LNT - Earnings call transcript Q1 2022 | Alliant Energy Corporation

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Operator

Good morning, and welcome to the Alliant Energy's Conference Call for First Quarter 2022 Results. This call is being recorded for rebroadcast. At this time, all lines are in a listen-only mode. I would now like to turn the call over to your host, Zach Fields, Investor Relations at Alliant Energy.

Zach Fields

Good morning. thank webcast you for to and the like the on joining would all on of call I us today. participation. your appreciate We

Joining Executive are CEO; call me Chair, on and President John and President Vice Larsen, Durian, and CFO. Robert this

presentation Robert, announcing John take the quarter be This are financial Alliant will We Energy's remarks community. have news a release from will as results. and website first prepared Investors today's time we as at an during Following release call, investment on issued available by to page questions last earnings our well referenced of night www.alliantenergy.com. XXXX and our

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

John Larsen

of share renewable over earnings And you are Zach. performance, over relating a key XXXX regulatory our date. XXXX to details to more some and and solid the achieved reaffirming for you, XX% earnings to for start our then of investments $X.XX I'll $X.XX. the matters. everyone, Thank Robert we and guidance is Hello, to highlights turn call of financial thank year with us. consolidated joining off to our annual

most we year we proudly of sales trend a of indicator strong a serve. and our ahead key base were saw normalized forecast, customer the of First, last diverse continuing and temperature throughout

Cottage facility announcement we're approximately Grove, Iowa feet will the million Amazon We on near total increased on economic as and and warehouse in be the and facilities next Wisconsin. Iowa, to in with country Ames, excited with expansion also ground of recent X.X month. development Verbio front, create distribution near biorefinery in largest break interest one square partner built that their XXXX the jobs they had including activity The the

talented monitor delivering and communities to been sourcing few clean manage this issues the supply in more the ongoing costs the let over to blueprint him our when inflation. has and as our benefit nearly us efforts item net creative customers, the our wind higher the XX% our saw first XX% in important power And turn strong was of and our help global minutes, the seen how adjust to our action. resources of to newest benefits than customer Another and results impacts the I it costs a of we wind and portfolio. of about more since well capacity quarter The solid forecast to for highlight us of helped excess in long owning We note from and for to total demonstrates one These March wind of our energy have example and our also diverse fuel we're investors. periods track portfolio, our in rising operating of record share of will and customers. strongest factors energy another mix performance began ago. in call have sites energy some of of as production a strong achieving the we production marking manage impacts of value continue impacts me outstanding wind of plan, wind XX with the month than wind performance a team Robert continuing chain but for the having years flexible

to North installation supply as transparency front, we continuing also clean On of chain approval the of demonstrated We've And journey members regarding continue the were approved the solar Wisconsin. Natural yesterday our Creek filing achieving sharing builds and we of solar we are the wonderful diversity plantings of broader and More Program greener. as the social we on Tree their recently healthy at selecting to our embrace inclusion the Marshalltown partnership. the we Golden Forever. constructive responsibility. plan making area Certificate leads at XXXX. been in life. employees Throughout year the commitment XXX Burlington, second that few care final the Sauk maintenance as for from customers, week, of species stories and from earlier a facility our our that strong Wisconsin just first best of from this to creating for recently And mid-sized are and to the tree the We the upon by companies process of in month This Wisconsin. a our create corporate of outcomes. provide current journey And a through XX,XXX grants our things the build a week Commission birthday, team Public and row on sure celebrated panel support throughout committed make solar our efforts. including our long Juno is our begin this have our noticed new And near efforts energy partnership in honor risks of belonging towards two sense than That plant part planted officials tree seedlings would generation top to our fourth of Wisconsin last commitments that Wisconsin were for and we employees, the employer soon to with and are Newsweek's verbal list. future. the in for Grinnell planting Creek regulatory of filing of will communities the panels tariff customers. and environment these we're to and of efforts. of the were Iowa, in reforestation to our history XX commitment recently held Resources know our tree long Bear received state. agreements of Authority installed for Equally we just counties continue and community named our environment to transparency progress recognized Iowa we communities Forever been Forbes when ever with trusted we've this Department we that their Trees to one part environmental to million by culture, April trees an trees event a as a with Trees important Community in additional counties solar a year in be We being Rock We serve. a Panel our most and Thanks the farm a for our our result of first Service be megawats communities will Edgerton, to for

communities. delivering highlighting we we more returns off for of momentum corporate our purpose continuing Alliant that delivering want stronger and solid for We on on sharing serving the updated call our our will our and investors of to to role now to on continued over Energy. interest as renewable In later advancing building as in look XXXX be year. the thank report throughout our start a release is a initiatives customers in with I'll the your and energy, responsibility solid year I new leader to focus summary, this in Robert. forward you of building progress turn

Robert Durian

everyone. morning, we in XXXX Good per Yesterday first to share, John. Thanks per share compared earnings of quarter $X.XX GAAP announced $X.XX XXXX.

base by our earnings, basis Wisconsin XXXX on largely utility, higher and a higher to solar quarter electric rate portfolio First XX% at were increasing earnings attributable gas higher and construction our year-over-year led AFDC sales.

$X.XX our reaffirming midpoint X. are can share. on earnings $X.XX. year quarter increase guidance The we is earnings per range be drivers per full earnings to found and year, Details adjusted full our of guidance the over Slide X% on of that a XXXX XXXX of share $X.XX For

levels. In quarter residential for due commercial sectors widespread control expected, Residential both the pandemic business, in commercial maintain And after entertainment more Wisconsin of growth current recovery various of of sales Owned were of Iowa. O&M expenditures. continued education, the efforts of flat other in new and in quarter by areas utilities to XXXX our team's was our utility normalized and the customer primarily and better our higher XXXX were quarter Our with versus temperature environment and X% than base. across costs of our the and the sales first expenses customer supported sales. XXXX, efficiency stronger first proud excluding of behalf I'm by office energy of to consistent compared the on pressures to inflationary sales growing was than changes driven customers first the XXXX growth

new our developments, scale service this to good XXX of Slide XXXX on progress X solar The and solar of have commerce showcases some Wisconsin of the has Moving planned of solar the go that made department in in that in initiated was timing of utility planned of initial impact our year. activity. megawats construction quarter projects. the to is XXXX these costs potential development the investigation solar first we

this our in we XXXX progress projects confident as will and placed planned be that However, solar feel later anticipated service year.

and directly fair both advocating of multiple trade and through expedited outcome are this investigation. for an organizations We indirectly

While the on record targets our to plan throughout such of XXXX our we and acknowledge X% long could mitigating impacts continuing projects, we our X% track on focused investigation impact period. are planning growth delivering

We with another verbal our Public in milestone of for initiatives megawats Commission on XXX of have receipt clean regulatory certificate additional Service of projects the Slide solar with our were included Wisconsin. X. yesterday, reach blueprints energy key of We approval pleased second our Wisconsin's to filing the authority key

of be for remaking request to and Iowa demand. schedule Wisconsin, XXX seen additional to providing provide that We're firm for procedural cost growing the we of are meet to to megawats to planning advanced can in estimated made certificate customers request the for of our our to team month. procedural megawats our authority a Slide we in ensure Looking third we forward most The estimates on jurisdiction, current an megawats the was filing are filing And This filing capacity in X. schedule pursuing. the construct make XX allow projects of solar for in recently battery are we the to storage upcoming state. our preparing updated XXX time approval, requested

requested dates the timing modified of of have schedule third anticipate our our end not material on decision procedural the this Iowa regulators the do We of timing to overall a the quarter. in-service CapEx impact or We by from of a projects have the plan.

at quarter subsidiary, Turning to we million Align great progress our plans, made Energy and long-term debt. refinanced have million far first Finance in financing loan $XXX new XXXX. term issued the our so $XXX our of In we

debt $XXX second Our financing issuing up maturities utility long-term million remaining $XXX in of XXXX retiring to million plan Wisconsin and our at of the remaining includes long-term debt XXXX. of half

rules for serves will into the tax We tax the phase change corporate state Iowa. is is its law provide view Iowa year as to month. it rate are reform tax positive annual long-term as as fourth development collections benefits driver rate law Lastly, income lower over dependent and decline new as corporations to each expected and to amount quarter be will The income tax low from tax customers year. to another last as the current The announced of tax was rate activities of signed for each in corporate X.X% expected customer on from by X.X% time. economic down costs this

a of forward in Slide change for meeting We company, person your to many more and continued this our operations. businesses, result and we to modest modelling. of related year, information recognize with this recognize later an tax and to Refer this in virtually to adjustment you the with we assets presentation to support months. from on look also earnings appreciate which earnings change, tax plan you coming in deferred your As our our assist expect non-regulated X tax normal to our a revalue as at charge to of

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

Operator

Please take question Guggenheim ahead. [Operator instructions] Partners. We from from will our first [indiscernible] go

Unidentified Analyst

a just wanted morning a tariffs, of and bit topical get it's guys. a investors sort the could department situation, the circumvention from decision good touch we obviously I commerce with in because be we to Hey, in August. on little proposed

potentially and of a Just potentially 'XX. having curious XX seeing talked pricing shifting of language on, certain sort couple peer actually the projects. uncertainty projects, about peers The out a around through

maybe then is, the see I to the slippage? that projects solar as further we're have And being sort to X% potentially why where X% of the or we out situation of shifting sort levers, to would to of could the So X%, in tweaked you capital the slightly also profile near the is mitigate what term guess, is see X% reiterate thinking of could question out. curious we only pushed about capital XX the a

John Larsen

some petition. Shar a topical. appreciate No question. we Hey, here similar let I'll if and recall we is planning the fall, [ph] John Great. that. start work last of call, Yeah. doubt the about on with, Certainly faced we mentioned Maybe you did the when

us for if moving, put planned position projects a 'XX. will. So we at for first of 'XX team kept took also part in a to really accelerated helped our the look That's and and material our made and us, deliveries sites some some good these you adjustments that, those

you in 'XX. as those for call tail focus end the the So is noted, it of

So little we a the that. of impact think maybe around about context about of capital Robert point megawatts to I think how your bit put and the

Robert Durian

good Yeah, Shar. morning,

yeah, took, the of progress of to after through the took petition tariffs. potential And the year. we the noted, we've made quarter in first actions we impacts good panels John XXXX first really mitigate securing this in As

source pivoted we to would also panels to some the projects tariffs. as of our not So subject be from that

as As of we megawats later that well XXXX. not significant projects to a expect don't year, significant impacts into result, XXX as earlier expect WPL in to megawats to expect service solar the we XXX projects the this impacts any put of we approximately do

I latter continue over half continue to mitigate of on John and that impacts going and megawats indicated we're what commerce the timing remaining the kind the department to in with our So the of as to solar the here monitor characterize XXXX. panels investigation the developers for couple next work the was our quarters would XXX to of

Unidentified Analyst

it. Got

round with enough shifting have confidence measures that X% you to you the to X% the impacted. the capital some just of and are megawats, range, to So that of within of shouldn't mid out be have where enough that even sort profile

John Larsen

some a that. to remain to There's in 'XX to Shar, think, load you I of tail business contingencies the a O&M, great certainly we'd headwinds We've that off certainly that's as I for Certainly as that had adjustments start. note well, that and as have Yeah, some to and some big WE'VE we committed but of impact but half make here. seen we it's some of a good clearly tailwinds growth would've think you there. noted. factor part projects around our planning back to is

Unidentified Analyst

kind morning of some index. coming year, from seeing guess one, if I terrific then pressures guess, known just what's report just I this And inflation O&M are saw I maintaining offsetting is seeing last we wage but I'm level sort if one the pressures of of employment O&M the that's it's in here John, the the you Perfect. profile this may Obviously confidence how of of from flat some inflation? curious you're profile. that in the flat the cost

John Larsen

Yeah, cost are certainly goods. and of there of impacts inflation

As you place cost about but efforts question you put know, no as know, there's in it, reduction in mitigation. we our

year. this years been going a few a of on this lot good we've into momentum Now and we've for had

an of when in lot labor you So have others certainly these will we're want pressures. that's be yet negative on inflationary us. focused They very if be to by don't just have still Robert, a front you reductions, these helpful. those to cost that, it's some bit to that and anything We that perhaps area but Shar. to add have harder It's going sharp very, dampened keep to a of are of certainly know I of trajectory costs. some some

Unidentified Analyst

Got start. on congrats really it. good It's it. Got it. the a guys, Terrific. Appreciate results.

John Larsen

Yeah. Thank you.

Operator

America. We next question Bank of our will Julien Dumoulin-Smith from take from

Julien Dumoulin-Smith

it's pleasure. team morning, Good you. John, Thank Roberts,

Shar's be like explicit were Sounds backfill, front? what to ability expect So I more talk should question suppose on already just up about that a you to the just, things doing CapEx stand this, just we just but you're you you moving exactly can on following panels on can, on multifold you and otherwise? where and your amongst if just procured distribution percent have move that, with other counterparties also of here guys around I -- on 'XX, more to do guys what to it address through, related

John Larsen

Yeah. Maybe I'll here take question your first. second

planning was before megawats the XXX tariffs received them XXX on that of we're actually into the So megawats petition Julien, as into the about panels we in States putting we from weren't vendors that service that have potential we filed, or subject them sourced suppliers we roughly XXXX, we're the indicated, and talking about. United got either where sourced or the to

latter XXX identified to still still that tariffs. any we're for there's about put context, just impacts the in going half in yet XXXX haven't So, from the the have megawats to of the we sure if sourcing

that of approval of call got And projects roughly part there, our received per put and to are into we most CAX $X,XXX perspective just KW. it those we've cost target so that for

for so of $XXX to that call Couple number. And million talking costs the that's We'll part when project about. roughly it they just to CapEx of arrive. be we're of $XXX things that the be of that of some panels prepare spending aware as the million for sites maybe do

as have forward just of preparation as panel continue identified we far set of go the a solar source panels. to with and be we'll the the lot ready of work So area once that

these. guys thing partnership we've as petitioned and tax to commission approval the you for is note received I'd actually The with other structures recall, equity do

tax our about be of going or factor these impact to are sourced the limits another partnership. because really a earnings, on third financed through costs that equity that's so And the

therefore based and profile think the of of So impacts half we impacts the XXXX. about XXX that limits megawats in amount it when earnings latter rate

types So, when think backfill that, it's sales with what the care might a of take or numbers hear John maybe about, be conservative not first probably little some that they one of of when our megawat as bit to so two lot through how to and doing we're about And maybe to we're as may more tend mitigate up more and a of costs. a lot we we big little a to a going of we think and be what We whole talked tend CapEx as think backfill with different that chunk result activities good we forecast. conservative of can really not probably a make of need that. O&M those

Julien Dumoulin-Smith

Excellent. Thank you.

you fact, kind X% forecast? if forecasts up answered O&M How separately internal of about you does is a can. specifically question second respects and you reduction. You the In in X% to the quarter ago, load conservative I pretty are Retail track growth think in next against first X% guys the said loan your talk some here side, on robust. that then

some second to said on Again, room to I flat more year, but X% ago this go room hear there's I structurally that, X%. go You a to a X% know vis-a-vie guiding more X% There's this, that. that more to right? you're if on you offsetting

John Larsen

be certain here. John We Julian, the others. cost term might, trajectory O&M might than more and still long on have start years a declining I it Yeah reduction.

on the and starting we in the internal we that previous a that the forecast, more as inflation, X%, tend X% you in recall because And years, it of forecast conservative see we're focus. seeing X.X%, towards that probably noted, probably sales or over and well offsets that's we're X% achieve some the our little X% with to but with were to that to were to O&M that but be we doesn't as climb our but mean greater. if we you can't on think still declining I

some from sign pickup advanced strength our a rebound great always Ag it's and So that great COVID. seen we've manufacturing. some There's of some businesses been seen we've in in

bit that of last like had we're COVID in end into education, this transportation, still Now the have hospitality, tail lagged year. during year a that others come seeing through back and sectors

interest great So front. And a it's the lot of noted really economic a good on development I story.

we a of before been very So we solid it's tend to our trend internal off here for off if lines, will, start you to number start quarters. wait adjusting a bit it's to but -- a a

Julien Dumoulin-Smith

something Ag you done. given trend, And global on Well that it? Excellent. see accelerate the expect the even here, mentioned low to we best you the here should is as

John Larsen

that, efficient way find certainly, a these very as in what they it Well, of but to well. think part I do businesses be

be put is I the it's know would run they efficiently as So sustainable but but think net and smart it could how maybe point a even to that it looks like way, it I businesses positive more

Julien Dumoulin-Smith

of best time. luck. Well, Thank you for Clearly. guys the

John Larsen

Julien. Thanks, Cheer.

Operator

Michael We from will take Research. Wolfe our Sullivan next question from

Michael Sullivan

morning. Hey everyone. Good

John Larsen

Michael. morning, Good

Michael Sullivan

guys. Hey

you of a and Just is wanted and along play investigation, same clarify outcome kind to ruling uncertainty the still able the this tariffs of preliminary and scenario does the the of out with of do kind you line just are around kind your the if and from like? plan to what hit that negative questioning solar around can the things move targets to DOC

John Larsen

and Yeah, very a Michael, of done have of pricing planning it. panel you, contracts. some action not into maybe here, early and a We maybe there's assure I quality because range to it's on say scenario some specific get to took we've can outcomes. too that lot I'll

strong if So We've in, talking alternatives, be when it's these outcome. of a Pricing need. maybe are for to There's may a sense. need been renewable. growth, the factored range there, of at a is clarity demand have make about that good projects a look just matter you that's but to certainly going

little bit what just on be scheduling. do matter What we'll So change prepared do our end sites. question. likely if probably of we the a getting the and a for more is not that really what and the certainty of on any just that is maybe It's pricing, well in path

thought what at can when installed, which expeditious projects. be about fall they did back we when obviously them we is very, our very So arrive, getting we last XX

little those caller you it. how thinking a So on about outcomes, hard handicap certainly of we're but maybe give all to

Michael Sullivan

there. the And if yeah, you the could cost, maybe on context That's us Okay. give just helpful.

does think XXXX said on of tranches the I to you also tranch is higher future? and go in initial How latest you run, some the out looking scenario the some how you Robert, what and much could of if this solar compare KW. that into like of looking seeing that were

Robert Durian

best give data part going you shared I Maybe we're compare point regulatory can ones back to we've the is it are the service information the here approvals Those of putting the Yeah. be CAX as and into to the that updated projects. in XXXX.

continued So we did call last projects. the likely some update puts And and around for range. XX% call see the XXXX that in probably then did projects increases of but just in then first XXXX XXXX approval per the KW with that's that see increase in those we've back it yesterday, CA it in the commission per projects. still we're call we and cost Since KW that July roughly those for price, verbal know escalations it we in these second think year, it for CA them in to let we that received that range,

So provide with for think customers us attractive demand for about prices still we for alternatives said, that growth. when are us resources our those to

get of trying moving what Right on as service those based ongress with of So timing is investigation. doing good to able in characterize committed these now, to the figure them great just forward commerce we're very what I with out when pricing. department and exact we may this we feel and would to be still projects

Michael Sullivan

of be seeing just there? last Thanks. should on pension And How side be the Okay, one, from but kind are we expense O&M Iowa potential there thinking might pressure that? of covered any you're my in I think great. Wisconsin, you maybe about exposure. in things,

John Larsen

pension developments interesting there's Yeah, the plan information. to comes it when

we lowers from flat doesn't fact the expectations this year assets. rising, with on the stock So But interest as plant obviously as because far that performance, relatively earnings market meet the rates the being are benefit our that obligation. our plan

pension combine for say could in XXXX. some, when So those would modest two increases together, see expenses I you plan we

in indicated to we costs. were you deferral we our case, costs defer rate rate those our in was mechanism levels, what if the As a such able case WPL have succeed, set that XXXX pension

So offset Iowa haven't because in would we we while. case for impacts on a we as to for that been be won't something would see XXXX. far side know a impact as That any have rate any

Michael Sullivan

Thanks Okay. lot. a

Operator

from will Andrew question We take go our Weisel Scotiabank. Please from next ahead.

Andrew Weisel

you all want for bit the and stuff. guys. to morning good the be color renewable change that's on earnings to a I gears Thank Hi, little about trajectory.

The first very strong last midpoint XX% XX was quite go the versus if the low guidance, of quarter full full obviously about take year of I the were high. that's several twenties. the That's year. and The calculate I of years kind in

more high consideration? any question things due this is, does range or the atypical that the mean an other you're my So it tracking of is solar toward or about end for seasonality to whatever like AFUDC

John Larsen

first of in-service about we've we've specific of sized efforts John transitioning this all, kind large as projects, been of capital. doing more I'd a here. as bite large having say part little been is Andrew, Hey, talked from Yeah. we've

QX to primarily with stable planning really just of throughout was So it's part of earnings our it the having instead weather. quarters have more

different really rather into We've four QX that manage that. outcome. a times translate to a, than in So tried

with comfortable planned the our guidance range and we we've is more a very this feel that planning. rate investments little still in our our had So about case and bit how

Andrew Weisel

Okay.

necessarily than wasn't other expected. So the words, It's us get that. outside, didn't stronger the just quite on you in quarter maybe,

John Larsen

positive bit primary that a upside the the Okay. point certainly I'd Andrew, was on sales stronger I and to think It's

Robert Durian

Andrew. add might I Yeah,

to which the two sales, $X.XX One per factors the On was that. is temperature about impacts, there's share.

The other was the temperature normalized sales better growth expected. than being

we're plan. we more in than about probably combine initial you $X.XX originally when two So those our expected

was there in with we to also mind temperature side, our that for of an guidance. purposes midpoint noticing target of what on right in you're but exclude the so we're trying And increase, that normally the keep

Andrew Weisel

Sure.

that the helpful. what Then Iowa Thank a customers, that whenever after on would would too the might be be more It like or That's second a passed up new case be of only but Okay. but adjustment? chewed rate you is, assume this over tax on time, annual to clause, mechanism? be change, of I be the fuel would both. early, would XXX% it next savings

Robert Durian

that at pieces we've So mechanisms recall, some in different you some that a look into you see megawats When the as translate rider. got customers rate that that see right we XXXX X,XXX costs is put to that impacts in back different going of would now, That couple change more our term XXXX. wind with we once speak. through and puzzle tax probably lower near to a renewable we rider, directly to energy so would where in we service actually Iowa pass

at and going back definitive figure to but to this how expect of to customers benefits no rate positive There's we're will transmission how that that. out piece result and the would our transmission back try those a out the Iowa and also will lower immediately We currently costs we we with figure working the on by give as that customers. receive. we're case. that costs get point address The in next plans we're to And developing rider fact pass those to a actually the mechanisms that remaining regulators we to able plan through some time to be be the address

Andrew Weisel

meantime while Okay. accrue the on sort in sheet balance being decided? Would it the of that's

Robert Durian

until see this the to Still be and to quarter the still have not we'll no, be a actually determined? sense really that. rates. is get We'll fourth on how we Yeah, big working

talking really yet material here So if early not. still or we're to amount about it's little a know

plans the do to with meantime, be we'll so that. And the on share how regulators in on some to working

Operator

Levi will our from Andrew We next take question from Hedge. HITE

Andrew Levi

you hear can guys, me? Hey

John Larsen

Andy. Andy. can, morning. We morning, Good Good

Andrew Levi

CapEx. I'm more solar on time one going to the go

around that. a just couple questions So

$XXX I that right? headline million it's So right. CapEx Is of, guess,

John Larsen

correct roughly Yeah, that's number, the

Andrew Levi

that How megawatts Okay. million not you is XXX much that already for. different? the or is then said $XXX And CapEx is is of that including,

John Larsen

from the XXX in different megawats That's million or the half. latter related $XXX to

Andrew Levi

Okay.

rate think then impact. $XXX backed equity? much And Okay. trying the out So based just off to do how tax out for would you be of figure

John Larsen

through seeing the equity funded that's of usually XX% partnership you're XX% structures. neighborhood Yeah, somewhere in to tax probably

Andrew Levi

Okay.

CapEx based $XXX kind take So, off the or would to XX% effect not. get the we to rate XX% of of

John Larsen

impact, rate The correct. Yeah. based you're

Andrew Levi

is of that's or And 'XX really earnings 'XX 'XX a Okay. by and whatever in $XXX 'XX the was all that So that impact. million 'XX? over end dollars

John Larsen

based be and in would rate 'XX. in editions 'XX CapEx going That with 'XX Yeah.

Andrew Levi

piece Okay. correct? delayed, right could that But that far of as towards be is as the end the

John Larsen

correct. You're

Andrew Levi

Okay.

So other say for the think should about question, kind CapEx. views let our the the the the what to me I in solar. real you math. I were this it 'XX of mitigation that's other do, plan, know but built based CapEx maybe it and $XXX chase better of so done all go because the what 'XX like or and you whatever part quarters is 'XX, reason couple there substitute asked or expect then. can was to cut if or are is the said we things that let's things up understand incremental matter that reason be don't because much million I I till, just Julie to done whatever the push the position rate in then this math, doesn't and don't occurring noise can't sales But of there's was for kind And a with going know, ago, costs when you out aspects case that replace

John Larsen

Yeah.

rate as XX, So be part looking would at activities, our call planning we of that it case Andy. XX

capital demand we resources could It To it customers. than spend. CapEx longer delayed expenditures could these likely that that be distribution growing would that be things some would were the to expected with different about of think there point, be be solar other our if this CapEx. your replacing we So meet electric

that rate that case best our ensure recovery together our plan that interest in customers case of and a factor that's to we put that we process. activities And ensure into of is all our the planning of would so part next

Andrew Levi

Okay.

So if not delay, half need it is that be offset would material I million you're $XX in be 'XX the to be, recover kind if could to kind up interim, if sounds that bridge don't major any I'm right there income of know solar to like first it relations. made of the that to mistaken $XX 'XX math, rough of through million year that bridge being net there like

was it. look a to way So at that

John Larsen

the I Andy, go think don’t Yeah. thinking you're on numbers math the correctly. into but about exactly it I

Andrew Levi

Okay.

rate. question, within X% Shar's like growth fall original And So this so to have where maybe X% would back you to then you range? the

that You the at, guess clearly I of rate. toward that at year, end one based the be guys that on in trades the timing one with middle like would amazing middle or wrong? year the the an It's have top job looking is being basically difficult end growth of, relative your just that within to I very peers it stock the that done bridge reflected, to whatever that way that am year, be the top kind to sector. to other

John Larsen

X% would be or feel as may think is long that good I'll I how about it. I the end term characterize the But still on range a to X%. it Andy. be we that's There of term, over we fair lower characterize Well, short the

Andrew Levi

of one so, Okay. That's weekend. these question the Have all question I was Maybe makes But much. that's that exact. just should you that great a thank add instead questions, me, okay. very just other

Operator

We will Ross question from next Fowler take UBS. from our

Ross Fowler

Good are how you? Morning, Robert, morning, John.

John Larsen

Good morning, Ross.

Ross Fowler

got with cap. the obviously CAX increase back just the target cost beat just cost in you're commission us know questions, kilowatt let to and an all but process after going that of So horse the the Andy's for filing XXXX you've the to dead

a if what this So be and when we get side going we to tariff to the tariff, determine like. circumvention other case, looks there's of that actually

process us remind how works. CA regulatory Just the

tariff is projects you're assumption cost is target? then of go up gonna kilowatt maybe a cost those corollary there that any for to If in that $X,XXX sourcing megawats as question, XXX and

John Larsen

Yeah.

what is is XXXX what commission CAX there And similar and additional did off target. that tariffs did would and we in KW with first to in no CAX what's the the costs beyond, CAX. per we we see assumed if So target, sharing the with do above some be cost we'd CAX

we've solar impacts these went inflation economic on process, the conditions been very keeping through informed. been about and we We've transparent them As the projects.

So it'd with as this be we'll of change, we happen a that communication the are factored the we'll review any and they that and them. would approval the information see throughout there is share And the of of quarters going cost our end next case rate getting be rate day, increases at to will information see next what'll be a that if through case with next several

Ross Fowler

hopefully do does That's go if great, Robert just to the circumstance, the then if not, would the you cap, but And what above with require and you by then regulator? that actually cost above end cap. cost up you

source delay to somewhere That's the from projects too I'm maybe these rates much. have of not sure subject to panels not some customer really I to else. to tariffs So these make increasing

John Larsen

there's with through back Ross. John here, process back to if maybe that and we'd cost not go atypical the regulators. increase a go on projects, I'd the it's prudent say, certainly our work

that's I think compared these sense the story. a projects do are noted the not think real still our cost the have, something I that the that question strong where Robert sense make still the had still we need very gonna increase, strong have, capacity necessarily customers, feel make we is need to alternatives be projects. for customers we but for want which It's they pretty you to and and

very there's but price a that's to and we've determined. place be take we look I and think if have out of of different good which the in kind the a to about kind there, feel got panels panels, we different about point contracts

far of I it. part So that don't want too to ahead on get

Ross Fowler

time. color. John. Thank you. you. worries, Thank no good for Yeah, That's Thanks the

John Larsen

Thanks much. Okay. so

Operator

at you question-and-answer to today's concludes turn conference closing I time, the Mr. remarks. session. or any for back Fields, this That additional will

Zach Fields

concludes up This your any on with Energy earnings questions. website. you. support investor free quarter feel A Energy's replay Alliant contact available follow call. of our Alliant first will for continued and Thank you Thank be to me

Alliant Energy (LNT) 29 Apr 222022 Q1 Earnings call transcript