WPL expects construction costs for approximately 1,100 MW of new solar generation to exceed prior estimates by $180 million. WPL filed for judicial review of the PSCW's orders related to the recovery and deferral of the return on these incremental costs, indicating a strategic push for renewable energy but with regulatory challenges.

IPL completed construction of the Duane Arnold solar facility (50 MW) in Linn County, Iowa, demonstrating progress in its renewable energy strategy. This represents a tangible step in expanding its solar generation capacity.

WPL received orders from the PSCW authorizing WPL to construct improvements at the natural gas-fired Neenah Energy Facility and Sheboygan Falls Energy Facility, which would increase the capacity and efficiency of the EGUs. This highlights a strategy to improve the efficiency of existing assets.

Management is actively seeking regulatory approval for cost recovery related to WPL's solar expansion, as evidenced by the judicial review filing. This indicates proactive management in addressing financial challenges associated with large capital projects.

Management has successfully reduced operating expenses, primarily through lower fuel and purchased power costs. This demonstrates a focus on operational efficiency and cost management.

Despite challenges, management continues to invest in and expand renewable energy generation, as evidenced by the completion of the Duane Arnold solar facility and ongoing solar projects at WPL. This reinforces the company's strategic direction.

WPL's filing for judicial review of the PSCW's orders related to solar generation construction costs indicates a potential risk to the company's ability to recover these costs through customer rates, potentially impacting future profitability.

The EPA issued the final Section 111(d) rule for certain fossil-fueled EGUs and repealed the Affordable Clean Energy rule. The final Section 111(d) rule requires states to implement plans to reduce carbon dioxide emissions through various Best System of Emission Reduction measures at affected sources, including retirement, enforceable limits on operational capacity, co-firing with low-GHG fuels, or carbon capture and storage technology.

In March 2024, Standard & Poor's Ratings Services changed Alliant Energy's and IPL's outlooks from stable to negative. These outlook changes are not expected to have a material impact on Alliant Energy's and IPL's liquidity or collateral obligations.

In May 2024, the Major Economic Growth Attraction program was enacted in Iowa, which offers various tax incentives for up to two qualified businesses for certain large-scale projects with capital investments greater than $1 billion constructed on certified sites greater than 250 acres in Iowa. The most significant provision of this program for Alliant Energy encourages economic development in IPL's service territory.

In May 2024, legislation was enacted in Iowa related to the advance rate-making principles for certain investments in Iowa. The most signification provisions of this legislation for Alliant Energy would allow IPL to include electric storage and nuclear-fired generation projects in the advance rate-making principles request process prior to making these investments in Iowa, and require IPL to obtain a certificate of public convenience, use and necessity (GCU Certificate) from the IUB in order to construct electric storage projects.

Alliant Energy has various development-ready sites throughout Iowa, including the 1,300-acre Big Cedar Industrial Center Mega-site in Cedar Rapids, Iowa, and the 465-acre Prairie View Industrial Center Super Park in Ames, Iowa.

Lower generation and energy delivery expenses for the three months ended March 31, 2024 compared to the same period in 2023 (in millions): Alliant Energy $8, IPL $1, WPL $7

Lower energy efficiency expense at IPL (mostly offset by higher revenues) for the three months ended March 31, 2024 compared to the same period in 2023 (in millions): Alliant Energy $7, IPL $7

Electric production fuel costs decreased primarily due to lower natural gas prices in the first quarter of 2024 compared to the same period in 2023 and lower natural gas volumes due to lower dispatch of IPL's natural gas-fired EGUs in 2024, partially offset by higher coal volumes due to higher dispatch of WPL's coal-fired EGUs in 2024.

WPL received orders from the PSCW authorizing WPL to construct improvements at the natural gas-fired Neenah Energy Facility and Sheboygan Falls Energy Facility, which would increase the capacity and efficiency of the EGUs. This highlights a strategy to improve the efficiency of existing assets.

Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction projects, including WPL's expansion of battery storage.

In March 2024, AEF entered into a $300 million variable rate (6% as of March 31, 2024) term loan credit agreement (with Alliant Energy as guarantor), which expires in March 2025. This term loan credit agreement amends and restates the term loan credit agreement that expired in March 2024, and retired the $300 million variable rate term loan set forth therein.

In March 2024, WPL issued $300 million of 5.375% debentures due 2034. WPL's debentures were issued as green bonds, and an amount equal to or in excess of the net proceeds will be allocated or disbursed for the development and acquisition of WPL's solar EGUs.

In March 2024, WPL issued $300 million of 5.375% debentures due 2034. WPL's debentures were issued as green bonds, and an amount equal to or in excess of the net proceeds will be allocated or disbursed for the development and acquisition of WPL's solar EGUs.

In April 2024, IPL and WPL entered into agreements to transfer a portion of the renewable tax credits generated in 2024 and 2025 from certain wind, solar and battery storage facilities to other corporate taxpayers in exchange for cash.

In April 2024, the EPA issued the final Section 111(d) rule for certain fossil-fueled EGUs and repealed the Affordable Clean Energy rule. The final Section 111(d) rule requires states to implement plans to reduce carbon dioxide emissions through various Best System of Emission Reduction measures at affected sources, including retirement, enforceable limits on operational capacity, co-firing with low-GHG fuels, or carbon capture and storage technology.

Alliant Energy's retail electric sales volumes decreased 3% for the three months ended March 31, 2024, compared to the same period in 2023, primarily due to changes in sales volumes to industrial customers due to standby service customers that can use other generation and changes in temperatures.

In May 2024, the Major Economic Growth Attraction program was enacted in Iowa, which offers various tax incentives for up to two qualified businesses for certain large-scale projects with capital investments greater than $1 billion constructed on certified sites greater than 250 acres in Iowa. The most significant provision of this program for Alliant Energy encourages economic development in IPL's service territory.

In May 2024, legislation was enacted in Iowa related to the advance rate-making principles for certain investments in Iowa. The most signification provisions of this legislation for Alliant Energy would allow IPL to include electric storage and nuclear-fired generation projects in the advance rate-making principles request process prior to making these investments in Iowa, and require IPL to obtain a certificate of public convenience, use and necessity (GCU Certificate) from the IUB in order to construct electric storage projects.