Alliant Energy Corp. Q4 FY2024 earnings call

Key Points

• Lisa Barton highlighted 2024 was a year of solid financial and operational performance with 5%-7% ongoing EPS growth target, 21st straight dividend increase, and commissioning 1.5 GW of solar and maintaining 1.8 GW wind fleet.
• Approved electric rate review in Iowa stabilizes rates and supports economic development; secured 1.9 GW data center load at Big Cedar, Iowa, and has an agreement in principle for a data center in Beaver Dam, Wisconsin.
• Robert Durian noted 2024 ongoing earnings of $3.04 per share vs $2.82 in 2023, 35% increase in cash flows from operations, $300M increase, 2025 earnings guidance $3.15-$3.25, secured $3B loan guarantees from DOE, and regulatory initiatives in Wisconsin and Iowa.

No specific breakdown of product segments by revenue contribution provided in the transcript.

Forward-Looking Statements

• Affirmed 2025 earnings guidance range of $3.15 to $3.25 per share.
• Plan to update 2025-2028 financing plans in conjunction with next capital expenditure update.
• Secured $3B conditional commitments for loan guarantees from the U.S. Department of Energy's loan programs office.

Risks

• Forward-looking statements subject to risks discussed in Alliant Energy's news release and SEC filings.
• Temperature impacts on electric and gas margins may affect earnings.
• Uncertainties around timing of data center load ramp and regulatory approvals for various projects.

Q: About CapEx update, data center in Wisconsin, and Iowa phase two A: Lisa Barton discussed that Q1 will have a better line of sight on CapEx, with 1.9 GW data center load including Big Cedar and Wisconsin facilities, and abiding by customer wishes regarding naming of data center partners.

Q: Financing incremental CapEx, FFO to debt A: Robert Durian stated the balance sheet is strong, cash flows improved, with approximately 45%-50% of new capital additions expected to be financed through equity and the remainder through debt issuances, and FFO to debt trends are positive due to improved cash flows.

Q: Renewables tax credits, data set opportunity A: Robert and Lisa discussed the team's success in safe harboring tax credits for renewables and storage, and that Q1 will provide more information on data center opportunities including the upside potential.

Q: Big Cedar booking, Wisconsin vs Iowa regulatory structure A: Lisa confirmed Big Cedar is fully booked, and Wisconsin has a different regulatory construct than Iowa, with Wisconsin having a forward-looking construct every two years vs Iowa's every four years.

Q: Iowa legislation, additional generation A: Robert Durian discussed the expanded advanced rate making in Iowa due to new legislation, allowing flexibility with various resources, and the all-of-the-above approach to generation including gas and renewables