Exhibit 99.1
alliantenergylogo.jpg
Alliant Energy Corporation
Corporate Headquarters
4902 North Biltmore Lane
Madison, WI 53718-2148
www.alliantenergy.com
News Release
FOR IMMEDIATE RELEASE
 
Media Contact:
 
Scott Reigstad (608) 458-3145
 
 
Investor Relations:
 
Susan Gille (608) 458-3956

ALLIANT ENERGY ANNOUNCES SECOND QUARTER 2020 RESULTS

MADISON, Wis. - August 6, 2020 - Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) consolidated unaudited earnings per share (EPS) for the three months ended June 30 as follows:
 
2020
 
2019
Utilities and Corporate Services

$0.48

 

$0.38

American Transmission Company (ATC) Holdings
0.04

 
0.03

Non-utility and Parent
0.02

 
(0.01
)
Alliant Energy Consolidated

$0.54

 

$0.40


“Our purpose-driven strategy has once again delivered solid results. We recently released our new Corporate Responsibility Report highlighting dozens of stories of how we are living our values as we deliver on our environmental goals and serving the social needs of the communities we call home, which have been even more important during the first half of this year,” said John Larsen, Alliant Energy Chairman, President and CEO. “With continued focus on cost management to offset COVID-19 impacts on sales, we are affirming our 2020 earnings guidance range.”

Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.48 per share of GAAP EPS in the second quarter of 2020, which was $0.10 per share higher than the second quarter of 2019. The primary drivers of higher EPS were higher earnings resulting from IPL’s and WPL’s increasing rate base, as well as favorable temperature impacts on electric sales for the quarter. These items were partially offset by higher depreciation expense and timing of income taxes. Alliant Energy’s temperature-normalized retail electric sales in the second quarter decreased for commercial and industrial customers, partially offset by an increase for residential customers mainly due to the COVID-19 pandemic. The resulting modest decrease in retail electric sales was primarily mitigated by cost reduction measures.

Non-utility and Parent - Alliant Energy’s Non-utility and Parent operations generated $0.02 per share of GAAP EPS in the second quarter of 2020, which was a $0.03 per share earnings increase compared to the second quarter of 2019. The higher EPS was primarily driven by the timing of income taxes.

Details regarding GAAP EPS variances between the second quarters of 2020 and 2019 for Alliant Energy are as follows:
 
Variance
Higher revenue requirements primarily due to increasing rate base

$0.17

Estimated temperature impact on retail electric and gas sales
0.04

Higher depreciation expense
(0.03
)
Timing of income taxes
(0.01
)
Other
(0.03
)
Total

$0.14


Higher revenue requirements primarily due to increasing rate base - In March 2019, Interstate Power and Light Company (IPL) filed a request with the Iowa Utilities Board (IUB) to increase annual rates for its Iowa retail electric and gas customers, based on a 2020 forward-looking test period. An interim retail electric rate increase was implemented effective April 2019. The IUB approved a settlement agreement to increase retail gas rates, which was implemented on January 10, 2020. The IUB approved a settlement agreement to increase retail electric rates, which was implemented on February 26, 2020. IPL recognized $0.12 per share increase in the second quarter of 2020 due to the higher revenue requirements from increasing rate base. Increasing rate base at IPL is primarily attributed to its new wind generation projects. These investments have increased depreciation expense and reduced fuel costs.


1

The following information was filed by Alliant Energy Corp (LNT) on Friday, August 7, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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