LNT - Earnings call transcript Q4 2017 | Alliant Energy Corporation

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Operator

Please standby. Thank you for holding, ladies and gentlemen, and welcome to the Alliant Energy's Year End 2017 Earnings Conference Call. At this time, all lines are in a listen-only mode. Today's conference is being recorded. I would now like to turn the call over to your host, Susan Gille, Manager of Investor Relations at Alliant Energy. ahead. go Please

Susan Gille

Pat would Treasurer; the I senior today. thank of well Vice members today all appreciate Officer; other Chief Good Durian, as John Robert and like team. Larsen the management on Senior are here me call participation. CFO us the Chairman webcast you and your Executive and morning. President, With to Kampling, and for of We as joining President,

time referenced Pat release Following XXXX as are available Fourth during The earnings questions consolidated Robert, Alliant and of in issued to prepared have We on news take Results press the will the a the Energy's by investor well last November website community. slides investment and release, supplemental page at remarks Quarter www.alliantenergy.com. Financial XXXX. be today's affirmed and as from we announcing our Year issued call, guidance End will that night

different. make the I Those begin, Alliant forward-looking forward-looking press we in among update to Before issued others, risks matters statements. Energy's Exchange to and the discussed our your disclaim last statements in night questions Securities with cause obligation results are answers risks statements. to any we include, release need call include These filings actual and subject remind materially We you be Commission. these forward-looking and our could to that remarks on to this

call time, measures. non-GAAP website the are presentation our are this addition, available between over turn which this to financial in I'll www.alliantenergy.com. contains reconciliation presentation, provided and At at the investor In measures The non-GAAP our Pat. GAAP on

Patricia Kampling

of non-GAAP results another growth I'm our and our joining for for you a of I'm company long-term of you two, that On year thank excellent earnings slide per share, financial comparable earnings today. share $X.XX per to XXXX's our reaffirming happy our notice X%. our guidance X% XXXX to earnings you'll and number. than guidance us. XXXX temperature X% $X.XX and a morning higher was Also, share with midpoint Good normalized

This XXXX capital XXXX by temperatures outcomes our long-term forecasted temperature also plans, at earnings the $X.XX of normalized and growth sales growth guidance through year at least we fifth constructive share. X% per Our earnings share increased row modest was is to in X%. regulatory the re-based assumes our of achieved a non-GAAP normal X% by dividend and and least growth, supported per was expenditure that

and achieved reductions time announcement of to our helped similar efficient Iowa. of second megawatt Our X,XXX XXXX, NOx, advanced SOx, robust Energy of Center mercury an resilient. generation the of our Wisconsin made we first Beloit, making capital West our fleet We including we board Iowa operation the our wind X,XXX docket generation almost megawatt our rate Marshalltown grid major and decade the our stronger utility principal gas-fired XXXX, in plant in during in smaller, fuel a transition XXXX, plan owned carbon, us Riverside initiated additions. facility retirements generating commercial achieve of that construction less stations XXX start addition. the for approved In In megawatt. has wind natural the this XXX megawatt unit a the and wind and megawatts utility a of plant XXX The additions. at efficient a In this the significant ago start with fleet fossil our of and transition of our began more milestones generating some highly

will and begin We we Prairie sites be additional in build, on to Construction customers. XXX in megawatts XXX XXXX megawatts the X,XXX and expect megawatts will the and wind our placed to for Wind service second progress forecast serve in weeks. XXXX. be the quest the making soon Of plan in Upland at Farm a service XXX are our we acquiring our ruling in assumes coming megawatts Iowa our will remaining current

calls For purchase energies both Center. Investors this Energy an owned. neighboring benefit Wind to our as already we wind we has agreements Customers existing power and signed agreement utilities Forward farm with Wisconsin purchase our transfer This purchase to wind utility to should receiving FERC customers, This approval. been wind the investment plan released the total for capital the anticipate November, expenditure for in of the closing by in approved XXX we of megawatt is in PSCW included and acquisition purchase spring which we additional WPL. a after

to analyze customers. additional construct for continue Wisconsin We options wind to

half regulatory the make to the by year. first the of we is would filing the XXXX, in goal of Our end expect approval

past more Our by new XXXX. possibilities. We've with customers. into add taken will plan to generation renewable XX% our forecast energy of megawatts Energy's capacity renewable from rated than wind of many for XXXX a future will steps electric sources on historic new We Alliant the that a double be transformation up in approximately to major

the in transformation will College Wisconsin redeveloped Beloit for into a station. the project We plants plant demolished exciting digital plants XXth purchased beautiful BlackRock recently is involves be is the have very design century early closing are and center been has into and pollinator by designed that generating state-of-the-art installed a the panels the of solar showcase native starting student land called on can and gardens decommissioned the productive our age. turning incorporating sites and at communities. the repurposing those flowers. restored into There of Pond coal powerhouse. coal have are be of habitats and grasses largest The to century-old Ash several them now for it have those our sustainable retired so One from in been the future, and coal ring sites illustration

sources, decisions are you always customer regarding transition As fuel of cost the aware, is of top we'll our mind. make

more industries We decades cheaper ourselves uncompetitive. the country of old more where and change energy the in abundant find customers. renewables with the made plant XXXX sources energy the for landscape of will had competitive gas appears of options power nuclear traditional circumstance Iowa. have at seen some from cost natural across end in agreement We The and that purchase Arnold our be Duane expires it DAEC the there and that

So on DAEC it earnings current last month will believed we PPA. call that extend they the unlikely is their Nextera announced that

our analyzing energy capacity currently for XXXX, our are needs customers. post options We serve and competitive to we'll most look the

proven of Before I would that of support we Robert, have records call to regulation and that customers track states the of I turn to in the serving legislation. over have like constructive mention privilege

revolves, customers must the job-creation. policies business industry are while Iowa more business and way do change. we opportunities for money, and our also As providing very Wisconsin govern that growth on helping save the focused

at XX% manner, of I'm or to time XX% We to our complete focus policy, very on on to excited and our We'll states wind a on the proactive below in West power Riverside projects target. budget X% generation energy deliver a the dividend in XXXX. will customers. goals be achievements about continue in and retirements advocate XXXX, Center, our fuel construction and Energy generation our our continue guidance in development for growth following large safe company shape to and of common on additional transition In and payout behalf our our supply with earnings closing, X% help

interest cost the and turn balance discipline you over to to impact for investment, customers. now your Alliant strike to continue the I'll Thank in and company will manage to capital Robert. the between We Energy, and call operational financial

Robert Durian

operations non-recurring morning, of GAAP Reform $X.XX valuation the earnings $X.XX share, include share of of associated in and per due Tax announced Reform per Yesterday, Tax tax we re-measuring in carry Good the tax everyone. allowances XXXX for forwards. credit changes resulted which to deferred non-utility earnings our recent impacts with Legislation.

regulatory also of the electric as a write-down rate settlement share per $X.XX charge Our XXXX for of IPL's results result the review. included non-recurring assets of retail

these normal on supplemental temperatures $X.XX share in the non-recurring provided expectation. walks and Excluding share, the normal slides and Please which with temperatures were our were earnings more the three, our from four $X.XX five for in per details. see impact two normalized slides of non-GAAP line our earnings XXXX, impacts negative per

territories and impacts XXXX to impacts sales Excluding temperatures saw our positive leap service related slightly the year the a growth year-over-year. in XXXX, in milder of we in

customers, lower customers Reform in residential provides energy from historic long recently Tax Legislation opportunity to offset benefits short The We continue to enacted by efficiency to for see both and effort. customers, unique by and material industrial sales a growth due largely provide the usage the to company run.

or ensure We reform, thereby sheet. reducing provide from customers. are for to customer billing working avoidance variety which benefits funding our continues in our at This and Iowa credits, for strong our Wisconsin, asset company on to recently rates future amortizations, accelerated investments balance deferral plans our customers to with reasonable regulators to options important We have capital benefits our submitted cases will proposals of rate regulators while customers. customer future including for near-term and our with maintaining which include of access a cost tax state

provided flows bills. cash due of have six. from of lower our operations reform lower the our industry, proposals summary We rest Consistent our slide with expected on is a to to customer tax

result the their to decisions IPL financings be from operations, allows The timing lower mix regulatory on will As these expect the in benefit. review. future we Reform recent of future of a cash that for equity to Tax of flows and maintain and authorized capital us structures in the debt rate additional on most issue a WPL future dependent

to XXXX as of couple years income of also IPL through with new Energy will plan a to investments of estimates does utilities These financing Finance. taken to current next of few plan. We as by included up and Alliant XXXX our returns as Alliant the losses Tax expected our Energy the future reductions payments in and depreciation credit result robust expansion plans income construction to Riverside based Reform. generating be the next now amounts be the significant our estimated and not facility. updated are shared debt anticipate position, program forward including which tax payment to net well continue over equity federal to future changes capital not federal long-term over wind tax tax million West accelerated last additional payments on wind make of due after operating years. any carry on We've expect the common XXXX federal $XXX and Our tax included driven expenditure November, do any equity we at additional the

consolidated XXXX that note XXXX. per which our and reporting to riders IPL, XXXX assist a impacts and is tax EPS XXXX and assumes for the the guidance, rates on year's is for second Also and MISO $X.XX benefit walk ROE you to AEC, earnings our guidance and estimate eight on XXXX earnings the expected effective XX% guidance WPL sometime Reform tax earnings its Turning share of this XX.X% for Investment decision earnings seven. been tax $X.XX adjusted Tax of between consolidated The effective Slide guidance complaint, guidance of issues currently remains provided FERC XXXX modeling XXXX. of has ROE half unchanged. an in EPS during earnings effective and first company by our to ATC We slide rate of XXXX. the the currently including once

Lastly, the rate the review, to budget owners. important and while our customers our on in are for cost generation of settlement filings completed on and we've and of controls the under our financial and customers, These XXXX. slide for significant included owners and include, our regulatory expansion of Station operational items nine. Marshalltown XXXX share Key note current results in our for solid targets electric benefit we operational delivered with IPL on our the Generating result. approved progress employees XXXX regulatory commitment time components retail In of delivered summary, note of financial share earnings and and planned wind

in employees. the believe our forward at owners your year you looking meeting are We much conference. We of share us be of opportunities next XXXX another for and forward customers, ahead appreciate our very look to with week will continued it support our upcoming the successful to and company our of and many

the operator At this the our conference the supplemental Investor to available make I'll on used materials back turn our facilitate will we session. to over call time, always, website. materials the at question-and-answer Relations As and

Operator

from Thank investment hour the you, as [Operator will for company America our Durian. Merrill question Mr. from the this they will Alliant one Campanella call call. open take Instructions] the can up Energy's questions take to At management as questions first of ahead. members go many Please of this timeframe we'll the community. within Lynch. morning's And time Nick from Bank

Nicholas Campanella

Hey, good morning. a Congrats on year. successful

Patricia Kampling

are morning, you? Good Nick. How

Nicholas Campanella

think changes call. equity. be Good. ratio was to there the your any structure, to was comments How XX% discussed just on there consolidated are cap XQ you? on curious I your for XX% a I additional Could targeted

there So that? to changes any is

Robert Durian

stay with going we're to plan. that No,

Nicholas Campanella

there a the for base it. 'XX we dockets 'XX ongoing, change I that case kind is are or but about number be Got things And there? understand thinking should of as

Patricia Kampling

You're I'm don't we review, about rate question. of understand talking sorry, sort your

Nicholas Campanella

I I'm of will tax dockets to that kind a sorry. number? and are cases the how be dependent is but know reform on think equity impacts jurisdictions, on case out, that how The in cash your flow base there about those the ongoing play

Robert Durian

the learn quarter Yeah, the we're from changes information plan. the probably two more of this were expenditure information we're have our an needs in guess at capital to would obviously at second that clarity for I a look we're to the prospective, waiting jurisdictions about with two as evaluate as some XXXX major from we our to give no or point, doing what decision the we're as going are. that, continue frame. that like wind At any through what with a you month probably beyond to some in well regulatory sharing you plan following plan additional both We We'll equity what this decision decisions equity point. expecting sometime in

Nicholas Campanella

next week. Got it. Thanks you so much. See

Patricia Kampling

Bye Nick.

Operator

[Operator next Avon Levy Instructions] question And Capital Please from we'll ahead. go take Andy our with

Andrew Levy

How doing? are you

Patricia Kampling

are How you? Andy. Hi,

Robert Durian

Good morning.

Andrew Levy

very missed much. equity, that. that? will you thank update I fine, us doing when I'm you The on

Robert Durian

method the second they this Probably more are And what then Reform to hoping have megawatts the the are from additional to we're which obviously the year, of going decide information customers. the the want to XXX timing sometime benefits plan in and the go which to We on here in later going back regulators get on we regarding some the need Andy. next capital clarity also, Tax weeks expenditure wind to few Iowa. regarding

Patricia Kampling

plan. expect This we post financing be changes any will But, Andy, don't for XXXX XXXX.

Andrew Levy

in we're obviously rate term longer And Right. growth effective well? as

Robert Durian

now our earnings, six supplemental would not Yeah, I right of That we see as slides, for to slide the disclosed on impact on is us change accretive some modestly correct. we Reform of additional also the say but Tax like X% centered we and see they each XXXX. to around, offset other. some largely that's And additional some rate going utilities equity to we growth, through therefore we're most X% needs see base do but enough

Andrew Levy

a changed is, over question other noticed could I was on month guys you ago, bylaws, thinking the then you And there go about the it. Got your just that?

Patricia Kampling

Andy, last we on pill We've of and governance of owners by was was our redeemed pill. course What approved not did, a share receiving that in had been still out Sure. we couple because posion some our criticism scores is favor. poison there the we over not years,

that were in just get what on we that's XXX poison just We an outlier line the did. other with to redeemed So companies. We pill, one. S&P

Andrew Levy

Okay. you That Thank much. was my question. very

Operator

go ahead. our next Gregg Instructions] UBS. Please [Operator take And we'll from question Orrill from

Gregg Orrill

Yes. Thank you.

Patricia Kampling

Greg. morning, Good

Gregg Orrill

plan process wind to into with decision? at And looking Good your CapEx what that is the learn modify morning. that to you're Two utility? Wisconsin in regard you're is wind to questions. then One, transfer the looking it what would the that Iowa

Patricia Kampling

two so questions. Sure,

First, official get we to just RPU want approved. the docket

will assumes so plan CapEx our We'll believe weeks. couple that's our know, approved, assumption. a that expect to we So of in be

the we want there before the to financing something? to post docket And you actually couple we Bob, we So going is make for of expect the XXXX. of communicate don't And farm final in process. Wisconsin we that just that's a plan be sure add wind want believe weeks. any should to - on approval more is in changes, in

Robert Durian

No.

Patricia Kampling

that your question? answer Did

Patricia Kampling

appreciate it. think yep, I Yeah, it did,

Patricia Kampling

Okay, okay.

Operator

time. questions are at Gille, there Ms. further this no

Susan Gille

X, should XXXXXXX more will be Canada our PIN or XXXX replay this XXX-XXX-XXXX and through at ID available international. March US conference call. A for XXX-XXX-XXXX no reference for Callers concludes With questions, XXXX. and

remarks archive of feel thank to me call Energy your you contact call company's addition, and prepared Investor all free of on available will the script Alliant of for In conference any We with support on a and an the questions. later website the the today. of continued follow-up made be Section our

Operator

This may you thank your concludes for disconnect. today's presentation. now you participation, We

Alliant Energy (LNT) 23 Feb 182017 Q4 Earnings call transcript