Alliant Energy Corp. (LNT, Financial) filed Annual Report for the period ended 2011-12-31.
Alliant Engy Cp has a market cap of $4.8 billion; its shares were traded at around $43.25 with a P/E ratio of 15.7 and P/S ratio of 1.3. The dividend yield of Alliant Engy Cp stocks is 4.2%. Alliant Engy Cp had an annual average earning growth of 3.9% over the past 10 years.
2011 vs. 2010 Summary - Electric margins increased $39 million, or 2%, 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 $71 million in 2011. Other increases to electric margins included $21 million of lower purchased electric capacity expenses at WPL related to the Kewaunee PPA, higher revenues at IPL related to changes in recovery mechanisms for transmission costs due to the implementation of the transmission rider in 2011, an estimated $4 million increase in electric margins from changes in sales caused by weather conditions in Alliant Energys service territories and a 3% increase in industrial sales volumes. Estimated increases to Alliant Energys electric margins from the impacts of weather in 2011 and 2010 were $29 million and $25 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 IPLs electric revenues by $61 million in 2011, the impact of a wholesale formula rate change, which increased WPLs electric revenues by $4 million in 2010, $4 million of lower energy conservation revenues at IPL, $3 million of higher purchased power electric capacity expenses at IPL related to the DAEC PPA, $2 million of SO2 emission allowance charges allocated to IPLs electric business in 2011 and a decrease in weather-normalized residential sales volumes. The reduction in revenues from IPLs tax benefit rider has a
2010 vs. 2009 Summary - Electric margins increased $272 million, or 21% in 2010, primarily due to the impact of base retail rate increases (excluding fuel cost recoveries) at IPL and WPL, which increased electric revenues by $213 million in 2010, an estimated $64 million increase in electric margins from changes in the net impacts of weather conditions and Alliant Energys weather hedging activities, $12 million of higher energy conservation revenues at IPL, $7 million of lower purchased electric capacity expenses at WPL related to the RockGen Energy Center (RockGen) PPA, which terminated in May 2009, and increased rates charged to WPLs wholesale customers including the impact of a wholesale formula rate change, which increased electric revenues at WPL by $4 million in 2010. Estimated increases (decreases) to Alliant Energys electric margins from the impacts of weather in 2010 and 2009 were $25 million and ($39) million (including $3 million of losses from weather derivatives in 2009), respectively. These items were partially offset by an $11 million reduction in electric margins from changes in the recovery of electric production fuel and energy purchase expenses at WPL, reduced sales to two of IPLs larger industrial customers who transitioned to their own cogeneration facilities in 2009, a $4 million regulatory-related credit recorded by IPL in 2009 related to the IUBs approval to recover electric capacity expenses incurred in 2008 related to the severe flooding and $3 million of higher purchased electric capacity expenses related to the DAEC PPA.
2011 vs. 2010 Summary - Electric margins decreased $24 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 IPLs electric revenues by $61 million in 2011. Other decreases to electric margins included $4 million of lower energy conservation revenues, $3 million of higher purchased power electric capacity expenses at IPL related to the DAEC PPA, $2 million of SO2 emission allowance charges allocated to IPLs electric business in 2011 and a decrease in weather-normalized residential sales volumes. The reduction in revenues from IPLs tax benefit rider has a corresponding reduction in income taxes that resulted in no impact to IPLs net income for 2011. 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 IPLs electric revenues by $33 million in aggregate in 2011, higher revenues at IPL related to changes in recovery mechanisms for transmission costs due to the implementation of the transmission rider in 2011, an estimated $2 million increase in electric margins from changes in sales caused by weather conditions in IPLs service territory and a 2% increase in industrial sales volumes. Estimated increases to IPLs electric margins from the impacts of weather in 2011 and 2010 were $16 million and $14 million, respectively. Changes in energy conservation revenues are largely offset by changes in energy conservation expenses included in other operation and maintenance expenses.
2010 vs. 2009 Summary - Electric margins increased $162 million, or 22% in 2010, primarily due to the impact of base retail rate increases (excluding fuel cost recoveries) from the Iowa 2008 and 2009 test year base rate cases and Minnesota 2009 test year base rate case, which increased IPLs electric revenues by $119 million in aggregate in 2010, an estimated $41 million increase in electric margins from changes in the net impacts of weather conditions and IPLs weather hedging activities and $12 million of higher energy conservation revenues. Estimated increases (decreases) to IPLs electric margins from the impacts of weather in 2010 and 2009 were $14 million and ($27) million (including $2 million of losses from weather derivatives in 2009), respectively. These items were partially offset by reduced sales to two of IPLs larger industrial customers who transitioned to their own cogeneration facilities in 2009, a $4 million regulatory-related credit recorded by IPL in 2009 related to IUB approval to recover electric capacity expenses incurred in 2008 related to the severe flooding and $3 million of higher purchased electric capacity expenses related to the DAEC PPA.
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Alliant Engy Cp has a market cap of $4.8 billion; its shares were traded at around $43.25 with a P/E ratio of 15.7 and P/S ratio of 1.3. The dividend yield of Alliant Engy Cp stocks is 4.2%. Alliant Engy Cp had an annual average earning growth of 3.9% over the past 10 years.
Highlight of Business Operations:
Electric Transmission Assets Sale - In 2007, IPL completed the sale of its electric transmission assets to ITC and recognized a regulatory liability of $89 million related to the gain resulting from the sale. In 2009, the IUB issued an order authorizing IPL to use a portion of this regulatory liability to reduce Iowa retail electric customers rates by $12 million for the period from July 2009 through February 2010 with billing credits included in the monthly fuel cost portion of the customer bills. In January 2010, the IUB issued an order authorizing IPL to use up to $46 million of this regulatory liability to offset electric transmission costs expected to be billed to IPL by ITC in 2010 related to ITCs 2008 transmission revenue adjustment. IPL utilized $41 million of regulatory liabilities to offset the Iowa retail portion of costs incurred in 2010 related to ITCs 2008 transmission revenue adjustment. In January 2011, the IUB issued an order authorizing IPL to use up to $20 million of this regulatory liability to offset ITCs 2009 transmission revenue adjustment expected to be billed to IPL in 2011. IPL utilized $19 million of regulatory liabilities to offset the Iowa retail portion of costs incurred in 2011 related to ITCs 2009 transmission revenue adjustment. The IUB also authorized IPL in its January 2011 order to utilize $3 million of this regulatory liability to reduce IPLs Iowa retail electric rate base associated with the Whispering Willow - East wind project. The outstanding balance of this regulatory liability accrues interest at the monthly average U.S. Treasury rate for three-year maturities and has accrued cumulative interest of $5 million through Dec. 31, 2011. Refer to IPLs Minnesota Retail Electric Rate Case (2009 Test Year) above for discussion of an order issued by the MPUC in 2011 requiring a $5 million increase to the regulatory liabilities owed to Minnesota retail electric customers from the gain on IPLs sale of its electric transmission assets to ITC in 2007. Refer to Note 1(b) of the Combined Notes to Consolidated Financial Statements for discussion of an order issued by the MPUC in 2010 authorizing IPL to use a portion of this regulatory liability to refund $2 million annually to IPLs retail electric customers in Minnesota beginning in July 2010 to coincide with the effective date of the interim rate increase for Minnesota retail customers.2011 vs. 2010 Summary - Electric margins increased $39 million, or 2%, 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 $71 million in 2011. Other increases to electric margins included $21 million of lower purchased electric capacity expenses at WPL related to the Kewaunee PPA, higher revenues at IPL related to changes in recovery mechanisms for transmission costs due to the implementation of the transmission rider in 2011, an estimated $4 million increase in electric margins from changes in sales caused by weather conditions in Alliant Energys service territories and a 3% increase in industrial sales volumes. Estimated increases to Alliant Energys electric margins from the impacts of weather in 2011 and 2010 were $29 million and $25 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 IPLs electric revenues by $61 million in 2011, the impact of a wholesale formula rate change, which increased WPLs electric revenues by $4 million in 2010, $4 million of lower energy conservation revenues at IPL, $3 million of higher purchased power electric capacity expenses at IPL related to the DAEC PPA, $2 million of SO2 emission allowance charges allocated to IPLs electric business in 2011 and a decrease in weather-normalized residential sales volumes. The reduction in revenues from IPLs tax benefit rider has a
2010 vs. 2009 Summary - Electric margins increased $272 million, or 21% in 2010, primarily due to the impact of base retail rate increases (excluding fuel cost recoveries) at IPL and WPL, which increased electric revenues by $213 million in 2010, an estimated $64 million increase in electric margins from changes in the net impacts of weather conditions and Alliant Energys weather hedging activities, $12 million of higher energy conservation revenues at IPL, $7 million of lower purchased electric capacity expenses at WPL related to the RockGen Energy Center (RockGen) PPA, which terminated in May 2009, and increased rates charged to WPLs wholesale customers including the impact of a wholesale formula rate change, which increased electric revenues at WPL by $4 million in 2010. Estimated increases (decreases) to Alliant Energys electric margins from the impacts of weather in 2010 and 2009 were $25 million and ($39) million (including $3 million of losses from weather derivatives in 2009), respectively. These items were partially offset by an $11 million reduction in electric margins from changes in the recovery of electric production fuel and energy purchase expenses at WPL, reduced sales to two of IPLs larger industrial customers who transitioned to their own cogeneration facilities in 2009, a $4 million regulatory-related credit recorded by IPL in 2009 related to the IUBs approval to recover electric capacity expenses incurred in 2008 related to the severe flooding and $3 million of higher purchased electric capacity expenses related to the DAEC PPA.
2011 vs. 2010 Summary - Electric margins decreased $24 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 IPLs electric revenues by $61 million in 2011. Other decreases to electric margins included $4 million of lower energy conservation revenues, $3 million of higher purchased power electric capacity expenses at IPL related to the DAEC PPA, $2 million of SO2 emission allowance charges allocated to IPLs electric business in 2011 and a decrease in weather-normalized residential sales volumes. The reduction in revenues from IPLs tax benefit rider has a corresponding reduction in income taxes that resulted in no impact to IPLs net income for 2011. 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 IPLs electric revenues by $33 million in aggregate in 2011, higher revenues at IPL related to changes in recovery mechanisms for transmission costs due to the implementation of the transmission rider in 2011, an estimated $2 million increase in electric margins from changes in sales caused by weather conditions in IPLs service territory and a 2% increase in industrial sales volumes. Estimated increases to IPLs electric margins from the impacts of weather in 2011 and 2010 were $16 million and $14 million, respectively. Changes in energy conservation revenues are largely offset by changes in energy conservation expenses included in other operation and maintenance expenses.
2010 vs. 2009 Summary - Electric margins increased $162 million, or 22% in 2010, primarily due to the impact of base retail rate increases (excluding fuel cost recoveries) from the Iowa 2008 and 2009 test year base rate cases and Minnesota 2009 test year base rate case, which increased IPLs electric revenues by $119 million in aggregate in 2010, an estimated $41 million increase in electric margins from changes in the net impacts of weather conditions and IPLs weather hedging activities and $12 million of higher energy conservation revenues. Estimated increases (decreases) to IPLs electric margins from the impacts of weather in 2010 and 2009 were $14 million and ($27) million (including $2 million of losses from weather derivatives in 2009), respectively. These items were partially offset by reduced sales to two of IPLs larger industrial customers who transitioned to their own cogeneration facilities in 2009, a $4 million regulatory-related credit recorded by IPL in 2009 related to IUB approval to recover electric capacity expenses incurred in 2008 related to the severe flooding and $3 million of higher purchased electric capacity expenses related to the DAEC PPA.
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