MADISON, Wis., Feb. 5 /PRNewswire-FirstCall/ -- Alliant Energy Corporation (NYSE: LNT) today announced income and earnings per share (EPS) from continuing operations for 2008 of $280 million and $2.54, respectively. A summary of Alliant Energy's 2008 results compared to 2007 results is as follows (net income in millions):
2008 2007
Earnings from continuing operations: Net Net
Income EPS Income EPS
Utility (excl. IPL's electric
transmission assets gain) (a) $241.3 $2.19 $262.4 $2.33
Non-regulated 29.3 0.27 34.7 0.31
Parent (primarily interest income
and taxes) 9.4 0.08 4.9 0.04
Total excl. IPL's electric
transmission assets gain 280.0 2.54 302.0 2.68
Gain on sale of IPL's
electric transmission assets (a) -- -- 122.7 1.09
Total earnings from continuing
operations 280.0 2.54 424.7 3.77
Income from discontinued operations 8.0 0.07 0.6 0.01
Net income $288.0 $2.61 $425.3 $3.78
(a) Total income from continuing operations for the utility business in
2008 and 2007 was $241.3 million and $385.1 million, or $2.19 and
$3.42 per share, respectively.
Excluding the 2007 gain on Interstate Power and Light Company's (IPL's) electric transmission assets, utility EPS decreased 6 percent in 2008. The largest driver of decreased 2008 utility results was the historic flooding in June that resulted in significant disruptions to operations in Cedar Rapids, Iowa, which is Alliant Energy's largest load center and home to two of its generating stations. The total incremental impact of lost sales, clean up and restoration costs, and facility impairments reduced earnings by approximately $0.23 per share, net of insurance proceeds. Other negative earnings factors in 2008 included the previously expected impacts of the sale of IPL's electric transmission assets and lower sales resulting from unfavorable economic conditions. These items were partially offset by a number of items, including lower purchased power capacity costs, a lower effective income tax rate, and increased allowance for funds used during construction on capital deployed to wind generation projects.
Reduced earnings from Alliant Energy's non-regulated businesses were the result of a reversal of capital loss deferred tax asset valuation allowances in 2007 and lower earnings from a short-term purchased power agreement associated with the Neenah Energy Facility (NEF). NEF is expected to be sold from the non-regulated business to Wisconsin Power and Light Company (WPL) in June 2009. These items were partially offset by increased earnings at RMT as a result of their engineering and construction activities on wind farm projects across the United States.
Higher earnings at Alliant Energy's parent company reflect increased interest income on the cash and short-term investments resulting from the proceeds from the sale of IPL's electric transmission assets.
Additional details of 2008 full year and fourth quarter earnings from continuing operations are available in the financial and operating statistical table section at the end of this release.
"2008 presented a host of challenges to our company including historic flooding and an economy in a recession," said Bill Harvey, Alliant Energy Chairman, President, and CEO. "Despite these obstacles our employees remained committed to delivering strong reliability for our customers and solid results for our shareowners. 2008 was also a pivotal year in the execution of our strategic plan. With significant progress made on our wind, energy efficiency, and environmental control projects we have placed our company on the path to a greener future."
2009 Earnings Guidance
Alliant Energy is affirming its earnings per share guidance for 2009,
originally issued on December 18, 2008, as follows:
Utility business $1.95 - $2.25
Non-regulated businesses 0.23 - 0.27
Parent company (0.04) - 0.00
Alliant Energy $2.18 - $2.48
The guidance does not include the impact of certain non-cash valuation adjustments that Alliant Energy may incur, the impact of any future adjustments made to Alliant Energy's deferred tax asset valuation allowances, or the impacts of any cumulative effects of changes in accounting principles.
Drivers for Alliant Energy's earnings estimates include, but are not limited to:
- Normal weather conditions in its utility service territory
- Ability to recover future purchased power, fuel and fuel-related costs through rates in a timely manner
- State of economy in its utility service territory and resulting implications on sales, including the impact of the current recession
- Ability of IPL and WPL to recover their operating costs and deferred expenditures, and to earn a reasonable rate of return in future rate proceedings
- Continuing cost controls and operational efficiencies
- Execution of IPL's and WPL's generation build-out and environmental expenditure plans
- Ability to utilize tax capital losses generated to-date, and those that may be generated in the future, before they expire
- RMT sales forecast and project execution as planned
Projected Capital Expenditures
Alliant Energy is affirming its anticipated capital expenditures for 2009
through 2011, originally issued on December 18, 2008, as follows (in
millions):
2009 2010 2011
Utility business:(a)
Generation - new facilities:
IPL Coal - Sutherland #4 $205 $455 $285
IPL Wind - Whispering Willow East 250 10 --
WPL Wind - Bent Tree 165 285 --
WPL Wind - Other 20 90 135
Subtotal 640 840 420
Environmental 135 240 390
Advanced metering infrastructure 55 75 25
Other utility capital expenditures 465 380 380
Total utility business 1,295 1,535 1,215
Non-regulated businesses 15 10 10
Alliant Energy $1,310 $1,545 $1,225
(a) Cost estimates represent IPL's or WPL's estimated portion of total
escalated construction and acquisition expenditures in millions of
dollars and exclude AFUDC, if applicable.
Earnings Conference Call
A conference call to review the 2008 results is scheduled for Thursday, February 5th at 9:00 a.m. central time. Alliant Energy Chairman, President and Chief Executive Officer Bill Harvey and Vice President, Chief Financial Officer and Treasurer Patricia Kampling will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 888-221-9591 (United States or Canada) or 913-312-1434 (International), passcode 8244179. Interested parties may also listen to a webcast at www.alliantenergy.com/investors. A replay of the call will be available through February 12, 2009, at 888-203-1112 (United States or Canada) or 719-457-0820 (International), passcode 8244179. An archive of the webcast will be available on the Company's Web site at www.alliantenergy.com/investors for 12 months.
Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Resources, LLC, the parent company of Alliant Energy's non-regulated operations. Alliant Energy is an energy-services provider with subsidiaries serving approximately 1 million electric and 400,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company's primary focus. Alliant Energy, headquartered in Madison, Wis., is a Fortune 1000 company traded on the New York Stock Exchange under the symbol LNT. For more information, visit the Company's Web site at www.alliantenergy.com.
This press release includes forward-looking statements. These forward-looking statements can be identified as such because the statements include words such as "expect" or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Actual results could be affected by the following factors, among others:
- federal and state regulatory or governmental actions, including the impact of energy-related and tax legislation and regulatory agency orders;
- IPL's and WPL's ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of operating costs, capital expenditures and deferred expenditures, the earning of reasonable rates of return and the payment of expected levels of dividends;
- Alliant Energy Resources, LLC's (Resources) ability to successfully defend against, and any liabilities arising out of, the alleged default by Resources under the Indenture related to the Exchangeable Senior Notes (PHONES) due 2030;
- Alliant Energy's ability to successfully defend against, and any liabilities arising out of, the purported shareowner demand made to the Board of Directors stemming from the PHONES litigation;
- Alliant Energy's ability to successfully defend against, and any liabilities arising out of, the alleged violation of the Employee Retirement Income Security Act of 1974 by the cash balance pension plan;
- current or future litigation, regulatory investigations, proceedings or inquiries;
- developments that adversely impact the ability to implement strategic plans including unanticipated issues in connection with construction of IPL's and WPL's new generating facilities and WPL's potential purchases of the Riverside Energy Center and NEF;
- issues related to the availability of generating facilities and the supply and delivery of fuel and purchased electricity and price thereof, including the ability to recover and retain purchased power, fuel and fuel-related costs through rates in a timely manner;
- the impact fuel and fuel-related prices and other economic conditions may have on IPL's and WPL's customers' demand for utility services;
- IPL's and WPL's ability to collect unpaid utility bills, in particular as a result of the current recession;
- issues associated with environmental remediation efforts and with environmental compliance generally including changing environmental laws and regulations and the ability to recover through rates all environmental compliance costs;
- potential impacts of any future laws or regulations regarding global climate change or carbon emissions reductions;
- weather effects on results of operations;
- financial impacts of hedging strategies, including the impact of weather hedges on earnings;
- unplanned outages at generating facilities and risks related to recovery of incremental costs through rates;
- impacts that storms or natural disasters in IPL's and WPL's service territories may have on IPL's and WPL's operations, including uncertainties associated with efforts to remediate the effects of the June 2008 Midwest flooding, reimbursement of storm-related costs covered by insurance, anticipated amount of operating and maintenance expenses, levels of steam margins, and insurance and regulatory recoveries, rate relief for costs associated with restoration and impacts of the flooding on the economic conditions of the affected service territories;
- economic and political conditions in IPL's and WPL's service territories;
- the growth rate of ethanol and biodiesel production in IPL's and WPL's service territories;
- Alliant Energy's ability to sustain its dividend payout ratio goal;
- any material post-closing adjustments related to any of their past asset divestitures;
- employee workforce factors, including changes in key executives, collective bargaining agreements or work stoppages;
- continued access to the capital markets under competitive terms and rates;
- access to technological developments;
- issues related to electric transmission, including operating in the Midwest Independent Transmission System Operator (MISO) energy and ancillary services markets, the impacts of potential future billing adjustments from MISO and recovery of costs incurred;
- inflation and interest rates;
- the impact of necessary accruals for the terms of incentive compensation plans;
- the effect of accounting pronouncements issued periodically by standard-setting bodies;
- the ability to continue cost controls and operational efficiencies;
- the ability to utilize tax capital losses generated to date, and those that may be generated in the future, before they expire;
- the direct or indirect effects resulting from terrorist incidents or responses to such incidents;
- the ability to successfully complete ongoing tax audits and appeals with no material impact on earnings and cash flows.
Without limitation, the expectations with respect to 2009 Earnings Guidance and Projected Capital Expenditures in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy's ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.
Note: Unless otherwise noted, all "per share" references in this release refer to earnings per diluted share.
ALLIANT ENERGY CORPORATION
FULL YEAR EARNINGS SUMMARY
A summary of Alliant Energy's 2008 and 2007 earnings is as follows
(net income in millions):
2008 2007
Earnings from continuing operations: Net Net
Income EPS Income EPS
Utility (excl. IPL's electric
transmission assets gain) (a) $241.3 $2.19 $262.4 $2.33
Non-regulated 29.3 0.27 34.7 0.31
Parent (primarily interest income
and taxes) 9.4 0.08 4.9 0.04
Total excl. IPL's electric
transmission assets gain 280.0 2.54 302.0 2.68
Gain on sale of IPL's
electric transmission assets (a) -- -- 122.7 1.09
Total earnings from continuing
operations 280.0 2.54 424.7 3.77
Income from discontinued operations 8.0 0.07 0.6 0.01
Net income $288.0 $2.61 $425.3 $3.78
(a) Total income from continuing operations for the utility business in
2008 and 2007 was $241.3 million and $385.1 million, or $2.19 and
$3.42 per share, respectively.
Additional details regarding EPS from continuing operations for 2008 and
2007 are as follows:
2008 2007 Variance
Utility operations (excl. IPL's electric
transmission assets gain):
Electric margins:
Lower purchased power capacity
costs at WPL $0.11
Midwest flooding impacts at IPL
(electric service disruption and
leasing costs for standby generating
units) (0.08) -- (0.08)
Retail fuel-related impacts at WPL 0.02 0.08 (0.06)
Net impact of weather and weather hedges (0.03) 0.02 (0.05)
Unbilled revenue estimate adjustments in Q2 0.02 (0.03) 0.05
Other (primarily lower industrial sales
at WPL) (0.01)
Gas margins:
Net impact of weather and weather hedges 0.04 (0.02) 0.06
Other (primarily decrease in weather-
normalized sales) (0.05)
Other revenues:
Higher steam revenues at IPL
(offset by increased fuel costs) 0.10
Other (primarily higher third-party
commodity sales) 0.06
Operating expenses:
Net impact from IPL's 2007 electric
transmission assets sale (0.21)
Midwest flooding costs in 2008 at IPL,
net of estimated insurance recoveries (0.15) -- (0.15)
Higher steam production fuel costs at IPL
(offset by higher steam revenues) (0.11)
Incentive-related compensation costs (0.04) (0.14) 0.10
Pension and other postretirement benefit
costs (0.06) (0.14) 0.08
Higher electric transmission service
expenses at WPL (0.06)
Other (incl. higher planned generation
outage costs at IPL, higher health care
costs, higher bad debt expenses, and
higher third-party commodity sales costs) (0.11)
Allowance for funds used during construction
(primarily due to wind projects) 0.09
Interest expense (primarily due to new debt
issuances in Q4 2008) (0.05)
Changes in effective income tax rate:
Income tax audit settlements and
known adjustments for future audits 0.11 0.04 0.07
Other 0.03
Accretive effect of fewer shares outstanding 0.04
Other (primarily higher earnings from American
Transmission Co. LLC investment) 0.01
Total utility operations (excl. IPL's electric
transmission assets gain) 2.19 2.33 (0.14)
Non-regulated operations:
Reversal of capital loss deferred tax asset
valuation allowances -- 0.06 (0.06)
RMT (including WindConnect(R)) 0.12 0.08 0.04
Non-regulated Generation 0.09 0.12 (0.03)
Transportation 0.07 0.07 --
Other (primarily interest and taxes) (0.01) (0.02) 0.01
Total non-regulated operations 0.27 0.31 (0.04)
Parent company (primarily interest income
and taxes) 0.08 0.04 0.04
Total excl. IPL's electric transmission
assets gain 2.54 2.68 (0.14)
Gain on sale of IPL's electric
transmission assets -- 1.09 (1.09)
Earnings per share from continuing operations $2.54 $3.77 ($1.23)
ALLIANT ENERGY CORPORATION
FOURTH QUARTER EARNINGS SUMMARY
A summary of Alliant Energy's fourth quarter earnings is as follows
(net income in millions):
2008 2007
Earnings (loss) from continuing Net Net
operations: Income EPS Income EPS
Utility (excl. IPL's
electric transmission assets
gain) (a) $48.3 $0.44 $58.8 $0.54
Non-regulated 1.2 0.01 16.9 0.15
Parent (interest income and taxes) 1.5 0.01 (0.1) --
Total excl. IPL's electric
transmission assets gain 51.0 0.46 75.6 0.69
Gain on sale of IPL's
electric transmission assets (a) -- -- 122.7 1.11
Total earnings from continuing
operations 51.0 0.46 198.3 1.80
Loss from discontinued operations (0.4) -- (5.1) (0.05)
Net income $50.6 $0.46 $193.2 $1.75
(a) Total income from continuing operations for the utility business in
the fourth quarter of 2008 and 2007 was $48.3 million and $181.5
million, or $0.44 and $1.65 per share, respectively.
Additional details regarding Alliant Energy's fourth quarter EPS from
continuing operations for 2008 and 2007 are as follows:
2008 2007 Variance
Utility operations (excl. IPL's
electric transmission assets
gain):
Electric margins $0.04
Gas margins (0.01)
Other revenues:
Higher steam revenues at IPL
(offset by increased fuel costs) 0.04
Other (primarily higher
third-party commodity sales) 0.04
Operating expenses:
Midwest flooding costs in 2008 at
IPL, net of estimated insurance
recoveries (0.05) -- (0.05)
Net impact from IPL's 2007
electric transmission assets
sale (0.05)
Higher steam production fuel
costs at IPL (offset by higher
steam revenues) (0.04)
Other (including higher planned
generation outage costs at IPL,
higher health care costs, higher bad
debt expenses, and higher
third-party commodity sales costs) (0.10)
Allowance for funds used during
construction (primarily due to
wind projects) 0.04
Interest expense (primarily due
to new debt issuances in Q4
2008) (0.03)
Changes in effective income tax
rate 0.03
Other (0.01)
Total utility operations (excl.
IPL's electric transmission
assets gain) 0.44 0.54 (0.10)
Non-regulated operations:
Reversal of capital loss deferred
tax asset valuation allowances -- 0.06 (0.06)
RMT (including
WindConnect((R))) -- 0.03 (0.03)
Non-regulated Generation 0.01 0.02 (0.01)
Transportation 0.02 0.02 --
Other (primarily interest and
taxes) (0.02) 0.02 (0.04)
Total non-regulated operations 0.01 0.15 (0.14)
Parent company (primarily
interest income and taxes) 0.01 -- 0.01
Total excl. IPL's electric
transmission assets gain 0.46 0.69 (0.23)
Gain on sale of IPL's electric
transmission assets -- 1.11 (1.11)
Earnings per share from
continuing operations $0.46 $1.80 ($1.34)
ALLIANT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Quarter Ended December 31, Year Ended December 31,
2008 2007 2008 2007
(dollars in millions, except per share amounts)
Operating revenues:
Utility:
Electric $552.9 $558.3 $2,411.3 $2,410.8
Gas 207.3 191.6 710.4 630.2
Other 37.8 22.1 102.1 71.7
Non-regulated 84.0 99.4 457.9 324.9
882.0 871.4 3,681.7 3,437.6
Operating expenses:
Utility:
Electric production
fuel and purchased
power 252.5 266.1 1,128.8 1,121.7
Electric
transmission
service 42.9 24.3 182.2 92.8
Cost of gas sold 153.8 136.6 519.6 441.1
Other operation and
maintenance 177.8 143.4 620.4 595.4
Non-regulated
operation and
maintenance 78.6 85.6 397.4 270.9
Depreciation and
amortization 60.7 65.4 241.9 262.7
Taxes other than
income taxes 24.7 27.1 102.8 108.7
791.0 748.5 3,193.1 2,893.3
Gain on sale of
IPL's electric
transmission assets -- 218.8 -- 218.8
Operating income 91.0 341.7 488.6 763.1
Interest expense and
other:
Interest expense 35.8 30.4 125.8 116.7
Equity income from
unconsolidated
investments, net (8.9) (7.6) (33.2) (29.3)
Allowance for funds
used during
construction (8.9) (2.3) (24.7) (7.8)
Preferred dividend
requirements of
subsidiaries 4.7 4.7 18.7 18.7
Interest income and
other (4.1) (2.7) (18.2) (15.7)
18.6 22.5 68.4 82.6
Income from cont.
operations before
income taxes 72.4 319.2 420.2 680.5
Income taxes 21.4 120.9 140.2 255.8
Income from
continuing
operations 51.0 198.3 280.0 424.7
Income (loss) from
discont.
operations, net of
tax (0.4) (5.1) 8.0 0.6
Net income $50.6 $193.2 $288.0 $425.3
Weighted average
number of common
shares
outstanding (basic)
(000s) 110,184 110,058 110,170 112,284
Earnings per
weighted average
common share
(basic):
Income from
continuing
operations $0.46 $1.81 $2.54 $3.78
Income (loss) from
discontinued
operations -- (0.05) 0.07 0.01
Net income $0.46 $1.76 $2.61 $3.79
Weighted average
number of common
shares
outstanding
(diluted) (000s) 110,292 110,249 110,308 112,521
Earnings per
weighted average
common share
(diluted):
Income from
continuing
operations $0.46 $1.80 $2.54 $3.77
Income (loss) from
discontinued
operations -- (0.05) 0.07 0.01
Net income $0.46 $1.75 $2.61 $3.78
Dividends declared
per common share $0.35 $0.3175 $1.40 $1.27
ALLIANT ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
ASSETS 2008 2007
(in millions)
Property, plant and equipment:
Utility:
Electric plant in service $6,018.8 $5,633.7
Gas plant in service 761.6 726.3
Other plant in service 481.0 466.8
Accumulated depreciation (accum. depr.) (2,766.2) (2,692.5)
Net plant 4,495.2 4,134.3
Construction work in progress:
Whispering Willow - East Wind Farm 189.4 --
Other 294.2 195.4
Other, less accum. depr. 22.4 4.6
Total utility 5,001.2 4,334.3
Non-regulated and other:
Non-regulated Generation, less accum. depr. 230.1 240.5
Other non-regulated investments, less accum.
depr. 70.6 66.1
Alliant Energy Corporate Services, Inc. and
other, less accum. depr. 51.6 39.0
Total non-regulated and other 352.3 345.6
5,353.5 4,679.9
Current assets:
Cash and cash equivalents 346.9 745.6
Accounts receivable:
Customer, less allowance for doubtful accounts 233.9 154.7
Unbilled utility revenues 186.2 151.6
Other, less allowance for doubtful accounts 97.8 40.6
Income tax refunds receivable 67.7 13.5
Production fuel, at weighted average cost 111.7 92.2
Materials and supplies, at weighted average
cost 55.8 45.6
Gas stored underground, at weighted average
cost 75.0 70.5
Regulatory assets 101.6 58.5
Derivative assets 18.1 34.1
Other 110.1 65.4
1,404.8 1,472.3
Investments:
Investment in American Transmission Company LLC 195.1 172.2
Other 60.9 65.7
256.0 237.9
Other assets:
Regulatory assets 933.1 491.7
Deferred charges and other 254.1 307.9
1,187.2 799.6
Total assets $8,201.5 $7,189.7
ALLIANT ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS (Continued)
December 31, December 31,
CAPITALIZATION AND LIABILITIES 2008 2007
(in millions, except per
share and share amounts)
Capitalization:
Common stock - $0.01 par value -
authorized 240,000,000 shares;
outstanding 110,449,099 and
110,359,314 shares $1.1 $1.1
Additional paid-in capital 1,494.9 1,483.4
Retained earnings 1,336.2 1,205.2
Accumulated other comprehensive
income (loss) (1.4) 0.2
Shares in deferred compensation
trust - 238,241 and 294,196
shares at a weighted average cost
of $30.79 and $29.65 per share (7.3) (8.7)
Total common equity 2,823.5 2,681.2
Cumulative preferred stock of
subsidiaries, net 243.8 243.8
Long-term debt, net (excluding
current portion) 1,748.3 1,404.5
4,815.6 4,329.5
Current liabilities:
Current maturities of long-term debt 136.4 140.1
Commercial paper 86.1 81.8
Other short-term borrowings -- 29.5
Accounts payable 425.1 346.7
Regulatory liabilities 101.9 86.5
Accrued taxes 52.5 74.7
Derivative liabilities 78.6 24.3
Other 157.6 153.4
1,038.2 937.0
Other long-term liabilities and
deferred credits:
Deferred income taxes 971.2 822.9
Regulatory liabilities 637.9 656.4
Pension and other benefit obligations 513.9 206.4
Other 222.6 233.6
2,345.6 1,919.3
Minority interest 2.1 3.9
Total capitalization and
liabilities $8,201.5 $7,189.7
ALLIANT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2008 2007
(in millions)
Cash flows from operating activities:
Net income $288.0 $425.3
Adjustments to reconcile net income to net cash
flows from operating
activities:
Depreciation and amortization 241.9 262.7
Other amortizations 44.5 47.3
Deferred tax expense and investment tax credits 73.5 99.7
Equity income from unconsolidated investments, net (33.2) (29.3)
Distributions from equity method investments 27.8 21.8
Gains on dispositions of assets, net (0.5) (236.9)
Non-cash valuation charges 12.5 2.4
Other (13.1) 1.7
Other changes in assets and liabilities:
Accounts receivable (99.6) 30.0
Sale of accounts receivable (75.0) (25.0)
Income tax refunds receivable (54.2) 3.2
Production fuel (19.5) (19.0)
Gas stored underground (4.5) (6.6)
Prepaid gas costs (16.8) (0.9)
Prepaid pension costs 65.5 (43.0)
Current deferred tax assets (25.8) 33.1
Regulatory assets (507.6) 129.3
Derivative assets 8.4 (27.9)
Accounts payable 19.8 31.5
Regulatory liabilities (11.1) 8.7
Accrued taxes (22.0) 10.0
Derivative liabilities 77.2 (66.5)
Deferred income taxes 74.6 (41.6)
Pension and other benefit obligations 311.3 (0.9)
Other (42.6) (20.3)
Net cash flows from operating activities 319.5 588.8
Cash flows from (used) for investing activities:
Construction and acquisition expenditures:
Utility business (842.4) (516.0)
Alliant Energy Corporate Services, Inc. and
non-regulated businesses (36.6) (26.0)
Proceeds from asset sales 12.9 900.8
Purchases of emission allowances -- (23.9)
Other -- (5.9)
Net cash flows from (used for)
investing activities (866.1) 329.0
Cash flows from (used for) financing activities:
Common stock dividends (154.3) (143.2)
Repurchase of common stock (1.7) (296.8)
Proceeds from issuance of common stock 1.3 34.1
Proceeds from issuance of long-term debt 500.0 300.0
Reductions in long-term debt (154.3) (273.2)
Net change in short-term borrowings (25.2) (67.5)
Other (17.9) 8.4
Net cash flows from (used for)
financing activities 147.9 (438.2)
Net increase (decrease) in cash and cash equivalents (398.7) 479.6
Cash and cash equivalents at beginning of period 745.6 266.0
Cash and cash equivalents at end of period $346.9 $745.6
KEY FINANCIAL STATISTICS
Dec. 31, Dec. 31,
2008 2007
Common shares outstanding (000s) 110,449 110,359
Book value per share $25.56 $24.30
Quarterly common dividend rate per share $0.35 $0.3175
KEY OPERATING STATISTICS
Quarter Ended Year Ended
Dec. 31, Dec. 31,
2008 2007 2008 2007
Utility electric sales (000s of MWh)
Residential 1,848 1,793 7,664 7,753
Commercial 1,543 1,557 6,181 6,222
Industrial 3,095 3,182 12,490 12,692
Retail subtotal 6,486 6,532 26,335 26,667
Sales for resale:
Wholesale 979 897 3,813 3,547
Bulk power and other 325 887 983 2,550
Other 39 41 164 167
Total 7,829 8,357 31,295 32,931
Utility retail electric customers
(at Dec. 31)
Residential 840,644 840,122
Commercial 134,536 134,235
Industrial 2,934 2,964
Total 978,114 977,321
Utility gas sold and transported
(000s of Dth)
Residential 9,899 8,901 30,630 28,137
Commercial 7,535 6,108 22,461 19,417
Industrial 2,094 1,474 5,558 4,694
Retail subtotal 19,528 16,483 58,649 52,248
Interdepartmental 129 511 1,373 2,591
Transportation / other 14,421 15,314 59,253 58,911
Total 34,078 32,308 119,275 113,750
Utility retail gas customers
(at Dec. 31)
Residential 365,193 363,825
Commercial 45,413 45,374
Industrial 584 591
Total 411,190 409,790
Margin increases (decreases) from net impacts of weather (in millions) -
Electric margins -
Weather impacts on demand compared
to normal weather $2 $3 ($11) $9
Gains (losses) from weather
derivatives (1) (2) 5 (5)
Net weather impact $1 $1 ($6) $4
Gas margins -
Weather impacts on demand compared
to normal weather $3 $-- $12 $--
Losses from weather derivatives (2) (2) (5) (4)
Net weather impact $1 ($2) $7 ($4)
Quarter Ended Dec. 31, Year Ended Dec. 31,
2008 2007 Normal 2008 2007 Normal
Cooling degree days
(CDDs) (a)(b)
Cedar Rapids, Iowa (IPL) 7 32 12 583 846 779
Madison, Wisconsin (WPL) 4 38 7 538 781 642
Heating degree days
(HDDs) (a)(b)
Cedar Rapids, Iowa (IPL) 2,778 2,569 2,521 7,636 6,815 6,732
Madison, Wisconsin (WPL) 2,811 2,532 2,571 7,714 6,935 7,095
(a) Alliant Energy entered into weather derivatives based on CDDs and
HDDs to reduce potential volatility on its margins from the impacts
of weather during the months of June through August and November
through March, respectively.
(b) CDDs and HDDs are calculated using a simple average of the high
and low temperatures each day compared to a 65 degree base. Normal
degree days are estimated using a 20-year rolling average of
historical CDDs and HDDs.
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