changes in income taxes (Refer to Note 1 1 for details) 118 71 49 Changes in net income ($13) ($4) $— 30 Table of C o ntents Electric and Gas Revenues and Sales Summary - Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), were as follows: Electric Gas Revenues MWhs Sold Revenues Dths Sold 2024 2023 2024 2023 2024 2023 2024 2023 Alliant Energy Retail $3,009 $3,008 24,569 24,940 $419 $495 43,489 46,405 Sales for resale: Wholesale 200 213 2,783 2,859 N/A N/A N/A N/A Bulk power and other 86 71 5,620 4,730 N/A N/A N/A N/A Transportation/Other 77 53 57 58 46 45 123,386 115,177 $3,372 $3,345 33,029 32,587 $465 $540 166,875 161,582 IPL Retail $1,662 $1,661 13,620 13,909 $223 $273 21,640 23,128 Sales for resale: Wholesale 61 62 750 766 N/A N/A N/A N/A Bulk power and other (6) 11 1,138 1,465 N/A N/A N/A N/A Transportation/Other 30 27 32 32 27 27 43,075 43,232 $1,747 $1,761 15,540 16,172 $250 $300 64,715 66,360 WPL Retail $1,347 $1,347 10,949 11,031 $196 $222 21,849 23,277 Sales for resale: Wholesale 139 151 2,033 2,093 N/A N/A N/A N/A Bulk power and other 92 60 4,482 3,265 N/A N/A N/A N/A Transportation/Other 47 26 25 26 19 18 80,311 71,945 $1,625 $1,584 17,489 16,415 $215 $240 102,160 95,222 Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreased 1% in 2024 compared to 2023, primarily due to changes in sales volumes at IPL’s industrial customers due to standby service customers that can use other generation, and changes in temperatures.
In addition to capital structures, other important factors used to determine the characteristics of future financings include financial coverage ratios, capital spending plans, regulatory orders and rate-making considerations, levels of debt imputed by rating agencies, market conditions, the impact of tax initiatives and legislation, and any potential proceeds from asset sales.
In addition to capital structures, other important factors used to determine the characteristics of future financings include financial coverage ratios, capital spending plans, regulatory orders and rate-making considerations, levels of debt and equity imputed by rating agencies, market conditions, the impact of tax initiatives and legislation, and any potential proceeds from asset sales.
The most significant provisions of the new legislation for Alliant Energy, IPL and WPL relate to a 10-year extension of tax credits for clean energy projects, a new production tax credit for eligible solar projects, a new stand-alone investment tax credit for battery storage projects and the right to transfer renewable tax credits generated after 2022 to other corporate taxpayers.
The most significant provisions of the legislation for Alliant Energy, IPL and WPL relate to a 10-year extension of tax credits for clean energy projects, a new production tax credit for eligible solar projects, a new stand-alone investment tax credit for energy storage projects and the right to transfer renewable tax credits generated after 2022 to other corporate taxpayers.
Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.
Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.
When it becomes probable that an EGU will be retired before the end of its useful life, Alliant Energy, IPL and WPL must assess whether the EGU meets the criteria to be considered probable of abandonment.
When it becomes probable that an EGU will be retired before the end of its useful life, Alliant Energy and WPL must assess whether the EGU meets the criteria to be considered probable of abandonment.
If an EGU meets such criteria to be considered probable of abandonment, Alliant Energy, IPL and WPL must assess the probability of full recovery of the remaining carrying value of such EGU.
If an EGU meets such criteria to be considered probable of abandonment, Alliant Energy and WPL must assess the probability of full recovery of the remaining carrying value of such EGU.
RESULTS OF OPERATIONS Financial Results Overview - The table below includes EPS for Utilities and Corporate Services, ATC Holdings, and Non-utility and Parent, which are non-GAAP financial measures.
RESULTS OF OPERATIONS Financial Results Overview - The table below includes diluted EPS for Utilities and Corporate Services, ATC Holdings, and Non-utility and Parent, which are non-GAAP financial measures.
Generating Units Subject to Early Retirement - Alliant Energy, IPL and WPL evaluate future plans for their electric generation fleet and have announced the early retirement of certain EGUs.
Generating Units Subject to Early Retirement - Alliant Energy and WPL evaluate future plans for their electric generation fleet and have announced the early retirement of certain EGUs.
The PSCW’s order also authorized WPL to implement an additional $60 million increase in annual rates for its retail electric customers, effective January 1, 2025, for the 2025 forward-looking Test Period. The key drivers for the annual base rate increases include revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation and battery storage.
The PSCW’s order also authorized WPL to implement an additional $60 million increase in annual rates for its retail electric customers, effective January 1, 2025, for the 2025 forward-looking Test Period. The key drivers for the annual base rate increases include revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation and energy storage.
Refer to Note 5(b) for additional information regarding IPL’s sales of accounts receivable program. Guarantees and Indemnifications - At December 31, 2023, various guarantees and indemnifications are outstanding related to Alliant Energy’s cash equity ownership interest in a non-utility wind farm, prior divestiture activities and transfers of renewable tax credits to other corporate taxpayers.
Refer to Note 5(b) for additional information regarding IPL’s sales of accounts receivable program. Guarantees and Indemnifications - At December 31, 2024, various guarantees and indemnifications are outstanding related to Alliant Energy’s cash equity ownership interest in a non-utility wind farm, prior divestiture activities and transfers of renewable tax credits to other corporate taxpayers.
In addition, at December 31, 2023, there were various other liabilities included on the balance sheets that, due to the nature of the liabilities, the timing of payments cannot be estimated. OTHER MATTERS Market Risk Sensitive Instruments and Positions - Primary market risk exposures are associated with commodity prices, counterparty credit risk, investment prices and interest rates.
In addition, at December 31, 2024, there were various other liabilities included on the balance sheets that, due to the nature of the liabilities, the timing of payments cannot be estimated. OTHER MATTERS Market Risk Sensitive Instruments and Positions - Primary market risk exposures are associated with commodity prices, counterparty credit risk, investment prices and interest rates.
The PSCW factors certain imputed debt adjustments, including certain lease obligations, in establishing a regulatory capital structure as part of WPL’s retail rate reviews. The IUB does not make any explicit adjustments for imputed debt in establishing capital ratios used in determining customer rates, although such adjustments are considered by IPL in recommending an appropriate capital structure.
The PSCW factors certain imputed debt adjustments, including certain lease obligations, in establishing a regulatory capital structure as part of WPL’s retail rate reviews. The IUC does not make any explicit adjustments for imputed debt in establishing capital ratios used in determining customer rates, although such adjustments are considered by IPL in recommending an appropriate capital structure.
Risk management policies are used to monitor and assist in mitigating these market risks and derivative instruments are used to manage some of the exposures related to commodity prices and interest rates. Refer to Notes 1(h) and 15 for further discussion of derivative instruments, and Note 1(g) for details of utility cost recovery mechanisms that significantly reduce commodity risk.
Risk management policies are used to monitor and assist in mitigating these market risks and derivative instruments are used to manage some of the exposures related to commodity prices and interest rates. Refer to Notes 1(h) and 1 4 for further discussion of derivative instruments, and Note 1(g) for details of utility cost recovery mechanisms that significantly reduce commodity risk.
Refer to MDA in the combined 2022 Form 10-K for details on certain financial information for 2022 compared to 2021. OVERVIEW Mission, Purpose and Strategy Alliant Energy’s mission is to deliver affordable energy solutions and exceptional service that its customers and the communities it serves count on - affordably, safely, reliably, and sustainably.
Refer to MDA in the combined 2023 Form 10-K for details on certain financial information for 2023 compared to 2022. OVERVIEW Mission, Purpose and Strategy Alliant Energy’s mission is to deliver affordable energy solutions and exceptional service that its customers and the communities it serves count on - affordably, safely, reliably, and sustainably.
Refer to Notes 5(b) and 9 for additional information on cash amounts outstanding under IPL’s sales of accounts receivable program, and short- and long-term variable-rate borrowings, respectively. Refer to “ Critical Accounting Estimates ” for the impacts of changes in discount rates on retirement plan obligations and costs.
Refer to Notes 5(b) and 8 for additional information on cash amounts outstanding under IPL’s sales of accounts receivable program, and short- and long-term variable-rate borrowings, respectively. Refer to “ Critical Accounting Estimates ” for the impacts of changes in discount rates on retirement plan obligations and costs.
Gas Pipeline Safety - The Pipeline and Hazardous Materials Safety Administration published various final rules from 2019 through 2022 that updated safety requirements for gas transmission pipelines, and updated procedures were implemented to address these rules. Plans to address certain requirements for specific pipelines were developed and implemented, with identified remediation efforts to be completed by July 2035.
Gas Pipeline Safety - The Pipeline and Hazardous Materials Safety Administration published various final rules from 2019 through 2024 that updated safety requirements for gas transmission pipelines, and updated procedures were implemented to address these rules. Plans to address certain requirements for specific pipelines were developed and implemented, with identified remediation efforts to be completed by July 2035.
Credit ratings and outlooks as of the date of this report are as follows: 40 Table of C o ntents Standard & Poor’s Ratings Services Moody’s Investors Service Alliant Energy: Corporate/issuer A- Baa2 Commercial paper A-2 P-2 Senior unsecured long-term debt BBB+ N/A Outlook Stable Stable IPL: Corporate/issuer A- Baa1 Commercial paper A-2 P-2 Senior unsecured long-term debt A- Baa1 Outlook Stable Stable WPL: Corporate/issuer A Baa1 Commercial paper A-1 P-2 Senior unsecured long-term debt A Baa1 Outlook Negative Stable Standard & Poor’s Ratings Services and Moody’s Investors Service issued credit ratings of BBB+ and Baa2, respectively, for the senior notes issued by AEF in 2018, 2020, 2022 and 2023 (with Alliant Energy as guarantor).
Credit ratings and outlooks as of the date of this report are as follows: 42 Table of C o ntents Standard & Poor’s Ratings Services Moody’s Investors Service Alliant Energy: Corporate/issuer A- Baa2 Commercial paper A-2 P-2 Senior unsecured long-term debt BBB+ N/A Outlook Negative Stable IPL: Corporate/issuer A- Baa1 Commercial paper A-2 P-2 Senior unsecured long-term debt A- Baa1 Outlook Negative Stable WPL: Corporate/issuer A Baa1 Commercial paper A-1 P-2 Senior unsecured long-term debt A Baa1 Outlook Negative Stable Standard & Poor’s Ratings Services and Moody’s Investors Service issued credit ratings of BBB+ and Baa2, respectively, for the senior notes issued by AEF in 2018, 2020, 2022, 2023 and 2024 (with Alliant Energy as guarantor).
The following discussion and analysis should be read in conjunction with the Financial Statements and Notes included in this report. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share. In addition, this MDA includes certain financial information for 2023 compared to 2022.
The following discussion and analysis should be read in conjunction with the Financial Statements and Notes included in this report. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share. In addition, this MDA includes certain financial information for 2024 compared to 2023.
Making customer-focused investments - Alliant Energy’s strategic priorities include making significant customer-focused investments toward cleaner and more reliable, resilient, and sustainable customer energy solutions.
Making customer-focused investments - Alliant Energy’s strategic priorities include making significant customer-focused investments toward more reliable, resilient, and sustainable customer energy solutions.
The decisions made by regulatory authorities have an impact on the recovery of costs, the rate of return on invested capital and the timing and amount of assets to be recovered by rates. A change in these decisions may result in a material impact on results of operations and the amount of assets and liabilities in the financial statements.
The decisions made by regulatory agencies have an impact on the recovery of costs, the rate of return on invested capital and the timing and amount of assets to be recovered by rates. A change in these decisions may result in a material impact on results of operations and the amount of assets and liabilities in the financial statements.
Changes in methods or assumptions regarding the amount of IPL’s qualifying repairs expenditures, allocation of mixed service costs, and costs related to retirement or removal of depreciable property could result in a material impact on Alliant Energy’s and IPL’s financial condition and results of operations.
Changes in methods or assumptions regarding the amount of IPL’s qualifying repairs expenditures, allocation of mixed service costs and state depreciation, and costs related to retirement or removal of depreciable property, could result in a material impact on Alliant Energy’s and IPL’s financial condition and results of operations.
Alliant Energy, IPL and WPL evaluated their other EGUs that are subject to early retirement and determined that no other EGUs met the criteria to be considered probable of abandonment as of December 31, 2023. Note 3 provides additional details on these EGUs.
Alliant Energy, IPL and WPL evaluated their other EGUs that are subject to early retirement and determined that no other EGUs met the criteria to be considered probable of abandonment as of December 31, 2024. Note 3 provides additional details on these EGUs.
Regulatory assets and regulatory liabilities are recognized in accordance with the rulings of applicable federal and state regulators, and future regulatory rulings may impact the carrying value and accounting treatment of regulatory assets and regulatory liabilities. Note 2 provides details of the nature and amounts of regulatory assets and regulatory liabilities assessed at December 31, 2023.
Regulatory assets and regulatory liabilities are recognized in accordance with the rulings of applicable federal and state regulators, and future regulatory rulings may impact the carrying value and accounting treatment of regulatory assets and regulatory liabilities. Note 2 provides details of the nature and amounts of regulatory assets and regulatory liabilities assessed at December 31, 2024.
As of December 31, 2023, WPL also had authority to issue up to $900 million of long-term debt securities in aggregate through December 2025 pursuant to a February 2023 PSCW order. Shelf Registrations - Alliant Energy, IPL and WPL have current shelf registration statements on file with the SEC for availability to issue unspecified amounts of securities through December 2026.
As of December 31, 2024, WPL also had authority to issue up to $600 million of long-term debt securities in aggregate through December 2025 pursuant to a February 2023 PSCW order. Shelf Registrations - Alliant Energy, IPL and WPL have current shelf registration statements on file with the SEC for availability to issue unspecified amounts of securities through December 2026.
Critical assumptions and judgments also include projections of future taxable income used to determine the ability to utilize federal credit carryforwards prior to their expiration. Refer to Note 12 for further discussion of tax matters.
Critical assumptions and judgments also include projections of future taxable income used to determine the ability to utilize federal credit carryforwards prior to their expiration. Refer to Note 1 1 for further discussion of tax matters.
The impact of these changes is expected to result in more cost benefits for IPL’s and WPL’s customers, higher rate base amounts, additional financing needs expected to be satisfied with additional long-term debt and common stock issuances, and improvements in long-term cash flows over the life of the solar, battery storage and wind repowering projects.
The impact of these changes is expected to result in more cost benefits for IPL’s and WPL’s customers, higher rate base amounts, additional financing needs expected to be satisfied with additional long-term debt and common stock issuances, and improvements in long-term cash flows over the life of the solar, energy storage and wind projects.
Higher Earnings on Increasing Rate Base - Refer to “ Other Future Considerations ” for discussion of expected increases in future cash flows from operating activities resulting from higher earnings on increasing rate base at WPL.
Higher Earnings on Increasing Rate Base - Refer to “ Other Future Considerations ” for discussion of expected increases in future cash flows from operating activities resulting from higher earnings on increasing rate base at IPL and WPL.
Changes may result from a number of reasons, including regulatory requirements, changing legislation, not obtaining favorable and acceptable regulatory approval on certain projects, changing costs of projects due to market conditions, improvements in technology, and improvements to ensure resiliency and reliability of the electric and gas distribution systems.
Changes may result from a number of reasons, including changes in expected load growth, regulatory requirements, changing legislation, not obtaining favorable and acceptable regulatory approval on certain projects, changing costs of projects due to market conditions, improvements in technology, and improvements to ensure resiliency and reliability of the electric and gas distribution systems.
The required debt-to-capital ratios compared to the actual debt-to-capital ratios at December 31, 2023 were as follows: Alliant Energy IPL WPL Requirement, not to exceed 65% 65% 65% Actual 59% 50% 48% The debt component of the capital ratios includes, when applicable, long- and short-term debt (excluding non-recourse debt and hybrid securities to the extent the total carrying value of such hybrid securities does not exceed 15% of consolidated capital of the applicable borrower), finance lease obligations, certain letters of credit, guarantees of the foregoing and new synthetic leases.
The required debt-to-capital ratios compared to the actual debt-to-capital ratios at December 31, 2024 were as follows: Alliant Energy IPL WPL Requirement, not to exceed 65% 65% 65% Actual 60% 48% 48% The debt component of the capital ratios includes, when applicable, long- and short-term debt (excluding non-recourse debt and hybrid securities to the extent the total carrying value of such hybrid securities does not exceed 15% of consolidated capital of the applicable borrower), finance lease obligations, certain letters of credit, guarantees of the foregoing and new synthetic leases.
Refer to Note 13(a) for details of the securities held by their pension and OPEB plans, and Note 6 for details of equity investments. Refer to “ Critical Accounting Estimates ” for the impact on retirement plan costs of changes in the rate of returns earned by plan assets.
Refer to Note 1 2 (a) for details of the securities held by their pension and OPEB plans, and Note 6 for details of equity investments. Refer to “ Critical Accounting Estimates ” for the impact on retirement plan costs of changes in the rate of returns earned by plan assets.
Estimated capital expenditures for expected and current technology projects for 2024 through 2027 are included in the “Other” line in the construction and acquisition expenditures table in “ Liquidity and Capital Resources .” Non-utility business - Alliant Energy continues to explore growth of its Travero businesses and other limited scope opportunities outside of, but complementary to, Alliant Energy’s core utility business.
Estimated capital expenditures for expected and current technology projects for 2025 through 2028 are included in the “Other” line in the construction and acquisition expenditures table in “ Liquidity and Capital Resources .” Non-utility business - Alliant Energy continues to explore growth of its Travero businesses and other limited scope opportunities outside of, but complementary to, Alliant Energy’s core utility business.
The following table shows the impacts of changing certain key actuarial assumptions discussed above (in millions): Defined Benefit Pension Plans OPEB Plans Change in Actuarial Assumption Impact on Projected Benefit Obligation at December 31, 2023 Impact on 2024 Net Periodic Benefit Costs Impact on Accumulated Benefit Obligation at December 31, 2023 Impact on 2024 Net Periodic Benefit Costs Alliant Energy 1% change in discount rate $85 $6 $12 $— 1% change in expected rate of return N/A 7 N/A 1 IPL 1% change in discount rate 39 3 5 — 1% change in expected rate of return N/A 3 N/A 1 WPL 1% change in discount rate 38 3 4 — 1% change in expected rate of return N/A 3 N/A — Contingencies - Assumptions and judgments are made each reporting period regarding the future outcome of contingent events.
The following table shows the impacts of changing certain key actuarial assumptions discussed above (in millions): Defined Benefit Pension Plans OPEB Plans Change in Actuarial Assumption Impact on Projected Benefit Obligation at December 31, 2024 Impact on 2025 Net Periodic Benefit Costs Impact on Accumulated Benefit Obligation at December 31, 2024 Impact on 2025 Net Periodic Benefit Costs Alliant Energy 1% change in discount rate $85 $7 $10 $— 1% change in expected rate of return N/A 7 N/A 1 IPL 1% change in discount rate 39 3 4 — 1% change in expected rate of return N/A 3 N/A 1 WPL 1% change in discount rate 38 3 4 — 1% change in expected rate of return N/A 3 N/A — Contingencies - Assumptions and judgments are made each reporting period regarding the future outcome of contingent events.
The timing and amount of future dividends is subject to an approved dividend declaration from Alliant Energy’s Board of Directors, and is dependent upon earnings expectations, capital requirements, and general financial business conditions, among other factors. • Cash Flows From Operating Activities - Alliant Energy, IPL and WPL currently expect an increase in future cash flows from operating activities resulting from the transfer of future renewable tax credits to other corporate taxpayers pursuant to the Inflation Reduction Act of 2022.
The timing and amount of future dividends is subject to approval of quarterly dividend declarations from Alliant Energy’s Board of Directors, and is dependent upon earnings expectations, capital requirements, and general financial business conditions, among other factors. • Cash Flows From Operating Activities - Alliant Energy, IPL and WPL currently expect an increase in future cash flows from operating activities resulting from the transfer of future renewable tax credits to other corporate taxpayers pursuant to the Inflation Reduction Act of 2022.
The Inflation Reduction Act of 2022 is expected to result in more cost benefits for IPL’s and WPL’s customers, higher rate base amounts, and improvements in long-term cash flows over the life of the solar, battery storage and wind repowering projects.
The Inflation Reduction Act of 2022 is expected to result in more cost benefits for IPL’s and WPL’s customers, higher rate base amounts, and improvements in long-term cash flows over the life of the solar, energy storage and wind refurbishment projects.
WPL’s retail electric service is exposed to the impact of changes in commodity prices due largely to the current retail recovery mechanism in place in Wisconsin for fuel-related costs. Counterparty Credit Risk - Alliant Energy, IPL, and WPL are exposed to credit risk related to losses resulting from counterparties’ nonperformance of their contractual obligations.
WPL’s retail electric service is exposed to the impact of changes in commodity prices due largely to the current retail recovery mechanism in place in Wisconsin for fuel-related costs. 43 Table of C o ntents Counterparty Credit Risk - Alliant Energy, IPL, and WPL are exposed to credit risk related to losses resulting from counterparties’ nonperformance of their contractual obligations.
In 2023, IPL received authorization from FERC to issue securities in 2024 and 2025 as follows (in millions): Long-term debt securities issuances in aggregate $1,700 Short-term debt securities outstanding at any time (including borrowings from its parent) 400 Preferred stock issuances in aggregate 300 State Regulatory Financing Authorizations - In March 2023, WPL received authorization from the PSCW to have up to $500 million of short-term borrowings and/or letters of credit outstanding at any time through the expiration date of WPL’s credit facility agreement.
In 2023, IPL received authorization from FERC to issue securities in 2024 and 2025 as follows (in millions): Initial Authorization Remaining Capacity as of December 31, 2024 Long-term debt securities issuances in aggregate $1,700 $1,050 Short-term debt securities outstanding at any time (including borrowings from its parent) 400 350 Preferred stock issuances in aggregate 300 300 State Regulatory Financing Authorizations - In March 2023, WPL received authorization from the PSCW to have up to $500 million of short-term borrowings and/or letters of credit outstanding at any time through the expiration date of WPL’s credit facility agreement.
Financial capital structures as of December 31, 2023 were as follows (Common Equity (CE); Long-term Debt (including current maturities) (LD); Short-term Debt (SD)): Alliant Energy, IPL and WPL intend to manage their capital structures and liquidity positions in such a way that facilitates their ability to raise funds reliably and on reasonable terms and conditions, while maintaining capital structures consistent with those approved by regulators.
Financial capital structures as of December 31, 2024 were as follows (Common Equity (CE); Long-term Debt (including current maturities) (LD); Short-term Debt (SD)): 38 Table of C o ntents Alliant Energy, IPL and WPL intend to manage their capital structures and liquidity positions in such a way that facilitates their ability to raise funds reliably and on reasonable terms and conditions, while maintaining capital structures consistent with those approved by regulators.
At December 31, 2023, Alliant Energy, IPL and WPL had no uncertain tax positions recorded as liabilities. Refer to Note 13(a) for anticipated pension and OPEB funding amounts. Refer to “ Construction and Acquisition Expenditures ” above for additional information on construction and acquisition programs.
At December 31, 2024, Alliant Energy, IPL and WPL had no uncertain tax positions recorded as liabilities. Refer to Note 1 2 (a) for anticipated pension and OPEB funding amounts. Refer to “ Construction and Acquisition Expenditures ” above for additional information on construction and acquisition programs.
Solar Generation Projects Recently Completed or Under Construction - Alliant Energy, IPL and WPL review property, plant and equipment for possible impairment whenever events or changes in circumstances indicate all or a portion of the carrying value of the assets may be disallowed for rate-making purposes.
Solar Generation Projects - Alliant Energy and WPL review property, plant and equipment for possible impairment whenever events or changes in circumstances indicate all or a portion of the carrying value of the assets may be disallowed for rate-making purposes.
Carryforward Utilization - Significant federal tax credit carryforwards exist for Alliant Energy, IPL and WPL as of December 31, 2023. Based on projections of current and future taxable income, Alliant Energy, IPL and WPL plan to utilize all of these carryforwards more than five years before expiration.
Carryforward Utilization - Significant federal tax credit carryforwards exist for Alliant Energy, IPL and WPL as of December 31, 2024. Based on projections of current and future taxable income, Alliant Energy, IPL and WPL plan to utilize all of these carryforwards approximately five years before expiration.
This strategy includes the following key elements: Providing affordable energy solutions for customers - Alliant Energy’s strategy focuses on affordable energy solutions that support retention and growth of its existing customers and attract new customers to its service territories.
This strategy includes the following key elements: 27 Table of C o ntents Providing affordable energy solutions for customers - Alliant Energy’s strategy focuses on affordable energy solutions that support retention and growth of its existing customers and attract new customers to its service territories.
WPL is currently allowed a full recovery of and a full return on these EGUs from both its retail and wholesale customers, and as a result, Alliant Energy and WPL concluded that no impairment was required as of December 31, 2023.
WPL is currently allowed a full recovery of and a full return on the Columbia EGUs from both its retail and wholesale customers, and as a result, Alliant Energy and WPL concluded that no impairment was required as of December 31, 2024.
Capital Structure - Alliant Energy, IPL and WPL plan to maintain debt-to-total capitalization ratios that are consistent with investment-grade credit ratings. IPL and WPL expect to maintain capital structures consistent with the authorized levels approved by regulators.
Capital Structure - Alliant Energy, IPL and WPL plan to maintain debt-to-total capitalization ratios that are consistent with investment-grade credit ratings, as well as maintain capital structures consistent with the authorized levels approved by IPL’s and WPL’s regulators.
The credit facility has a provision to expand the facility size up to an additional $300 million, for a potential total commitment of $1.3 billion, subject to lender approval for Alliant Energy and subject to lender and regulatory approvals for IPL and WPL.
The credit facility has a provision to expand the facility size up to an additional $700 million, for a potential total commitment of $2 billion, subject to lender approval for Alliant Energy and subject to lender and regulatory approvals for IPL and WPL.
Note 17 provides further discussion of contingencies assessed at December 31, 2023 that may have a material impact on financial condition and results of operations, including various pending legal proceedings, guarantees and indemnifications.
Note 1 6 provides further discussion of contingencies assessed at December 31, 2024 that may have a material impact on financial condition and results of operations, including various pending legal proceedings, guarantees and indemnifications.
IPL’s electric and gas tariffs and WPL’s wholesale electric and gas tariffs provide for subsequent monthly adjustments to their tariff rates for material changes in prudently incurred commodity costs. IPL’s and WPL’s rate mechanisms, combined with commodity derivatives, significantly reduce commodity risk associated with their electric and gas 41 Table of C o ntents service.
IPL’s electric and gas tariffs and WPL’s wholesale electric and gas tariffs provide for subsequent monthly adjustments to their tariff rates for material changes in prudently incurred commodity costs. IPL’s and WPL’s rate mechanisms, combined with commodity derivatives, significantly reduce commodity risk associated with their electric and gas service.
Subject to certain conditions, Alliant Energy, IPL and WPL may exercise one extension option, which would extend the maturity date by one year.
Subject to certain conditions, Alliant Energy, IPL and WPL may exercise two extension options, which would each extend the maturity date by one year.
Assuming the impact of a hypothetical 100 basis point increase in interest rates on variable-rate borrowings and cash amounts outstanding under IPL’s sales of accounts receivable program at December 31, 2023, Alliant Energy’s, IPL’s and WPL’s annual pre-tax expense would increase by approximately $5 million, $0 and $3 million, respectively.
Assuming the impact of a hypothetical 100 basis point increase in interest rates on variable-rate borrowings and cash amounts outstanding under IPL’s sales of accounts receivable program at December 31, 2024, Alliant Energy’s, IPL’s and WPL’s annual pre-tax expense would increase by approximately $6 million, $1 million and $2 million, respectively.
Regulated Operations - Alliant Energy’s, IPL’s and WPL’s long-lived assets within their regulated operations that were assessed for impairment and/or plant abandonment in 2023 included WPL’s generating units subject to early retirement, and IPL’s and WPL’s solar generation projects recently completed or under construction.
Regulated Operations - Alliant Energy’s, IPL’s and WPL’s long-lived assets within their regulated operations that were assessed for impairment and/or plant abandonment in 2024 included WPL’s generating units subject to early retirement and solar generation projects.
Long-term Debt - Refer to Note 9(b) for discussion of issuances and retirements of long-term debt in 2023, and “ Results of Operations ” for discussion of expected issuances and retirements of long-term debt in 2024.
Long-term Debt - Refer to Note 8 (b) for discussion of issuances and retirements of long-term debt in 2024, and “ Results of Operations ” for discussion of expected issuances and retirements of long-term debt in 2025.
Certain Financial Commitments - Contractual Obligations - Alliant Energy, IPL and WPL have various long-term contractual obligations as of December 31, 2023, which include long-term debt maturities in Note 9(b) , operating and finance leases in Note 10 , capital purchase obligations in Note 17(a) , and other purchase obligations in Note 17(b) .
Certain Financial Commitments - Contractual Obligations - Alliant Energy, IPL and WPL have various long-term contractual obligations as of December 31, 2024, which include long-term debt maturities in Note 8 (b) , operating and finance leases in Note 9 , capital purchase obligations in Note 1 6 (a) , and other purchase obligations in Note 1 6 (b) .
Alliant Energy, IPL and WPL are working with MISO, state regulatory commissions and other regulatory agencies, as required, to determine the timing of these actions, which are subject to change depending on operational, regulatory, market and other factors. Refer to Note 3 for additional details on these EGUs.
Alliant Energy, IPL and WPL are working with MISO, state regulatory commissions and other regulatory agencies, as required, to determine the timing of these actions, which are subject to change depending on operational, regulatory, market and other factors. Refer to Note 3 for additional details on Columbia Units 1 and 2, and Edgewater Unit 5.
Pensions and Other Postretirement Benefits - Alliant Energy, IPL and WPL sponsor various defined benefit pension and OPEB plans that provide benefits to a significant portion of their employees and retirees. Assumptions and judgments are made periodically to estimate the obligations and costs related to their retirement plans.
Refer to Note 1 3 for further discussion of AROs. Pensions and Other Postretirement Benefits - Alliant Energy, IPL and WPL sponsor various defined benefit pension and OPEB plans that provide benefits to a significant portion of their employees and retirees. Assumptions and judgments are made periodically to estimate the obligations and costs related to their retirement plans.
Pension Plan Contributions - Alliant Energy, IPL and WPL currently expect to make $12 million, $— and $10 million of pension plan contributions in 2024, respectively, based on the funded status and assumed return on assets for each plan as of the December 31, 2023 measurement date.
Pension Plan Contributions - Alliant Energy, IPL and WPL currently expect to make $20 million, $1 million and $14 million of pension plan contributions in 2025, respectively, based on the funded status and assumed return on assets for each plan as of the December 31, 2024 measurement date.
Alliant Energy’s shelf registration statement may be used to issue common stock, debt and other securities.
Alliant Energy’s shelf registration statement may be used to issue common stock, debt and other securities. IPL’s and WPL’s shelf registration statements may be used to issue preferred stock and debt securities.
Alliant Energy’s and IPL’s critical assumptions and judgments for 2023 included estimates of qualifying deductions for repairs expenditures and allocation of mixed service costs due to the impact of Iowa rate-making principles on such property-related differences.
Alliant Energy’s and IPL’s critical assumptions and judgments for 2024 included estimates of qualifying deductions for repairs expenditures, allocation of mixed service costs and state depreciation, and costs related to retirement or removal of depreciable property due to the impact of Iowa rate-making principles on such property-related differences.
Short-term Debt - In January 2024, Alliant Energy, IPL and WPL extended their single revolving credit facility agreement, which expires in December 2028 and is discussed in Note 9(a) . There are currently 13 lenders that participate in the credit facility, with respective commitments ranging from $20 million to $130 million.
Short-term Debt - In December 2024, Alliant Energy, IPL and WPL amended and extended their single revolving credit facility agreement, which expires in December 2029 and is discussed in Note 8 (a) . There are currently 14 lenders that participate in the credit facility, with respective commitments ranging from $25 million to $130 million.
Refer to Note 13(a) for discussion of pension plan contributions in 2023 and the current funded levels of pension plans.
Refer to Note 1 2 (a) for discussion of pension plan contributions in 2024 and the current funded levels of pension plans.
Refer to Note 12 for discussion of the carryforward positions. As discussed in “ Legislative Matters ,” the Inflation Reduction Act of 2022 provides the right to transfer renewable tax credits to other corporate taxpayers. Refer to the cash flows statements and Note 1 (c) for details of renewable tax credits transferred to other corporate taxpayers in 2023.
Refer to Note 1 1 for discussion of the carryforward positions. As discussed in “ Legislative Matters ,” the Inflation Reduction Act of 2022 provides the right to transfer renewable tax credits to other corporate taxpayers.
Estimated increases (decreases) to operating income from the impacts of temperatures were as follows (in millions): Electric Gas 2023 2022 Change 2023 2022 Change IPL ($1) $16 ($17) ($8) $5 ($13) WPL (5) 10 (15) (6) 2 (8) Total Alliant Energy ($6) $26 ($32) ($14) $7 ($21) Electric Sales for Resale - Bulk Power and Other - Bulk power and other volume changes were due to changes in sales in the wholesale energy markets operated by MISO.
Estimated decreases to operating income from the impacts of temperatures were as follows (in millions): Electric Gas 2024 2023 Change 2024 2023 Change IPL ($14) ($1) ($13) ($12) ($8) ($4) WPL (15) (5) (10) (10) (6) (4) Total Alliant Energy ($29) ($6) ($23) ($22) ($14) ($8) Electric Sales for Resale - Bulk Power and Other - Bulk power and other volume changes were due to changes in sales in the wholesale energy markets operated by MISO.
Common Stock Issuances - Refer to Note 7 for discussion of common stock issuances by Alliant Energy in 2022 and 2023, and “ Results of Operations ” for discussion of expected issuances of common stock in 2024.
Refer to “ Results of Operations ” for discussion of expected common stock dividends in 2025. 41 Table of C o ntents Common Stock Issuances - Refer to Note 7 for discussion of common stock issuances by Alliant Energy in 2023 and 2024, and “ Results of Operations ” for discussion of expected issuances of common stock in 2025.
Alliant Energy’s current voluntary environmental-related goals and achievements include the following: • Exceeded its 2020 targets by reducing air emissions for sulfur dioxide by over 90%, nitrogen oxides by over 80% and mercury by over 90% from 2005 levels. • By 2030, reduce GHG emissions from its utility operations by 50% from 2005 levels, reduce its electric utility water supply by 75% from 2005 levels and electrify 100% of its owned light-duty fleet vehicles. • By 2040, eliminate all coal-fired EGUs from its generating fleet and reduce GHG emissions from its utility operations by 80% from 2005 levels. • By 2050, aspire to achieve net-zero GHG emissions from its utility operations.
Alliant Energy’s current voluntary environmental-related goals and achievements include the following: • Exceeded its 2020 targets by reducing air emissions for sulfur dioxide by over 90%, nitrogen oxides by over 80% and mercury by over 90% from 2005 levels. • By 2030, reduce GHG emissions from its utility operations by 50% from 2005 levels, reduce its electric utility water supply by 75% from 2005 levels and electrify 100% of its owned light-duty fleet vehicles. • By 2040, eliminate all coal-fired EGUs from its generating fleet. • By 2050, aspire to achieve net-zero GHG emissions from its utility operations. 35 Table of C o ntents Alliant Energy’s aspirational GHG goal includes EPA reportable emissions based on applicable regulatory compliance requirements for CO2, methane and nitrous oxide from its owned fossil-fueled EGUs and distribution of natural gas.
Credit ratings are not recommendations to buy or sell securities and are subject to change, and each rating should be evaluated independently of any other rating. Each of Alliant Energy, IPL or WPL assumes no obligation to update their respective credit ratings. Refer to Note 15 for additional information on ratings triggers for commodity contracts accounted for as derivatives.
Credit ratings are not recommendations to buy or sell securities and are subject to change, and each rating should be evaluated independently of any other rating. Each of Alliant Energy, IPL or WPL assumes no obligation to update their respective credit ratings.
(WEC) 100 MW were acquired by WEC in June 2023 pursuant to PSCW and FERC approval; additionally, WEC exercised its second and final option to purchase an additional 100 MW, subject to PSCW and FERC approval (a) Madison Gas and Electric Company (MGE) 25 MW were acquired by MGE in March 2023 pursuant to PSCW and FERC approval; additionally, MGE exercised its second and final option to purchase an additional 25 MW, subject to PSCW and FERC approval Electric cooperatives Approximately 60 MW were acquired January 2018 (a) Upon WEC’s exercise of its options, WPL may exercise reciprocal options, subject to approval by the PSCW, to purchase up to 200 MW of any natural-gas combined-cycle EGU that WEC places in service prior to May 2030.
(WEC) In 2023 and 2024, WEC acquired 200 MW in aggregate, pursuant to PSCW and FERC approval (a) Madison Gas and Electric Company (MGE) In 2023 and 2024, MGE acquired 50 MW in aggregate, pursuant to PSCW and FERC approval Electric cooperatives Approximately 60 MW were acquired in 2018 (a) WPL may exercise reciprocal options, subject to approval by the PSCW, to purchase up to 200 MW of any natural-gas combined-cycle EGU that WEC places in service prior to May 2030.
IPL and AEF have $500 million and $300 million of long-term debt, respectively, maturing in 2024. • Common Stock Dividends - Alliant Energy announced a 6% increase in its targeted 2024 annual common stock dividend to $1.92 per share, which is equivalent to a quarterly rate of $0.48 per share, beginning with the February 2024 dividend payment.
IPL and AEF each have $300 million of long-term debt maturing in 2025. 33 Table of C o ntents • Common Stock Dividends - Alliant Energy announced a 6% increase in its targeted 2025 annual common stock dividend to $2.03 per share, which is equivalent to a quarterly rate of $0.5075 per share, beginning with the February 2025 dividend payment.
Alliant Energy’s net income and EPS attributable to Alliant Energy common shareowners were as follows (dollars in millions, except per share amounts): 2023 2022 Income (Loss) EPS Income (Loss) EPS Utilities and Corporate Services $724 $2.86 $690 $2.74 ATC Holdings 35 0.14 29 0.12 Non-utility and Parent (56) (0.22) (33) (0.13) Alliant Energy Consolidated $703 $2.78 $686 $2.73 Alliant Energy’s Utilities and Corporate Services net income increased by $34 million in 2023 compared to 2022.
Alliant Energy’s net income and EPS attributable to Alliant Energy common shareowners were as follows (dollars in millions, except per share amounts): 2024 2023 Income (Loss) EPS Income (Loss) EPS Utilities and Corporate Services $722 $2.81 $724 $2.86 ATC Holdings 40 0.16 35 0.14 Non-utility and Parent (72) (0.28) (56) (0.22) Alliant Energy Consolidated $690 $2.69 $703 $2.78 Alliant Energy’s Utilities and Corporate Services net income decreased by $2 million in 2024 compared to 2023.
Alliant Energy’s mission and purpose are supported by a strategy focused on meeting the evolving expectations of customers while providing an attractive return for investors, and pursuing emerging technologies and safe, sustainable methods of energy production.
Alliant Energy’s mission and purpose are supported by a strategy focused on meeting evolving customer expectations, providing an attractive return for investors, and advancing emerging technologies with safe, secure energy production.
IPL currently expects to amend and extend the purchase commitment. In 2023 and 2022, IPL evaluated the third party that purchases IPL’s receivable assets under the Receivables Agreement and believes that the third party is a VIE; however, IPL concluded consolidation of the third party was not required.
The purchase commitment from the third party to which IPL sells its receivables expires in March 2026. In 2024 and 2023, IPL evaluated the third party that purchases IPL’s receivable assets under the Receivables Agreement and believes that the third party is a VIE; however, IPL concluded consolidation of the third party was not required.
The key drivers for the filing include revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation and repowering of the existing Franklin County wind farm, as well as certain incremental costs and benefits incurred resulting from the 2020 derecho windstorm.
Key drivers for the rate review included revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation, as well as updated depreciation rates and certain incremental costs incurred resulting from the 2020 derecho windstorm.
Liquidity Position - At December 31, 2023, Alliant Energy had $62 million of cash and cash equivalents, $525 million ($293 million at the parent company, $150 million at IPL and $82 million at WPL) of available capacity under the single revolving credit facility and $4 million of available capacity at IPL under its sales of accounts receivable program.
Liquidity Position - At December 31, 2024, Alliant Energy had $81 million of cash and cash equivalents, $742 million ($275 million at the parent company, $250 million at IPL and $217 million at WPL) of available capacity under the single revolving credit facility and $40 million of available capacity at IPL under its sales of accounts receivable program.
Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for 2023 compared to 2022 (in millions): Alliant Energy IPL WPL Higher net proceeds from common stock issuances $221 $— $— Lower payments to retire long-term debt 125 — 250 Higher (lower) net proceeds from issuance of long-term debt 117 296 (291) Net changes in the amount of commercial paper outstanding (294) — (26) (Higher) lower common stock dividends (28) 41 (8) Higher (lower) capital contributions from IPL’s and WPL’s parent company, Alliant Energy — 80 (285) Other 1 3 (7) $142 $420 ($367) FERC and Public Utility Holding Company Act Financing Authorizations - Under the Public Utility Holding Company Act of 2005, FERC has authority over the issuance of utility securities, except to the extent that a public utility’s primary state regulatory commission has retained jurisdiction over such matters.
Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for 2024 compared to 2023 (in millions): Alliant Energy IPL WPL Higher payments to retire long-term debt ($301) ($500) $— Lower net proceeds from common stock issuances (223) — — (Higher) lower common stock dividends (36) 80 (12) Net changes in the amount of commercial paper outstanding 250 50 (163) Higher net proceeds from issuance of long-term debt 158 347 — Higher (lower) capital contributions from IPL’s and WPL’s parent company, Alliant Energy — 245 (190) Other (23) (22) 2 ($175) $200 ($363) FERC and Public Utility Holding Company Act Financing Authorizations - Under the Public Utility Holding Company Act of 2005, FERC has authority over the issuance of utility securities, except to the extent that a public utility’s primary state regulatory commission has retained jurisdiction over such matters.
Alliant Energy, IPL and WPL are utilizing various provisions of the new legislation to enhance the tax benefits expected from their announced solar and battery storage projects, including transferring the future tax credits from such projects to other corporate taxpayers, as well as the repowering of existing wind farms.
Alliant Energy, IPL and WPL are utilizing various provisions of the new legislation to enhance the tax benefits expected from their current and planned renewable generation and energy storage projects, including transferring tax credits from such projects to other corporate taxpayers.
Electric Transmission Service Expense Variances - The following items contributed to (increased) decreased electric transmission service expense for 2023 compared to 2022 (in millions): Alliant Energy IPL WPL Changes in regulatory recovery for the difference between actual electric transmission service costs and those costs used to determine rates (Refer to Note 1(g) ) ($12) ($15) $3 Other 2 2 — ($10) ($13) $3 Cost of Gas Sold Expense Variances - The following items contributed to (increased) decreased cost of gas sold expense for 2023 compared to 2022 (in millions): Alliant Energy IPL WPL Lower natural gas prices and lower retail gas volumes primarily due to changes in temperatures $77 $24 $53 Changes in the regulatory recovery of gas costs (Refer to Note 1(g ) ) 14 18 (4) Other (1) (2) — $90 $40 $49 Other Operation and Maintenance Expenses Variances - The following items contributed to (increased) decreased other operation and maintenance expenses for 2023 compared to 2022 (in millions): Alliant Energy IPL WPL Lower incentive compensation expense $7 $4 $3 Non-utility Travero (mostly offset by lower non-utility revenues) 4 — — Higher energy efficiency expense at IPL (mostly offset by higher revenues) (5) (5) — Lower (higher) generation and energy delivery expenses (1) 5 (6) Other (includes lower costs due to cost controls and operational efficiencies) 24 12 10 $29 $16 $7 Other Future Considerations - In addition to items discussed in this report, the following key items could impact Alliant Energy’s, IPL’s and WPL’s future financial condition or results of operations: • Financing Plans - Alliant Energy currently expects to issue up to $25 million of common stock in 2024 through its Shareowner Direct Plan.
Electric Transmission Service Expense Variances - The following items contributed to (increased) decreased electric transmission service expense for 2024 compared to 2023 (in millions): Alliant Energy IPL WPL Changes in regulatory recovery for the difference between actual electric transmission service costs and those costs used to determine rates (Refer to Note 1(g) ) ($28) ($7) ($21) Other (primarily due to changes in transmission service costs provided by third parties) (2) 10 (12) ($30) $3 ($33) Cost of Gas Sold Expense Variances - The following items contributed to (increased) decreased cost of gas sold expense for 2024 compared to 2023 (in millions): Alliant Energy IPL WPL Lower natural gas prices and lower retail gas volumes $105 $66 $39 Changes in the regulatory recovery of gas costs (Refer to Note 1(g ) ) (30) (24) (6) Other — 1 — $75 $43 $33 Other Operation and Maintenance Expenses Variances - The following items contributed to (increased) decreased other operation and maintenance expenses for 2024 compared to 2023 (in millions): Alliant Energy IPL WPL Restructuring and voluntary employee separation charges in 2024 (excluding payroll taxes) (Refer to Note 12(a) ) ($27) ($13) ($12) ARO charge for steam assets at IPL in 2024 (Refer to Note 13 ) (20) (20) — Lower energy efficiency expense at IPL (mostly offset by lower revenues) 20 20 — Lower generation and energy delivery expenses 11 3 8 Other 15 5 (4) ($1) ($5) ($8) Other Future Considerations - In addition to items discussed in this report, the following key items could impact Alliant Energy’s, IPL’s and WPL’s future financial condition or results of operations: • Financing Plans - Alliant Energy currently expects to issue up to $25 million of common stock in 2025 through its Shareowner Direct Plan.
Key Highlights - • Alliant Energy’s Clean Energy Blueprint, also known as the roadmap for its transition to cleaner energy, continues to add clean energy resources in Iowa and Wisconsin. As a result, Alliant Energy directly reinvests in the communities it serves through the addition of skilled jobs, economic development and increased tax revenue.
Key Highlights - • Alliant Energy’s resource plan continues to add resources in Iowa and Wisconsin, which is expected to result in continued reliability and affordability for its utility customers. As a result, Alliant Energy directly reinvests in the communities it serves through the addition of skilled jobs, economic development and increased tax revenue.
In anticipation of these rule changes, Alliant Energy, IPL and WPL have been proactively replacing certain of IPL’s transmission pipelines, making modifications to certain of WPL’s transmission pipelines, and updating practices for assessment and operation of these pipelines.
In response to these rule changes, Alliant Energy, IPL and WPL have been assessing, testing and modifying certain of IPL’s and WPL’s pipelines, and updating practices for assessment and operation of all IPL and WPL pipelines.
Alliant Energy, IPL and WPL currently intend to transfer all eligible renewable tax credits in the future, and as a result, expect an increase in future cash flows from operating activities.
Refer to the cash flows statements and Note 1 (c) for details of renewable tax credits transferred to other corporate taxpayers in 2023 and 2024. Alliant Energy, IPL and WPL currently intend to transfer all eligible renewable tax credits in the future, and as a result, expect an increase in future cash flows from operating activities.
Certain contingencies, such as Alliant Energy Resources, LLC’s guarantees of the partnership obligations of an affiliate of Whiting Petroleum, require estimation each reporting period of the expected credit losses on those contingencies, which requires significant judgment and may result in the recognition of a credit loss liability.
Certain contingencies require estimation each reporting period of the expected credit losses on those contingencies, which requires significant judgment and may result in the recognition of a credit loss liability.
WPL’s Retail Fuel-related Rate Filing (2022 Forward-looking Test Period) - In August 2023, the PSCW authorized WPL to collect $117 million in higher rates, plus interest, from its retail electric customers from October 2023 through December 2025 for fuel-related costs incurred by WPL in 2022 that were higher than fuel-related costs used to determine rates for such period.
WPL’s Retail Fuel-related Rate Filing (2023 Forward-looking Test Period) - In August 2024, the PSCW issued an order authorizing WPL to refund $34 million, plus interest, to its retail electric customers in 2024 for fuel-related costs incurred by WPL in 2023 that were lower than fuel-related costs used to determine rates for such period.
If IPL or WPL is disallowed recovery of any portion of, or is only allowed a partial return on, the carrying value of the solar generation projects recently completed or under construction, then an impairment charge is recognized. “ Customer Investments ” provides details of IPL’s and WPL’s solar generation projects recently completed or under construction.
If WPL is disallowed recovery of any portion of, or is only allowed a partial return on, the carrying value of its solar generation projects, then an impairment charge is recognized.
In 2022, WPL issued $600 million of 3.95% green bond debentures due 2032, and an amount in excess of the net proceeds was disbursed for the development and acquisition of WPL’s solar EGUs.
In 2023, WPL issued $300 million of 4.95% green bond debentures due 2033, and an amount equal to or in excess of the net proceeds was disbursed for the development and acquisition of its solar EGUs.

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