The paragraph introduces Alliant Energy Corporation's First Quarter 2025 Earnings Conference Call, hosted by Susan Gille, the investor relations manager. It features remarks from Lisa Barton, the President and CEO, and Robert Durian, the Executive Vice President and CFO. The conference will discuss the company's first-quarter financial results, reaffirmed earnings guidance for 2025, and updated capital expenditure and financing plans for 2025-2028. The paragraph emphasizes that statements made during the call include forward-looking elements subject to risks outlined in the company's recent news release and SEC filings. Lisa Barton begins her remarks by highlighting the company's strong start to 2025 and the success of their strategy and business model.

The paragraph discusses the company's strong first-quarter results, exceeding earnings guidance and setting the stage for achieving 2025 goals while focusing on key strategic priorities. It highlights the company's dedication to stakeholders and its role in promoting economic development. The speaker outlines recent achievements, updates on capital expenditure plans, and transition to Robert for further financial details. The paragraph also compares the complexity of achieving scalable growth to solving a Rubik's Cube, emphasizing a holistic approach to challenges. It recaps investment milestones, including energy supply agreements for data centers in Iowa, necessitating a 20% increase in capital plans due to new demand and regulatory adjustments.

In the recent quarter, Alliant Energy Corporation has strengthened its economic development efforts by securing resources for an additional 800 megawatts of demand for a data center at Big Cedar, establishing new energy supply agreements, and efficiently utilizing existing capacity in Iowa to meet growing demand in upcoming years. The company's commitment to aiding economic growth in Iowa and Wisconsin is evident, with three major data center developments totaling 2.1 gigawatts under fully executed agreements, marking a significant increase in peak demand. Alliant is focusing on maintaining credible and sustained growth by aligning with customer needs and exploring further opportunities, with a clear plan to adjust to actual demand via existing resources or new strategies.

The paragraph discusses the company's updated capital expenditure (CapEx) plan, which has increased by 26% over the past eighteen months and projects an annual growth rate of 11% from 2024 to 2028. The four-year CapEx plan for 2025-2028 has been raised by approximately $600 million since the November 2024 update. This plan focuses on optimizing existing resources, enhancing reliability and affordability, and responsibly expanding energy generation to support economic development in Iowa and Wisconsin. The strategy includes leveraging short-term capacity agreements and adding new energy resources while continuing to invest in natural gas and renewable energy to ensure resilience and adaptability in a changing economic and policy landscape.

The paragraph discusses Alliant Energy Corporation's strategic investments in existing and renewable generation resources to enhance reliability and meet rising demand while addressing regulatory and financial uncertainties. It highlights the extension of existing power stations and a deliberate delay in some renewable projects to manage risks. The company is focused on securing regulatory approval for individual customer rates for its data center clients, with contracts filed in Iowa and Wisconsin expected to boost energy sales. These efforts aim to maintain stable rates, benefiting customers and shareholders while supporting regional growth and economic development through partnerships with regulators and communities.

The paragraph highlights Alliant Energy Corporation's commitment to proactive engagement and supporting current and future customers while fostering community growth. It emphasizes the importance of renewable generation and energy storage tax credits for economic growth and cost management. The company is prepared for potential changes to the Inflation Reduction Act, advocating for a balanced legislative approach. Alliant Energy plans to maintain a diverse energy mix, with investments in wind, batteries, and natural gas. It strategically safeguards its projects, ensuring that its investment in renewable and storage capacities is protected until 2028. The paragraph concludes with gratitude to employees for their dedication to customer service and community strengthening.

The paragraph discusses the company's financial performance for the first quarter of 2025, reporting earnings of $0.83 per share, up from $0.62 per share in the same quarter of 2024. Despite a negative impact from warmer temperatures on electric and gas sales, earnings were ahead of plan due to factors like higher revenue from capital investments and the timing of income tax expenses, which will balance out later in the year. The quarter's performance was also affected by higher depreciation and financing costs. Excluding weather impacts, retail electric margins improved due to customer growth and increased usage at the Wisconsin utility. The paragraph also explains fluctuations in quarterly tax expenses due to an estimated annual effective tax rate, which doesn't affect full-year earnings.

The company is reaffirming its 2025 earnings guidance of $3.15 to $3.25 per share due to its consistent financial performance, driven by customer value initiatives, strategic investments, and cost management. They have completed safe harbor activities to preserve tax credits for upcoming energy projects and have minimized tariff exposure on battery imports. Tariff exposure is estimated at 1% to 2% of their $11.5 billion capital expenditure plan. They sold excess capacity in a recent MISO auction, benefiting customers and are leveraging customer rate structures to support growth and mitigate future costs. They have also updated their financing plans for 2025 to 2028 in line with revised capital expenditure plans.

The company plans to fund its $11.5 billion capital expenditure through a combination of cash from operations, tax credit monetization, new debt, and common equity issuances. About 50% will come from operations and tax credits, 40% from new debt, and 12% from equity issuances. They intend to use an at-the-market (ATM) program and direct share plans to support equity issuance, while aiming to maintain their investment-grade credit rating. The company is leveraging tax credit monetization to reduce customer costs and ensure alternative financing. They're prepared to adapt if legislative changes affect tax credit transferability, with options for alternative financing through debt, equity, or hybrid instruments. Safe harboring activities secure tax credits from projects already in service or slated before 2025, providing flexibility and stability for their financial strategy.

The paragraph outlines Alliant Energy Corporation's financial and regulatory strategies. The company plans to align customer bill credits with future project utilization and explore beneficial tax equity arrangements. They have extended a variable rate term loan agreement until 2026 to support 2025 debt financing plans, with increased financing needs for future investments and upcoming debt maturities. In Iowa, a portion of the funds will refinance $300 million in debt maturing in Q3 2023. Regulatory initiatives include Wisconsin Public Service Commission's (PSCW) approval of two investments for reliability and resiliency, and Wisconsin Power and Light's (WPL) electric and gas rate review filings for 2026 and 2027 test years, aimed at maintaining customer value and competitive rates.

The paragraph outlines WPL's plans to advance responsible energy solutions by investing in solar and wind refurbishment projects, new energy storage, and upgrades for natural gas generation to meet rising customer demand. Additionally, it details ongoing rate review processes with the PSCW, including a discovery phase and hearing, with a final decision expected later in the year. WPL has requested approval for a customer rate for a new data center in Beaver Dam and has multiple active dockets with the PSCW and Iowa Utilities Commission, including requests for battery storage, a new natural gas generating station, and individual customer rates for data centers in Iowa, with decision timelines available on slide 13.

The paragraph discusses the company's plans to file additional regulatory documents in Iowa and Wisconsin by the end of the year to support renewable and dispatchable resources, aiming to improve reliability, diversify energy resources, and meet growing energy demand. During a conference call, Robert Durian hands over to the operator to start the Q&A session. James from Guggenheim Partners asks about the timeline for converting opportunities to contracts and the breakdown between existing and new generation capacity. Lisa Barton responds, indicating that the company shares updates on signed Economic Service Agreements (ESAs) and expresses confidence in ongoing negotiations for unsigned opportunities.

The paragraph discusses the differentiation between customers with executed Energy Service Agreements (ESAs) and those without. The company is leveraging its near-term length to accelerate load growth, particularly with customers like those at the Big Cedar facility, and is optimistic about this strategy. They are considering a variety of solutions, including short-term Power Purchase Agreements (PPAs), new developments, and optimizing existing generation capacity. Regarding tax policy in Iowa, the company had a provision to revisit rate cases if major legislation changed. However, they're currently focused on avoiding this by engaging in safe harbor activities, advocating for legislative provisions beneficial to customers, and accelerating load growth with data center clients to negate the need for new rate cases.

The paragraph outlines a discussion during a conference call about a company's growth strategy and financial outlook. Lisa Barton and Robert Durian emphasize the company's focus on meeting stakeholder expectations and positioning for growth regardless of legislative outcomes. Nicholas Campanella from Barclays inquires about the company's projected long-term earnings growth rate and current progress. Durian responds, highlighting a history of consistent growth and a strategic plan to sustain and enhance growth through increased investment and capital expenditure. The company expects strong load growth and significant investments starting in 2027, aiming to achieve the upper end of their growth projections. Barton adds that they are building multiple waves of growth as part of the Alliant Energy Corporation Advantage.

The paragraph highlights Alliant Energy Corporation's commitment to supporting community success and economic development by growing in alignment with customer needs, facilitated by favorable regulatory frameworks in Iowa and Wisconsin. Their flexible, non-litigated resource planning allows for adaptability, exemplified by the Big Cedar facility's progress. Nicholas Campanella appreciates these insights, and Robert Durian addresses the impact of potential legislative changes on tax equity, expressing cautious optimism about a phased phase-out. Alliant feels secure in their near-term plans due to their safe harbor activities.

The paragraph discusses a financial strategy involving tax credits and financing over the next four years. The primary focus is on monetizing tax credits from projects already in service or safe harbored by 2025, minimizing the need for additional financing. If extra financing is necessary, the company plans to maintain a strong balance sheet with 40-50% equity. Lisa Barton highlights support from House Republicans and the Iowa delegation for the IRA provisions. Nicholas Campanella inquires about the company's financial metrics, to which Robert Durian responds positively about their standing concerning S&P and Moody's ratings. The paragraph concludes with Paul Fremont congratulating the company on a successful quarter and asking about opportunities related to the ICR structure in Wisconsin.

The paragraph discusses a regulatory construct where the company, WPL, must participate in a rates case every two years, though an increase is not always necessary. The focus is on minimizing customer costs by growing the business and reducing expenses, aiming for flat base rates over five years. Paul Fremont asks about using junior subordinated debt to meet equity needs, to which Robert Durian responds that they are considering various financing options, including an ATM program and hybrid securities. The company hasn't committed to any particular option yet. Fremont also inquires about plans for additional generation resources in Iowa and Wisconsin, and Durian refers to supplemental slides that outline their resource plan for natural gas, batteries, and wind.

The paragraph discusses a financial plan involving raising equity. The company plans to acquire approximately $1.4 billion in new common equity by 2028, with $100 million expected through annual share plans and the remaining $1.3 billion potentially through an At-The-Market (ATM) offering or a forward transaction. The timing and method are flexible, depending on market conditions. Additionally, an enhancement at Riverside, described as a black start facility using diesel or gas generators, is intended to improve resiliency and reliability in Wisconsin.

The paragraph discusses a financing plan assuming $1.3 billion will be received gradually from 2026 to 2028, with flexibility to adjust based on market conditions. It mentions a $600 million increase in the CapEx plan, primarily for natural gas generation to support data center load growth, anticipating 1.5 gigawatts of new natural gas capacity by 2030. In response to a question about the MISO capacity auction's impact on consumer bills, Robert Durian notes their strong position due to elevated summer capacity prices, allowing them to sell excess capacity and use the proceeds to help reduce customer bills.

The discussion revolves around the positioning of a company in the energy market, highlighting its strategic approach to maintaining strength amid higher prices in the capacity market by building new generation capabilities. Renny asks about potential ROFR (Right of First Refusal) legislation in Wisconsin and its impact on capital expenditures (CapEx). Lisa Barton explains that while ROFR could enhance investment opportunities, the company is prepared to compete even without it, and current CapEx plans don't account for such potential projects, suggesting untapped opportunities. Paul Zimbardo seeks clarification on the company's EPS (Earnings Per Share) growth projections and whether they incorporate incremental opportunities. Robert Durian confirms these projections reflect the current capital plan, with additional discussions possibly indicating future possibilities.

In the conference call, representatives from Alliant Energy Corporation discussed their optimism about reaching the top end of their growth range by 2027, highlighting opportunities for further growth in data center load and economic development. They addressed a question from Paul Zimbardo about tariffs on Chinese batteries, indicating that despite a 20% tariff, these remain more cost-effective than domestic alternatives, with most of the batteries already secured or in transit. Lisa Barton emphasized the company's proactive strategy in mitigating costs. The call concluded with a note that a replay would be available for investors, inviting further follow-up inquiries.

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