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Alliant Energy Corp. (LNT) filed Quarterly Report for the period ended 2011-09-30.
Alliant Energy Corp. has a market cap of $4.49 billion; its shares were traded at around $40.46 with a P/E ratio of 13.6 and P/S ratio of 1.3. The dividend yield of Alliant Energy Corp. stocks is 4.2%. Alliant Energy Corp. had an annual average earning growth of 4.2% over the past 10 years.
This is the annual revenues and earnings per share of LNT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of LNT.
Highlight of Business Operations:
IPL’s Minnesota Retail Electric Rate Case (2009 Test Year)—In May 2010, IPL filed a request with the MPUC to increase annual rates for its Minnesota retail electric customers by $15 million, or approximately 22%. The request was based on a 2009 historical test year as adjusted for certain known and measurable items at the time of the filing. The key drivers for the filing included recovery of investments in the Whispering Willow—East wind project and emission control projects at Lansing Unit 4, and recovery of increased electric transmission service costs. In conjunction with the filing, IPL implemented an interim retail rate increase of $14 million, on an annual basis, effective July 6, 2010. During the nine months ended Sep. 30, 2011 and 2010, Alliant Energy and IPL recorded $9 million and $4 million, respectively, in electric revenues from IPL’s Minnesota retail electric customers related to the interim retail electric rate increase and the reserve for rate refund discussed below. In August 2011, IPL received an order from the MPUC authorizing a final annual retail electric rate increase equivalent to $11 million. The final annual retail electric rate increase of $11 million includes $8 million of higher base rates, $2 million from the renewable energy rider and $1 million from the utilization of regulatory liabilities to offset higher electric transmission service costs. As of Sep. 30, 2011, Alliant Energy and IPL reserved $3 million, including interest, for refunds anticipated to be paid to IPL’s Minnesota retail electric customers in 2012 in accordance with the MPUC’s August 2011 order. Refer to Note 1(b) for discussion of changes to regulatory assets and regulatory liabilities during the nine months ended Sep. 30, 2011 based on the MPUC’s decisions to provide IPL’s retail electric customers in Minnesota additional refunds from the gain on the sale of electric transmission assets in 2007 and to provide IPL recovery of $2 million of previously incurred costs for Sutherland #4. Refer to Note 1(c) for discussion of an impairment recognized during the nine months ended Sep. 30, 2011 based on the MPUC’s decision regarding the recovery of Whispering Willow—East wind project costs.Electric margins decreased $16 million, or 3%, primarily due to credits on Iowa retail electric customers’ bills in 2011 resulting from the implementation of the tax benefit rider, which decreased IPL’s electric revenues by $20 million in the third quarter of 2011. Other decreases to electric margins included a $5 million decrease from changes in the recovery of electric production fuel and energy purchases expenses at WPL, $2 million of lower energy conservation revenues at IPL, $2 million of SO2 emission allowance charges allocated to IPL’s electric business in the third quarter of 2011 and a decrease in weather-normalized residential sales volumes at both IPL and WPL. IPL’s tax benefit rider is expected to result in reductions in electric revenues that are offset by reductions in income tax expenses for the year ended Dec. 31, 2011. These items were partially offset by the impact of base retail rate increases (excluding fuel cost recoveries) at WPL, which increased electric revenues by $10 million in the third quarter of 2011, an estimated $7 million increase in electric margins from changes in sales caused by weather conditions in Alliant Energy’s service territories, $6 million of lower purchased electric capacity expenses at WPL related to the Kewaunee PPA and higher revenues at IPL related to changes in recovery mechanisms for transmission costs due to the implementation of the transmission rider in 2011. Estimated increases to Alliant Energy’s electric margins from the impacts of weather during the third quarter of 2011 and 2010 were $29 million and $22 million, respectively.
Electric margins increased $33 million, or 3%, primarily due to the impact of base retail rate increases (excluding fuel cost recoveries and transmission rider) at IPL and WPL, which increased electric revenues by $56 million during the nine-month period in 2011. Other increases to electric margins included $16 million of lower purchased electric capacity expenses at WPL related to the Kewaunee PPA, an estimated $9 million increase in electric margins from changes in sales caused by weather conditions in Alliant Energy’s service territories and higher revenues at IPL related to changes in recovery mechanisms for transmission costs due to the implementation of the transmission rider in 2011. Estimated increases to Alliant Energy’s electric margins from the impacts of weather during the nine-month periods in 2011 and 2010 were $35 million and $26 million, respectively. These items were partially offset by credits on Iowa retail electric customers’ bills in 2011 resulting from the implementation of the tax benefit rider, which decreased IPL’s electric revenues by $44 million during the nine-month period in 2011, the impact of a wholesale formula rate change, which increased WPL’s electric revenues by $4 million in the first quarter of 2010, $2 million of lower energy conservation revenues at IPL, $2 million of SO2 emission allowance charges allocated to IPL’s electric business in the third quarter of 2011 and a decrease in weather-normalized residential sales volumes.
Electric margins decreased $14 million, or 2%, primarily due to credits on Iowa retail electric customers’ bills in 2011 resulting from the implementation of the tax benefit rider, which decreased IPL’s electric revenues by $44 million during the nine months ended Sep. 30, 2011. Other decreases to electric margins included $2 million of lower energy conservation revenues, $2 million of SO2 emission allowance charges allocated to IPL’s electric business in the third quarter of 2011 and a decrease in weather-normalized residential sales volumes. These items were partially offset by the impact of base retail rate increases (excluding fuel cost recoveries and transmission rider) from the Iowa and Minnesota 2009 test year base rate cases, which increased IPL’s electric revenues by $28 million in aggregate during the nine months ended Sep. 30, 2011, higher revenues at IPL related to changes in recovery mechanisms for transmission costs due to the implementation of the transmission rider in 2011 and an estimated $5 million increase in electric margins from changes in sales caused by weather conditions in IPL’s service territory. Estimated increases to IPL’s electric margins from the impacts of weather for the nine months ended Sep. 30, 2011 and 2010 were $20 million and $15 million, respectively.
Electric margins increased $14 million, or 7%, primarily due to the impact of a non-fuel retail rate increase implemented in January 2011, which increased WPL’s electric revenues by $10 million in the third quarter of 2011. Other increases in electric margins included $6 million of lower purchased electric capacity expenses related to the Kewaunee PPA and an estimated $1 million increase from changes in sales caused by weather conditions in WPL’s service territory in the third quarter of 2011. Estimated increases to WPL’s electric margins from the impacts of weather for the third quarter of 2011 and 2010 were $12 million and $11 million, respectively. These items were partially offset by a $5 million decrease from changes in the recovery of electric production fuel and energy purchases expenses and a decrease in weather-normalized residential sales volumes.
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