Form 8-K ALLIANT ENERGY CORP For: Nov 06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November�6, 2014
Commission | Name of Registrant, State of Incorporation, | IRS Employer |
File Number | Address of Principal Executive Offices and Telephone Number | Identification Number |
1-9894 | ALLIANT ENERGY CORPORATION | 39-1380265 |
(a Wisconsin corporation) | ||
4902 N. Biltmore Lane | ||
Madison, Wisconsin 53718 | ||
Telephone (608)458-3311 | ||
1-4117 | INTERSTATE POWER AND LIGHT COMPANY | 42-0331370 |
(an Iowa corporation) | ||
Alliant Energy Tower | ||
Cedar Rapids, Iowa 52401 | ||
Telephone (319)786-4411 | ||
0-337 | WISCONSIN POWER AND LIGHT COMPANY | 39-0714890 |
(a Wisconsin corporation) | ||
4902 N. Biltmore Lane | ||
Madison, Wisconsin 53718 | ||
Telephone (608)458-3311 | ||
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On November 6, 2014, Alliant Energy Corporation (Alliant Energy) issued a press release announcing its earnings for the three and nine months ended September�30, 2014. A copy of such press release is furnished as Exhibit 99.1 and is incorporated by reference herein.
Alliant Energy included in the press release Interstate Power and Light Company, Wisconsin Power and Light Company, Alliant Energy Corporate Services, Inc., utilities and Alliant Energy Corporate Services, Inc., and non-regulated and parent earnings per share from continuing operations for the three and nine months ended September�30, 2014 and 2013. Alliant Energy believes these non-GAAP financial measures (financial measures not prepared in accordance with accounting principles generally accepted in the United States of America) are useful to investors because they facilitate an understanding of segment performance and trends and provide additional information about Alliant Energys operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. Alliant Energys management also uses utility and Alliant Energy Corporate Services, Inc. earnings per share from continuing operations to determine performance-based compensation.
Item 9.01 Financial Statements and Exhibits.
(a) | Not applicable. |
(b) | Not applicable. |
(c) | Not applicable. |
(d) | Exhibits. The following exhibits are being furnished herewith: |
(99.1) Alliant Energy Corporation press release dated November 6, 2014.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
ALLIANT ENERGY CORPORATION
Date: November 6, 2014 | By:/s/ Robert J. Durian |
Robert J. Durian | |
Controller and Chief Accounting Officer | |
INTERSTATE POWER AND LIGHT COMPANY
Date: November 6, 2014 | By:/s/ Robert J. Durian |
Robert J. Durian | |
Controller and Chief Accounting Officer | |
WISCONSIN POWER AND LIGHT COMPANY
Date: November 6, 2014 | By:/s/ Robert J. Durian |
Robert J. Durian | |
Controller and Chief Accounting Officer | |
ALLIANT ENERGY CORPORATION
INTERSTATE POWER AND LIGHT COMPANY
WISCONSIN POWER AND LIGHT COMPANY
Exhibit Index to Current Report on Form 8-K
Dated November 6, 2014
Exhibit Number
(99.1) | Alliant Energy Corporation press release dated November 6, 2014. |
Exhibit 99.1
Alliant Energy Corporation |
Corporate Headquarters |
4902 North Biltmore Lane |
Suite 1000 |
Madison, WI 53718-2148 |
www.alliantenergy.com |
News Release
FOR IMMEDIATE RELEASE | Media Contact: | Scott Reigstad (608) 458-3145 | ||
Investor Relations: | Susan Gille (608) 458-3956 | |||
ALLIANT ENERGY ANNOUNCES THIRD QUARTER 2014 RESULTS, 2015 EARNINGS GUIDANCE AND INCREASED ANNUAL COMMON STOCK DIVIDEND TARGET FOR 2015
Updates 2014 earnings guidance and provides forecasted 2014 - 2023 capital expenditures
MADISON, Wis. - November�6, 2014 - Alliant Energy Corporation (NYSE: LNT) today announced consolidated unaudited earnings per share (EPS) from continuing operations for the three and nine months ended September�30 as follows:
Three Months | Nine Months | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Utilities and Corporate Services | $1.50 | $1.56 | $2.90 | $2.69 | |||||||||||
Non-regulated and Parent | (0.10 | ) | (0.13 | ) | 0.04 | ||||||||||
Alliant Energy Consolidated | $1.40 | $1.43 | $2.94 | $2.69 | |||||||||||
This quarter, we continued to produce solid financial and operational results. With three quarters of the year behind us, I am pleased to report that our weather normalized earnings are in-line with our original 2014 earnings guidance. However, taking into account the $0.08 per share positive weather impact year-to-date, we have increased the midpoint of our 2014 earnings guidance, said Patricia Kampling, Alliant Energy Chairman, President and CEO.
Utilities and Corporate Services - Alliant Energys Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $1.50 per share from continuing operations in the third quarter of 2014, which was $0.06 per share lower than the third quarter of 2013. The primary drivers of lower EPS in the third quarter of 2014 when compared to the third quarter of 2013 were retail electric customer billing credits at Interstate Power and Light Company (IPL), lower quarter-over-quarter electric sales attributed to weather, higher energy efficiency cost recovery amortizations at Wisconsin Power and Light Company (WPL), and higher depreciation expense at both IPL and WPL. These negative earnings drivers were partially offset by lower capacity charges related to the IPL Duane Arnold Energy Center (DAEC) and WPL Kewaunee Nuclear Power Plant (Kewaunee) purchased power agreements.
Non-regulated and Parent - Alliant Energys non-regulated and parent operations generated ($0.10) of losses per share from continuing operations in the third quarter of 2014, which was a $0.03 per share improvement when compared to the third quarter of 2013. The timing of tax expense at the parent contributed to the higher quarter-over-quarter earnings.
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Details regarding EPS from continuing operations variances between the third quarters of 2014 and 2013 for Alliant Energys operations are as follows:
Q3 2014 | Q3 2013 | Variance | |||||||||
Utilities and Corporate Services: | |||||||||||
Lower capacity charges related to DAEC purchased power agreement at IPL | $ | ($0.23 | ) | $0.23 | |||||||
Retail electric customer billing credits at IPL | (0.14 | ) | (0.14 | ) | |||||||
Estimated weather impact on electric sales | (0.06 | ) | 0.07 | (0.13 | ) | ||||||
Lower capacity charges related to Kewaunee purchased power agreement at WPL | (0.09 | ) | 0.09 | ||||||||
Higher energy efficiency cost recovery amortizations at WPL | (0.06 | ) | (0.03 | ) | (0.03 | ) | |||||
Higher depreciation expense at IPL and WPL | (0.03 | ) | |||||||||
Other | (0.05 | ) | |||||||||
Total Utilities and Corporate Services | ($0.06 | ) | |||||||||
Non-regulated and Parent: | |||||||||||
Effective tax rate adjustments at Parent (timing between quarters) | ($0.12 | ) | ($0.14 | ) | $0.02 | ||||||
Other | 0.01 | ||||||||||
Total Non-regulated and Parent | $0.03 | ||||||||||
Retail electric customer billing credits at IPL - In September 2014, IPL received an order from the Iowa Utilities Board (IUB) approving a settlement agreement and joint motion to extend IPLs Iowa retail electric base rate freeze through 2016 and provide retail electric customer billing credits of $105 million in aggregate, by targeting credits of $70 million in 2014, $25 million in 2015 and $10 million in 2016. IPL began crediting customer bills in May 2014.
Estimated weather impact on electric sales - The impact of the cooler than normal weather on Alliant Energys electric sales in the third quarter of 2014, compared to normal weather, was estimated to be a $0.06 per share decrease in electric margin. By comparison, the net impact of the warmer than normal weather on Alliant Energys electric sales in the third quarter of 2013 was estimated to be a $0.07 per share increase in electric margin.
2014 Earnings Guidance
Alliant Energy is narrowing and increasing the midpoint of its 2014 earnings per share guidance, primarily due to year-to-date positive impacts on sales caused by weather, as follows:
Revised | Previous | ||
Utilities and Corporate Services | $3.30 - $3.40 | $3.20 - $3.40 | |
Non-regulated and Parent | 0.10 - 0.15 | 0.05 - 0.15 | |
Alliant Energy Consolidated | $3.40 - $3.55 | $3.25 - $3.55 | |
Drivers for Alliant Energys 2014 revised earnings guidance include, but are not limited to:
" | Ability of IPL and WPL to continue to earn their authorized rates of return |
" | Stable economy and resulting implications on utility sales |
" | Normal weather and operating conditions for the remainder of the year in its utility service territories |
" | Continuing cost controls and operational efficiencies |
" | Consolidated effective tax rate of 12% |
The 2014 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, discontinued operations, impacts from the sale of the Minnesota distribution assets, future changes in laws or regulations, adjustments made to deferred tax assets and liabilities from valuation allowances and organizational structure changes, pending lawsuits and disputes, federal and state income tax audits and other Internal Revenue Service proceedings or changes in U.S. generally accepted accounting principles (GAAP) and tax methods of accounting that may impact the reported results of Alliant Energy.
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2015 Earnings Guidance
Alliant Energy is issuing the following earnings per share guidance for 2015:
Utilities, American Transmission Company and Corporate Services | $3.40 - $3.60 |
Non-regulated and Parent | 0.05 - 0.15 |
Alliant Energy Consolidated | $3.45 - $3.75 |
Drivers for Alliant Energys 2015 earnings guidance include, but are not limited to:
" | Ability of IPL and WPL to earn their authorized rates of return |
" | Stable economy and resulting implications on utility sales |
" | Normal weather and operating conditions in its utility service territories |
" | Continuing cost controls and operational efficiencies |
" | Execution of IPLs and WPLs capital expenditure and financing plans |
" | Projected retirement plan valuations at December 31, 2014 |
" | Consolidated effective tax rate of 17% |
The 2015 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, discontinued operations, impacts from the sale of the Minnesota distribution assets, future changes in laws or regulations, adjustments made to deferred tax assets and liabilities from valuation allowances and organizational structure changes, pending lawsuits and disputes, federal and state income tax audits and other Internal Revenue Service proceedings or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy.
The growth in earnings between 2014 and 2015 is consistent with our projected long-term annual earnings growth rate of 5 to 7%, said Kampling. The increase in utility investments is a major driver of the earnings growth, and was incorporated into the rate base calculations for the IPL and WPL retail electric base rate freezes approved through 2016.
2015 Annual Common Stock Dividend Target
Alliant Energys Board of Directors approved an 8% increase, or $0.16 per share, to its 2015 expected annual common stock dividend target of $2.20 per share from the current annual common stock dividend target of $2.04 per share. Payment of the 2015 quarterly dividend is subject to the actual dividend declaration by the Board of Directors, which is expected in January 2015 for the first quarter dividend.
Projected Capital Expenditures
Alliant Energy has updated its projected capital expenditures for 2014 through 2018, which total $5.2 billion, as follows (in millions). The table below includes WPLs proposed 650 megawatt Riverside Energy Center expansion, which has an estimated total cost of $725 million to $775 million. In addition, Alliant Energy currently projects aggregate capital expenditures of $4.8 billion for 2019 through 2023, excluding allowance for funds used during construction (AFUDC) and capitalized interest, if applicable.
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
Utility (a): | |||||||||||||||||||
Generation: | |||||||||||||||||||
IPLs Marshalltown Generating Station | $190 | $295 | $180 | $15 | $ | ||||||||||||||
WPLs proposed Riverside Energy Center expansion | 10 | 195 | 315 | 215 | |||||||||||||||
Environmental compliance | 205 | 165 | 90 | 60 | 100 | ||||||||||||||
Maintenance and performance improvements | 150 | 135 | 165 | 160 | 115 | ||||||||||||||
Distribution: | |||||||||||||||||||
Electric systems | 270 | 255 | 270 | 305 | 295 | ||||||||||||||
Gas systems | 75 | 115 | 115 | 135 | 145 | ||||||||||||||
Other | 20 | 50 | 50 | 45 | 40 | ||||||||||||||
Total utility | 910 | 1,025 | 1,065 | 1,035 | 910 | ||||||||||||||
Corporate Services and other non-utility (b) | 70 | 50 | 35 | 35 | 45 | ||||||||||||||
$980 | $1,075 | $1,100 | $1,070 | $955 | |||||||||||||||
(a) | Cost estimates represent Alliant Energys estimated portion of total escalated construction expenditures and exclude AFUDC, if applicable. |
(b) | Cost estimates represent total escalated construction and acquisition expenditures and exclude capitalized interest. |
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Earnings Conference Call
A conference call to review the third quarter 2014 results, updated 2014 earnings guidance, 2015 earnings guidance, 2015 common stock dividend target and projected capital expenditures is scheduled for Friday, November 7th at 9:00 a.m. central time. Alliant Energy Chairman, President and Chief Executive Officer Patricia Kampling and Senior Vice President and Chief Financial Officer Tom Hanson will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 888-221-9591 (United States or Canada) or 913-312-1434 (International), passcode 8244179. Interested parties may also listen to a webcast at www.alliantenergy.com/investors. In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. A replay of the call will be available through November�14, 2014, at 888-203-1112 (United States or Canada) or 719-457-0820 (International), passcode 8244179. An archive of the webcast will be available on the Companys Web site at www.alliantenergy.com/investors for 12 months.
Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Resources, LLC, the parent company of Alliant Energys non-regulated operations. Alliant Energy is an energy-services provider with utility subsidiaries serving approximately 1 million electric and 418,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Companys primary focus. Alliant Energy, headquartered in Madison, Wis., is a Fortune 1000 company traded on the New York Stock Exchange under the symbol LNT. For more information, visit the Companys Web site at www.alliantenergy.com.
This press release includes forward-looking statements. These forward-looking statements can be identified by words such as forecast, expect, guidance, or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others:
" | federal and state regulatory or governmental actions, including the impact of energy, tax, financial and health care legislation, and of regulatory agency orders; |
" | IPLs and WPLs ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of fuel costs, operating costs, transmission costs, deferred expenditures, capital expenditures, and remaining costs related to electric generating units (EGUs) that may be permanently closed, earning their authorized rates of return, and the payments to their parent of expected levels of dividends; |
" | the ability to continue cost controls and operational efficiencies; |
" | the impact of IPLs retail electric base rate freeze in Iowa during 2014 through 2016; |
" | the impact of WPLs retail electric and gas base rate freeze in Wisconsin during 2015 and 2016; |
" | weather effects on results of utility operations, including impacts of temperature changes in IPLs and WPLs service territories on customers demand for electricity and gas; |
" | the impact of the economy in IPLs and WPLs service territories and the resulting impacts on sales volumes, margins and the ability to collect unpaid bills; |
" | the impact of distributed generation, including alternative electric suppliers, in IPLs and WPLs service territories on system reliability, operating expenses and customers demand for electricity; |
" | the impact of energy efficiency, franchise retention and customer-owned generation on sales volumes and margins; |
" | developments that adversely impact Alliant Energys, IPLs and WPLs ability to implement their strategic plan, including unanticipated issues with new emission controls equipment for various coal-fired EGUs of IPL and WPL, IPLs construction of the Marshalltown Generating Station, WPLs proposed Riverside Energy Center expansion, various replacements and expansion of IPLs and WPLs natural gas distribution systems, Resources selling price of the electricity output from its Franklin County wind project, the potential decommissioning of certain EGUs of IPL and WPL, and the anticipated sales of IPLs electric and gas distribution assets in Minnesota; |
" | issues related to the availability of EGUs and the supply and delivery of fuel and purchased electricity and the price thereof, including the ability to recover and to retain the recovery of purchased power, fuel and fuel-related costs through rates in a timely manner; |
" | the impact that price changes may have on IPLs and WPLs customers demand for utility services and their ability to pay their bills; |
" | issues associated with environmental remediation and environmental compliance, including compliance with the Consent Decree between WPL, the Sierra Club and the U.S. Environmental Protection Agency (EPA), future changes in environmental laws and regulations, including the EPAs recently issued proposed regulations for carbon dioxide emissions reductions from existing fossil-fueled EGUs under Section 111(d) of the Clean Air Act, and litigation associated with environmental requirements; |
" | the ability to defend against environmental claims brought by state and federal agencies, such as the EPA, or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims; |
" | the ability to recover through rates all environmental compliance and remediation costs, including costs for projects put on hold due to uncertainty of future environmental laws and regulations; |
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" | impacts that storms or natural disasters in IPLs and WPLs service territories may have on their operations and recovery of, and rate relief for, costs associated with restoration activities; |
" | the direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents; |
" | the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns; |
" | the direct or indirect effects resulting from breakdown or failure of equipment in the operation of natural gas distribution systems, such as leaks, explosions and mechanical problems, and compliance with natural gas distribution safety regulations, such as those that may be issued by the Pipeline and Hazardous Materials Safety Administration; |
" | impacts of future tax benefits from deductions for repairs expenditures and allocation of mixed service costs and temporary differences from historical tax benefits from such deductions that are included in rates when the differences reverse in future periods; |
" | any material post-closing adjustments related to any past asset divestitures, including the sale of RMT, Inc., which could result from, among other things, warranties, parental guarantees or litigation; |
" | continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies; |
" | inflation and interest rates; |
" | changes to the creditworthiness of counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters; |
" | issues related to electric transmission, including operating in Regional Transmission Organization (RTO) energy and ancillary services markets, the impacts of potential future billing adjustments and cost allocation changes from RTOs and recovery of costs incurred; |
" | unplanned outages, transmission constraints or operational issues impacting fossil or renewable EGUs and risks related to recovery of resulting incremental costs through rates; |
" | current or future litigation, regulatory investigations, proceedings or inquiries; |
" | Alliant Energys ability to sustain its dividend payout ratio goal; |
" | employee workforce factors, including changes in key executives, collective bargaining agreements and negotiations, work stoppages or restructurings; |
" | access to technological developments; |
" | material changes in retirement and benefit plan costs; |
" | the impact of performance-based compensation plans accruals; |
" | the effect of accounting pronouncements issued periodically by standard-setting bodies, including a new revenue recognition standard; |
" | the impact of changes to production tax credits for wind projects; |
" | the impact of adjustments made to deferred tax assets and liabilities from state apportionment assumptions; |
" | the ability to utilize tax credits and net operating losses generated to date, and those that may be generated in the future, before they expire; |
" | the ability to successfully complete tax audits, changes in tax accounting methods, including changes required by new tangible property regulations, and appeals with no material impact on earnings and cash flows; and |
" | factors listed in the 2014 Earnings Guidance and 2015 Earnings Guidance sections of this press release. |
For more information about potential factors that could affect Alliant Energys business and financial results, refer to Alliant Energys most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ( SEC ), including the section therein titled Risk Factors, and its other filings with the SEC.
Without limitation, the expectations with respect to 2014 and 2015 earnings guidance, 2015 annual common stock dividend target, and 2014 through 2023 capital expenditures guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energys ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.
Note: Unless otherwise noted, all per share references in this release refer to earnings per diluted share.
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ALLIANT ENERGY CORPORATION
EARNINGS SUMMARY (Unaudited)
The following tables provide a summary of Alliant Energys results for the three and nine months ended September�30:
Three Months | |||||||||||||||
EPS | Income (Loss) (in millions) | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
IPL | $0.92 | $0.99 | $102.5 | $110.0 | |||||||||||
WPL | 0.56 | 0.55 | 61.6 | 61.3 | |||||||||||
Corporate Services | 0.02 | 0.02 | 2.2 | 1.8 | |||||||||||
Subtotal for Utilities and Corporate Services | 1.50 | 1.56 | 166.3 | 173.1 | |||||||||||
Non-regulated and Parent | (0.10 | ) | (0.13 | ) | (11.1 | ) | (14.2 | ) | |||||||
Earnings from continuing operations | 1.40 | 1.43 | 155.2 | 158.9 | |||||||||||
Loss from discontinued operations | (0.02 | ) | (0.01 | ) | (1.9 | ) | (1.3 | ) | |||||||
Alliant Energy Consolidated | $1.38 | $1.42 | $153.3 | $157.6 | |||||||||||
Nine Months | |||||||||||||||
EPS | Income (Loss) (in millions) | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
IPL | $1.48 | $1.40 | $164.3 | $155.1 | |||||||||||
WPL | 1.36 | 1.24 | 151.0 | 137.7 | |||||||||||
Corporate Services | 0.06 | 0.05 | 6.3 | 5.1 | |||||||||||
Subtotal for Utilities and Corporate Services | 2.90 | 2.69 | 321.6 | 297.9 | |||||||||||
Non-regulated and Parent | 0.04 | 3.7 | (0.2 | ) | |||||||||||
Earnings from continuing operations | 2.94 | 2.69 | 325.3 | 297.7 | |||||||||||
Loss from discontinued operations | (0.02 | ) | (0.05 | ) | (2.2 | ) | (4.9 | ) | |||||||
Alliant Energy Consolidated | $2.92 | $2.64 | $323.1 | $292.8 | |||||||||||
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ALLIANT ENERGY CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
Operating revenues: | |||||||||||||||
Utility: | |||||||||||||||
Electric | $771.2 | $798.1 | $2,090.9 | $2,043.4 | |||||||||||
Gas | 47.2 | 39.8 | 364.8 | 310.5 | |||||||||||
Other | 12.2 | 17.4 | 50.6 | 52.4 | |||||||||||
Non-regulated | 12.5 | 11.3 | 39.9 | 37.9 | |||||||||||
843.1 | 866.6 | 2,546.2 | 2,444.2 | ||||||||||||
Operating expenses: | |||||||||||||||
Utility: | |||||||||||||||
Electric production fuel and energy purchases | 230.7 | 205.4 | 658.7 | 542.5 | |||||||||||
Purchased electric capacity | 0.1 | 58.6 | 24.9 | 167.6 | |||||||||||
Electric transmission service | 114.0 | 110.5 | 333.6 | 313.8 | |||||||||||
Cost of gas sold | 21.8 | 14.3 | 228.7 | 181.2 | |||||||||||
Other operation and maintenance | 156.7 | 156.3 | 478.4 | 453.7 | |||||||||||
Non-regulated operation and maintenance | 2.3 | 3.1 | 5.4 | 8.4 | |||||||||||
Depreciation and amortization | 97.1 | 92.1 | 288.4 | 277.4 | |||||||||||
Taxes other than income taxes | 25.6 | 24.9 | 75.8 | 74.3 | |||||||||||
648.3 | 665.2 | 2,093.9 | 2,018.9 | ||||||||||||
Operating income | 194.8 | 201.4 | 452.3 | 425.3 | |||||||||||
Interest expense and other: | |||||||||||||||
Interest expense | 44.6 | 42.5 | 134.9 | 127.6 | |||||||||||
Equity income from unconsolidated investments, net | (11.5 | ) | (11.1 | ) | (34.2 | ) | (32.7 | ) | |||||||
Allowance for funds used during construction | (8.3 | ) | (8.5 | ) | (25.8 | ) | (21.1 | ) | |||||||
Interest income and other | (0.2 | ) | (0.6 | ) | (1.8 | ) | (1.7 | ) | |||||||
24.6 | 22.3 | 73.1 | 72.1 | ||||||||||||
Income from continuing operations before income taxes | 170.2 | 179.1 | 379.2 | 353.2 | |||||||||||
Income taxes | 12.4 | 17.6 | 46.2 | 40.2 | |||||||||||
Income from continuing operations, net of tax | 157.8 | 161.5 | 333.0 | 313.0 | |||||||||||
Loss from discontinued operations, net of tax | (1.9 | ) | (1.3 | ) | (2.2 | ) | (4.9 | ) | |||||||
Net income | 155.9 | 160.2 | 330.8 | 308.1 | |||||||||||
Preferred dividend requirements of subsidiaries | 2.6 | 2.6 | 7.7 | 15.3 | |||||||||||
Net income attributable to Alliant Energy common shareowners | $153.3 | $157.6 | $323.1 | $292.8 | |||||||||||
Weighted average number of common shares outstanding (basic and diluted) | 110.8 | 110.8 | 110.8 | 110.8 | |||||||||||
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted): | |||||||||||||||
Income from continuing operations, net of tax | $1.40 | $1.43 | $2.94 | $2.69 | |||||||||||
Loss from discontinued operations, net of tax | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.05 | ) | |||||||
Net income | $1.38 | $1.42 | $2.92 | $2.64 | |||||||||||
Amounts attributable to Alliant Energy common shareowners: | |||||||||||||||
Income from continuing operations, net of tax | $155.2 | $158.9 | $325.3 | $297.7 | |||||||||||
Loss from discontinued operations, net of tax | (1.9 | ) | (1.3 | ) | (2.2 | ) | (4.9 | ) | |||||||
Net income attributable to Alliant Energy common shareowners | $153.3 | $157.6 | $323.1 | $292.8 | |||||||||||
Dividends declared per common share | $0.51 | $0.47 | $1.53 | $1.41 | |||||||||||
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ALLIANT ENERGY CORPORATION | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
September�30, 2014 | December�31, 2013 | ||||||
(in millions) | |||||||
ASSETS: | |||||||
Property, plant and equipment: | |||||||
Utility plant, net of accumulated depreciation | $7,607.1 | $7,147.3 | |||||
Utility construction work in progress | 639.1 | 677.9 | |||||
Other property, plant and equipment, net of accumulated depreciation | 517.4 | 501.3 | |||||
Current assets: | |||||||
Cash and cash equivalents | 11.0 | 9.8 | |||||
Other current assets | 951.3 | 1,001.4 | |||||
Investments | 343.3 | 329.6 | |||||
Other assets | 1,524.8 | 1,445.1 | |||||
Total assets | $11,594.0 | $11,112.4 | |||||
CAPITALIZATION AND LIABILITIES: | |||||||
Capitalization: | |||||||
Alliant Energy Corporation common equity | $3,435.6 | $3,281.4 | |||||
Cumulative preferred stock of IPL | 200.0 | 200.0 | |||||
Noncontrolling interest | 1.7 | 1.8 | |||||
Long-term debt, net (excluding current portion) | 2,799.5 | 2,977.8 | |||||
Total capitalization | 6,436.8 | 6,461.0 | |||||
Current liabilities: | |||||||
Current maturities of long-term debt | 492.8 | 358.5 | |||||
Commercial paper | 353.8 | 279.4 | |||||
Other current liabilities | 895.3 | 795.4 | |||||
Other long-term liabilities and deferred credits | 3,415.3 | 3,218.1 | |||||
Total capitalization and liabilities | $11,594.0 | $11,112.4 | |||||
ALLIANT ENERGY CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2014 | 2013 | ||||||
(in millions) | |||||||
Cash flows from operating activities | $763.9 | $643.1 | |||||
Cash flows used for investing activities: | |||||||
Construction and acquisition expenditures: | |||||||
Utility business | (587.4 | ) | (524.4 | ) | |||
Alliant Energy Corporate Services, Inc. and non-regulated businesses | (45.1 | ) | (35.9 | ) | |||
Proceeds from Franklin County wind project cash grant | 62.4 | ||||||
Other | (7.9 | ) | (15.3 | ) | |||
Net cash flows used for investing activities | (640.4 | ) | (513.2 | ) | |||
Cash flows used for financing activities: | |||||||
Common stock dividends | (169.3 | ) | (156.2 | ) | |||
Payments to redeem preferred stock of IPL and WPL | (211.0 | ) | |||||
Proceeds from issuance of preferred stock of IPL | 200.0 | ||||||
Payments to retire long-term debt | (47.7 | ) | (0.8 | ) | |||
Net change in commercial paper | 74.4 | 34.8 | |||||
Other | 20.3 | (0.2 | ) | ||||
Net cash flows used for financing activities | (122.3 | ) | (133.4 | ) | |||
Net increase (decrease) in cash and cash equivalents | 1.2 | (3.5 | ) | ||||
Cash and cash equivalents at beginning of period | 9.8 | 21.2 | |||||
Cash and cash equivalents at end of period | $11.0 | $17.7 | |||||
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KEY FINANCIAL STATISTICS
September 30, 2014 | September 30, 2013 | ||||||
Common shares outstanding (000s) | 110,936 | 110,944 | |||||
Book value per share | $30.97 | $29.44 | |||||
Quarterly common dividend rate per share | $0.51 | $0.47 | |||||
KEY OPERATING STATISTICS
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Utility electric sales (000s of MWh) | |||||||||||||||
Residential | 1,945 | 2,133 | 5,830 | 5,880 | |||||||||||
Commercial | 1,643 | 1,760 | 4,820 | 4,808 | |||||||||||
Industrial | 3,098 | 2,947 | 8,880 | 8,531 | |||||||||||
Retail subtotal | 6,686 | 6,840 | 19,530 | 19,219 | |||||||||||
Sales for resale: | |||||||||||||||
Wholesale | 921 | 966 | 2,709 | 2,683 | |||||||||||
Bulk power and other | 80 | 233 | 276 | 669 | |||||||||||
Other | 34 | 29 | 112 | 112 | |||||||||||
Total | 7,721 | 8,068 | 22,627 | 22,683 | |||||||||||
Utility retail electric customers (at September 30) | |||||||||||||||
Residential | 848,733 | 846,687 | |||||||||||||
Commercial | 138,890 | 138,495 | |||||||||||||
Industrial | 2,866 | 2,833 | |||||||||||||
Total | 990,489 | 988,015 | |||||||||||||
Utility gas sold and transported (000s of Dth) | |||||||||||||||
Residential | 1,452 | 1,405 | 22,347 | 19,668 | |||||||||||
Commercial | 1,746 | 1,736 | 15,458 | 13,888 | |||||||||||
Industrial | 620 | 679 | 2,377 | 2,315 | |||||||||||
Retail subtotal | 3,818 | 3,820 | 40,182 | 35,871 | |||||||||||
Transportation / other | 14,910 | 15,385 | 46,521 | 44,879 | |||||||||||
Total | 18,728 | 19,205 | 86,703 | 80,750 | |||||||||||
Utility retail gas customers (at September 30) | |||||||||||||||
Residential | 370,085 | 368,795 | |||||||||||||
Commercial | 45,624 | 45,491 | |||||||||||||
Industrial | 432 | 439 | |||||||||||||
Total | 416,141 | 414,725 | |||||||||||||
Estimated margin increases (decreases) from impacts of weather (in millions) - | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Electric margins | ($11 | ) | $13 | $7 | $19 | ||||||||||
Gas margins | 8 | 2 | |||||||||||||
Total weather impact on margins | ($11 | ) | $13 | $15 | $21 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | Normal (a) | 2014 | 2013 | Normal (a) | ||||||||||||
Heating degree days (HDDs) (a) | |||||||||||||||||
Cedar Rapids, Iowa (IPL) | 160 | 99 | 147 | 5,063 | 4,395 | 4,275 | |||||||||||
Madison, Wisconsin (WPL) | 183 | 157 | 178 | 5,255 | 4,799 | 4,509 | |||||||||||
Cooling degree days (CDDs) (a) | |||||||||||||||||
Cedar Rapids, Iowa (IPL) | 407 | 619 | 526 | 670 | 865 | 743 | |||||||||||
Madison, Wisconsin (WPL) | 387 | 517 | 471 | 620 | 707 | 651 | |||||||||||
(a) HDDs and CDDs 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 HDDs and CDDs.
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