The operator introduces the Alliant Energy First Quarter 2024 Earnings Conference Call and turns it over to Susan Gille, Investor Relations Manager. John Larsen, Lisa Barton, and Robert Durian will be speaking and answering questions. The call will discuss the company's first quarter financial results and refer to a news release and earnings presentation available on their website. The speakers will make forward-looking statements and reference risks and disclaimers. John Larsen begins by thanking everyone for joining and promises updates on key milestones and business areas.

In 2024, the company has achieved its strategic objectives and remains committed to its purpose of serving customers and building stronger communities. The successful execution of strategic solar investments has solidified the company's position as the largest owner-operator of solar generation in Wisconsin. The company follows the Envision framework to enhance environmental, social, and economic impacts in its renewable generation projects. Four of the company's Wisconsin solar projects have received platinum Envision certification. Progress has also been made on solar investments in Iowa, with a 50 megawatt project now operational and plans to complete 350 megawatts by the end of 2024. These investments provide zero fuel cost resources, tax credits, and a more balanced energy mix for customers, ensuring reliable and resilient energy delivery.

The company's solar projects not only benefit the environment, but also contribute to the local economy through job creation and revenue generation. The company has also been recognized for their commitment to planting one million trees and their dedication to hiring and supporting veterans. The CEO expresses gratitude towards employees and confidence in the company's growth and investment strategy. The first quarter earnings were impacted by warmer temperatures, but the company is focused on cost control and customer investments to achieve their 2024 objectives.

The company has a strong track record of operational and financial success, and is committed to meeting expectations and evolving to meet changing needs. They are on track to surpass 3 gigawatts of clean energy resources for customers, and are also investing in customer-hosted solar projects. The company operates in business-friendly states and recent legislation in Iowa and Wisconsin supports economic growth opportunities. In both states, legislation has been passed to attract large businesses and support renewable energy and electric vehicle efforts.

The legislation in Iowa and Wisconsin shows the state's support for business growth and Alliance Energy's proactive engagement with the legislatures. This will create a business-friendly environment, attract new companies, and support community growth. Alliance Energy is also evolving their clean energy blueprint to balance their energy mix and ensure reliability, affordability, and resource adequacy. They are confident in their ability to meet customer and investor expectations and are grateful for their employees. Robert will now continue the call.

In the first quarter of 2024, Alliant Energy's earnings decreased due to mild temperatures and increased expenses from capital investments. However, these factors were partially offset by growth in residential customers and efforts to lower operating expenses. The company's diverse generation portfolio and fuel risk management programs also helped keep energy costs in check for natural gas customers.

In the first quarter of 2024, cash flows from operations at WPL increased by over $100 million compared to the previous year. This was due to timing of fuel cost recoveries and rate increases. The company expects continued improvement in cash flow due to tax credit monetization, financing plans, and regulatory initiatives. The company has already completed some financing and plans to initiate regulatory filings later this year. IPL's rate reviews are progressing and focus on customer-focused investments for a more reliable, sustainable, and resilient energy future. Interveners in the rate review proceeding have filed their direct testimony, which is a normal part of the process.

The company stands by their investments and believes in the merits of their case before the Iowa Utilities Board. They will continue to work with interveners and anticipate a decision in the third quarter of this year. In Wisconsin, they expect to refund over $30 million to customers and anticipate decisions on two pending proceedings later this year. The company plans to make regulatory filings for additional renewables and resources in both Iowa and Wisconsin. They reaffirm their 2024 earnings guidance and will continue to manage their business to mitigate inflationary pressures and ensure long-term consistency.

The speaker is grateful for the support of their company and looks forward to meeting with investors. The call is now open for questions, and the first question is about economic development efforts. The speaker explains that they are open to all types of customers, including data centers, and have had success with biofuels and manufacturing. They also mention the advantage of not having a litigated IRP process, allowing them to be adaptable to customer needs.

The company is currently reviewing their Clean Energy Blueprint in both Wisconsin and Iowa and will provide updates on their capital forecast at the end of the third quarter. They have entered into an agreement to sell tax credits, generating around $400 million this year and expecting to increase in the future as they continue to build out solar and battery projects. This will help lower customer costs, improve cash flows, and improve their financial metrics.

The team has successfully negotiated fair rates with different counterparties, and is monitoring guidance from the treasury and IRS. They are also evaluating potential opportunities related to PTCs and ITCs for projects. The proposed energy dome is expected to receive regulatory approval later this year, and a settlement for the advanced ratemaking proceeding in Iowa is expected to be total rather than partial. The settlement window opportunity is from mid-May to mid-June.

Paul Fremont asked about the advanced ratemaking and the determination of whether they are at 10.25% or $10.75 million. Lisa Barton confirmed this would likely be part of any settlement. Paul also asked about the implementation of an IRP process in Iowa, and Lisa explained that it was recommended but did not go forward due to the need for flexibility in generation. There are no further questions, and the call concludes. A replay will be available on the investor website.

This summary was generated with AI and may contain some inaccuracies.