LNT - Earnings call transcript Q3 2020 | Alliant Energy Corporation

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Operator

[00:00:00] Good morning and welcome to the Alliant Energy's conference call for the third quarter 2020 results. This call is being recorded for rebroadcast at this time or later in listen only mode. I would now like to turn the call over to your host, Susan Gille, investor relations manager at Alliant Energy.

Susan Gille

[00:00:18] Good morning. I would like to thank all of you on the call and webcast for joining us today. following joining and this Robert chief vice and participation Larson, or Durian, your John president president by chairman, executive CFO, appreciate me call on John executive Roberts. We remarks prepared officer, and

announced We a investment We supplemental slides will our guidance consolidated night a the XXXX issued the guidance quarter third as and last release, community. common joint as today's dividend release during stock earnings have energy investor take news our financial from to website announcing time on questions This will one a results, at target. that range call, WWW.YOUTUBE.COM. earnings and of available referenced be well are page updated

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

our John. reconciliation over contains At non call references on addition, provided In presentation this this and the financial between measures point, turn to gas the release website. to will and available which be of earnings non-GAAP I'll in are measures our TENGKU,

John Larsen

part online I by [XX:XX:XX] thank third proud results for XXXX. the to I team. how am of today to the Thanks, for solid saying Susan. our morning, energy highlight as Good everyone, and start we us you of quarter be joining want

of us new and year But as and we resiliency not the to importance for has of in is communities the of throughout challenges face the in the has serve events purpose strong build quarter. XXXX this us. jeriko the Iowa. Our resiliency pandemic the highlighted and customers guided

quarter and teams designed that of XXth, as is in a days of one call flexibility mind. impacted derecho, warning, to promote resiliency storm plus second than storm even power. Iowa biggest known strategy customers they On an hundred customer year three August little Iowa XXX XXX storm picture half of communities few forty the This the with was unprecedented we with of a in our just company's more as in Our focused serve our nearly history. to without and responded our resiliency after the

residences their started to those home. to reconnect. of care for the as customers. Her day help of more employees, the patience to Alliant customer Our also make process. our to weeks were project It's our the a them I our along customers the without across kindness in were We the that kindness To Energy, in and Canada, and dedicated in them. to from Reconnect, well. During partnership more this with day after time, with power, many working our out to and We by thing call territory way [XX:XX:XX] social to to power available expressed resiliency employees, until recognize overwhelmed country more beyond donated the employees. our and whom to program were one extended do resilience service right the of for communities flexible had borders in need remain three values every and costly project, employees we difference restoration others assist crews a a assisted homeowners want our dollars two the throughout thousand than storm. our hundred our Iowa with repairs date, have than make to commitments

moments, the on efforts have and the costs Mississippi, Gulfport, advancing be help employees restore back as and in efforts, driving transformation cold cost lights for our addressed XXX reductions pandemic. in from expenses the storm the well of helping Robert, from lower nearly over I'm as joined to utility airline our call us offset made pandemic, broader the resulting the seeing proud the time sales our of who several two ongoing wind of on. customers in trends other result employees expansion by budget to [XX:XX:XX] energy to Turning completion get announced recently few XXXX. we Over Rita left I'll as turn XXXX In states the in following compared execution strategy, a help our billion they'll and a of to home where the weekend, we and Hurricane crews dollar to power our are on Iowa. the

long term investments the more week owned plus next project power the conversion nearly pride ago required Station, Our owner part term that's percent in these us of phase natural our and megawatts now execution. decade [XX:XX:XX] planning, started And planning helps existing energy clean and solar generation third Generating for Burlington this offers plans our of megawatts consumer to execution. investments over communities creates allow by of up we our we our to with These operated wind, solid and will facilities. for retirements to aligns clarity energy avoid hundred and clean the combined in as largest portfolio from The in by our record did, Rapids, economic Last and flexibility XXXX. we the Iowa from and environmental, preferences just driven of our adding of is strategy Alliant XX making savings hundred our of four by in also also goal Cedar generated blueprint announced our take the The horizon. Iowa and wind sustainable Marshalltown significant farms and a to at our intent solar blueprint. our thoughtful retire plans lands for eliminating XXXX, will solar operator about the an our Iowa through Energy's and renewable benefits XXXX end track be hundred these generation XXXX what the a announced strong, generation generating And renewables. generation When building Duke, the Continuing We of nearly we of includes station by employees XX megawatts near expansion in serve. of to for country. the delivering regulated strong customers. coal advance our social blueprint four our our and the transformation toward bring on energy end our XXXX the of all of range to to gas fleet era construction purpose practices, of coal with renewables

for For customers. safely decades, affordable efficiently operating maintaining done these an our have employees providing reliable outstanding energy plants, and job our and

to strategy, of in distributed fiber of continue our unprecedented driving upon energy energy Iowa up systems, deploying will employees high grid transitioning to as recognizing network, comprehensive and investments vision system and attract of energy renewables. communications. by our values overhead It's for These view clean transition. advancing retain blueprint deliver to development than assisting investments such customers storage changing and the our the to clean of this They results. speed plans more megawatts as the have And, which solar a face continue our We and we'll course, resiliency the to customers our needs resiliency assist energy through from and our and efforts customer [XX:XX:XX] Our economic our Amite partnerships is projects throughout add flexibility. teams variety in our use the include our community, energy a of underground, and energy such maximizing ecosystem, connected and builds advancing gear. caring XXX prioritizes affected The of of live including technologies affordability. reliability, the in embodied communities

the magazine. economic recognized row, year a For for utility Site top we've development a second Selection by in as been

our Are and more range with share. range growth. dollars two between our XXXX share grow teams per communities also XXXX growth. earnings jobs. and for per good two six Ah, guidance purpose four helping secured dollars row service percent create and across cents Our dollars of XX to pleased earnings and forty seven two increased customers another dollars and hundred in cents our for are share two per cents to cents XX earnings forecast between and one These and of year dividends earnings keeping and new and example XXth per news closing, with in a guidance to territory and share sixty our In and projects commensurate I'm our narrow fifty seventeen our motion. share, to plan developments five in than have

share. per stock has approved a communities, We an one investors. I'll our directors our percent and to health, well-being and dollar turn target, committed of our and the common and one our safety delivering board vision strategy, advancing increase sixty energy cents Our our in dividend of of remain purpose annual driven customers to for consistent clean over returns employees, Robert. call the six now

Robert Durian

We year, XXXX third John. year offset pages slides. utility for cents tax higher credit per cents by and a were depreciation Thanks, and quarter per year, four the the by income requirements earnings timing [XX:XX:XX] the legacy and ninety equity we quarter to rate over three morning, revenue in Japanese loss four business. announced on third the dilution. the guarantees the liability compared various earnings, provided and earnings base, Yesterday, to ninety driven additional adjustment in Good the drivers eight expense share, details last non the favorable to higher partially of everyone. quarter share and due increasing higher some of Entire for of supplemental

were XX which Wisconsin couple months and also expansion and caused per nineteen been electricity in And register normalized in I the are nineteen, the our our of increased, and we've residential capital writer. XX rates dollars reflected to industrial included our earnings year drivers one electric a potentially of sales distribution IPO related three temporary the electric of in the business, for will third August commercial The by the as plan XXXX And customers community on program, in levels two two per for second have up nine this rates, be quarter electric pipeline. the megawatts for generation capital's gigawatts share. to feel energy of the XXX including as As [XX:XX:XX] part electric our storage. night, guidance solar to XXth the investment the guidance an By of we updated a Hydrosphere. and percent which to such XXXX first into that and this additional fire temporary the growth impacts churchyards quarter, in [XX:XX:XX] the February in important dollars gas to been to as results twenty our program. gas key It's temperature sales decreases I our then of as which the weeks we five captured our sales. increase EPS for The XXXX sales, failed stabilization for impacts injured this quarter flat sales the six payment foreign in expenditure the and reflected Friday, far power to also third in and Iowa, increased offsetting a Iowa. share. range service note total year. distributed cents first four very the five utility investments The restore cents renewable I share. we've in cent period recommended details and billion comparison, territory approximately in last of plan our are temperatures Our in encouraged wind same have of And capturing to a core margins reduction from with in to investments mentioned central These cents September, in [XX:XX:XX] wait earnings prove consolidated better in third that in details quarter the seen issued The those comparing western this as in dollars normalized system. solar per energy occurrence, government versus quarters, generation, the rate one of approved point of of we temperature, of concerning retail are one reflects three service improvement year, retail,

projects changes equity we on contributions anticipate tax from with noted site, As million be solar tend finance I'm for to approaching addition dollars overexpenditure we equity in also a investments progress XXXX and mentioned partners. good expected group. customers several planned. for originally to solar a increased and the made better is the to society the fine, we'll Point our our than and effective percent virus in the funding, earlier. forecasted XXXX five so for for development for year's for next very and rate system expenditure tax tax a ready These consolidated Wisconsin He total the effective tax John plan XX utilities last expenditures this negative required were the year seven of. which removal nine period or one. into walk capital consolidated, rates two over percent to years, We've of XX also two year's from and our the negative accelerated this of

tax margins customers year. tax for resulting trouble tax actually projects XXXX placed are into to decrease be related returned largely the the benefits to to and billion the protections and drivers, That's in different the the it's electric production next credits The primary earnings fact, in to from in Additional lower access credit the of tax access tax production for neutral. service vegetation. in benefits and when, difference adjustments for

million highlight [XX:XX:XX] The to to of of five controlling or hundred July, this month decision continued to year In old. ten for terminate exchange one dollars early our savings commitment intervene Next brain strategic customers. and cost the for for customers. our year September our a in focus costs on

will will this their reduce customers. the customers. work also our have technology is of to further pursuing putting completed I and make with. reduced to in in distribution the that earlier example into and our investment The and costs hard transformation costs our want jurisdictions our we investments efforts of as our continue efforts such advance for their Additionally, great year. A technology system. costs, associated management our investments this to additional employees Are great on of cost recognize behalf for we're reduce

customers Commission, vision on considered transmission next country, utility XXXX the for XXXX are XXXX begin we're tax recover rates approved different the from recently win renewable essentially proposal Farm fuel savings projects taxes, the flat year a Previously money. Wind by Wisconsin for expensive. generation, for fuel pipeline base on. customers. western and our Wisconsin the because of approved Service the able terms utility to this win In was income earlier and Public for as our states lower such costs, to in in for benefiting the costs the finally, and an our more taxes credits customers financial both on for and lower and That's to Are of for lower and plans leveraging remainder

equity in include in the private plans growth our Our XX dollars plan XXXX. new million through

the term debt no financial Our ours months, leading situation note our one. [XX:XX:XX] of legislation now and to XX initiatives waste regarding for new a responsibility WTO also the Slide finance. in it dollars end next recovery and quarter, the we plans Last expect in XXX on addition regulatory term finally, to like million fuel cost to And this visited of lot including and up include of allowance the for final one. XXXX are a long maturities long XXXX debt eight between the there this over year, we receive a week, in

the next the a in And made certificate regarding first Next anticipated make Wisconsin, XXXX by second subsequent as a year, a firings of filing year. government the of judge our will in principals generation is these filing the making part year I for for adventure Of Review. from for first also Gas and Regional making an required the test money Electric half filing our plan of want for of for to proceeding quarter. generation decision lots

filing the half the first year. the water the also We of to one CIA for plant for tomorrow, of Wisconsin to make second plan

website finance a look to many the presentation electric IPO case today investor Later the Lastly, with post which conference our maybe details on time. forward be still initiatives second the your want this reserves and company components and next XXXX is the a gas regulatory would year's. financial Wisconsin in going of We that to final our whether fact in continued of at and quarter, appreciate personal this retail, and are XXXX or book in rather They're our evaluating meeting test results. much with single week. for. updated support These your operations capital very to the [XX:XX:XX] of base turn facilitate the I'll Target's time, construction this work, XXXX the answer and operator to and But and rate over call expenditures, forecast session. back of question important

Operator

of questions company calls the members community. you. open Thank will this At the investment from the time, [XX:XX:XX] up

If to you switched allow reach star a Press your your pressing was equipment. button one. Again, on to off would please. telephone your star keypad. Please like our the on question, one signal telephone that please ask ensure mute by to signal

Ask a question.

The Dumoulin-Smith Bank Julien from first of question America, today of comes and.

Julien Dumoulin-Smith

has morning the Good excellent good year? to where I here. the given kick all twenty [XX:XX:XX] over five tailwinds? time. outcome TMD renewal other the then guys here, How about thinking going trajectory your just the you the your he How be start on team, to on Congratulations perhaps of question the a you longer especially poor got CapEx? the to the off. think additional to not about about for thanks you budget to the are just You you And in so do and one secondly, think of of here. seven? term, much obviously how part CapEx some to you things mean, put five cumulative And do

John Larsen

that seven. far midpoint very as a know, we we Julian, continue And range. comfortable with know, a of making And the time as [XX:XX:XX] the is to to within the some to feel brought where little we as lot tailwinds, have in sure spent very, we get happy five our Great, to you you still increasing spending solidly plan as we'll there's noticed, overhead do to we and a the some additional others, renewables plans XX, some spend probably underground. as some with maybe decrease you of XX and of in and shared you the in for as have

mentioned, that some for there's little tail great in As XXXX see of bit yet. Robert and the a end in you spend fee

have So, seven good needs a maintain four five as affordable. one customer costs equity billion spot is you keeping us know, for per we really one, But to and the that. minimal to try to year two,

look we that So we for And say there's really let TV thanks like do. Julia, always capital spend great as just the to the question. compete plan. would CapEx and I continue we'll we some at

Julien Dumoulin-Smith

follow and the of XX. Absolutely, [XX:XX:XX] his on of little Can quick, quick bit more in execution here up controls elaborate context you item? the a cost

John Larsen

[XX:XX:XX] done a maybe our of team's so some to on Here, ask focusing and transformation you know, in near little job that and on then Robert a great term, one. Roberts of longer weigh

Robert Durian

morning, question. Good [XX:XX:XX] good

affordability this So plan be We've that efficiency a customer last key were to going About three to year. component XXXX to progress forward. just on, but dollars year was expenditure the some of is or compared energy half reductions. our made percent strategic XX great XX about about quarters we of first from going here billion

largely half and savings. to future The some sustainable is our for transformation related other of ability activities the to manage accelerate

a new to all cost look us implement those we'll business. efficiency drive those our so organization and a operating for really as lot of with And I'm fewer expense lot employees. drive look one technology positions. at work continue areas not reductions We're into of and to XXXX to also about actually opportunities excited changes some throughout on certain the we

of for to year, the So looking this position efforts XXXX for trying well year this in for us I as and well position rest next really forward think to XXXX. our help

Julien Dumoulin-Smith

there. Thank leave [XX:XX:XX] you. it Julie. Ok, Thanks, I'll

Operator

to reminder, ask [XX:XX:XX] question. a one a As Fuchsbau star

Andrew Our next Scotiabank. of comes from question Weisel

Andrew Weisel

without congrats on morning, the good funding the and Can update year equity that the a growth? nice tax everyone, in five for increase and race that renewables Hey, recent solar or with tax a forecast with will you Google weigh share outlook. [XX:XX:XX] on latest Glass, the

Robert Durian

which of of will it. the financial we next details as eight November John expecting renewables additional conference, of our full for you base presentation, be Also, the last the part of [XX:XX:XX] transload part getting today some the as is we've we're as week will XXXX well earlier. completed, twenty be XX the dependent is information later about nineteen, regarding if as and upon think XXXX year So percent all I to that XX that all discussed sharing approximately of

is I percent eight frame. that about that figure also think an over time So

Andrew Weisel

that's changes? helpful other terms walk, temporary discretionary elaborate? the Great, you in [XX:XX:XX] a timing of covid customer of because more permanent issues category. that some spending being and is that their sensitive building be obviously recovery would bit, you're Can physical that down or There to, was XXXX of what in or CapEx it and limitations mostly

Robert Durian

our are reflects We rest four expenditure sure [XX:XX:XX] lot to that original in a hardware make in Think increase we capital of here requirements there candy. point we in electric point restored we one of so be see areas the and it that as spend flexibility system. What our the before, our John comply to with or one alluded to target storm. what dollars opportunities to to XXXX of we have the is certain plans, at will got of plan section with billion. Expenditures did in saw the

to the other lead that spend on growth to we spending to items of the facility or are business going aspects generation And down from smaller a not plants more of spent that lot utility shut some might so retiring keep spending.

is pieces added a the which up lot there. right that smaller So to you, of

Andrew Weisel

a this [XX:XX:XX] today, preview like. prior really you. change Ok, little a feeling with be what the laid any plan the slide coming of later equity in the next, looks equity outlook got we've around did give I might the out? it. of Thank CapEx, On but us moving come to have

John Larsen

refreshed know, changed with You the Andrew, CapEx. drift, nothing's beyond [XX:XX:XX] equity on

Andrew Weisel

are to impact from. you directions EPS from able quantify [XX:XX:XX] the Last the housekeeping one,

Robert Durian

actually to but remaining probably those. the into quarter just the percent portions define the the for as recover request costs, we've [XX:XX:XX] costs quantified those well with it, that tax also to we seeking expecting the and later alluded earlier, about there as official we're restoration benefits related decrease and I third expenses, we associated the to two as we're until sales, point, sales offsetting At haven't was And in this the operating today to some the capitalized a any is fact, storm. in of

the expecting that in down announcement we're negative so a impact not this sense sales So, to.

Andrew Weisel

Great. you, Very [XX:XX:XX] helpful. Thank everyone.

Operator

It's a further like to the [XX:XX:XX] time. Signaler, reminder to you style personal There ask at no would one. are questions question this

Susan Gille

Alliant call, April [XX:XX:XX] third one a will replay reference seven be conference two eight This concludes eight seven quarter eight one through zero nine available three four five U.S. earnings five Energy caller seven zero two Canada and XX November five five one two nine XXth, at eight one seven XXXX one three eight. should four four four or

your and conference of on later me contact Alliant remarks for continued Energy available thank and company's and follow on made in the call the the to with the of will In you feel support website call We of questions. script the section any archives be today. of addition prepared free investor the up

Operator

may gentlemen, disconnect. [XX:XX:XX] conference you concludes and Ladies now participation, call. today's for your you Thank that

Alliant Energy (LNT) 3 Nov 202020 Q3 Earnings call transcript