Alliant Energy Corporation (NASDAQ:LNT) Q3 2023 Earnings Call Transcript

Dariusz Lozny: Okay, excellent. Thank you. Appreciate that. And then just looking ahead to 2024 and the guidance and the drivers that you provided, certainly appreciate that the WPL process is still ongoing. In the event that you did receive an improved equity layer there, could you see any upside too or perhaps tracking to the upper end of the range that you provided for 2024?

John Larsen: Yes. Dariusz, John here. You know, I’d say there’s really four factors for our guidance with, you know, sales, great execution of capital, and you mentioned constructive decisions from regulatory filings and cost management. I would say right now we feel very comfortable with the guidance range that we’ve put out there. And as we get into ’24, we would certainly update that if we’re tracking a different part of that range. But think of it as pretty solid for our range in ’24.

Dariusz Lozny: Okay, excellent. Thank you. If I could sneak in one more obviously. Certainly, appreciate the ITL rate case is recently filed, but you’ve had some fairly constructive processes and outcomes, especially with the advanced rate-making this year. Curious if you can make any comments on efforts towards or prospects for settling that rate case.

Lisa Barton: Yes, Dariusz, it’s Lisa here, and I’ll handle that question. So, you know, as you know, we always have a very transparent process with respect to our rate reviews. Our Clean Energy blueprint provides a high level of transparency. We had a balanced ask with a two-step request, both in the single digits. Obviously, we’ve had a strong track record of settlements in Iowa, and we continue to think that that’s going to be possible in the future. But as always, we’re going to assess the pros and cons of settlement along the way.

Dariusz Lozny: Okay, excellent. Thank you very much for the responses. I’ll pass it along and we’ll see you guys at EEI in about a week.

John Larsen: That was great. Thanks, Dariusz.

Operator: Your next question comes from Ross Fowler with UBS. Please go ahead.

Ross Fowler: Good morning, John. Good morning, Lisa. Hey, congratulations on the appointments.

Lisa Barton: Thank you.

John Larsen: Thanks, Ross.

Ross Fowler: So — and I apologize if I’m bouncing between, sort of three calls this morning, so this has already been asked and answered. I do apologize, but I was just kind of looking through your CapEx refresh, and Lisa, I think I heard you say that the lower sort of renewables CapEx here is really being driven by this shift to gas projects to be responsive to MYSO and not driven by sort of some of the consternation we’ve seen over the last 18 months around renewable investments, right? You’re still supply chain is okay. Like, it’s none of that. It’s more being responsive and adding this gas project into the plan?

Lisa Barton: Yes, Ross. Ross, you’re correct. I mean, we’re constantly reviewing our resource plans, taking into account changing conditions such as the MYSO capacity construct. Again, it’s always that very transparent process that we use. And, you know, we’ll be talking with regulators and stakeholders here in the earlier parts of ’24.

Ross Fowler: Okay. And then given that renewable spending is a little bit lower in the plant, Robert, I think I heard you say that. Despite that, you still expect pretty good tax transferability — tax credit transferability generation here that the only equity we need is around if you get a higher equity ratio at the regulated utilities from your regulated rate cases that are currently underway.