LNT - Earnings call transcript Q1 2024 | Alliant Energy Corporation

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Operator

Welcome to Alliant Energy's First Quarter 2024 Earnings Conference Call. [Operator Instructions]. Today's conference call is being recorded. I would now like to turn the call over to your host, Susan Gille, Investor Relations Manager at Alliant Energy. Please go ahead.

Susan Gille

morning. Good to for you joining like and the all webcast the us thank would on of call I today. We appreciate your participation. today CEO Executive With Barton, here are Executive Larsen, me Chairman; President and President and Vice Durian, Robert and CFO. John Lisa

and John, to from community. remarks investment will questions we Lisa prepared have Robert, Following the by time take

today's available earnings We news night last financial the release issued be presentation of at quarter well will release our are This www.alliantenergy.com. as announcing results. call referenced Investor page during a on as Alliant the and Energy's website first

you Before and we different. begin, results the questions forward-looking I remarks to risks answers subject make need include call actual to that this are be statements. cause These remind statements to on materially your forward-looking we our to could

discussed any among Securities these with to filings in Energy's include, in night non-GAAP any disclaim news the forward-looking last temperature References risks adjusted others, adjustments. We release obligation and Commission. Alliant earnings issued Those exclude to impacts our and statements. update and Exchange matters

point, I will to this call the John. over turn At

John Larsen

morning, and Thank Good us. everyone, Sue. thank joining you you, for

financial We today. solid on objectives is the to of several to provide execution. business our long achieving continuing are while solid and remain updates and areas share of some key a committed we operational start, excited strategic and off to XXXX milestones our record track

operations of and everything more turn as Lisa matters. XXXX I performance to serving and key as the to remains do. customers the building to we details purpose Robert relating provide over company's regulatory center highlight communities and call Our then our additional of well a financial stronger will and key achievements our updates few at

generation These our the reliable a our I'll to portfolio, energy and in successful investments portfolio customers. balanced our execution investments. of start an delivers that resilient important by safe, role play solar strategic highlighting

solar gigawatts solidifies this our state investment to culmination customers. the Wisconsin. Our of project as completion, which the long-term position signifies solar of value X.X near solar owner-operator planned investment and final providing our is of of our in completion largest in generation in Wisconsin The the

generation, enhance design we and Infrastructure Using solar social so Sustainable for I'm economic Envision. to that of we projects platinum this X to impacts. renewable follow Wisconsin we've the our environmental, our framework, framework far, certification report Envision constructing When Institute received projects. for called pleased

completing megawatts progress operational, is just We our County Rapids end solar our in in solar Cedar remain outside also on investments and state Iowa, now XX-megawatt project by XXXX. the XXX in the of remaining track for the we made on Linn of

resources, enhancing a strategic delivering for our providing by in energy reliable these customers. resilient credits These job more addition, X revenues. generating customers. by solar is creating are fuel critical to opportunities investments local solar and balanced economies energy cost tax our and projects And value balance to energy in to mix customer This and new contribute

plant planting these X to achieving exciting the customers for every electric million rooted to effort commitment The tree our we is Another our customer. for the trees serve. proudly our X on company mark our to commitment trees, is communities halfway is in milestone and

coveted our year to our military the third recognizing veterans Employer second in Vets some over row, been for share the focus Award, in and America of I a community. a We've turn row. to And in Lisa, highly Newsweek's we've and companies recently connected I exciting recognition Indexes trustworthy received. to Before want most hiring, named year supporting retaining on it we earn the for the list

employees the grateful their for you customers commitment all to to continued serve. outstanding your our for our to I'm A you delivering and dedication to to service special Thank thank strong dedicated their veterans. service. communities our we

company what this as for we work team. have of proud a I'm accomplished proud and to

Our investment consistent continues thesis to performance. produce

call to growth the are now I'll for turn the well and positioned for Lisa. excited future. over We

Lisa Barton

and Thank good John, morning, you, everyone.

As to achieve growth similar temperatures quarter XXXX stated, Warmer-than-normal and start objectives. experienced John we temperatures region. our had positioned first are and the well a impacted our earnings year, to broader earnings, solid the reflecting in we

It and on in cost and accordance to our with progress year, in in investments already the customer made drive have and the our our focused we plan. is executing efficiencies early have implementing efforts business controls

consistent a regulators to we and we on Alliant your our for on and execution, Delivering expectations Executing As to principal long strategy continuing for our key John customers, operational expectations basis. and ongoing mentioned, success. is communities, year-over-year Alliant investors adapt Energy. reason of is to track are a have confidence the to investment and record in on financial committed Energy, evolve foundational a meet those our of

Building John's are gigawatt for progress, cost X the surpass clean, our mark fuel on track to comments notable customers. energy resources solar about we on X our of

we investments, in to partnering interested solar utility-scale with solar local businesses our projects. hosting to committed addition remain In

example, recently For broke in X solar Grinell. on Iowa, customer-hosted projects ground we in

and establish Alliance for for passed are and well economic Iowa Energy growth business-friendly that legislation Wisconsin Recently accelerated growth economic in operates states both development. positioned opportunities. in states will

customers. smooth Wisconsin In IRA aligns to centers policies, electric renewable vehicle federal tax the Wisconsin, the transfer and bill state state. tax across is use electrification efforts to a companies data of exemption enabling credits the types sales supports conformance advance a fleet and of of and intended traction The these for bill

Cedar in provides criteria the specified signed law. large legislation. build to Industrial in attract in In legislation center Iowa, of project pieces Rapids key into mega our Center the and pre-review Cedar meet industrial were The businesses incentives currently to two AMES Big

ratemaking. and and state's makes range is the eligible in developed This legislation articulation support electric clear that resources nuclear the growth. of public build a technologies to of utilities business to for storage diverse grow a The support ensure advanced to are state

the environment our growth support The communities opportunities, in conducive and an to attract business-friendly impactful foster of area help these team's growth we proud and to the will the engagement legislatures. us proactive of I'm serve. with new companies implementation policies

currently and Wisconsin but customers serve service Energy our are across community for is that and to are customers and future growth Iowa ensure territory. support the the also Alliance of open to supporting we not here needs business we only

Looking evaluation a are our and evolving This resource balancing necessary as ahead, mix we is grid focus ensuring customer step and on we MISO's blueprint. addressing reliability, greater energy refining clean adequacy needs. energy creating our affordability

plan included of results our quarter our updated in be The update. expenditure resource capital third will

planning resource allows of transparent for to be responding nimble communities. and and needs us open Our customers and the preparing in process our

with the our in ensuring we Another to support our be serve customers. key ability nimble, differentiator and states grow

to I want reiterate reliability. on deliver We've significant that over customer expectations. call risk the well positioned enhancing we to implemented both are to turn while Robert, I mitigate Before investor to and measures

continue possible At customers make our execute appreciation the our we're ability and what Robert. to As a do employees uniquely time, turn our I'll continued to like adapt positioned we meet deliver to for quickly dynamic environment. I this to who we and strategy, echo John's to investor to expectations. to would call ensure our value outstanding over

Robert Durian

expenses that electric successful execution January the which Lisa. associated earnings new such supported and by share first The rates of gas mainly $X.XX we variances Thanks, investment and share. per $X.XX the announced investments. WPL's effect quarter XXXX driven with and of higher X, took of on capital XXXX depreciation earnings first were capital quarter-over-quarter everyone. per quarter compared to Yesterday, program, customer-focused Good financing morning,

by variances the temperatures. However, quarter-over-quarter were historically mild also impacted

Cedar Our service the territory Madison both quarter first record on since experienced warmest for Rapids XXXX. and

by comparison, XXXX. in In first temperature impacts to retail impacts Alliant Energy's of per quarter per of $X.XX Alliant normalized decreased $X.XX Wisconsin XXXX. of the first Temperature relatively share flat the Temperature XXXX approximately electric the customers Energy's were earnings share. in earnings in quarter by decreased quarter sales first

the to were last in Iowa, XXXX higher first sales year. compared of residential quarter In when

continued of in experience growth We states. both in the customers to solid residential number

sales to drivers due positive Iowa customers. these customers to and lower commercial in decreased to were largely by cogeneration industrial offset lower-margin However, sales electric

make continue objectives We lowering support to expenses to customer and affordability. operating with our achieve progress financial

XXXX fact, first and other XXXX. quarter operation million of the were $XX maintenance In expenses quarter less than first almost

check. and portfolio, we fuel our of management and keeping programs, execution in robust also natural Through diverse costs risk our gas electric energy generation are

retail of lower the XXXX. quarter than benefited Our as natural average the gas in customers of from were XX% first approximately builds quarter first XXXX trend this

flows. Turning cash to

First quarter January million by operations timing $XXX to due cost primarily WPL's when was cash this increase rate This increased effective recoveries gas over year. flows the electric fuel-related XXXX which year. and compared from X of were WPL's to of last and increases,

a in of cash our improvement as as metrics drivers of credit flow increasing expect levels well the forward, as monetization. aforementioned result Looking tax we continued

and executed agreements be and XXXX that generated transfers recently on both tax 'XX to expected credits WPL credit cover IPO. at We

largely XXXX, in We our maturities million are support making projects in investments battery to our renewable $XXX progress financing for and in executing and year. this billion fund $X.X refinancing plans debt also

plan. million refinanced year, we raise to equity at West expect partial bond To date, DRIP this WPL term And interest Energy million receive a quarter, we under $XXX have green we $XXX sales and Later in of our in approximately at from approximately expect our loan Finance. Alliant the million Riverside. $XXX this issued $XX to million

as their I in rate later initiate reviews initiatives procedural regulatory to regulatory to advance as year. will schedules. progress we our this through well plan highlight continue some IPL's Finally, filings

Iowa filed a rate reviews we As in reminder, electric gas and last year.

sustainable investments on resilient Iowa in threats support focus and future. and energy a as Strengthening customer-focused These reliable, energy increase grid and generation rate energy reviews that recovery our the more diversifying of weather extreme demand resources. building

put behalf interveners forward merits divergent in normal the viewpoints and We We case of their continues. the investments interveners process. as month, IPL's working review the of the we made with proceeding before to gas are by the the Board. in customers testimony. direct by as the rate stand on We our interveners electric look and comments a filed were that surprised part Iowa believe not Last of the we have process Utilities

the XX, quarter the within be Therefore, months this third year. On of Under filing. progress procedural the Iowa monitor generally rate provided must reviews decision help schedule after rate proceedings. the review we of a anticipate Slide the decided statutes, XX we have to in

requested rates October implemented new to We have be effective X.

to Turning Wisconsin.

And two pending of we our Riverside our Wisconsin million to Generating fuel in progress. in reconciliation filed customers. we first to annual $XX the refund quarter. conclusion requested proceedings invest XXXX the our At Station. reconciliation at to reliability enhancements in authority We fuel have the We Wisconsin expect over process, for

both these dockets are PSCW decisions year. later anticipating the this We of from on

planned filings XXXX. our to Turning regulatory in

make later to Wisconsin regulatory in and expect both We Iowa filings this year.

renewables of Clean and resources, Energy modeling our Blueprint. our following routine dispatchable additional updates continuous For

our to meet We reliability as balance enhance energy expect these further customer as well diversify needs. will projects resources and energy

consistent another we share. X% of are for in growth X% year positioning In per earnings to adjusted closing,

share. per our reaffirming $X.XX guidance are We XXXX $X.XX range earnings of to

is outcomes guidance our reminder, on based controls a normal timely for the weather and in constructive proceedings, cost regulatory the our territory execution As of remainder service and of year. our of

manage ongoing to long-term our deliver mitigate operational continue enable and will pressures, inflationary efficiency to We consistency. business

We very turn I'll you the continued back of much appreciate the company At facilitate month. operator to the look and meeting time, forward the question-and-answer later with to to this many this of call over our session. support

Operator

[Operator Instructions].

Andrew with will question We from our Scotiabank. Weisel take first

Andrew Weisel

Good morning.

details all First, good Thank you XX on and new of legislation sites and a data question I have know info. use for weighs tax centers economic Wisconsin other big features. lot in sales you the and attractive A the development efforts. the for there.

these might other thoughts attract? capacity types? qualitatively, or to the for guess data How see looking any about you be you And then are customers service would to exclusively in with customers what large do needs. those? of how think need And on Is announcements? we timing, generation additional I centers assuming soon types I'm it

Lisa Barton

thank you and for question, Great it.

in We economic for development types of are open all opportunities our territory.

in had success located to as a in we towards potential well customers manufacturing. centers for companies fair particularly service Iowa the with territory, biofuel have are of amount as look also biofuels, great Data future. respect us our as We have

process. can One of Wisconsin needs we customers fact be That locate our have adapting is IRP means is a in customers a in not nimble and in that the the things that to to locating the both for we Iowa real do advantage that strategic our service choose I of think very litigated territory.

blueprint, formal kind through it's states or transparent energy have. use providing of we of other not with clean the respect to it's and process discussions open process review any generation, our that Because

Andrew Weisel

And Great. Okay. timing?

Lisa Barton

Energy we're Blueprint. year in in of So Wisconsin Clean reviewing and both this the process our in Iowa

So that's any quarter. in respect of the something of that we'll forecast we at are our process with to have updates the currently capital the and end third

Andrew Weisel

Okay. Great.

You and mentioned Are committed the sell ask Can year you about I million quantify this you to $XXX entered around generate year. about agreement million you'll Next, next? you've want this tax to for the fully that? credit. $XXX

Robert Durian

Yes. Great This Robert. question. is

carryforwards. cost of provides which been give we to reducing indicated, really opportunity with for a the you just a carrying as as also tax metrics. as both as some FFO great our tax customer where lot of flows, a sense to we'll external our yes, be see costs financing transfers, you It credit requirements So debt helps because credit the we've cash this of well to reduce improve lower

We have completed XXXX sales the credits. of of tax the generating all

$XXX I roughly XXXX credits. XXXX. think we've going of tax north $XXX in and somewhere it's $XXX-some then indicated to million forward, think is XXXX Growing that to roughly for XXXX, continue somewhere to million as increase. to of as And million. between million going about you What $XXX

solar as mentioned projects will as them, continue was out implement battery associated As grow. that well have with the we continue ITCs those to to projects Lisa continue by to build that

The job also our customers. an we feel from We're what cost-effective will treasury would guidance has the IRS different very periodically. so And say rates working monitoring for well different that and of the be, like team negotiating comes that I said, with I counterparties positioned. fair done excellent very

flexibility And some more with rules just more recently, ITC. on there's normalization

So additional some to it PTCs when some evaluating is opportunities us the that for currently for ITCs relates projects. versus provide team might

Andrew Weisel

DOE squeeze to to Columbia the update your that a proposed dome? Very good. but it retire approvals how timing look? I you're with think in. if One waiting for in does grant, I about slated energy more, mid-XXXX, Any for hear timing can on

Robert Durian

that the have to in through expect approval We later would for file State PSCW. of I this Yes, sometime for year. do regulatory the that Wisconsin

take And so to Normally, to a year completed. up will get that

And XXXX, hopefully, this made be early so expect we'll learn then year by completion the and of that. filings later the to

Andrew Weisel

forward in A Thank coming of the very lot Great. look to good months. you much. to things

Operator

[Operator Instructions].

We with Ladenburg. Fremont will take our Paul next question from

Paul Fremont

in -- very proceeding, much. think you I Iowa. In in Thank you partial ratemaking reached a the the advanced settlement

to settlement settle, If be settlement a or to were you would a expect you unanimous settlement? partial

Lisa Barton

Good Good you to here morning, today. Paul. have

to rate we than the So mid-June. to settlement with expect rather if respect watch a -- window currently, on total settlement But that be in we partial would a the have review Iowa, were to opportunity. That's a is time the to settlement. to settlement mid-May

at any determination or last we that that last XX.XX% a to that would ratemaking in the as referencing, $XX.XX advanced that were The you million the had was settlement likely year, settlement the we're have. whether the be would part of we

Paul Fremont

question required other an implement commission, my you before have mentioned could where year you may then think parties testimony IRP there's tell where that Iowa. I And recommended that stands. at some us maybe this point earlier Great. if in is IRP process? no there the Iowa that And Was

Lisa Barton

flexible Iowa batteries advanced a Good the not the expansion some utilities that generation. we ratemaking memory, for nuclear to And investments in was Paul. actually need Yes, Iowa recognizes be the of basis. fact, the and did it in saw circulated respect to and with and to part going-forward on go was legislation that to forward.

Operator

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

Susan Gille

questions, follow-up call. free With this replay any Energy be website. me you your A no to continued our our support will thank available more investor questions. feel with on of for We and contact Alliant concludes

Operator

you This for does participation. Thank conclude program. your today's

Alliant Energy (LNT) 3 May 242024 Q1 Earnings call transcript