UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September 30, 2022~~March 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Name of Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, Commission File Number, IRS Employer Identification Number

ALLIANT ENERGY CORPORATION

(a Wisconsin Corporation)

4902 N. Biltmore Lane

Madison, Wisconsin 53718

Telephone (608) 458-3311

Commission File Number - 1-9894

IRS Employer Identification Number - 39-1380265

INTERSTATE POWER & LIGHT COMPANY

(an Iowa corporation)

Alliant Energy Tower

Cedar Rapids, Iowa 52401

Telephone (319) 786-4411

Commission File Number - 1-4117

IRS Employer Identification Number - 42-0331370

WISCONSIN POWER & LIGHT COMPANY

(a Wisconsin corporation)

4902 N. Biltmore Lane

Madison, Wisconsin 53718

Telephone (608) 458-3311

Commission File Number - 0-337

IRS Employer Identification Number - 39-0714890

This combined Form 10-Q is separately filed by Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company. Information contained in the Form 10-Q relating to Interstate Power and Light Company and Wisconsin Power and Light Company is filed by each such registrant on its own behalf. Each of Interstate Power and Light Company and Wisconsin Power and Light Company makes no representation as to information relating to registrants other than itself.

Securities registered pursuant to Section 12(b) of the Act:

Alliant Energy Corporation, Common Stock, $0.01 Par Value, Trading Symbol LNT, Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Alliant Energy Corporation - Yes ☒ No ☐

Interstate Power and Light Company - Yes ☒ No ☐

Wisconsin Power and Light Company - Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Alliant Energy Corporation - Yes ☒ No ☐

Interstate Power and Light Company - Yes ☒ No ☐

Wisconsin Power and Light Company - Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Alliant Energy Corporation - Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

Interstate Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐

Wisconsin Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Alliant Energy Corporation ☐

Interstate Power and Light Company ☐

Wisconsin Power and Light Company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Alliant Energy Corporation - Yes ☐ No ☒

Interstate Power and Light Company - Yes ☐ No ☒

Wisconsin Power and Light Company - Yes ☐ No ☒

Number of shares outstanding of each class of common stock as of ~~September 30, 2022:~~March 31, 2023:

Alliant Energy Corporation, Common Stock, $0.01 par value, ~~251,021,830~~ 251,387,788 shares outstanding

Interstate Power and Light Company, Common Stock, $2.50 par value, 13,370,788 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)

Wisconsin Power and Light Company, Common Stock, $5 par value, 13,236,601 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)

Table of Contents

TABLE OF CONTENTS


			Page
Definitions			1
Forward-looking Statements			1
Part I. Financial Information			3
Item 1. Condensed Consolidated Financial Statements (Unaudited)			3
Alliant Energy Corporation			3
Interstate Power and Light Company			6
Wisconsin Power and Light Company			9
Combined Notes to Condensed Consolidated Financial Statements			12
1. Summary of Significant Accounting Policies			12
2. Regulatory Matters			1312
3. Property, Plant and Equipment			13
4 . Receivables			13
5 . Investments			1413
6 . Common Equity			1413
7 . Debt			1715
8 . Revenues			1816
9 . Income Taxes			1816
10 . Benefit Plans			1916

1 1 . Derivative Instruments			2017
1 2 . Fair Value Measurements			2119
1 3 . Commitments and Contingencies			2420
1 4 . Segments of Business			2622
1 5 . Related Parties			2722
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			2723
Item 3. Quantitative and Qualitative Disclosures About Market Risk			3628
Item 4. Controls and Procedures			3628
Part II. Other Information			3628
Item 1. Legal Proceedings			3628
Item 1A. Risk Factors			3629
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			3629
~~Item 5. Other Information~~			36
Item 6. Exhibits			3729
Signatures			3730

Table of Contents

DEFINITIONS

The following abbreviations or acronyms used in this report are defined below:


Abbreviation or Acronym	Definition	Abbreviation or Acronym	Definition
~~2021~~2022 Form 10-K	Combined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, ~~2021~~	~~IPL~~	~~Interstate Power and Light Company~~
~~AEF~~	~~Alliant Energy Finance, LLC~~2022	IUB	Iowa Utilities Board
~~AFUDC~~AEF	~~Allowance for funds used during construction~~Alliant Energy Finance, LLC	MDA	Management’s Discussion and Analysis of Financial Condition and Results of Operations
~~Alliant Energy~~AFUDC	~~Alliant Energy Corporation~~Allowance for funds used during construction	MISO	Midcontinent Independent System Operator, Inc.
Alliant Energy	Alliant Energy Corporation	MW	Megawatt
ATC	American Transmission Company LLC	MWMWh	~~Megawatt~~Megawatt-hour
ATC Holdings	Interest in American Transmission Company LLC and ATC Holdco LLC	~~MWh~~N/A	~~Megawatt-hour~~Not applicable
Corporate Services	Alliant Energy Corporate Services, Inc.	~~N/A~~	~~Not applicable~~
~~DAEC~~	~~Duane Arnold Energy Center~~	Note(s)	Combined Notes to Condensed Consolidated Financial Statements
Dth	Dekatherm	OPEB	Other postretirement benefits
EGU	Electric generating unit	PPA	Purchased power agreement
EPA	U.S. Environmental Protection Agency	PSCW	Public Service Commission of Wisconsin
EPS	Earnings per weighted average common share	SEC	Securities and Exchange Commission
~~FERC~~Financial Statements	~~Federal Energy Regulatory Commission~~Condensed Consolidated Financial Statements	U.S.	United States of America
~~Financial Statements~~FTR	~~Condensed Consolidated~~ Financial ~~Statements~~transmission right	West Riverside	West Riverside Energy Center and Solar Facility
~~FTR~~GAAP	~~Financial transmission right~~U.S. generally accepted accounting principles	Whiting Petroleum	Whiting Petroleum Corporation
~~GAAP~~IPL	~~U.S. generally accepted accounting principles~~Interstate Power and Light Company	WPL	Wisconsin Power and Light Company

FORWARD-LOOKING STATEMENTS

Statements contained in this report that are not of historical fact are forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified as such because the statements include words such as “may,” “believe,” “expect,” “anticipate,” “plan,” “project,” “will,” “projections,” “estimate,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Some, but not all, of the risks and uncertainties of Alliant Energy, IPL and WPL that could materially affect actual results include:

•the direct or indirect effects resulting from ~~terrorist~~cyber security incidents ~~including~~or attacks on our physical ~~attacks and cyber attacks,~~infrastructure, or responses to such incidents;

•the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;

•the impact of customer- and third party-owned generation, including alternative electric suppliers, in IPL’s and WPL’s service territories on system reliability, operating expenses and customers’ demand for electricity;

•the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and margins;

•the impact that price changes may have on IPL’s and WPL’s customers’ demand for electric, gas and steam services and their ability to pay their bills;

•inflation and higher interest rates;

•changes in the price of delivered natural gas, transmission, purchased electricity and coal, particularly during elevated market prices, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and MISO’s seasonal resource adequacy process;

•IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, capacity costs, deferred expenditures, deferred tax assets, tax expense, interest expense, capital expenditures, and remaining costs related to EGUs that may be permanently closed and certain other retired assets, decreases in sales volumes, earning their authorized rates of return, and the payments to their parent of expected levels of dividends;

•the ability to obtain regulatory approval for construction projects with acceptable conditions;

•the ability to complete construction of renewable generation and storage projects by planned in-service dates and within the cost targets set by regulators due to cost increases of and access to materials, equipment and commodities including due to tariffs, duties or other assessments, such as any additional tariffs resulting from U.S. Department of Commerce investigations into and any decisions made regarding the sourcing of solar project materials and equipment from certain countries, labor issues or supply shortages, the ability to successfully resolve warranty issues or contract disputes, the ability to achieve the expected level of tax benefits based on tax guidelines and project costs, and the ability to efficiently utilize the renewable generation and storage project tax benefits for the benefit of customers;

•~~federal and state regulatory or governmental actions, including the impact of legislation, and regulatory agency orders;~~

•the ability to utilize tax credits ~~and net operating losses~~ generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing;

•disruptions to ongoing operations and the ~~impacts~~supply of ~~changes~~materials, services, equipment and commodities needed to construct solar generation, battery storage and electric and gas distribution projects, which may result from geopolitical issues, supplier manufacturing constraints, labor issues or transportation issues, and thus affect the ability to meet capacity requirements and result in increased capacity expense;

•federal and state regulatory or governmental actions, including the ~~tax code, including tax rates, minimum tax rates,~~impact of legislation, and ~~adjustments made to deferred tax assets and liabilities;~~regulatory agency orders;


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•the impacts of changes in the tax code, including tax rates, minimum tax rates, and adjustments made to deferred tax assets and liabilities;

•employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;

•disruptions in the supply and delivery of natural gas, purchased electricity and coal;

•changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters;

•impacts that terrorist attacks may have on Alliant Energy’s, IPL’s and WPL’s operations and recovery of costs associated with restoration activities or on the operations of Alliant Energy’s investments;

•any material post-closing payments related to any past asset divestitures, including the sale of Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;

•weather effects on results of utility operations;

•disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to construct solar generation, battery storage and electric and gas distribution projects, which may result from geopolitical issues, supplier manufacturing constraints, labor issues or transportation issues, as well as affect the ability to meet capacity requirements and result in increased capacity expense;

•continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;

��•changes to MISO’s resource adequacy process establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new and existing generating facilities, including IPL’s and WPL’s additional solar generation, may be accredited with energy capacity, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO’s new process, or procure capacity in the market whereby such costs might not be recovered in rates;

•the direct or indirect effects resulting from the ongoing novel coronavirus (COVID-19) pandemic and the spread of variant strains;

•issues associated with environmental remediation and environmental compliance, including compliance with all environmental and emissions permits, the Coal Combustion Residuals Rule, future changes in environmental laws and regulations, including changes to Cross-State Air Pollution Rule emissions allowances and federal, state or local regulations for carbon dioxide emissions reductions from new and existing fossil-fueled EGUs, and litigation associated with environmental requirements;

•increased pressure from customers, investors and other stakeholders to more rapidly reduce carbon dioxide emissions;

•the ability to defend against environmental claims brought by state and federal agencies, such as the EPA, state natural resources agencies or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims;

•changes to MISO’s methodology establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new generating facilities such as IPL’s and WPL’s additional solar generation may be accredited with energy capacity and may require IPL and WPL to adjust their current resource plans, the need to add resources to comply with MISO’s methodology, or procure capacity in the market whereby such costs might not be recovered in rates;

•the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration;

•issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, availability of warranty coverage for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, fuel-related and capital costs through rates;

•impacts that excessive heat, excessive cold, storms or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and construction activities, and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;

•Alliant Energy’s ability to sustain its dividend payout ratio goal;

•changes to costs of providing benefits and related funding requirements of pension and OPEB plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics;

•material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans;

•risks associated with operation and ownership of non-utility holdings;

•changes in technology that alter the channels through which customers buy or utilize Alliant Energy’s, IPL’s or WPL’s products and services;

•impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC’s authorized return on equity;

•impacts of IPL’s future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods;

•current or future litigation, regulatory investigations, proceedings or inquiries;

•reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions;

•the effect of accounting standards issued periodically by standard-setting bodies;

•the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and

•other factors listed in MDA and Risk Factors in Item 1A in the ~~2021~~2022 Form 10-K.

Alliant Energy, IPL and WPL each assume no obligation, and disclaim any duty, to update the forward-looking statements in this report, except as required by law.

Available Information. Alliant Energy routinely posts important information on its website and considers the Investors section of its website, www.alliantenergy.com/investors, a channel of distribution for material information. Information contained on Alliant Energy’s website is not incorporated herein.


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PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


		For the Three Months		For the Nine Months			For the Three Months
		Ended September 30,		Ended September 30,			Ended March 31,
		2022	2021	2022	2021		2023	2022
		(in millions, except per share amounts)					(in millions, except per share amounts)
Revenues:	Revenues:					Revenues:
Electric utility	Electric utility	$1,039	$939	$2,624	$2,357	Electric utility	$768	$773
Gas utility	Gas utility	62	50	418	289	Gas utility	276	262
Other utility	Other utility	11	13	35	36	Other utility	11	11
Non-utility	Non-utility	23	22	70	60	Non-utility	22	22
Total revenues	Total revenues	1,135	1,024	3,147	2,742	Total revenues	1,077	1,068
Operating expenses:	Operating expenses:					Operating expenses:
Electric production fuel and purchased power	Electric production fuel and purchased power	274	207	633	478	Electric production fuel and purchased power	157	168
Electric transmission service	Electric transmission service	157	148	428	403	Electric transmission service	146	138
Cost of gas sold	Cost of gas sold	26	18	242	149	Cost of gas sold	181	168
Other operation and maintenance	Other operation and maintenance	172	171	492	477	Other operation and maintenance	174	153
Depreciation and amortization	Depreciation and amortization	169	165	501	494	Depreciation and amortization	166	166
Taxes other than income taxes	Taxes other than income taxes	28	26	82	78	Taxes other than income taxes	31	27
Total operating expenses	Total operating expenses	826	735	2,378	2,079	Total operating expenses	855	820
Operating income	Operating income	309	289	769	663	Operating income	222	248
Other (income) and deductions:	Other (income) and deductions:					Other (income) and deductions:
Interest expense	Interest expense	83	68	235	206	Interest expense	94	74
Equity income from unconsolidated investments, net	Equity income from unconsolidated investments, net	(5)	(13)	(37)	(47)	Equity income from unconsolidated investments, net	(17)	(15)
Allowance for funds used during construction	Allowance for funds used during construction	(10)	(7)	(34)	(16)	Allowance for funds used during construction	(19)	(11)
Other	Other	—	3	—	7	Other	3	—
Total other (income) and deductions	Total other (income) and deductions	68	51	164	150	Total other (income) and deductions	61	48
Income before income taxes	Income before income taxes	241	238	605	513	Income before income taxes	161	200
Income tax expense (benefit)	Income tax expense (benefit)	14	(21)	26	(66)	Income tax expense (benefit)	(2)	8

Net income		227	259	579	579
Preferred dividend requirements of Interstate Power and Light Company		—	3	—	8

Net income attributable to Alliant Energy common shareowners	Net income attributable to Alliant Energy common shareowners	$227	$256	$579	$571	Net income attributable to Alliant Energy common shareowners	$163	$192
Weighted average number of common shares outstanding:	Weighted average number of common shares outstanding:					Weighted average number of common shares outstanding:
Basic	Basic	251.0	250.3	250.8	250.2	Basic	251.2	250.6
Diluted	Diluted	251.3	250.8	251.1	250.6	Diluted	251.4	250.9

Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)	Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)	$0.90	$1.02	$2.31	$2.28	Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)	$0.65	$0.77

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


		September 30, 2022	December 31, 2021		March 31, 2023	December 31, 2022
		(in millions, except per share and share amounts)			(in millions, except per share and share amounts)
ASSETS	ASSETS			ASSETS
Current assets:	Current assets:			Current assets:
Cash and cash equivalents	Cash and cash equivalents	$344	$39	Cash and cash equivalents	$157	$20
Accounts receivable, less allowance for expected credit losses	Accounts receivable, less allowance for expected credit losses	509	440	Accounts receivable, less allowance for expected credit losses	428	516

Production fuel, at weighted average cost	Production fuel, at weighted average cost	49	51	Production fuel, at weighted average cost	60	53
Gas stored underground, at weighted average cost	Gas stored underground, at weighted average cost	124	82	Gas stored underground, at weighted average cost	64	132
Materials and supplies, at weighted average cost	Materials and supplies, at weighted average cost	126	113	Materials and supplies, at weighted average cost	158	140
Regulatory assets	Regulatory assets	177	104	Regulatory assets	193	166

Other	Other	364	240	Other	132	223
Total current assets	Total current assets	1,693	1,069	Total current assets	1,192	1,250
Property, plant and equipment, net	Property, plant and equipment, net	15,858	14,987	Property, plant and equipment, net	16,396	16,247
Investments:	Investments:			Investments:
ATC Holdings	ATC Holdings	351	338	ATC Holdings	363	358
Other	Other	200	179	Other	206	201
Total investments	Total investments	551	517	Total investments	569	559
Other assets:	Other assets:			Other assets:
Regulatory assets	Regulatory assets	1,864	1,836	Regulatory assets	1,887	1,880
Deferred charges and other	Deferred charges and other	239	144	Deferred charges and other	196	227
Total other assets	Total other assets	2,103	1,980	Total other assets	2,083	2,107
Total assets	Total assets	$20,205	$18,553	Total assets	$20,240	$20,163


LIABILITIES AND EQUITY	LIABILITIES AND EQUITY			LIABILITIES AND EQUITY
Current liabilities:	Current liabilities:			Current liabilities:
Current maturities of long-term debt	Current maturities of long-term debt	$658	$633	Current maturities of long-term debt	$808	$408
Commercial paper	Commercial paper	383	515	Commercial paper	60	642
Other short-term borrowings				Other short-term borrowings	50	—
Accounts payable				Accounts payable	518	756

Accounts payable		786	436
Accrued taxes		86	58
Regulatory liabilities	Regulatory liabilities	229	186	Regulatory liabilities	129	206
Other	Other	280	226	Other	343	351
Total current liabilities	Total current liabilities	2,422	2,054	Total current liabilities	1,908	2,363
Long-term debt, net (excluding current portion)	Long-term debt, net (excluding current portion)	7,570	6,735	Long-term debt, net (excluding current portion)	8,132	7,668
Other liabilities:	Other liabilities:			Other liabilities:
Deferred tax liabilities	Deferred tax liabilities	1,919	1,927	Deferred tax liabilities	1,957	1,943
Regulatory liabilities	Regulatory liabilities	1,158	1,085	Regulatory liabilities	1,102	1,118
Pension and other benefit obligations	Pension and other benefit obligations	349	374	Pension and other benefit obligations	273	277
Other	Other	522	388	Other	540	518
Total other liabilities	Total other liabilities	3,948	3,774	Total other liabilities	3,872	3,856
Commitments and contingencies (Note 1 3)	Commitments and contingencies (Note 1 3)			Commitments and contingencies (Note 1 3)
Equity:	Equity:			Equity:
Alliant Energy Corporation common equity:	Alliant Energy Corporation common equity:			Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 251,021,830 and 250,474,529 shares outstanding		3	3
Common stock - $0.01 par value - 480,000,000 shares authorized; 251,387,788 and 251,134,966 shares outstanding				Common stock - $0.01 par value - 480,000,000 shares authorized; 251,387,788 and 251,134,966 shares outstanding	3	3
Additional paid-in capital	Additional paid-in capital	2,767	2,749	Additional paid-in capital	2,780	2,777
Retained earnings	Retained earnings	3,508	3,250	Retained earnings	3,559	3,509

Shares in deferred compensation trust - 395,224 and 383,532 shares at a weighted average cost of $32.23 and $30.59 per share		(13)	(12)
Accumulated other comprehensive loss				Accumulated other comprehensive loss	(1)	—
Shares in deferred compensation trust - 394,363 and 402,134 shares at a weighted average cost of $33.12 and $32.63 per share				Shares in deferred compensation trust - 394,363 and 402,134 shares at a weighted average cost of $33.12 and $32.63 per share	(13)	(13)
Total Alliant Energy Corporation common equity	Total Alliant Energy Corporation common equity	6,265	5,990	Total Alliant Energy Corporation common equity	6,328	6,276

Total liabilities and equity	Total liabilities and equity	$20,205	$18,553	Total liabilities and equity	$20,240	$20,163

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


		For the Nine Months			For the Three Months
		Ended September 30,			Ended March 31,
		2022	2021		2023	2022
		(in millions)			(in millions)
Cash flows from operating activities:	Cash flows from operating activities:			Cash flows from operating activities:
Net income	Net income	$579	$579	Net income	$163	$192
Adjustments to reconcile net income to net cash flows from operating activities:	Adjustments to reconcile net income to net cash flows from operating activities:			Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	Depreciation and amortization	501	494	Depreciation and amortization	166	166
Deferred tax expense (benefit) and tax credits		8	(69)

Other	Other	(8)	7	Other	(6)	12
Other changes in assets and liabilities:	Other changes in assets and liabilities:			Other changes in assets and liabilities:
Accounts receivable	Accounts receivable	(425)	(397)	Accounts receivable	(86)	(161)

Gas stored underground				Gas stored underground	68	55
Derivative assets	Derivative assets	(184)	(202)	Derivative assets	115	(85)
Regulatory assets	Regulatory assets	(102)	(21)	Regulatory assets	(32)	19
Accounts payable	Accounts payable	90	—	Accounts payable	(97)	(37)
Derivative liabilities		89	(21)

Regulatory liabilities	Regulatory liabilities	89	25	Regulatory liabilities	(95)	92
Deferred income taxes		(15)	160
Pension and other benefit obligations		(25)	(59)

Other	Other	(112)	(19)	Other	(8)	(2)
Net cash flows from operating activities	Net cash flows from operating activities	485	477	Net cash flows from operating activities	188	251
Cash flows used for investing activities:	Cash flows used for investing activities:			Cash flows used for investing activities:
Construction and acquisition expenditures:	Construction and acquisition expenditures:			Construction and acquisition expenditures:
Utility business	Utility business	(873)	(772)	Utility business	(417)	(307)
Other	Other	(69)	(60)	Other	(34)	(23)
Cash receipts on sold receivables	Cash receipts on sold receivables	358	423	Cash receipts on sold receivables	173	115
Proceeds from sale of partial ownership interest in West Riverside				Proceeds from sale of partial ownership interest in West Riverside	25	—
Other	Other	(15)	(43)	Other	(10)	(8)
Net cash flows used for investing activities	Net cash flows used for investing activities	(599)	(452)	Net cash flows used for investing activities	(263)	(223)
Cash flows from (used for) financing activities:
Cash flows from financing activities:				Cash flows from financing activities:
Common stock dividends	Common stock dividends	(322)	(304)	Common stock dividends	(113)	(107)

Proceeds from issuance of long-term debt	Proceeds from issuance of long-term debt	1,238	300	Proceeds from issuance of long-term debt	862	650
Payments to retire long-term debt	Payments to retire long-term debt	(379)	(4)	Payments to retire long-term debt	—	(300)
Net change in commercial paper		(132)	(73)
Contributions from noncontrolling interest		29	—
Distributions to noncontrolling interest		(29)	—
Net change in commercial paper and other short-term borrowings				Net change in commercial paper and other short-term borrowings	(532)	(239)

Other	Other	16	24	Other	(5)	(1)
Net cash flows from (used for) financing activities		421	(57)
Net increase (decrease) in cash, cash equivalents and restricted cash		307	(32)
Net cash flows from financing activities				Net cash flows from financing activities	212	3
Net increase in cash, cash equivalents and restricted cash				Net increase in cash, cash equivalents and restricted cash	137	31
Cash, cash equivalents and restricted cash at beginning of period	Cash, cash equivalents and restricted cash at beginning of period	40	56	Cash, cash equivalents and restricted cash at beginning of period	24	40
Cash, cash equivalents and restricted cash at end of period	Cash, cash equivalents and restricted cash at end of period	$347	$24	Cash, cash equivalents and restricted cash at end of period	$161	$71
Supplemental cash flows information:	Supplemental cash flows information:			Supplemental cash flows information:
Cash paid during the period for:	Cash paid during the period for:			Cash paid during the period for:
Interest	Interest	($220)	($197)	Interest	($93)	($62)
Income taxes, net		($7)	($1)

Significant non-cash investing and financing activities:	Significant non-cash investing and financing activities:			Significant non-cash investing and financing activities:
Accrued capital expenditures	Accrued capital expenditures	$403	$91	Accrued capital expenditures	$254	$134
Beneficial interest obtained in exchange for securitized accounts receivable	Beneficial interest obtained in exchange for securitized accounts receivable	$248	$164	Beneficial interest obtained in exchange for securitized accounts receivable	$153	$227

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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Table of Contents

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


		For the Three Months		For the Nine Months			For the Three Months
		Ended September 30,		Ended September 30,			Ended March 31,
		2022	2021	2022	2021		2023	2022
		(in millions)					(in millions)
Revenues:	Revenues:					Revenues:
Electric utility	Electric utility	$596	$555	$1,438	$1,343	Electric utility	$388	$400
Gas utility	Gas utility	33	31	224	165	Gas utility	150	139
Steam and other	Steam and other	11	13	34	35	Steam and other	11	11
Total revenues	Total revenues	640	599	1,696	1,543	Total revenues	549	550
Operating expenses:	Operating expenses:					Operating expenses:
Electric production fuel and purchased power	Electric production fuel and purchased power	140	101	290	215	Electric production fuel and purchased power	47	67
Electric transmission service	Electric transmission service	115	103	303	274	Electric transmission service	104	97
Cost of gas sold	Cost of gas sold	14	12	126	84	Cost of gas sold	95	85
Other operation and maintenance	Other operation and maintenance	90	95	260	253	Other operation and maintenance	95	83
Depreciation and amortization	Depreciation and amortization	95	94	285	281	Depreciation and amortization	96	94
Taxes other than income taxes	Taxes other than income taxes	15	14	43	42	Taxes other than income taxes	16	14
Total operating expenses	Total operating expenses	469	419	1,307	1,149	Total operating expenses	453	440
Operating income	Operating income	171	180	389	394	Operating income	96	110
Other (income) and deductions:	Other (income) and deductions:					Other (income) and deductions:
Interest expense	Interest expense	37	34	111	103	Interest expense	37	37
Allowance for funds used during construction	Allowance for funds used during construction	(3)	(2)	(8)	(7)	Allowance for funds used during construction	(3)	(3)
Other	Other	(1)	—	(2)	2	Other	1	—
Total other (income) and deductions	Total other (income) and deductions	33	32	101	98	Total other (income) and deductions	35	34
Income before income taxes	Income before income taxes	138	148	288	296	Income before income taxes	61	76
Income tax benefit	Income tax benefit	(16)	(12)	(39)	(34)	Income tax benefit	(11)	(11)

Net income	Net income	154	160	327	330	Net income	$72	$87
Preferred dividend requirements		—	3	—	8
Net income available for common stock		$154	$157	$327	$322

Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of IPL’s common stock outstanding during the periods presented.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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Table of Contents

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


		September 30, 2022	December 31, 2021		March 31, 2023	December 31, 2022
		(in millions, except per share and share amounts)			(in millions, except per share and share amounts)
ASSETS	ASSETS			ASSETS
Current assets:	Current assets:			Current assets:
Cash and cash equivalents	Cash and cash equivalents	$45	$34	Cash and cash equivalents	$35	$15
Accounts receivable, less allowance for expected credit losses	Accounts receivable, less allowance for expected credit losses	286	241	Accounts receivable, less allowance for expected credit losses	191	259
Income tax refunds receivable		1	8

Production fuel, at weighted average cost	Production fuel, at weighted average cost	31	29	Production fuel, at weighted average cost	26	23
Gas stored underground, at weighted average cost	Gas stored underground, at weighted average cost	66	40	Gas stored underground, at weighted average cost	26	60
Materials and supplies, at weighted average cost	Materials and supplies, at weighted average cost	77	70	Materials and supplies, at weighted average cost	92	83
Regulatory assets	Regulatory assets	108	73	Regulatory assets	75	85
Other	Other	134	69	Other	49	93
Total current assets	Total current assets	748	564	Total current assets	494	618
Property, plant and equipment, net	Property, plant and equipment, net	8,013	7,983	Property, plant and equipment, net	8,112	8,046
Other assets:	Other assets:			Other assets:
Regulatory assets	Regulatory assets	1,315	1,370	Regulatory assets	1,308	1,301
Deferred charges and other	Deferred charges and other	132	79	Deferred charges and other	93	110
Total other assets	Total other assets	1,447	1,449	Total other assets	1,401	1,411
Total assets	Total assets	$10,208	$9,996	Total assets	$10,007	$10,075


LIABILITIES AND EQUITY	LIABILITIES AND EQUITY			LIABILITIES AND EQUITY
Current liabilities:	Current liabilities:			Current liabilities:

Accounts payable	Accounts payable	$232	$173	Accounts payable	$222	$239
Accounts payable to associated companies	Accounts payable to associated companies	37	39	Accounts payable to associated companies	37	28
Regulatory liabilities		105	84
Accrued taxes	Accrued taxes	69	56	Accrued taxes	59	52
Accrued interest	Accrued interest	35	36	Accrued interest	35	35
Regulatory liabilities				Regulatory liabilities	73	114
Other	Other	112	67	Other	92	113
Total current liabilities	Total current liabilities	590	455	Total current liabilities	518	581
Long-term debt, net	Long-term debt, net	3,645	3,643	Long-term debt, net	3,647	3,646
Other liabilities:	Other liabilities:			Other liabilities:
Deferred tax liabilities	Deferred tax liabilities	1,029	1,083	Deferred tax liabilities	1,053	1,047
Regulatory liabilities	Regulatory liabilities	656	607	Regulatory liabilities	624	640
Pension and other benefit obligations	Pension and other benefit obligations	118	127	Pension and other benefit obligations	61	62
Other	Other	314	312	Other	294	291
Total other liabilities	Total other liabilities	2,117	2,129	Total other liabilities	2,032	2,040
Commitments and contingencies (Note 1 3)	Commitments and contingencies (Note 1 3)			Commitments and contingencies (Note 1 3)
Equity:	Equity:			Equity:
Interstate Power and Light Company common equity:	Interstate Power and Light Company common equity:			Interstate Power and Light Company common equity:
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding	Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding	33	33	Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding	33	33
Additional paid-in capital	Additional paid-in capital	2,807	2,807	Additional paid-in capital	2,807	2,807
Retained earnings	Retained earnings	1,016	929	Retained earnings	970	968
Total Interstate Power and Light Company common equity	Total Interstate Power and Light Company common equity	3,856	3,769	Total Interstate Power and Light Company common equity	3,810	3,808

Total liabilities and equity	Total liabilities and equity	$10,208	$9,996	Total liabilities and equity	$10,007	$10,075

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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Table of Contents

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


		For the Nine Months			For the Three Months
		Ended September 30,			Ended March 31,
		2022	2021		2023	2022
		(in millions)			(in millions)
Cash flows from operating activities:	Cash flows from operating activities:			Cash flows from operating activities:
Net income	Net income	$327	$330	Net income	$72	$87
Adjustments to reconcile net income to net cash flows from operating activities:	Adjustments to reconcile net income to net cash flows from operating activities:			Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	Depreciation and amortization	285	281	Depreciation and amortization	96	94

Deferred tax benefit and tax credits		(24)	(13)
Deferred tax expense and tax credits				Deferred tax expense and tax credits	3	15
Other	Other	(8)	(1)	Other	(2)	(2)
Other changes in assets and liabilities:	Other changes in assets and liabilities:			Other changes in assets and liabilities:
Accounts receivable	Accounts receivable	(397)	(412)	Accounts receivable	(106)	(128)
Income tax refunds receivable				Income tax refunds receivable	(7)	(17)
Gas stored underground				Gas stored underground	34	29
Derivative assets				Derivative assets	69	(43)

Accounts payable				Accounts payable	(56)	(8)

Regulatory liabilities				Regulatory liabilities	(59)	59

Derivative assets		(118)	(86)
Regulatory assets		18	(33)
Accounts payable		71	5
Derivative liabilities		62	(9)
Regulatory liabilities		61	30

Deferred income taxes		(30)	56
Pension and other benefit obligations		(9)	(25)
Other	Other	(72)	(28)	Other	(20)	3
Net cash flows from operating activities	Net cash flows from operating activities	166	95	Net cash flows from operating activities	24	89
Cash flows from investing activities:	Cash flows from investing activities:			Cash flows from investing activities:
Construction and acquisition expenditures	Construction and acquisition expenditures	(269)	(285)	Construction and acquisition expenditures	(101)	(96)
Cash receipts on sold receivables	Cash receipts on sold receivables	358	423	Cash receipts on sold receivables	173	115
Other	Other	(5)	(16)	Other	(2)	(1)
Net cash flows from investing activities	Net cash flows from investing activities	84	122	Net cash flows from investing activities	70	18
Cash flows used for financing activities:	Cash flows used for financing activities:			Cash flows used for financing activities:
Common stock dividends	Common stock dividends	(240)	(301)	Common stock dividends	(70)	(81)
Capital contributions from parent		—	50

Other	Other	1	(3)	Other	(4)	2
Net cash flows used for financing activities	Net cash flows used for financing activities	(239)	(254)	Net cash flows used for financing activities	(74)	(79)
Net increase (decrease) in cash, cash equivalents and restricted cash		11	(37)
Net increase in cash, cash equivalents and restricted cash				Net increase in cash, cash equivalents and restricted cash	20	28
Cash, cash equivalents and restricted cash at beginning of period	Cash, cash equivalents and restricted cash at beginning of period	34	50	Cash, cash equivalents and restricted cash at beginning of period	15	34
Cash, cash equivalents and restricted cash at end of period	Cash, cash equivalents and restricted cash at end of period	$45	$13	Cash, cash equivalents and restricted cash at end of period	$35	$62
Supplemental cash flows information:	Supplemental cash flows information:			Supplemental cash flows information:
Cash (paid) refunded during the period for:
Cash paid during the period for:				Cash paid during the period for:
Interest	Interest	($111)	($106)	Interest	($37)	($37)
Income taxes, net		$33	$28

Significant non-cash investing and financing activities:	Significant non-cash investing and financing activities:			Significant non-cash investing and financing activities:
Accrued capital expenditures	Accrued capital expenditures	$43	$30	Accrued capital expenditures	$98	$27
Beneficial interest obtained in exchange for securitized accounts receivable	Beneficial interest obtained in exchange for securitized accounts receivable	$248	$164	Beneficial interest obtained in exchange for securitized accounts receivable	$153	$227

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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Table of Contents

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


		For the Three Months		For the Nine Months			For the Three Months
		Ended September 30,		Ended September 30,			Ended March 31,
		2022	2021	2022	2021		2023	2022
		(in millions)					(in millions)
Revenues:	Revenues:					Revenues:
Electric utility	Electric utility	$443	$384	$1,186	$1,014	Electric utility	$380	$373
Gas utility	Gas utility	29	19	194	124	Gas utility	126	123
Other		—	—	1	1

Total revenues	Total revenues	472	403	1,381	1,139	Total revenues	506	496
Operating expenses:	Operating expenses:					Operating expenses:
Electric production fuel and purchased power	Electric production fuel and purchased power	134	105	343	263	Electric production fuel and purchased power	109	101
Electric transmission service	Electric transmission service	42	44	125	128	Electric transmission service	42	41
Cost of gas sold	Cost of gas sold	13	6	117	65	Cost of gas sold	86	83
Other operation and maintenance	Other operation and maintenance	70	66	193	194	Other operation and maintenance	66	58
Depreciation and amortization	Depreciation and amortization	71	70	211	209	Depreciation and amortization	68	70
Taxes other than income taxes	Taxes other than income taxes	11	12	35	35	Taxes other than income taxes	14	12
Total operating expenses	Total operating expenses	341	303	1,024	894	Total operating expenses	385	365
Operating income	Operating income	131	100	357	245	Operating income	121	131
Other (income) and deductions:	Other (income) and deductions:					Other (income) and deductions:
Interest expense	Interest expense	31	25	86	77	Interest expense	36	27

Allowance for funds used during construction	Allowance for funds used during construction	(7)	(5)	(26)	(9)	Allowance for funds used during construction	(16)	(9)
Other	Other	—	2	—	3	Other	1	—
Total other (income) and deductions	Total other (income) and deductions	24	22	60	71	Total other (income) and deductions	21	18
Income before income taxes	Income before income taxes	107	78	297	174	Income before income taxes	100	113
Income tax expense (benefit)		16	(15)	50	(41)
Income tax expense						Income tax expense	12	21
Net income	Net income	$91	$93	$247	$215	Net income	$88	$92

Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of WPL’s common stock outstanding during the periods presented.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


			9

Table of Contents

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30,
2022 December 31,
2021
(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents $299 $2
Accounts receivable, less allowance for expected credit losses 211 188
Production fuel, at weighted average cost 18 23
Gas stored underground, at weighted average cost 58 42
Materials and supplies, at weighted average cost 47 41
Regulatory assets 69 31
Prepaid gross receipts tax 31 40
Other 130 86
Total current assets 863 453
Property, plant and equipment, net 7,371 6,538
Other assets:
Regulatory assets 549 466
Deferred charges and other 115 61
Total other assets 664 527
Total assets $8,898 $7,518
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt $250 $250
Commercial paper — 236
Accounts payable 470 190
Accounts payable to associated companies 51 39
Regulatory liabilities 124 102
Other 93 73
Total current liabilities 988 890
Long-term debt, net (excluding current portion) 2,769 2,179
Other liabilities:
Deferred tax liabilities 783 753
Regulatory liabilities 502 478
Pension and other benefit obligations 148 159
Other 352 236
Total other liabilities 1,785 1,626
Commitments and contingencies (Note 1 3)
Equity:
Wisconsin Power and Light Company common equity:
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding 66 66
Additional paid-in capital 2,123 1,704
Retained earnings 1,167 1,053
Total Wisconsin Power and Light Company common equity 3,356 2,823
Total liabilities and equity $8,898 $7,518


	March 31, 2023	December 31, 2022
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$86	$5
Accounts receivable, less allowance for expected credit losses	225	244
Production fuel, at weighted average cost	34	29
Gas stored underground, at weighted average cost	38	73
Materials and supplies, at weighted average cost	63	54
Regulatory assets	118	81
Prepaid gross receipts tax	31	42
Other	26	60
Total current assets	621	588
Property, plant and equipment, net	7,792	7,722
Other assets:
Regulatory assets	579	579
Deferred charges and other	82	98
Total other assets	661	677
Total assets	$9,074	$8,987


LIABILITIES AND EQUITY
Current liabilities:

Commercial paper	$60	$290

Accounts payable	233	456

Regulatory liabilities	56	92
Other	163	111
Total current liabilities	512	949
Long-term debt, net	3,067	2,770
Other liabilities:
Deferred tax liabilities	787	789
Regulatory liabilities	478	478

Pension and other benefit obligations	139	140
Other	378	370
Total other liabilities	1,782	1,777
Commitments and contingencies (Note 1 3)
Equity:
Wisconsin Power and Light Company common equity:
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding	66	66
Additional paid-in capital	2,413	2,233
Retained earnings	1,234	1,192
Total Wisconsin Power and Light Company common equity	3,713	3,491


Total liabilities and equity	$9,074	$8,987

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


			10

Table of Contents

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


		For the Nine Months			For the Three Months
		Ended September 30,			Ended March 31,
		2022	2021		2023	2022
		(in millions)			(in millions)
Cash flows from operating activities:	Cash flows from operating activities:			Cash flows from operating activities:
Net income	Net income	$247	$215	Net income	$88	$92
Adjustments to reconcile net income to net cash flows from operating activities:	Adjustments to reconcile net income to net cash flows from operating activities:			Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	Depreciation and amortization	211	209	Depreciation and amortization	68	70
Deferred tax expense (benefit) and tax credits		11	(63)

Other	Other	(7)	12	Other	(12)	(5)
Other changes in assets and liabilities:	Other changes in assets and liabilities:			Other changes in assets and liabilities:

Accounts receivable				Accounts receivable	19	(23)
Gas stored underground				Gas stored underground	35	26
Derivative assets	Derivative assets	(66)	(116)	Derivative assets	46	(42)
Regulatory assets	Regulatory assets	(120)	11	Regulatory assets	(37)	10
Accounts payable				Accounts payable	(48)	(24)
Derivative liabilities				Derivative liabilities	28	(2)
Regulatory liabilities				Regulatory liabilities	(35)	32
Accrued taxes				Accrued taxes	19	21

Deferred income taxes		20	108
Other	Other	(17)	(27)	Other	14	12
Net cash flows from operating activities	Net cash flows from operating activities	279	349	Net cash flows from operating activities	185	167
Cash flows used for investing activities:	Cash flows used for investing activities:			Cash flows used for investing activities:
Construction and acquisition expenditures	Construction and acquisition expenditures	(604)	(487)	Construction and acquisition expenditures	(316)	(212)
Proceeds from sale of partial ownership interest in West Riverside				Proceeds from sale of partial ownership interest in West Riverside	25	—
Other	Other	(8)	(23)	Other	(4)	(5)
Net cash flows used for investing activities	Net cash flows used for investing activities	(612)	(510)	Net cash flows used for investing activities	(295)	(217)
Cash flows from financing activities:	Cash flows from financing activities:			Cash flows from financing activities:
Common stock dividends	Common stock dividends	(133)	(126)	Common stock dividends	(46)	(44)
Capital contributions from parent	Capital contributions from parent	420	245	Capital contributions from parent	180	180
Proceeds from issuance of long-term debt	Proceeds from issuance of long-term debt	588	300	Proceeds from issuance of long-term debt	297	—

Net change in commercial paper	Net change in commercial paper	(236)	(254)	Net change in commercial paper	(230)	(79)
Contributions from noncontrolling interest		29	—
Distributions to noncontrolling interest		(29)	—

Other	Other	(9)	(3)	Other	(10)	(5)
Net cash flows from financing activities	Net cash flows from financing activities	630	162	Net cash flows from financing activities	191	52
Net increase in cash, cash equivalents and restricted cash	Net increase in cash, cash equivalents and restricted cash	297	1	Net increase in cash, cash equivalents and restricted cash	81	2
Cash, cash equivalents and restricted cash at beginning of period	Cash, cash equivalents and restricted cash at beginning of period	2	3	Cash, cash equivalents and restricted cash at beginning of period	5	2
Cash, cash equivalents and restricted cash at end of period	Cash, cash equivalents and restricted cash at end of period	$299	$4	Cash, cash equivalents and restricted cash at end of period	$86	$4
Supplemental cash flows information:	Supplemental cash flows information:			Supplemental cash flows information:
Cash paid during the period for:	Cash paid during the period for:			Cash paid during the period for:
Interest	Interest	($78)	($72)	Interest	($40)	($23)
Income taxes, net		($51)	($24)

Significant non-cash investing and financing activities:	Significant non-cash investing and financing activities:			Significant non-cash investing and financing activities:
Accrued capital expenditures	Accrued capital expenditures	$355	$59	Accrued capital expenditures	$152	$104

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


			11

Table of Contents

ALLIANT ENERGY CORPORATION

INTERSTATE POWER AND LIGHT COMPANY

WISCONSIN POWER AND LIGHT COMPANY

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. These Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the ~~2021~~2022 Form 10-K.

In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, ~~2022.~~2023.

A change in management’s estimates or assumptions could have a material impact on financial condition and results of operations during the period in which such change occurred. Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes.

NOTE 1(b) Cash and Cash Equivalents - At ~~September 30, 2022,~~March 31, 2023, Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included ~~$334~~$148 million, ~~$39~~$30 million and ~~$295~~$83 million of money market fund investments, respectively, with ~~weighted average~~ interest rates of 3%5%.

~~NOTE 1(c) Variable Interest Entities (VIEs) -~~ In 2022, WPL 2022 Solar Holdco, LLC was formed as a joint venture to own and operate project companies responsible for the construction, ownership and operation of various solar generation assets. Members of the joint venture were a WPL subsidiary (the managing member) and a tax equity partner. In the second quarter of 2022, the WPL subsidiary and the tax equity partner contributed $62 million and $29 million, respectively, to WPL 2022 Solar Holdco, LLC in exchange for membership interests, and $88 million of the contributed funds were paid to WPL in exchange for equity interests in the project companies. In the second quarter of 2022, Alliant Energy and WPL consolidated this joint venture as it was a VIE in which WPL held a variable interest, and WPL controlled decisions that were significant to the joint venture’s ongoing operations and economic results (i.e., WPL was the primary beneficiary).

In August 2022, the Inflation Reduction Act of 2022 was enacted. Following its enactment, WPL evaluated the provisions of the new legislation and determined that retaining full ownership of the solar projects is expected to result in lower costs for its customers. As a result, in the third quarter of 2022, WPL and the tax equity partner terminated the tax equity partnership, and WPL returned the $29 million of initial funding to the tax equity partner. Alliant Energy and WPL no longer expect their solar generation project construction costs to be financed with capital from tax equity partners, which would result in higher rate base amounts compared to those previously approved by the PSCW for WPL’s planned approximately 1,100 MW of solar generation. Alliant Energy and WPL concluded that no disallowance of anticipated higher rate base amounts was required as of September 30, 2022 given full ownership of WPL's planned solar generation is expected to result in lower costs for WPL's customers.

~~Refer to~~ ~~Note~~ 6 ~~for discussion of a noncontrolling interest that was initially associated with the joint venture prior to the termination of the tax equity partnership.~~


			12

~~Table~~ of ~~Contents~~

NOTE 2. REGULATORY MATTERS

Regulatory Assets and Regulatory Liabilities -

Regulatory assets were comprised of the following items (in millions):

Alliant Energy IPL WPL
September 30,
2022 December 31,
2021 September 30,
2022 December 31,
2021 September 30,
2022 December 31,
2021
Tax-related $913 $934 $842 $884 $71 $50
Pension and OPEB costs 436 462 216 228 220 234
Asset retirement obligations 145 128 104 89 41 39
Commodity cost recovery 129 42 2 2 127 40
Derivatives 102 8 67 4 35 4
Assets retired early 75 92 56 66 19 26
IPL’s DAEC PPA amendment 72 90 72 90 — —
WPL’s Western Wisconsin gas distribution expansion investments 49 52 — — 49 52
Other 120 132 64 80 56 52
$2,041 $1,940 $1,423 $1,443 $618 $497

~~Tax-related~~ ~~- Refer to~~ N ~~ote 9~~ ~~for discussion of Iowa Tax Reform, which resulted in a decrease in Alliant Energy’s and IPL’s tax-related regulatory assets in the third quarter of 2022.~~

~~Commodity cost recovery -~~ The cost recovery mechanism for WPL’s retail electric customers is based on forecasts of certain fuel-related costs expected to be incurred during forward-looking test periods and fuel monitoring ranges determined by the PSCW during each retail electric rate proceeding or in a separate fuel cost plan approval proceeding. During the nine months ended September 30, 2022, WPL’s actual fuel-related costs fell outside these fuel monitoring ranges, resulting in a $83 million deferral of higher than expected fuel-related costs as of September 30, 2022.


	Alliant Energy		IPL		WPL
	March 31, 2023	December 31, 2022	March 31, 2023	December 31, 2022	March 31, 2023	December 31, 2022
Tax-related	$942	$929	$857	$848	$85	$81
Pension and OPEB costs	385	392	193	197	192	195
Asset retirement obligations	156	151	115	110	41	41
Commodity cost recovery	152	160	4	1	148	159
Derivatives	101	84	37	48	64	36
Assets retired early	67	70	51	53	16	17
IPL’s Duane Arnold Energy Center PPA amendment	60	66	60	66	—	—
WPL’s Western Wisconsin gas distribution expansion investments	48	48	—	—	48	48

Other	169	146	66	63	103	83
	$2,080	$2,046	$1,383	$1,386	$697	$660

Derivatives - Refer to Note 11 for discussion of changes in Alliant Energy’s, IPL’s and WPL’s derivative liabilities/assets during the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, which result in comparable changes to regulatory assets/liabilities on the balance sheets.

Regulatory liabilities were comprised of the following items (in millions):


		Alliant Energy		IPL		WPL			Alliant Energy		IPL		WPL
		September 30, 2022	December 31, 2021	September 30, 2022	December 31, 2021	September 30, 2022	December 31, 2021		March 31, 2023	December 31, 2022	March 31, 2023	December 31, 2022	March 31, 2023	December 31, 2022
Tax-related	Tax-related	$582	$585	$304	$312	$278	$273	Tax-related	$575	$579	$302	$303	$273	$276
Cost of removal obligations	Cost of removal obligations	398	384	258	252	140	132	Cost of removal obligations	403	398	261	259	142	139
Derivatives	Derivatives	312	166	164	77	148	89	Derivatives	117	210	64	115	53	95
Electric transmission cost recovery								Electric transmission cost recovery	26	20	19	10	7	10
WPL’s West Riverside liquidated damages	WPL’s West Riverside liquidated damages	33	36	—	—	33	36	WPL’s West Riverside liquidated damages	24	32	—	—	24	32
Electric transmission cost recovery		16	51	4	27	12	24

Commodity cost recovery								Commodity cost recovery	22	40	8	38	14	2

Other	Other	46	49	31	23	15	26	Other	64	45	43	29	21	16
		$1,387	$1,271	$761	$691	$626	$580		$1,231	$1,324	$697	$754	$534	$570


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Table of Contents

NOTE 3. PROPERTY, PLANT AND EQUIPMENT

In ~~June 2022, WPL announced revised expected timing~~March 2023, Madison Gas and Electric Company acquired a partial ownership interest in West Riverside, and the related proceeds are included in “Proceeds from sale of partial ownership interest in West Riverside” in investing activities in Alliant Energy’s and WPL’s cash flow statements for the ~~retirements~~three months ended March 31, 2023. As a result of ~~its remaining coal-fired EGUs~~this transaction, WPL’s undivided current ownership interest in order to help manage regional capacity and changing generation requirements across the MISO region. WPL currently expects to retire the Edgewater Generating Station (414 MW) by June 1, 2025, and Columbia Units 1 and 2 by June 1, 2026 (595 MW in aggregate)West Riverside is 87.6%. In addition, IPL currently expects to retire the coal-fired Lansing Generating Station (275 MW) in the first half of 2023. Alliant Energy, IPL and WPL are working with MISO, state regulatory commissions and other regulatory agencies, as required, to determine the timing of these actions, which are subject to change depending on operational, regulatory, market and other factors.

NOTE 4. RECEIVABLES

NOTE 4(a) - Accounts Receivable - For the three months ended March 31, 2023, Alliant Energy’s, IPL’s and WPL’s gross write-offs for accounts receivable, which originated in 2022, were $5 million, $3 million and $2 million, respectively.

NOTE 4(b) - Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. In March 2023, IPL amended and extended through March 2024 the purchase commitment from the third party to which it sells its receivables. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of ~~September 30, 2022,~~March 31, 2023, IPL had ~~$109~~$21 million of available capacity under its sales of accounts receivable program. IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three ~~and nine~~ months ended ~~September 30~~March 31 were as follows (in millions):


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~~Table~~ of ~~Contents~~


		Three Months		Nine Months
		2022	2021	2022	2021		2023	2022
Maximum outstanding aggregate cash proceeds	Maximum outstanding aggregate cash proceeds	$36	$110	$66	$110	Maximum outstanding aggregate cash proceeds	$89	$36
Average outstanding aggregate cash proceeds	Average outstanding aggregate cash proceeds	3	65	8	52	Average outstanding aggregate cash proceeds	58	4

The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):


		September 30, 2022	December 31, 2021		March 31, 2023	December 31, 2022
Customer accounts receivable	Customer accounts receivable	$169	$125	Customer accounts receivable	$161	$145
Unbilled utility revenues	Unbilled utility revenues	92	104	Unbilled utility revenues	94	132

Receivables sold to third party	Receivables sold to third party	261	229	Receivables sold to third party	255	277
Less: cash proceeds	Less: cash proceeds	1	1	Less: cash proceeds	89	80
Deferred proceeds	Deferred proceeds	260	228	Deferred proceeds	166	197
Less: allowance for expected credit losses	Less: allowance for expected credit losses	12	14	Less: allowance for expected credit losses	13	12
Fair value of deferred proceeds	Fair value of deferred proceeds	$248	$214	Fair value of deferred proceeds	$153	$185

As of ~~September 30, 2022,~~March 31, 2023, outstanding receivables past due under the Receivables Agreement were ~~$20~~$26 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three ~~and nine~~ months ended ~~September 30~~March 31 were as follows (in millions):


		Three Months		Nine Months
		2022	2021	2022	2021		2023	2022
Collections	Collections	$670	$607	$1,731	$1,589	Collections	$591	$561
Write-offs, net of recoveries	Write-offs, net of recoveries	3	4	6	7	Write-offs, net of recoveries	2	2

NOTE 5. INVESTMENTS

Unconsolidated Equity Investments - Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three ~~and nine~~ months ended ~~September 30~~March 31 was as follows (in millions):

Three Months Nine Months
2022 2021 2022 2021
ATC Holdings ($7) ($12) ($29) ($34)
Other 2 (1) (8) (13)
($5) ($13) ($37) ($47)

~~Refer to~~ N ~~ote 13(~~e ) for discussion of a reduction in earnings recorded in the third quarter of 2022 related to a court decision, which is currently expected to reduce the base return on equity authorized for MISO transmission owners, including ATC.



	2023	2022
ATC Holdings	($13)	($11)


Other	(4)	(4)
	($17)	($15)

NOTE 6. COMMON EQUITY

Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows:


Shares outstanding, January 1, ~~2022~~2023			~~250,474,529~~251,134,966


Shareowner Direct Plan			~~324,533~~118,488
Equity-based compensation plans			~~222,768~~134,334

Shares outstanding, ~~September 30, 2022~~March 31, 2023			~~251,021,830~~251,387,788

~~Noncontrolling Interest~~ - In the second quarter of 2022, WPL and the tax equity partner contributed to a joint venture associated with certain WPL solar generation projects. The tax equity partner's contributions were represented as a noncontrolling interest within total equity on Alliant Energy’s and WPL’s balance sheets as of June 30, 2022. In the third quarter of 2022, WPL and the tax equity partner terminated the tax equity partnership and WPL returned the tax equity partner’s initial contributions, resulting in the reversal of the noncontrolling interest within total equity on Alliant Energy’s and WPL’s balance sheets as of September 30, 2022. Refer to ~~Note 1(~~c ) ~~for additional information.~~


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Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions):

Alliant Energy Total Alliant Energy Common Equity
Accumulated Shares in
Additional Other Deferred
Common Paid-In Retained Comprehensive Compensation Noncontrolling Total
Stock Capital Earnings Loss Trust Interest Equity
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022 $3 $2,759 $3,387 $— ($12) $29 $6,166
Net income attributable to Alliant Energy common shareowners 227 227
Common stock dividends ($0.4275 per share) (106) (106)
Shareowner Direct Plan issuances 6 6
Equity-based compensation plans and other 2 (1) 1
Distributions to noncontrolling interest (29) (29)
Ending balance, September 30, 2022 $3 $2,767 $3,508 $— ($13) $— $6,265



Alliant Energy				Accumulated	Shares in
		Additional		Other	Deferred	Total
	Common	Paid-In	Retained	Comprehensive	Compensation	Common
	Stock	Capital	Earnings	Loss	Trust	Equity
Three Months Ended March 31, 2023
Beginning balance, December 31, 2022	$3	$2,777	$3,509	$—	($13)	$6,276
Net income attributable to Alliant Energy common shareowners			163			163
Common stock dividends ($0.4525 per share)			(113)			(113)
Shareowner Direct Plan issuances		6				6
Equity-based compensation plans and other		(3)				(3)



Other comprehensive loss, net of tax				(1)		(1)
Ending balance, March 31, 2023	$3	$2,780	$3,559	($1)	($13)	$6,328

Alliant Energy Total Alliant Energy Common Equity
Accumulated Shares in Cumulative
Additional Other Deferred Preferred
Common Paid-In Retained Comprehensive Compensation Stock Total
Stock Capital Earnings Loss Trust of IPL Equity
Three Months Ended September 30, 2021
Beginning balance, June 30, 2021 $3 $2,722 $3,106 ($1) ($11) $200 $6,019
Net income attributable to Alliant Energy common shareowners 256 256
Common stock dividends ($0.4025 per share) (101) (101)
Shareowner Direct Plan issuances 6 6
Equity-based compensation plans and other 5 5
Ending balance, September 30, 2021 $3 $2,733 $3,261 ($1) ($11) $200 $6,185







Three Months Ended March 31, 2022
Beginning balance, December 31, 2021	$3	$2,749	$3,250	$—	($12)	$5,990
Net income attributable to Alliant Energy common shareowners			192			192
Common stock dividends ($0.4275 per share)			(107)			(107)
Shareowner Direct Plan issuances		7				7
Equity-based compensation plans and other		(6)	1			(5)




Ending balance, March 31, 2022	$3	$2,750	$3,336	$—	($12)	$6,077

Alliant Energy Total Alliant Energy Common Equity
Accumulated Shares in
Additional Other Deferred
Common Paid-In Retained Comprehensive Compensation Noncontrolling Total
Stock Capital Earnings Loss Trust Interest Equity
Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021 $3 $2,749 $3,250 $— ($12) $— $5,990
Net income attributable to Alliant Energy common shareowners 579 579
Common stock dividends ($1.2825 per share) (322) (322)
Shareowner Direct Plan issuances 19 19
Equity-based compensation plans and other (1) 1 (1) (1)
Contributions from noncontrolling interest 29 29
Distributions to noncontrolling interest (29) (29)
Ending balance, September 30, 2022 $3 $2,767 $3,508 $— ($13) $— $6,265

Alliant Energy Total Alliant Energy Common Equity
Accumulated Shares in Cumulative
Additional Other Deferred Preferred
Common Paid-In Retained Comprehensive Compensation Stock Total
Stock Capital Earnings Loss Trust of IPL Equity
Nine Months Ended September 30, 2021
Beginning balance, December 31, 2020 $2 $2,704 $2,994 ($1) ($11) $200 $5,888
Net income attributable to Alliant Energy common shareowners 571 571
Common stock dividends ($1.2075 per share) (304) (304)
Shareowner Direct Plan issuances 1 21 22
Equity-based compensation plans and other 8 8
Ending balance, September 30, 2021 $3 $2,733 $3,261 ($1) ($11) $200 $6,185



IPL		Additional		Total
	Common	Paid-In	Retained	Common
	Stock	Capital	Earnings	Equity
Three Months Ended March 31, 2023
Beginning balance, December 31, 2022	$33	$2,807	$968	$3,808
Net income			72	72
Common stock dividends			(70)	(70)

Ending balance, March 31, 2023	$33	$2,807	$970	$3,810
Three Months Ended March 31, 2022
Beginning balance, December 31, 2021	$33	$2,807	$929	$3,769
Net income			87	87
Common stock dividends			(81)	(81)

Ending balance, March 31, 2022	$33	$2,807	$935	$3,775



WPL		Additional		Total
	Common	Paid-In	Retained	Common
	Stock	Capital	Earnings	Equity
Three Months Ended March 31, 2023
Beginning balance, December 31, 2022	$66	$2,233	$1,192	$3,491
Net income			88	88
Common stock dividends			(46)	(46)
Capital contributions from parent		180		180



Ending balance, March 31, 2023	$66	$2,413	$1,234	$3,713
Three Months Ended March 31, 2022
Beginning balance, December 31, 2021	$66	$1,704	$1,053	$2,823
Net income			92	92
Common stock dividends			(44)	(44)
Capital contributions from parent		180		180


Ending balance, March 31, 2022	$66	$1,884	$1,101	$3,051


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Table of Contents

NOTE 7. DEBT

NOTE 7(a) Short-term Debt - In March 2023, Alliant Energy, IPL and WPL extended their single credit facility agreement, which currently expires in December 2027, and reallocated credit facility capacity amounts to $450 million for Alliant Energy at the parent company level, $250 million for IPL and $300 million for WPL, within the $1 billion total commitment. Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper classified as short-term debt was as follows (dollars in millions):


March 31, 2023	Alliant Energy	IPL	WPL
Amount outstanding	$60	$—	$60
Weighted average interest rates	5.1%	N/A	5.1%
Available credit facility capacity	$940	$250	$240


	Alliant Energy		WPL
Three Months Ended March 31	2023	2022		2023	2022
Maximum amount outstanding (based on daily outstanding balances)	$793	$577		$349	$252
Average amount outstanding (based on daily outstanding balances)	$574	$443		$304	$205
Weighted average interest rates	4.8%	0.3%		4.8%	0.3%

In January 2023, AEF received $50 million of proceeds from its December 2022 term loan credit agreement, which was classified as “Other short-term borrowings” on Alliant Energy’s balance sheet as of March 31, 2023.

NOTE 7(b) Long-term Debt - In March 2023, WPL issued $300 million of 4.95% debentures due 2033. The debentures were issued as green bonds, and an amount equal to or in excess of the net proceeds will be allocated or disbursed for the development and acquisition of WPL’s solar EGUs.

Convertible Senior Notes - In March 2023, Alliant Energy issued $575 million of 3.875% convertible senior notes (the Notes), which are senior unsecured obligations, and used the net proceeds from the issuance for general corporate purposes. The Notes will mature on March 15, 2026 unless earlier converted or repurchased, and no sinking fund is provided for the Notes. Alliant Energy may not redeem the Notes prior to the maturity date. Holders may convert their Notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2025 only under the following circumstances:

•during any calendar quarter commencing after the calendar quarter ending on June 30, 2023 (and only during such calendar quarter), if the last reported sale price of Alliant Energy’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day during such period;

•during the 5 business day period after any 10 consecutive trading day period (the “measurement period”) in which the trading price (as defined in the related Indenture) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Alliant Energy’s common stock and the conversion rate on each such trading day; or

•upon the occurrence of specified corporate events.

On or after December 15, 2025 until the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, regardless of the foregoing circumstances. Upon conversion of the Notes, Alliant Energy will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted.

The conversion rate will initially be 15.5461 shares of common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $64.32 per share of Alliant Energy’s common stock). The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, Alliant Energy will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event.

If Alliant Energy undergoes a fundamental change (as defined in the related Indenture), then, subject to certain conditions, holders of the Notes may require Alliant Energy to repurchase for cash all or any portion of its Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.


			15

Table of Contents

IPL Total IPL Common Equity
Additional Cumulative
Common Paid-In Retained Preferred Total
Stock Capital Earnings Stock Equity
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022 $33 $2,807 $942 $— $3,782
Net income available for common stock 154 154
Common stock dividends (80) (80)
Ending balance, September 30, 2022 $33 $2,807 $1,016 $— $3,856
Three Months Ended September 30, 2021
Beginning balance, June 30, 2021 $33 $2,802 $944 $200 $3,979
Net income available for common stock 157 157
Common stock dividends (101) (101)
Ending balance, September 30, 2021 $33 $2,802 $1,000 $200 $4,035

IPL Total IPL Common Equity
Additional Cumulative
Common Paid-In Retained Preferred Total
Stock Capital Earnings Stock Equity
Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021 $33 $2,807 $929 $— $3,769
Net income available for common stock 327 327
Common stock dividends (240) (240)
Ending balance, September 30, 2022 $33 $2,807 $1,016 $— $3,856
Nine Months Ended September 30, 2021
Beginning balance, December 31, 2020 $33 $2,752 $979 $200 $3,964
Net income available for common stock 322 322
Common stock dividends (301) (301)
Capital contributions from parent 50 50
Ending balance, September 30, 2021 $33 $2,802 $1,000 $200 $4,035

WPL Total WPL Common Equity
Additional
Common Paid-In Retained Noncontrolling Total
Stock Capital Earnings Interest Equity
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022 $66 $1,968 $1,120 $29 $3,183
Net income 91 91
Common stock dividends (44) (44)
Capital contributions from parent 155 155
Distributions to noncontrolling interest (29) (29)
Ending balance, September 30, 2022 $66 $2,123 $1,167 $— $3,356
Three Months Ended September 30, 2021
Beginning balance, June 30, 2021 $66 $1,669 $990 $— $2,725
Net income 93 93
Common stock dividends (41) (41)
Capital contributions from parent 35 35
Ending balance, September 30, 2021 $66 $1,704 $1,042 $— $2,812


			16

~~Table~~ In March 2023, the conditions allowing holders of ~~Contents~~

WPL Total WPL Common Equity
Additional
Common Paid-In Retained Noncontrolling Total
Stock Capital Earnings Interest Equity
Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021 $66 $1,704 $1,053 $— $2,823
Net income 247 247
Common stock dividends (133) (133)
Capital contributions from parent 420 420
Contributions from noncontrolling interest 29 29
Distributions to noncontrolling interest (29) (29)
Other (1) (1)
Ending balance, September 30, 2022 $66 $2,123 $1,167 $— $3,356
Nine Months Ended September 30, 2021
Beginning balance, December 31, 2020 $66 $1,459 $953 $— $2,478
Net income 215 215
Common stock dividends (126) (126)
Capital contributions from parent 245 245
Ending balance, September 30, 2021 $66 $1,704 $1,042 $— $2,812
the Notes to convert during March 2023 were not met, and as a result, the Notes were classified as “Long-term debt, net” on Alliant Energy’s balance sheet as of March 31, 2023. As of March 31, 2023, the net carrying amount of the Notes was $565 million, with unamortized debt issuance costs of $10 million, and the estimated fair value (Level 2) of the Notes was $595 million. As of March 31, 2023, there were no shares of Alliant Energy’s common stock related to the potential conversion of the Notes included in diluted EPS based on Alliant Energy’s average stock prices and the relevant terms of the Notes.

~~NOTE 7. DEBT~~

~~NOTE 7(a) Short-term Debt -~~ ~~Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper classified as short-term debt was as follows (dollars in millions):~~

September 30, 2022 Alliant Energy IPL WPL
Amount outstanding $383 $— $—
Weighted average interest rates 3.4% N/A N/A
Available credit facility capacity $617 $250 $300

Alliant Energy IPL WPL
Three Months Ended September 30 2022 2021 2022 2021 2022 2021
Maximum amount outstanding (based on daily outstanding balances) $449 $648 $— $8 $251 $320
Average amount outstanding (based on daily outstanding balances) $353 $560 $— $— $110 $221
Weighted average interest rates 2.4% 0.2% —% 0.2% 2.0% 0.1%
Nine Months Ended September 30
Maximum amount outstanding (based on daily outstanding balances) $577 $648 $— $19 $252 $320
Average amount outstanding (based on daily outstanding balances) $377 $479 $— $— $160 $196
Weighted average interest rates 1.2% 0.2% —% 0.2% 0.9% 0.1%

In October 2022, Alliant Energy, IPL and WPL reallocated credit facility capacity amounts to $500 million for Alliant Energy at the parent company level, $200 million for IPL and $300 million for WPL, within the $1 billion total commitment.

~~NOTE 7(b) Long-term Debt -~~ In February 2022, AEF issued $350 million of 3.6% senior notes due 2032. The net proceeds from the issuance were used to reduce Alliant Energy’s outstanding commercial paper and for general corporate purposes. In March 2022, AEF entered into a $300 million variable rate (3% as of September 30, 2022) term loan credit agreement (with Alliant Energy as guarantor), which expires in March 2024, and used the borrowings under this agreement to retire its $300 million variable rate term loan credit agreement that expired in March 2022.

In August 2022, WPL issued $600 million of 3.95% debentures due 2032. The debentures were issued as green bonds, and an amount equal to or in excess of the net proceeds will be disbursed for the development and acquisition of WPL’s solar EGUs.

~~In September 2022, Corporate Services retired its $75 million, 3.45% senior notes due 2022.~~


			17

~~Table~~ of ~~Contents~~

NOTE 8. REVENUES

Disaggregation of revenues from contracts with customers, which correlates to revenues for each reportable segment, was as follows (in millions):


		Alliant Energy		IPL		WPL			Alliant Energy		IPL		WPL
Three Months Ended September 30		2022	2021	2022	2021	2022	2021
Three Months Ended March 31								Three Months Ended March 31	2023	2022	2023	2022	2023	2022
Electric Utility:	Electric Utility:							Electric Utility:
Retail - residential	Retail - residential	$376	$348	$222	$207	$154	$141	Retail - residential	$285	$293	$143	$150	$142	$143
Retail - commercial	Retail - commercial	243	232	165	160	78	72	Retail - commercial	185	188	112	118	73	70
Retail - industrial	Retail - industrial	289	265	172	158	117	107	Retail - industrial	216	211	107	111	109	100
Wholesale	Wholesale	68	55	19	18	49	37	Wholesale	46	47	12	15	34	32
Bulk power and other	Bulk power and other	63	39	18	12	45	27	Bulk power and other	36	34	14	6	22	28
Total Electric Utility	Total Electric Utility	1,039	939	596	555	443	384	Total Electric Utility	768	773	388	400	380	373
Gas Utility:	Gas Utility:							Gas Utility:
Retail - residential	Retail - residential	28	24	14	14	14	10	Retail - residential	167	158	93	85	74	73
Retail - commercial	Retail - commercial	18	13	8	8	10	5	Retail - commercial	88	82	44	40	44	42
Retail - industrial	Retail - industrial	4	3	3	3	1	—	Retail - industrial	7	8	4	5	3	3
Transportation/other	Transportation/other	12	10	8	6	4	4	Transportation/other	14	14	9	9	5	5
Total Gas Utility	Total Gas Utility	62	50	33	31	29	19	Total Gas Utility	276	262	150	139	126	123
Other Utility:	Other Utility:							Other Utility:
Steam	Steam	9	9	9	9	—	—	Steam	10	9	10	9	—	—
Other utility	Other utility	2	4	2	4	—	—	Other utility	1	2	1	2	—	—
Total Other Utility	Total Other Utility	11	13	11	13	—	—	Total Other Utility	11	11	11	11	—	—
Non-Utility and Other:	Non-Utility and Other:							Non-Utility and Other:
Travero and other	Travero and other	23	22	—	—	—	—	Travero and other	22	22	—	—	—	—

Total Non-Utility and Other	Total Non-Utility and Other	23	22	—	—	—	—	Total Non-Utility and Other	22	22	—	—	—	—
Total revenues	Total revenues	$1,135	$1,024	$640	$599	$472	$403	Total revenues	$1,077	$1,068	$549	$550	$506	$496

Alliant Energy IPL WPL
Nine Months Ended September 30 2022 2021 2022 2021 2022 2021
Electric Utility:
Retail - residential $956 $868 $529 $488 $427 $380
Retail - commercial 628 579 411 385 217 194
Retail - industrial 743 677 418 386 325 291
Wholesale 168 142 49 44 119 98
Bulk power and other 129 91 31 40 98 51
Total Electric Utility 2,624 2,357 1,438 1,343 1,186 1,014
Gas Utility:
Retail - residential 237 162 127 90 110 72
Retail - commercial 127 85 62 47 65 38
Retail - industrial 15 11 10 8 5 3
Transportation/other 39 31 25 20 14 11
Total Gas Utility 418 289 224 165 194 124
Other Utility:
Steam 29 27 29 27 — —
Other utility 6 9 5 8 1 1
Total Other Utility 35 36 34 35 1 1
Non-Utility and Other:
Travero and other 70 60 — — — —
Total Non-Utility and Other 70 60 — — — —
Total revenues $3,147 $2,742 $1,696 $1,543 $1,381 $1,139

NOTE 9. INCOME TAXES

Income Tax Rates - Overall effective income tax rates, which were computed by dividing income tax expense (benefit) by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. ~~The increases in Alliant Energy’s and WPL’s overall effective income tax rates for the three~~


			18

~~Table~~ of ~~Contents~~

~~and nine months ended September 30, 2022 compared to the same periods in 2021 were primarily due to decreased amortization of excess deferred taxes primarily at WPL.~~

Alliant Energy IPL WPL
Three Months Nine Months Three Months Nine Months Three Months Nine Months
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Overall income tax rate 6% (9%) 4% (13%) (12%) (8%) (14%) (11%) 15% (19%) 17% (24%)


	Alliant Energy		IPL	WPL

	2023	2022		2023	2022	2023	2022
Overall income tax rate	(1%)	4%		(18%)	(14%)	12%	19%

Deferred Tax Assets and Liabilities -

Carryforwards - InAt March 31, 2023, the ~~third quarter of 2022, Alliant Energy, IPL and WPL fully utilized their respective federal net operating losses carryforwards. At September 30, 2022, the remaining~~ carryforwards and expiration dates were estimated as follows (in millions):

Range of Expiration Dates Alliant Energy IPL WPL
State net operating losses 2022-2042 $500 $9 $2
Federal tax credits 2022-2042 655 437 208

~~Iowa Tax Reform~~ - In March 2022, Iowa tax reform was enacted. Annually, and by each November 1, the Iowa Department of Revenue will establish corporate income tax rates for the next tax year based on net corporate income tax receipts for the prior tax year, and reduce such rates if certain state income tax revenue triggers are satisfied. These corporate income tax rate reductions are currently expected to occur over a period of several years, with a target corporate income tax rate of 5.5%, compared to the current 9.8% Iowa corporate income tax rate. In September 2022, the Iowa Department of Revenue announced an Iowa corporate income tax rate of 8.4%, effective January 1, 2023. Deferred tax assets and liabilities are measured at the enacted tax rate expected to be applied when temporary differences are to be realized or settled. Given the announcement of the new Iowa corporate income tax rate, Alliant Energy’s and IPL’s deferred tax liabilities were remeasured based upon the new rate effective January 1, 2023, which resulted in a $76 million reduction of Alliant Energy’s and IPL’s tax-related regulatory assets and a decrease in their deferred tax liabilities in the third quarter of 2022. The reduction in tax-related regulatory assets is expected to provide cost benefits to IPL’s customers in the future. Alliant Energy parent company’s deferred tax assets were remeasured based upon the new rate effective January 1, 2023, which resulted in a charge of $8 million recorded to income tax expense in Alliant Energy’s income statement and a decrease in deferred income tax assets on Alliant Energy’s balance sheet in the third quarter of 2022. Alliant Energy is currently unable to predict with certainty the timing or amount of any future rate reductions.


	Range of Expiration Dates	Alliant Energy	IPL	WPL

State net operating losses	2025-2043	$535	$12	$1
Federal tax credits	2027-2043	698	468	218

NOTE 10. BENEFIT PLANS

NOTE 10(a) Pension and OPEB Plans -

Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three ~~and nine~~ months ended ~~September 30~~March 31 are included below (in millions). For IPL and WPL, amounts are for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans.

Defined Benefit Pension Plans OPEB Plans
Three Months Nine Months Three Months Nine Months
Alliant Energy 2022 2021 2022 2021 2022 2021 2022 2021
Service cost $3 $2 $7 $8 $— $1 $2 $3
Interest cost 9 9 27 26 1 1 4 3
Expected return on plan assets (18) (17) (52) (51) — (1) (3) (3)
Amortization of prior service credit — (1) — (1) — — — —
Amortization of actuarial loss 8 10 24 29 1 1 2 3
$2 $3 $6 $11 $2 $2 $5 $6

Defined Benefit Pension Plans OPEB Plans
Three Months Nine Months Three Months Nine Months
IPL 2022 2021 2022 2021 2022 2021 2022 2021
Service cost $1 $1 $4 $5 $— $— $1 $1
Interest cost 4 4 12 12 1 1 2 2
Expected return on plan assets (7) (8) (23) (24) (1) (1) (3) (3)
Amortization of actuarial loss 3 5 10 13 — — — 1
$1 $2 $3 $6 $— $— $— $1


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Table of Contents


		Defined Benefit Pension Plans				OPEB Plans					Defined Benefit Pension Plans		OPEB Plans
		Three Months		Nine Months		Three Months		Nine Months
WPL		2022	2021	2022	2021	2022	2021	2022	2021
Alliant Energy										Alliant Energy	2023	2022		2023	2022
Service cost	Service cost	$—	$1	$2	$3	$—	$1	$—	$1	Service cost	$1	$2		$1	$1
Interest cost	Interest cost	4	3	12	11	1	—	2	1	Interest cost	11	9		2	1
Expected return on plan assets	Expected return on plan assets	(7)	(8)	(23)	(23)	—	—	—	—	Expected return on plan assets	(13)	(17)		(1)	(1)

Amortization of actuarial loss	Amortization of actuarial loss	4	5	12	14	—	1	1	2	Amortization of actuarial loss	7	8		—	1

		$1	$1	$3	$5	$1	$2	$3	$4
											$6	$2		$2	$2


	Defined Benefit Pension Plans		OPEB Plans

IPL	2023	2022		2023	2022
Service cost	$1	$2		$—	$—
Interest cost	5	4		1	1
Expected return on plan assets	(7)	(8)		(1)	(1)

Amortization of actuarial loss	3	3		—	—
	$2	$1		$—	$—


	Defined Benefit Pension Plans		OPEB Plans

WPL	2023	2022		2023	2022
Service cost	$—	$1		$—	$—
Interest cost	5	4		1	1
Expected return on plan assets	(5)	(8)		—	—

Amortization of actuarial loss	3	4		—	—

	$3	$1		$1	$1

NOTE 10(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three ~~and nine~~ months ended ~~September 30~~March 31 was as follows (in millions):


		Alliant Energy				IPL				WPL					Alliant Energy		IPL	WPL
		Three Months		Nine Months		Three Months		Nine Months		Three Months		Nine Months
		2022	2021	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021		2023	2022		2023	2022	2023	2022
Compensation expense	Compensation expense	$3	$4	$9	$9	$2	$2	$5	$5	$1	$2	$4	$4	Compensation expense	$3	$4		$2	$2	$1	$2
Income tax benefits	Income tax benefits	1	1	3	3	—	—	1	1	—	—	1	1	Income tax benefits	1	1		—	1	—	—

As of ~~September 30, 2022,~~March 31, 2023, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $8$18 million, $5$9 million and $3$8 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years.

For the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, performance shares, performance restricted stock units and restricted stock units were granted to key employees under existing plans as follows. These shares and units will be paid out in shares of common stock, and are therefore accounted for as equity awards.


			Weighted Average			Weighted Average
		Grants	Grant Date Fair Value		Grants	Grant Date Fair Value
Performance shares	Performance shares	74,106	$54.45	Performance shares	100,055	$55.68
Performance restricted stock units	Performance restricted stock units	84,670	57.01	Performance restricted stock units	114,325	52.73
Restricted stock units	Restricted stock units	77,122	56.88	Restricted stock units	99,941	52.78

As of ~~September 30, 2022, 285,909~~March 31, 2023, 170,209 shares were included in the calculation of diluted EPS related to the nonvested equity awards.

NOTE 11. DERIVATIVE INSTRUMENTS

Commodity Derivatives -

Notional Amounts - As of ~~September 30, 2022,~~March 31, 2023, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):


		Electricity		FTRs		Natural Gas		Coal		Diesel Fuel			Electricity		FTRs		Natural Gas		Coal
		MWhs	Years	MWhs	Years	Dths	Years	Tons	Years	Gallons	Years		MWhs	Years	MWhs	Years	Dths	Years	Tons	Years
Alliant Energy	Alliant Energy	1,379	2022-2024	14,454	2022-2023	249,508	2022-2032	1,566	2022-2023	756	2022	Alliant Energy	922	2023-2025	3,276	2023	209,102	2023-2032	662	2023
IPL	IPL	768	2022-2024	6,165	2022-2023	135,193	2022-2030	669	2022-2023	—	—	IPL	391	2023-2025	1,338	2023	101,863	2023-2030	325	2023
WPL	WPL	611	2022-2023	8,289	2022-2023	114,315	2022-2032	897	2022-2023	756	2022	WPL	531	2023	1,938	2023	107,239	2023-2032	337	2023


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Table of Contents

Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):


		Alliant Energy		IPL		WPL			Alliant Energy		IPL		WPL
		September 30, 2022	December 31, 2021	September 30, 2022	December 31, 2021	September 30, 2022	December 31, 2021		March 31, 2023	December 31, 2022	March 31, 2023	December 31, 2022	March 31, 2023	December 31, 2022
Current derivative assets	Current derivative assets	$200	$113	$117	$48	$83	$65	Current derivative assets	$28	$111	$17	$69	$11	$42
Non-current derivative assets	Non-current derivative assets	160	63	85	36	75	27	Non-current derivative assets	94	126	52	69	42	57
Current derivative liabilities	Current derivative liabilities	71	8	54	4	17	4	Current derivative liabilities	65	59	26	40	39	19
Non-current derivative liabilities	Non-current derivative liabilities	27	1	12	—	15	1	Non-current derivative liabilities	30	20	8	6	22	14


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~~Table~~ of ~~Contents~~

During the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, Alliant Energy’s, IPL’s and WPL’s current derivative assets ~~increased~~decreased primarily due to ~~the annual FTR auction operated by MISO and as a result~~settlements of ~~higher~~ natural gas, ~~prices.~~FTR and electricity contracts. Alliant Energy’s ~~IPL’s~~ and WPL’s derivative liabilities increased primarily due to ~~new~~lower natural gas ~~contracts entered into in the second quarter~~prices. IPL’s current derivative liabilities decreased primarily due to settlements of ~~2022.~~natural gas contracts. Based on IPL’s and WPL’s cost recovery mechanisms, the changes in the fair value of derivative liabilities/assets resulted in comparable changes to regulatory assets/liabilities on the balance sheets.

Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered.

Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, derivative assets and derivative liabilities related to commodity contracts would have been presented on the balance sheets as follows (in millions):


		Alliant Energy		IPL		WPL			Alliant Energy		IPL		WPL
		Gross		Gross		Gross			Gross		Gross		Gross
		(as reported)	Net	(as reported)	Net	(as reported)	Net		(as reported)	Net	(as reported)	Net	(as reported)	Net
September 30, 2022
March 31, 2023								March 31, 2023
Derivative assets	Derivative assets	$360	$308	$202	$165	$158	$143	Derivative assets	$122	$89	$69	$51	$53	$38
Derivative liabilities	Derivative liabilities	98	46	66	29	32	17	Derivative liabilities	95	62	34	16	61	46
December 31, 2021
December 31, 2022								December 31, 2022
Derivative assets	Derivative assets	176	171	84	83	92	88	Derivative assets	237	193	138	108	99	85
Derivative liabilities	Derivative liabilities	9	4	4	3	5	1	Derivative liabilities	79	35	46	16	33	19

Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement.

Interest Rate Derivative - In January 2023, AEF entered into a $300 million interest rate swap maturing in January 2026 to mitigate interest rate risk. Under the terms of the swap, AEF exchanged a variable interest rate for a fixed interest rate of 3.93% on a portion of its variable-rate term loan borrowings. The related interest rate derivative was valued based on quoted prices that utilize current market interest rate forecasts. As of March 31, 2023, $1 million of non-current interest rate derivative liabilities were recorded in “Other liabilities” on Alliant Energy’s balance sheet. This interest rate derivative was designated as a cash flow hedge, with changes in fair value recorded as other comprehensive income/loss. As of March 31, 2023, accumulated other comprehensive loss included $1 million of losses related to the interest rate swap. For the three months ended March 31, 2023, a $1 million reduction to interest expense was recorded in Alliant Energy’s income statement related to the interest rate swap.


			18

Table of Contents

NOTE 12. FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):


Alliant Energy	Alliant Energy	September 30, 2022					December 31, 2021					Alliant Energy	March 31, 2023					December 31, 2022
			Fair Value					Fair Value						Fair Value					Fair Value
		Carrying	Level	Level	Level		Carrying	Level	Level	Level			Carrying	Level	Level	Level		Carrying	Level	Level	Level
		Amount	1	2	3	Total	Amount	1	2	3	Total		Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:	Assets:											Assets:
Money market fund investments	Money market fund investments	$334	$334	$—	$—	$334	$32	$32	$—	$—	$32	Money market fund investments	$148	$148	$—	$—	$148	$10	$10	$—	$—	$10
Derivatives		360	—	295	65	360	176	—	146	30	176
Commodity derivatives												Commodity derivatives	122	—	116	6	122	237	—	206	31	237
Deferred proceeds	Deferred proceeds	248	—	—	248	248	214	—	—	214	214	Deferred proceeds	153	—	—	153	153	185	—	—	185	185
Liabilities:	Liabilities:											Liabilities:
Derivatives		98	—	78	20	98	9	—	8	1	9
Commodity derivatives												Commodity derivatives	95	—	84	11	95	79	—	67	12	79
Interest rate derivatives												Interest rate derivatives	1	—	1	—	1	—	—	—	—	—
Long-term debt (incl. current maturities)	Long-term debt (incl. current maturities)	8,228	—	7,473	1	7,474	7,368	—	8,329	1	8,330	Long-term debt (incl. current maturities)	8,940	—	8,461	1	8,462	8,076	—	7,338	1	7,339


IPL	March 31, 2023					December 31, 2022
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Money market fund investments	$30	$30	$—	$—	$30	$10	$10	$—	$—	$10
Commodity derivatives	69	—	63	6	69	138	—	111	27	138
Deferred proceeds	153	—	—	153	153	185	—	—	185	185
Liabilities:
Commodity derivatives	34	—	28	6	34	46	—	35	11	46
Long-term debt	3,647	—	3,335	—	3,335	3,646	—	3,228	—	3,228


			21

~~Table~~ of ~~Contents~~

IPL September 30, 2022 December 31, 2021
Fair Value Fair Value
Carrying Level Level Level Carrying Level Level Level
Amount 1 2 3 Total Amount 1 2 3 Total
Assets:
Money market fund investments $39 $39 $— $— $39 $32 $32 $— $— $32
Derivatives 202 — 150 52 202 84 — 65 19 84
Deferred proceeds 248 — — 248 248 214 — — 214 214
Liabilities:
Derivatives 66 — 47 19 66 4 — 3 1 4
Long-term debt 3,645 — 3,228 — 3,228 3,643 — 4,124 — 4,124


WPL	WPL	September 30, 2022					December 31, 2021					WPL	March 31, 2023					December 31, 2022
			Fair Value					Fair Value						Fair Value					Fair Value
		Carrying	Level	Level	Level		Carrying	Level	Level	Level			Carrying	Level	Level	Level		Carrying	Level	Level	Level
		Amount	1	2	3	Total	Amount	1	2	3	Total		Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:	Assets:											Assets:
Money market fund investments	Money market fund investments	$295	$295	$—	$—	$295	$—	$—	$—	$—	$—	Money market fund investments	$83	$83	$—	$—	$83	$—	$—	$—	$—	$—
Derivatives		158	—	145	13	158	92	—	81	11	92
Commodity derivatives												Commodity derivatives	53	—	53	—	53	99	—	95	4	99
Liabilities:	Liabilities:											Liabilities:
Derivatives		32	—	31	1	32	5	—	5	—	5
Long-term debt (incl. current maturities)		3,019	—	2,778	—	2,778	2,429	—	2,862	—	2,862
Commodity derivatives												Commodity derivatives	61	—	56	5	61	33	—	32	1	33
Long-term debt												Long-term debt	3,067	—	2,939	—	2,939	2,770	—	2,542	—	2,542

Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):

Alliant Energy Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Three Months Ended September 30 2022 2021 2022 2021
Beginning balance, July 1 $72 $39 $244 $154
Total net gains (losses) included in changes in net assets (realized/unrealized) (1) 5 — —
Transfers out of Level 3 — (8) — —
Settlements (a) (26) (7) 4 10
Ending balance, September 30 $45 $29 $248 $164
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30 ($1) $5 $— $—


Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended March 31	2023	2022	2023	2022
Beginning balance, January 1	$19	$29	$185	$214
Total net losses included in changes in net assets (realized/unrealized)	(4)	(6)	—	—




Settlements (a)	(20)	(13)	(32)	13
Ending balance, March 31	($5)	$10	$153	$227
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31	($4)	($5)	$—	$—


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Table of Contents

Alliant Energy Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Nine Months Ended September 30 2022 2021 2022 2021
Beginning balance, January 1 $29 $29 $214 $188
Total net gains (losses) included in changes in net assets (realized/unrealized) (17) 6 — —
Transfers out of Level 3 — (8) — —
Purchases 79 21 — —
Settlements (a) (46) (19) 34 (24)
Ending balance, September 30 $45 $29 $248 $164
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30 ($17) $6 $— $—
IPL Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Three Months Ended September 30 2022 2021 2022 2021
Beginning balance, July 1 $58 $30 $244 $154
Total net gains (losses) included in changes in net assets (realized/unrealized) (6) 2 — —
Transfers out of Level 3 — (8) — —
Settlements (a) (19) (5) 4 10
Ending balance, September 30 $33 $19 $248 $164
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30 ($6) $2 $— $—

IPL Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Nine Months Ended September 30 2022 2021 2022 2021
Beginning balance, January 1 $18 $26 $214 $188
Total net losses included in changes in net assets (realized/unrealized) (13) — — —
Transfers out of Level 3 — (8) — —
Purchases 58 16 — —
Settlements (a) (30) (15) 34 (24)
Ending balance, September 30 $33 $19 $248 $164
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30 ($14) $— $— $—

WPL Commodity Contract Derivative
Assets and (Liabilities), net
Three Months Ended September 30 2022 2021
Beginning balance, July 1 $14 $9
Total net gains included in changes in net assets (realized/unrealized) 5 3
Settlements (7) (2)
Ending balance, September 30 $12 $10
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30 $5 $3


IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended March 31	2023	2022	2023	2022
Beginning balance, January 1	$16	$18	$185	$214
Total net gains (losses) included in changes in net assets (realized/unrealized)	1	(4)	—	—




Settlements (a)	(17)	(7)	(32)	13
Ending balance, March 31	$—	$7	$153	$227
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at March 31	$1	($4)	$—	$—

~~Table~~ of ~~Contents~~


WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Three Months Ended March 31	2023	2022
Beginning balance, January 1	$3	$11
Total net losses included in changes in net assets (realized/unrealized)	(5)	(2)




Settlements	(3)	(6)
Ending balance, March 31	($5)	$3
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31	($5)	($1)

WPL Commodity Contract Derivative
Assets and (Liabilities), net
Nine Months Ended September 30 2022 2021
Beginning balance, January 1 $11 $3
Total net gains (losses) included in changes in net assets (realized/unrealized) (4) 6
Purchases 21 5
Settlements (16) (4)
Ending balance, September 30 $12 $10
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30 ($3) $6

(a)Settlements related to deferred proceeds are due to the change in the carrying amount of receivables sold less the allowance for expected credit losses associated with the receivables sold and cash amounts received from the receivables sold.

Commodity Contracts - The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets (liabilities) as follows (in millions):

Alliant Energy IPL WPL
Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs
September 30, 2022 ($14) $59 ($15) $48 $1 $11
December 31, 2021 9 20 8 10 1 10


	Alliant Energy		IPL		WPL
	Excluding FTRs	FTRs	Excluding FTRs	FTRs	Excluding FTRs	FTRs
March 31, 2023	($10)	$5	($4)	$4	($6)	$1
December 31, 2022	(10)	29	(9)	25	(1)	4

NOTE 13. COMMITMENTS AND CONTINGENCIES

NOTE 13(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction projects, including IPL’s and WPL’s expansion of solar generation. At ~~September 30, 2022,~~March 31, 2023, Alliant Energy’s, IPL’s and WPL’s minimum future commitments for these projects were ~~$208~~$252 million, $40 million and ~~$206~~$212 million, respectively.

NOTE 13(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At ~~September 30, 2022,~~March 31, 2023, related minimum future commitments were as follows (in millions):


		Alliant Energy	IPL	WPL		Alliant Energy	IPL	WPL

Natural gas	Natural gas	$1,608	$742	$866	Natural gas	$1,280	$565	$715
Coal	Coal	197	95	102	Coal	175	89	86
Other (a)	Other (a)	126	57	28	Other (a)	113	53	26
		$1,931	$894	$996		$1,568	$707	$827

(a)Includes individual commitments incurred during the normal course of business that exceeded $1 million at ~~September 30, 2022.~~March 31, 2023.

NOTE 13(c) Guarantees and Indemnifications -

Whiting Petroleum - Whiting Petroleum is an independent oil and gas company. In 2004, Alliant Energy sold its remaining interest in Whiting Petroleum. Alliant Energy Resources, LLC, as the successor to a predecessor entity that owned Whiting Petroleum, and a wholly-owned subsidiary of AEF, continues to guarantee the partnership obligations of an affiliate of Whiting Petroleum under multiple general partnership agreements in the oil and gas industry. The guarantees do not include a maximum limit. Based on information made available to Alliant Energy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6% share in the partnerships, and currently known obligations include costs associated with the future


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abandonment of certain facilities owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC may need to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations.

As of ~~September 30, 2022,~~March 31, 2023, the currently known partnership obligations for the abandonment obligations are estimated at $58 million, which represents Alliant Energy’s currently estimated maximum exposure under the guarantees. Alliant Energy estimates its expected loss to be a portion of the $58 million of known partnership abandonment obligations of the Whiting Petroleum affiliate and the other partners. Alliant Energy is not aware of any material liabilities related to these guarantees that it is probable that it will be obligated to pay; however, as of both ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, a liability of $5 million is recorded in “Other liabilities” on Alliant Energy’s balance sheets for expected credit losses related to the contingent obligations that are in the scope of these guarantees.


			24

~~Table~~ of ~~Contents~~

Whiting Petroleum completed a business combination with Oasis Petroleum Inc. in July 2022. The combined operations are now known as Chord Energy Corporation. The business combination is not expected to affect the scope of the Whiting Petroleum affiliate’s obligations to Alliant Energy or Alliant Energy’s related guarantees.

Non-utility Wind Farm in Oklahoma - In 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-utility wind farm located in Oklahoma. The wind farm provides electricity to a third party under a long-term PPA. Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and PPA. Alliant Energy’s obligations under the operating agreement were $59 million as of ~~September 30, 2022~~March 31, 2023 and will reduce annually until expiring in July 2047. Alliant Energy’s obligations under the PPA are subject to a maximum limit of $17 million and expire in December 2031, subject to potential extension. Alliant Energy is not aware of any material liabilities related to this guarantee that it is probable that it will be obligated to pay and therefore has not recognized any material liabilities related to this guarantee as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022.

NOTE 13(d) Environmental Matters -

Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At ~~September 30, 2022,~~March 31, 2023, estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, which are not discounted, were as follows (in millions)~~. At September 30, 2022, such amounts for WPL were not material.~~:


		Alliant Energy			IPL				Alliant Energy			IPL			WPL
Range of estimated future costs	Range of estimated future costs	$9	-	$25	$6	-	$19	Range of estimated future costs	$10	-	$37	$6	-	$12	$4	-	$25
Current and non-current environmental liabilities	Current and non-current environmental liabilities	$12			$8			Current and non-current environmental liabilities	$18			$8			$10

IPL Consent Decree - In 2015, the U.S. District Court for the Northern District of Iowa approved a Consent Decree that IPL entered into with the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa, thereby resolving potential Clean Air Act issues associated with emissions from IPL’s coal-fired generating facilities in Iowa. IPL has completed various requirements under the Consent Decree. IPL’s remaining requirements include fuel switching or retiring Prairie Creek Units 1 and 3 by December 31, 2025. Alliant Energy and IPL currently expect to recover material costs incurred by IPL related to compliance with the terms of the Consent Decree from IPL’s electric customers.

Other Environmental Contingencies - In addition to the environmental liabilities discussed above, various environmental rules are monitored that may have a significant impact on future operations. Several of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Given uncertainties regarding the outcome, timing and compliance plans for these environmental matters, the complete financial impact of each of these rules is not able to be determined; however, future capital investments and/or modifications to EGUs and electric and gas distribution systems to comply with certain of these rules could be significant. Specific current, proposed or potential environmental matters include, among others: Cross-State Air Pollution Rule, Effluent Limitation Guidelines, Coal Combustion Residuals Rule, and various legislation and EPA regulations to monitor and regulate the emission of greenhouse gases, including the Clean Air Act.

NOTE 13(e) MISO Transmission Owner Return on Equity Complaints - A group of stakeholders, including MISO cooperative and municipal utilities, previously filed complaints with ~~FERC~~the Federal Energy Regulatory Commission (FERC) requesting a reduction to the base return on equity authorized for MISO transmission owners, including ITC Midwest LLC and ATC. In 2019, FERC issued an order on the previously filed complaints and reduced the base return on equity authorized for the MISO transmission owners to 9.88% for November 12, 2013 through February 11, 2015, and subsequent to September 28, 2016. In 2020, FERC issued orders in response to various rehearing requests and increased the base return on equity authorized for the MISO transmission owners from 9.88% to 10.02% for November 12, 2013 through February 11, 2015, and subsequent to September 28, 2016. In August 2022, the U.S. Court of Appeals for the District of Columbia Circuit vacated FERC’s prior orders that established the base return on equity authorized for the MISO transmission owners and remanded the cases to FERC for further proceedings, which may result in additional changes to the base return on equity authorized for ~~the MISO transmission owners. As a result~~


			21

Table of the August 2022 court decision, Alliant Energy recorded a $5 million reduction in “Equity income from unconsolidated investments” in its income statement for the three and nine months ended September 30, 2022 to reflect the anticipated reduction in the base return on equity authorized for Contents

the MISO transmission owners. Any further changes in FERC’s decisions may have an impact on Alliant Energy’s share of ATC’s future earnings and customer costs.


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~~Table~~ of ~~Contents~~

NOTE 14. SEGMENTS OF BUSINESS

Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations.

Alliant Energy ATC Holdings, Alliant
Utility Non-Utility, Energy
Electric Gas Other Total Parent and Other Consolidated
(in millions)
Three Months Ended September 30, 2022
Revenues $1,039 $62 $11 $1,112 $23 $1,135
Operating income (loss) 304 (3) 1 302 7 309
Net income (loss) attributable to Alliant Energy common shareowners 245 (18) 227
Three Months Ended September 30, 2021
Revenues $939 $50 $13 $1,002 $22 $1,024
Operating income (loss) 290 (5) (5) 280 9 289
Net income attributable to Alliant Energy common shareowners 250 6 256

Alliant Energy ATC Holdings, Alliant
Utility Non-Utility, Energy
Electric Gas Other Total Parent and Other Consolidated
(in millions)
Nine Months Ended September 30, 2022
Revenues $2,624 $418 $35 $3,077 $70 $3,147
Operating income 680 62 4 746 23 769
Net income attributable to Alliant Energy common shareowners 574 5 579
Nine Months Ended September 30, 2021
Revenues $2,357 $289 $36 $2,682 $60 $2,742
Operating income (loss) 601 42 (4) 639 24 663
Net income attributable to Alliant Energy common shareowners 537 34 571

IPL Electric Gas Other Total
(in millions)
Three Months Ended September 30, 2022
Revenues $596 $33 $11 $640
Operating income (loss) 174 (3) — 171
Net income available for common stock 154
Three Months Ended September 30, 2021
Revenues $555 $31 $13 $599
Operating income (loss) 186 (3) (3) 180
Net income available for common stock 157
Nine Months Ended September 30, 2022
Revenues $1,438 $224 $34 $1,696
Operating income 353 33 3 389
Net income available for common stock 327
Nine Months Ended September 30, 2021
Revenues $1,343 $165 $35 $1,543
Operating income (loss) 365 30 (1) 394
Net income available for common stock 322


Alliant Energy					ATC Holdings,	Alliant
	Utility				Non-Utility,	Energy
	Electric	Gas	Other	Total	Parent and Other	Consolidated
	(in millions)
Three Months Ended March 31, 2023
Revenues	$768	$276	$11	$1,055	$22	$1,077
Operating income	163	50	4	217	5	222
Net income attributable to Alliant Energy common shareowners				160	3	163
Three Months Ended March 31, 2022
Revenues	$773	$262	$11	$1,046	$22	$1,068
Operating income	181	57	3	241	7	248
Net income attributable to Alliant Energy common shareowners				179	13	192

~~Table~~ of ~~Contents~~


IPL	Electric	Gas	Other	Total
	(in millions)
Three Months Ended March 31, 2023
Revenues	$388	$150	$11	$549
Operating income	66	27	3	96
Net income				72
Three Months Ended March 31, 2022
Revenues	$400	$139	$11	$550
Operating income	75	32	3	110
Net income				87


WPL	WPL	Electric	Gas	Other	Total	WPL	Electric	Gas	Other	Total
		(in millions)					(in millions)
Three Months Ended September 30, 2022
Three Months Ended March 31, 2023						Three Months Ended March 31, 2023
Revenues	Revenues	$443	$29	$—	$472	Revenues	$380	$126	$—	$506
Operating income	Operating income	130	—	1	131	Operating income	97	23	1	121
Net income	Net income				91	Net income				88
Three Months Ended September 30, 2021
Revenues		$384	$19	$—	$403
Operating income (loss)		104	(2)	(2)	100
Net income					93
Nine Months Ended September 30, 2022
Three Months Ended March 31, 2022						Three Months Ended March 31, 2022
Revenues	Revenues	$1,186	$194	$1	$1,381	Revenues	$373	$123	$—	$496
Operating income	Operating income	327	29	1	357	Operating income	106	25	—	131
Net income	Net income				247	Net income				92
Nine Months Ended September 30, 2021
Revenues		$1,014	$124	$1	$1,139
Operating income (loss)		236	12	(3)	245
Net income					215

NOTE 15. RELATED PARTIES

Service Agreements - Pursuant to service agreements, IPL and WPL receive various administrative and general services from an affiliate, Corporate Services. These services are billed to IPL and WPL at cost based on expenses incurred by Corporate Services for the benefit of IPL and WPL, respectively. These costs consisted primarily of employee compensation and benefits, fees associated with various professional services, depreciation and amortization of property, plant and equipment, and a return on net assets. Corporate Services also acts as agent on behalf of IPL and WPL pursuant to the service agreements. As agent, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO. Corporate Services assigns such sales and purchases among IPL and WPL based on statements received from MISO. The amounts billed for services provided, sales credited and purchases for the three ~~and nine~~ months ended ~~September 30~~March 31 were as follows (in millions):


		IPL				WPL					IPL		WPL
		Three Months		Nine Months		Three Months		Nine Months
		2022	2021	2022	2021	2022	2021	2022	2021		2023	2022		2023	2022
Corporate Services billings	Corporate Services billings	$45	$50	$136	$138	$39	$37	$117	$113	Corporate Services billings	$40	$40		$36	$36
Sales credited	Sales credited	11	4	11	9	31	16	62	23	Sales credited	7	—		13	18
Purchases billed	Purchases billed	119	105	342	347	42	24	103	71	Purchases billed	93	94		15	22


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Net intercompany payables to Corporate Services were as follows (in millions):

IPL WPL
September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021
Net payables to Corporate Services $113 $110 $88 $83

IPL

WPL

March 31, 2023

December 31, 2022

March 31, 2023

December 31, 2022

Net payables to Corporate Services

$110

$103

$65

$56

ATC - Pursuant to various agreements, WPL receives a range of transmission services from ATC. WPL provides operation, maintenance, and construction services to ATC. WPL and ATC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three ~~and nine~~ months ended ~~September 30~~March 31 were as follows (in millions):


		Three Months		Nine Months
		2022	2021	2022	2021		2023	2022
ATC billings to WPL	ATC billings to WPL	$38	$29	$107	$91	ATC billings to WPL	$34	$34
WPL billings to ATC	WPL billings to ATC	6	4	14	13	WPL billings to ATC	6	3

WPL owed ATC net amounts of $9 million as of ~~September 30, 2022~~March 31, 2023 and $10 million as of December 31, ~~2021.~~2022.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This MDA includes information relating to Alliant Energy, and IPL and WPL (collectively, the Utilities), as well as ATC Holdings, AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and the Notes included in this report, as well as the financial statements, notes and MDA included in the ~~2021~~2022 Form 10-K. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share.


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~~2022~~2023 HIGHLIGHTS

Key highlights since the filing of the ~~2021~~2022 Form 10-K include the following:

Customer Investments:

•In ~~response to~~March 2023, the IUB issued a petition from a U.S.-based solar panel assembler, in March 2022, the U.S. Department of Commerce initiated an investigation into whether the sourcing of solar project materials and equipment from certain Southeast Asian countries circumvent tariffs and duties imposed on such materials and equipment imported from China. In June 2022, a presidential executive order postponed through 2024 any additional tariffs on solar project materials and equipment while the U.S. Department of Commerce completes its investigation. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters, including from any related legal challenges; however, this could result in delays and/or higher costs for IPL’s and WPL’s planned development and acquisition of additional renewable energy, and impact Alliant Energy’s, IPL’s and WPL’s anticipated future construction and acquisition expenditures.

•~~In June 2022, the PSCW issued an order approving WPL’s second~~ certificate of ~~authority~~public convenience, use and necessity (GCU Certificate) granting IPL approval to ~~acquire,~~ construct, own and operate up to ~~414~~50 MW of ~~new~~ solar generation and up to 25 MW of battery storage in ~~the following Wisconsin counties: Dodge (150 MW), Waushara (99 MW), Rock (65 MW), Grant (50 MW) and Green (50 MW).~~Union County, Iowa.

•In ~~June 2022,~~April 2023, the IUB issued a GCU Certificate granting IPL approval to construct, own and operate up to 150 MW of solar generation and up to 75 MW of battery storage in Lee County, Iowa.

•In 2021, IPL filed for ~~a revised fixed cost cap of $1,934/kilowatt~~advance rate-making principles with the IUB ~~related to IPL’s November 2021 advance rate-making principles filing~~ for up to 400 MW of solar generation ~~with in-service dates in 2023~~ and ~~2024 and approximately~~ 75 MW of battery ~~storage in 2024, which reflects higher materials, labor and shipping costs.~~storage. On April 27, 2023, the IUB approved advance rate-making principles for up to 200 MW of solar generation. The ~~revised fixed~~IUB’s order included a cost ~~cap includes allowance for funds used during construction~~target of $1,575/kilowatt, including AFUDC and transmission upgrade costs among other costs. ~~In September 2022, IPL provided the IUB with a summary~~Any reasonable and prudent costs incurred in excess of the ~~Inflation Reduction Act of 2022,~~cost target, as well as ~~an economic analysis indicating full ownership for its planned solar and battery storage projects is currently expected~~the related return on common equity, would need to ~~result~~be addressed in ~~lower costs for its customers compared to previous plans to utilize tax equity financing.~~future IPL ~~currently expects a decision~~retail electric rate review filings. IPL has 20 days from the ~~IUB on its filing by~~date of the ~~end~~IUB’s order to ask for reconsideration of ~~2022.~~

•~~In August 2022, FERC approved MISO’s proposal to change its methodology for procuring capacity in~~ the ~~energy market effective with the 2023/2024 MISO Planning Year, as a result of changes in the overall generation resource mix due to the shift to renewable generation~~advance rate-making principles, and ~~the retirement of certain fossil-fueled generation. The capacity construct will change~~30 days from the ~~current Summer-based annual construct to four distinct seasons to help ensure the continued reliability~~date of the electric transmission grid. FERC’s approval also includes establishing planning reserve margin requirements for all market participants on a seasonal basis and determining a seasonal accredited capacity value for certain classes of generating resources, including higher accredited capacity for wind generation duringIUB’s order to accept the Spring, Fall and Winter seasons and lower accredited capacity for solar generation during the Winter season. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters, but anticipate additional generating resources will be needed to comply with the requirements of the new capacity construct. Refer to “~~Liquidity and Capital Resources” for discussion of proposed changes to IPL’s and WPL’s current resource plans resulting from these matters.~~

•In September 2022, WPL filed a request with the PSCW for approval to construct, own and operate 175 MW of battery storage, with 100 MW and 75 MW at the Grant County and Wood County solar projects, respectively. Estimated capital expenditures for these planned projects for 2023 through 2025 are included in the “Renewables and battery storage” line in the construction and acquisition table in “~~Liquidity and Capital Resources~~.”

•In September 2022, after the enactment of the Inflation Reduction Act of 2022, WPL informed the PSCW of its decision to retain full ownership of its planned solar projects instead of financing a portion of the projects with tax equity partners, which is currently expected to result in lower costs for its customers compared to previous plans to utilize tax equity financing.

•~~In September 2022, WPL completed the construction of the Bear Creek Solar Garden in Richland County, Wisconsin (50 MW).~~

•~~In October 2022, WPL completed the construction of the North Rock Solar Garden in Rock County, Wisconsin (50 MW).~~

•~~Refer to~~ ~~Note 3~~ ~~for discussion of revised expected timing for the retirements of various IPL and WPL coal-fired EGUs.~~approved advance rate-making principles.

Rate Matters:

•In ~~June 2022,~~April 2023, WPL filed a limited reopener request with the PSCW to increase annual retail gas rates for the 2023 forward-looking Test Period by approximately $10 million, which reflects changes in weighted average cost of capital, updated depreciation rates and modifications to certain regulatory asset and regulatory liability amortizations. WPL currently expects a decision from the PSCW on its request by the end of 2022.

•In August 2022, the PSCW authorized WPL to collect $37 million in 2023 from its retail electric customers, plus interest, for an under-collection of fuel-related costs incurred by WPL in 2021 that were higher than fuel-related costs used to determine rates for such period. In addition, in November 2022, WPL filed updated fuel-related cost information for 2023 with the PSCW, which reflects an increase in annual retail electric rates of approximately $63 million in 2023 compared to WPL’s approved 2022 fuel-related costs. WPL currently expects a decision from the PSCW on its request by the end of 2022.


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~~Table~~ of ~~Contents~~

•~~WPL currently expects to file~~ a retail electric and gas rate review with the PSCW ~~in the second quarter of 2023~~ for the 2024/2025 forward-looking Test Period. The key drivers for the ~~anticipated~~ filing include revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation and battery storage. ~~Any~~The filing requested approval for WPL to implement increases in annual rates for its retail electric and gas customers of $111 million and $17 million in 2024, respectively, with any granted rate changes ~~granted from this pending request are~~ expected to be effective on January 1, ~~2024,~~2024. WPL’s filing also requested approval to implement an additional $71 million increase in annual rates for its retail electric customers in 2025, with any granted rate changes expected to be effective on January 1, 2025. WPL also requested to maintain its current authorized return on common equity of 10% and implement an approximate 56% common equity component of its regulatory capital structure, as well as receive continued recovery of and a return on the remaining net book value of Edgewater Unit 5, which is currently expected to be retired by June 1, 2025. A decision from the PSCW ~~expected by the end of 2023.~~

•IPL currently expects to file a retail electric and gas rate review with the IUB by the first half of 2024. The key drivers for the anticipated filing include revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation and battery storage.

~~Legislative Matters:~~

•~~Refer to~~ ~~Note~~ 9 ~~for discussion of Iowa tax reform enacted in March 2022.~~

•In August 2022, the Inflation Reduction Act of 2022 was enacted. The most significant provisions of the new legislation for Alliant Energy, IPL and WPL relate to a 10-year extension of tax credits for clean energy projects, a new production tax credit eligible for solar projects, a new stand-alone investment tax credit for battery storage projects and the right to transfer future renewable credits to other corporate taxpayers. The new legislation also includes a requirement for corporations with income over $1 billion to pay a 15% minimum tax; however, Alliant Energy is currently below this income level. Alliant Energy, IPL and WPL currently expect to utilize various provisions of the new legislation to enhance the tax benefits expected from their announced approximately 1,500 MW of solar and 250 MW of battery storage projects, including transferring the future tax credits from such projects to other corporate taxpayers and opting to retain full ownership of such projects instead of financing a portion of the projects with tax equity partners. Compared to previous plans to utilize tax equity financing, the impact of these changes is expected to result in lower costs for IPL's and WPL's customers, higher rate base amounts, additional financing needs expected to be satisfied with additional long-term debt and common stock issuances, and improvements in long-term cash flows over the life of the solar and battery storage projects.

~~Financings and Common Stock Dividends:~~

•~~Refer to “Results of Operations” for discussion of expected future issuances of common stock and common stock dividends, and expected future issuances and retirements of long-term debt,~~ by the end of 2023.

RESULTS OF OPERATIONS

Results of operations include financial information prepared in accordance with GAAP as well as utility electric margins and utility gas margins, which are not measures of financial performance under GAAP. Utility electric margins are defined as electric revenues less electric production fuel, purchased power and electric transmission service expenses. Utility gas margins are defined as gas revenues less cost of gas sold. Utility electric margins and utility gas margins are non-GAAP financial measures because they exclude other utility and non-utility revenues, other operation and maintenance expenses, depreciation and amortization expenses, and taxes other than income tax expense.

Management believes that utility electric and gas margins provide a meaningful basis for evaluating and managing utility operations since electric production fuel, purchased power and electric transmission service expenses and cost of gas sold are


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generally passed through to customers, and therefore, result in changes to electric and gas revenues that are comparable to changes in such expenses. The presentation of utility electric and gas margins herein is intended to provide supplemental information for investors regarding operating performance. These utility electric and gas margins may not be comparable to how other entities define utility electric and gas margin. Furthermore, these measures are not intended to replace operating income as determined in accordance with GAAP as an indicator of operating performance.

Additionally, the table below includes EPS for Utilities and Corporate Services, ATC Holdings, and Non-utility and Parent, which are non-GAAP financial measures. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.

Financial Results Overview - Alliant Energy’s net income and EPS attributable to Alliant Energy common shareowners for the three months ended ~~September 30~~March 31 were as follows (dollars in millions, except per share amounts):


		2022		2021			2023		2022
		Income (Loss)	EPS	Income (Loss)	EPS		Income (Loss)	EPS	Income	EPS

Utilities and Corporate Services	Utilities and Corporate Services	$249	$0.99	$254	$1.01	Utilities and Corporate Services	$163	$0.65	$183	$0.73
ATC Holdings	ATC Holdings	5	0.02	8	0.03	ATC Holdings	9	0.04	8	0.03
Non-utility and Parent	Non-utility and Parent	(27)	(0.11)	(6)	(0.02)	Non-utility and Parent	(9)	(0.04)	1	0.01

Alliant Energy Consolidated	Alliant Energy Consolidated	$227	$0.90	$256	$1.02	Alliant Energy Consolidated	$163	$0.65	$192	$0.77

Alliant Energy’s Utilities and Corporate Services net income decreased by $5$20 million for the three-month period, primarily due to lower retail electric and gas sales due to impacts of warmer than normal temperatures on customer demand in the first quarter of 2023, compared to an increase in sales in the first quarter of 2022 due to impacts of colder than normal temperatures on customer demand, higher interest expense and ~~the~~ timing of income ~~taxes.~~


			29

~~Table~~ of ~~Contents~~

tax expense. These items were partially offset by higher electric revenues resulting from higher revenue requirements and AFUDC from WPL’s capital investments.

Alliant Energy’s Non-utility and Parent net income decreased by ~~$21~~$10 million for the three-month period, primarily due to higher interest ~~expense, the timing of income taxes and the impact of the Iowa corporate income tax rate change.~~expense.

For the three ~~and nine~~ months ended ~~September 30,~~March 31, operating income and a reconciliation of utility electric and gas margins to the most directly comparable GAAP measure, operating income, was as follows (in millions):


		Alliant Energy		IPL		WPL			Alliant Energy		IPL		WPL
Three Months	Three Months	2022	2021	2022	2021	2022	2021	Three Months	2023	2022	2023	2022	2023	2022
Operating income	Operating income	$309	$289	$171	$180	$131	$100	Operating income	$222	$248	$96	$110	$121	$131
Electric utility revenues	Electric utility revenues	$1,039	$939	$596	$555	$443	$384	Electric utility revenues	$768	$773	$388	$400	$380	$373
Electric production fuel and purchased power expenses	Electric production fuel and purchased power expenses	(274)	(207)	(140)	(101)	(134)	(105)	Electric production fuel and purchased power expenses	(157)	(168)	(47)	(67)	(109)	(101)
Electric transmission service expense	Electric transmission service expense	(157)	(148)	(115)	(103)	(42)	(44)	Electric transmission service expense	(146)	(138)	(104)	(97)	(42)	(41)
Utility Electric Margin (non-GAAP)	Utility Electric Margin (non-GAAP)	608	584	341	351	267	235	Utility Electric Margin (non-GAAP)	465	467	237	236	229	231
Gas utility revenues	Gas utility revenues	62	50	33	31	29	19	Gas utility revenues	276	262	150	139	126	123
Cost of gas sold	Cost of gas sold	(26)	(18)	(14)	(12)	(13)	(6)	Cost of gas sold	(181)	(168)	(95)	(85)	(86)	(83)
Utility Gas Margin (non-GAAP)	Utility Gas Margin (non-GAAP)	36	32	19	19	16	13	Utility Gas Margin (non-GAAP)	95	94	55	54	40	40
Other utility revenues	Other utility revenues	11	13	11	13	—	—	Other utility revenues	11	11	11	11	—	—
Non-utility revenues	Non-utility revenues	23	22	—	—	—	—	Non-utility revenues	22	22	—	—	—	—
Other operation and maintenance expenses	Other operation and maintenance expenses	(172)	(171)	(90)	(95)	(70)	(66)	Other operation and maintenance expenses	(174)	(153)	(95)	(83)	(66)	(58)
Depreciation and amortization expenses	Depreciation and amortization expenses	(169)	(165)	(95)	(94)	(71)	(70)	Depreciation and amortization expenses	(166)	(166)	(96)	(94)	(68)	(70)
Taxes other than income tax expense	Taxes other than income tax expense	(28)	(26)	(15)	(14)	(11)	(12)	Taxes other than income tax expense	(31)	(27)	(16)	(14)	(14)	(12)
Operating income	Operating income	$309	$289	$171	$180	$131	$100	Operating income	$222	$248	$96	$110	$121	$131

Alliant Energy IPL WPL
Nine Months 2022 2021 2022 2021 2022 2021
Operating income $769 $663 $389 $394 $357 $245
Electric utility revenues $2,624 $2,357 $1,438 $1,343 $1,186 $1,014
Electric production fuel and purchased power expenses (633) (478) (290) (215) (343) (263)
Electric transmission service expense (428) (403) (303) (274) (125) (128)
Utility Electric Margin (non-GAAP) 1,563 1,476 845 854 718 623
Gas utility revenues 418 289 224 165 194 124
Cost of gas sold (242) (149) (126) (84) (117) (65)
Utility Gas Margin (non-GAAP) 176 140 98 81 77 59
Other utility revenues 35 36 34 35 1 1
Non-utility revenues 70 60 — — — —
Other operation and maintenance expenses (492) (477) (260) (253) (193) (194)
Depreciation and amortization expenses (501) (494) (285) (281) (211) (209)
Taxes other than income tax expense (82) (78) (43) (42) (35) (35)
Operating income $769 $663 $389 $394 $357 $245

Operating Income Variances - Variances between periods in operating income for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 compared to the same ~~periods~~period in ~~2021~~2022 were as follows (in millions):

Three Months Nine Months
Alliant Energy IPL WPL Alliant Energy IPL WPL
Total higher (lower) utility electric margin variance (Refer to details below) $24 ($10) $32 $87 ($9) $95
Total higher utility gas margin variance (Refer to details below) 4 — 3 36 17 18
Total (higher) lower other operation and maintenance expenses variance (Refer to details below) (1) 5 (4) (15) (7) 1
Total higher depreciation and amortization expense (4) (1) (1) (7) (4) (2)
Other (3) (3) 1 5 (2) —
$20 ($9) $31 $106 ($5) $112



	Alliant Energy	IPL	WPL
Total higher (lower) utility electric margin variance (Refer to details below)	($2)	$1	($2)
Total higher utility gas margin variance (Refer to details below)	1	1	—
Total higher other operation and maintenance expenses variance (Refer to details below)	(21)	(12)	(8)
Total (higher) lower depreciation and amortization expense	—	(2)	2
Other	(4)	(2)	(2)
	($26)	($14)	($10)


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Table of Contents

Electric and Gas Revenues and Sales Summary - Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), for the three ~~and nine~~ months ended ~~September 30~~March 31 were as follows:


Alliant Energy	Alliant Energy	Electric				Gas				Alliant Energy	Electric				Gas
		Revenues		MWhs Sold		Revenues		Dths Sold			Revenues		MWhs Sold		Revenues		Dths Sold
		2022	2021	2022	2021	2022	2021	2022	2021		2023	2022	2023	2022	2023	2022	2023	2022
Three Months

Retail	Retail	$908	$845	6,788	7,031	$50	$40	3,584	3,264	Retail	$686	$692	6,201	6,388	$262	$248	22,310	26,095
Sales for resale		115	78	1,759	1,853	N/A	N/A	N/A	N/A
Sales for resale:										Sales for resale:
Wholesale										Wholesale	46	47	698	721	N/A	N/A	N/A	N/A
Bulk power and other										Bulk power and other	23	21	1,243	1,224	N/A	N/A	N/A	N/A
Transportation/Other	Transportation/Other	16	16	16	18	12	10	30,982	26,365	Transportation/Other	13	13	15	17	14	14	32,614	29,877
		$1,039	$939	8,563	8,902	$62	$50	34,566	29,629		$768	$773	8,157	8,350	$276	$262	54,924	55,972
Nine Months
Retail		$2,327	$2,124	19,304	19,262	$379	$258	37,284	33,299
Sales for resale		251	181	5,161	4,411	N/A	N/A	N/A	N/A
Transportation/Other		46	52	46	53	39	31	83,241	74,111
		$2,624	$2,357	24,511	23,726	$418	$289	120,525	107,410


IPL	IPL	Electric				Gas				IPL	Electric				Gas
		Revenues		MWhs Sold		Revenues		Dths Sold			Revenues		MWhs Sold		Revenues		Dths Sold
		2022	2021	2022	2021	2022	2021	2022	2021		2023	2022	2023	2022	2023	2022	2023	2022
Three Months

Retail	Retail	$559	$525	3,736	3,914	$25	$25	1,739	1,702	Retail	$362	$379	3,544	3,651	$141	$130	11,459	13,601
Sales for resale		28	21	581	487	N/A	N/A	N/A	N/A
Sales for resale:										Sales for resale:
Wholesale										Wholesale	12	15	187	194	N/A	N/A	N/A	N/A
Bulk power and other										Bulk power and other	7	(2)	496	403	N/A	N/A	N/A	N/A
Transportation/Other	Transportation/Other	9	9	9	9	8	6	9,743	9,308	Transportation/Other	7	8	8	8	9	9	12,035	12,020
		$596	$555	4,326	4,410	$33	$31	11,482	11,010		$388	$400	4,235	4,256	$150	$139	23,494	25,621
Nine Months
Retail		$1,358	$1,259	10,821	10,810	$199	$145	19,118	17,268
Sales for resale		53	49	1,600	1,160	N/A	N/A	N/A	N/A
Transportation/Other		27	35	25	26	25	20	31,917	29,727
		$1,438	$1,343	12,446	11,996	$224	$165	51,035	46,995


WPL	WPL	Electric				Gas				WPL	Electric				Gas
		Revenues		MWhs Sold		Revenues		Dths Sold			Revenues		MWhs Sold		Revenues		Dths Sold
		2022	2021	2022	2021	2022	2021	2022	2021		2023	2022	2023	2022	2023	2022	2023	2022
Three Months

Retail	Retail	$349	$320	3,052	3,117	$25	$15	1,845	1,562	Retail	$324	$313	2,657	2,737	$121	$118	10,851	12,494
Sales for resale		87	57	1,178	1,366	N/A	N/A	N/A	N/A
Sales for resale:										Sales for resale:
Wholesale										Wholesale	34	32	511	527	N/A	N/A	N/A	N/A
Bulk power and other										Bulk power and other	16	23	747	821	N/A	N/A	N/A	N/A
Transportation/Other	Transportation/Other	7	7	7	9	4	4	21,239	17,057	Transportation/Other	6	5	7	9	5	5	20,579	17,857
		$443	$384	4,237	4,492	$29	$19	23,084	18,619		$380	$373	3,922	4,094	$126	$123	31,430	30,351
Nine Months
Retail		$969	$865	8,483	8,452	$180	$113	18,166	16,031
Sales for resale		198	132	3,561	3,251	N/A	N/A	N/A	N/A
Transportation/Other		19	17	21	27	14	11	51,324	44,384
		$1,186	$1,014	12,065	11,730	$194	$124	69,490	60,415

Sales Trends and Temperatures - Alliant Energy’s retail electric and gas sales volumes decreased 3% and ~~were unchanged~~15%, respectively, for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 compared to the same ~~periods~~period in ~~2021, respectively,~~2022, primarily due to changes in sales volumes of commercial and industrial customers due to standby service customers that can use other generation, as well as maintenance outages at certain large customers. Alliant Energy’s retail gas sales volumes increased 10% and 12% for the three and nine months ended September 30, 2022 compared to the same periods in 2021, respectively, primarily due to changes in temperatures and increases in the number of retail customers.temperatures.


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~~Table~~ of ~~Contents~~

Estimated increases (decreases) to electric and gas margins from the impacts of temperatures for the three ~~and nine~~ months ended ~~September 30~~March 31 were as follows (in millions):


		Electric Margins						Gas Margins							Electric Margins			Gas Margins
		Three Months			Nine Months			Three Months			Nine Months
		2022	2021	Change	2022	2021	Change	2022	2021	Change	2022	2021	Change		2023	2022	Change		2023	2022	Change
IPL	IPL	$4	$5	($1)	$15	$16	($1)	$—	($1)	$1	$4	$1	$3	IPL	($4)	$5	($9)		($3)	$3	($6)
WPL	WPL	—	—	—	10	9	1	—	—	—	2	—	2	WPL	(5)	2	(7)		(3)	1	(4)
Total Alliant Energy	Total Alliant Energy	$4	$5	($1)	$25	$25	$—	$—	($1)	$1	$6	$1	$5	Total Alliant Energy	($9)	$7	($16)		($6)	$4	($10)

Electric Sales for Resale - Electric sales for resale volume changes were largely due to changes in sales in the wholesale energy markets operated by MISO. These changes are impacted by several factors, including the availability and dispatch of Alliant Energy’s EGUs and electricity demand within these wholesale energy markets. Changes in sales for resale revenues were largely offset by changes in fuel-related costs, and therefore, did not have a significant impact on electric margins.

Gas Transportation/Other - Gas transportation/other sales volume changes were largely due to changes in the gas volumes supplied to Alliant Energy’s natural gas-fired EGUs caused by the availability and dispatch of such EGUs. Changes in these transportation/other revenues did not have a significant impact on gas margins.


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Table of Contents

Utility Electric Margin Variances - The following items contributed to increased (decreased) utility electric margins for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 compared to the same ~~periods~~period in ~~2021~~2022 as follows (in millions):

Three Months Nine Months
Alliant Energy IPL WPL Alliant Energy IPL WPL
Higher revenue requirements at WPL due to increasing rate base (a) $32 $— $32 $85 $— $85
Higher revenues at IPL due to changes in credits on customers’ bills related to excess deferred income tax benefits amortization through the tax benefit rider (offset by changes in income tax) — — — 11 11 —
Lower revenues at IPL due to changes in the renewable energy rider (mostly offset by changes in income tax) (4) (4) — (23) (23) —
Other (4) (6) — 14 3 10
$24 ($10) $32 $87 ($9) $95

~~(a)~~In December 2021, the PSCW issued an order authorizing annual base rate increases of $114 million and $15 million for WPL’s retail electric and gas customers, respectively, covering the 2022/2023 forward-looking Test Period, which was based on a stipulated agreement between WPL and certain stakeholders. The key drivers for the annual base rate increases include higher retail fuel-related costs in 2022, lower excess deferred income tax benefits in 2022 and 2023 compared to 2021, and revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation. Retail electric rate changes were effective on January 1, 2022 and extend through the end of 2023. Retail gas rate changes were effective on January 1, 2022 and extend through the end of 2022. The higher fuel expense costs are recognized in electric margin and the lower amount of excess deferred income tax benefits is recognized as a reduction in income tax.



	Alliant Energy	IPL	WPL




Estimated changes in sales volumes caused by temperatures	($16)	($9)	($7)
Higher revenues at IPL due to changes in the renewable energy rider (mostly offset by changes in income taxes)	7	7	—



Other	7	3	5
	($2)	$1	($2)

Utility Gas Margin Variances - The following items contributed to increased (decreased) utility gas margins for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 compared to the same ~~periods~~period in ~~2021~~2022 as follows (in millions):

Three Months Nine Months
Alliant Energy IPL WPL Alliant Energy IPL WPL
Higher revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense) $1 $1 $— $12 $12 $—
Higher revenue requirements at WPL due to increasing rate base (refer to (a) above) 1 — 1 10 — 10
Other (includes higher sales in 2022) 2 (1) 2 14 5 8
$4 $— $3 $36 $17 $18



	Alliant Energy	IPL	WPL
Higher revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense)	$6	$6	$—
Higher revenue requirements at WPL (a)	4	—	4
Estimated changes in sales volumes caused by temperatures	(10)	(6)	(4)
Other	1	1	—
	$1	$1	$—

(a)In December 2022, the PSCW issued an order authorizing an annual base rate increase of $9 million for WPL’s retail gas customers, covering the 2023 forward-looking Test Period, which reflects changes in weighted average cost of capital, updated depreciation rates and modifications to certain regulatory asset and regulatory liability amortizations. These retail gas rate changes were effective on January 1, 2023 and extend through the end of 2023.


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~~Table~~ of ~~Contents~~

Other Operation and Maintenance Expenses Variances - The following items contributed to (increased) decreased other operation and maintenance expenses for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 compared to the same ~~periods~~period in ~~2021~~2022 as follows (in millions):


		Three Months			Nine Months
		Alliant Energy	IPL	WPL	Alliant Energy	IPL	WPL		Alliant Energy	IPL	WPL
Higher energy efficiency expense at IPL (mostly offset by higher revenues)	Higher energy efficiency expense at IPL (mostly offset by higher revenues)	$—	$—	$—	($8)	($8)	$—	Higher energy efficiency expense at IPL (mostly offset by higher revenues)	($6)	($6)	$—

Higher generation operation and maintenance expenses								Higher generation operation and maintenance expenses	(5)	2	(7)

Non-utility Travero (mostly offset by higher revenues)		(2)	—	—	(9)	—	—
Other	Other	1	5	(4)	2	1	1	Other	(10)	(8)	(1)
		($1)	$5	($4)	($15)	($7)	$1		($21)	($12)	($8)

Other Income and Deductions Variances - The following items contributed to (increased) decreased other income and deductions for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 compared to the same ~~periods~~period in ~~2021~~2022 as follows (in millions):


		Three Months			Nine Months
		Alliant Energy	IPL	WPL	Alliant Energy	IPL	WPL		Alliant Energy	IPL	WPL
Higher interest expense primarily due to financings completed in 2022 and 2021 and higher interest rates		($15)	($3)	($6)	($29)	($8)	($9)
(Lower) higher equity income from unconsolidated investments, net (refer to Note 5 for details)		(8)	—	—	(10)	—	1
Higher interest expense primarily due to financings completed in 2023 and 2022, and higher interest rates								Higher interest expense primarily due to financings completed in 2023 and 2022, and higher interest rates	($20)	$—	($9)

Higher AFUDC primarily due to changes in construction work in progress balances related to WPL’s solar generation	Higher AFUDC primarily due to changes in construction work in progress balances related to WPL’s solar generation	3	1	2	18	1	17	Higher AFUDC primarily due to changes in construction work in progress balances related to WPL’s solar generation	8	—	7
Other	Other	3	1	2	7	4	2	Other	(1)	(1)	(1)
		($17)	($1)	($2)	($14)	($3)	$11		($13)	($1)	($3)

Income Taxes - Refer to Note 9 for details of effective income tax rates.

~~Preferred Dividend Requirements of IPL~~ - Alliant Energy’s and IPL’s preferred dividend requirements decreased for the three and nine months ended September 30, 2022 compared to the same periods in 2021 due to the redemption of IPL’s 5.1% cumulative preferred stock in December 2021.

~~Other Future Considerations~~ - ~~In addition to items discussed in this report, the following key items could impact Alliant Energy’s, IPL’s and WPL’s future financial condition or results of operations:~~

•~~Financing Plans -~~ Alliant Energy currently expects to issue up to $250 million of common stock in 2023 through one or more offerings and its Shareowner Direct Plan. IPL, WPL (subject to regulatory approval) and AEF currently expect to issue up to $300 million, $300 million, and $450 million of long-term debt, respectively, by the end of 2023. WPL and AEF have $250 million and $400 million of long-term debt maturing in 2022 and 2023, respectively.

•~~Common Stock Dividends -~~ Alliant Energy announced a 6% increase in its targeted 2023 annual common stock dividend to $1.81 per share, which is equivalent to a quarterly rate of $0.4525 per share, beginning with the February 2023 dividend payment. The timing and amount of future dividends is subject to an approved dividend declaration from Alliant Energy’s Board of Directors, and is dependent upon earnings expectations, capital requirements, and general financial business conditions, among other factors.

•~~Higher Earnings on Increasing Rate Base -~~ Alliant Energy and WPL currently expect an increase in earnings in 2023 compared to 2022 due to impacts from increasing revenue requirements related to investments in the utility business, including WPL’s solar investments.

•~~Other Operation and Maintenance Expenses -~~ ~~Alliant Energy, IPL and WPL currently expect a decrease in other operation and maintenance expenses in 2023 compared to 2022 largely due to cost reductions resulting from operating efficiencies.~~

•~~Interest Expense -~~ Alliant Energy, IPL and WPL currently expect an increase in interest expense in 2023 compared to 2022 due to financings completed in 2022 and planned by the end of 2023 as discussed above, as well as expected higher interest rates.

LIQUIDITY AND CAPITAL RESOURCES

The liquidity and capital resources summary included in the ~~2021~~2022 Form 10-K has not changed materially, except as described below.

Liquidity Position - At ~~September 30, 2022,~~March 31, 2023, Alliant Energy had ~~$344~~$157 million of cash and cash equivalents, ~~$617~~$940 million ($67450 million at the parent company, $250 million at IPL and ~~$300~~$240 million at WPL) of available capacity under the single revolving credit facility and ~~$109~~$21 million of available capacity at IPL under its sales of accounts receivable program.


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Table of Contents

Capital Structure - Capital structures at ~~September 30, 2022~~March 31, 2023 were as follows (Long-term Debt (including current maturities) (LD); Short-term Debt (SD); Common Equity (CE)):

Cash Flows - Selected information from the cash flows statements was as follows (in millions):


		Alliant Energy		IPL		WPL			Alliant Energy		IPL		WPL
		2022	2021	2022	2021	2022	2021		2023	2022	2023	2022	2023	2022
Cash, cash equivalents and restricted cash, January 1	Cash, cash equivalents and restricted cash, January 1	$40	$56	$34	$50	$2	$3	Cash, cash equivalents and restricted cash, January 1	$24	$40	$15	$34	$5	$2
Cash flows from (used for):	Cash flows from (used for):							Cash flows from (used for):
Operating activities	Operating activities	485	477	166	95	279	349	Operating activities	188	251	24	89	185	167
Investing activities	Investing activities	(599)	(452)	84	122	(612)	(510)	Investing activities	(263)	(223)	70	18	(295)	(217)
Financing activities	Financing activities	421	(57)	(239)	(254)	630	162	Financing activities	212	3	(74)	(79)	191	52
Net increase (decrease)		307	(32)	11	(37)	297	1
Cash, cash equivalents and restricted cash, September 30		$347	$24	$45	$13	$299	$4
Net increase								Net increase	137	31	20	28	81	2
Cash, cash equivalents and restricted cash, March 31								Cash, cash equivalents and restricted cash, March 31	$161	$71	$35	$62	$86	$4

Operating Activities - The following items contributed to increased (decreased) operating activity cash flows for the ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 compared to the same period in ~~2021~~2022 (in millions):

Alliant Energy IPL WPL
Higher collections from WPL’s retail electric and gas base rate increases $95 $— $95
Lower contributions to qualified defined benefit pension plans 37 17 18
Natural gas cost payments from extreme temperatures in February 2021 resulting in under-recovered natural gas costs at IPL in 2021 15 15 —
Credits issued to IPL’s retail electric customers in 2021 through its transmission cost rider for refunds received in 2020 for MISO transmission owner return on equity complaints 14 14 —
Timing of WPL’s fuel-related cost recoveries from customers (71) — (71)
Changes in levels of gas stored underground and prepaid gas costs (35) (13) (22)
Changes in interest payments (23) (5) (6)
Changes in income taxes paid/refunded (6) 5 (27)
Other (primarily due to other changes in working capital) (18) 38 (57)
$8 $71 ($70)

~~As discussed in “2022 Highlights~~,” the Inflation Reduction Act of 2022 provides the right to transfer future renewable tax credits to other corporate taxpayers, which is expected to result in future cash flows from operating activities for Alliant Energy, IPL and WPL.


	Alliant Energy	IPL	WPL




Changes in interest payments	($31)	$—	($17)
Decreased collections from IPL’s and WPL’s retail customers caused by temperature impacts on electric and gas sales	(26)	(15)	(11)


Changes in the sales of accounts receivable at IPL	(13)	(13)	—


Timing of intercompany payments and receipts	—	(5)	14

Other (primarily due to other changes in working capital)	7	(32)	32
	($63)	($65)	$18

Investing Activities - The following items contributed to increased (decreased) investing activity cash flows for the ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 compared to the same period in ~~2021~~2022 (in millions):


		Alliant Energy	IPL	WPL		Alliant Energy	IPL	WPL
(Higher) lower utility construction and acquisition expenditures (a)		($101)	$16	($117)
Higher utility construction and acquisition expenditures (a)					Higher utility construction and acquisition expenditures (a)	($110)	($5)	($104)
Changes in the amount of cash receipts on sold receivables	Changes in the amount of cash receipts on sold receivables	(65)	(65)	—	Changes in the amount of cash receipts on sold receivables	58	58	—
Proceeds from sale of partial ownership interest in West Riverside					Proceeds from sale of partial ownership interest in West Riverside	25	—	25
Other	Other	19	11	15	Other	(13)	(1)	1
		($147)	($38)	($102)		($40)	$52	($78)

(a)Largely due to higher expenditures for WPL’s solar generation.

Construction and Acquisition Expenditures - In March 2023, WPL notified the PSCW that it currently expects estimated construction costs and related rate base additions associated with its 414 MW of new solar generation ~~partially offset~~will exceed amounts approved by ~~lower~~the PSCW in June 2022 by approximately 10-14% due to higher commodity, labor and other site-specific costs. A significant portion of these higher estimated construction costs are included in the anticipated construction and acquisition expenditures ~~for IPL’s~~included in “Liquidity and ~~WPL’s electric and gas distribution systems.~~Capital Resources” in the 2022 Form 10-K.


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Table of Contents

~~Construction and Acquisition Expenditures~~ - Construction and acquisition expenditures and financing plans are reviewed, approved and updated as part of the strategic planning process. Changes may result from a number of reasons, including regulatory requirements, changing legislation, not obtaining favorable and acceptable regulatory approval on certain projects, improvements in technology, and improvements to ensure reliability of the electric and gas distribution systems. Construction and acquisition expenditures for 2022 through 2026 are currently anticipated as follows (in millions), which are focused on the transition to cleaner energy and strengthening the resiliency and reliability of IPL’s and WPL’s electric grid. Cost estimates represent Alliant Energy’s, IPL’s and WPL’s portion of construction expenditures and exclude AFUDC and capitalized interest, if applicable.

Alliant Energy IPL WPL
2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026
Generation:
Renewables and battery storage $775 $900 $1,205 $725 $1,060 $40 $325 $625 $260 $670 $735 $575 $580 $465 $390
Other 80 100 315 490 335 40 55 55 70 100 40 45 260 420 235
Distribution:
Electric systems 465 550 595 545 535 250 320 360 300 280 215 230 235 245 255
Gas systems 75 80 85 85 85 35 35 40 40 40 40 45 45 45 45
Other 145 220 210 175 180 25 45 40 45 45 20 35 30 30 30
$1,540 $1,850 $2,410 $2,020 $2,195 $390 $780 $1,120 $715 $1,135 $1,050 $930 $1,150 $1,205 $955

~~New MISO Seasonal Capacity Construct~~ ~~- As discussed in “2022 Highlights~~,” in August 2022, FERC approved MISO’s proposal to change its methodology for procuring capacity in the energy market effective with the 2023/2024 MISO Planning Year. IPL and WPL currently plan to construct and/or acquire additional renewable, battery and natural gas resources to comply with the requirements of this new methodology and have reflected the estimated capital expenditures for these projects in the "Renewables and battery storage" and "Other” Generation lines in the construction and acquisition table above.

~~Renewables and Battery Storage~~ - Alliant Energy, IPL and WPL continue to evaluate potential impacts from cost pressures prevalent in the solar generation and battery storage markets and the pending U.S. Department of Commerce investigation on the timing and estimated costs for IPL’s and WPL’s planned development and acquisition of additional renewable energy, which could impact their anticipated future construction and acquisition expenditures. Refer to “~~2022 Highlights~~” for further discussion of the U.S. Department of Commerce investigation and regulatory filings with the IUB and PSCW related to future renewable and battery storage projects, including recent filings by IPL and WPL announcing plans to shift away from tax equity partnerships to traditional ownership for future renewable and battery storage projects following the enactment of the Inflation Reduction Act of 2022.

Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for the ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 compared to the same period in ~~2021~~2022 (in millions):

Alliant Energy IPL WPL
Higher net proceeds from issuance of long-term debt $938 $— $288
Capital contributions from noncontrolling interest 29 — 29
Higher payments to retire long-term debt (375) — —
Net changes in the amount of commercial paper outstanding (59) — 18
Distributions to noncontrolling interest (29) — (29)
(Higher) lower common stock dividends (18) 61 (7)
Higher (lower) capital contributions from IPL’s and WPL’s parent company, Alliant Energy — (50) 175
Other (8) 4 (6)
$478 $15 $468


	Alliant Energy	IPL	WPL
Lower payments to retire long-term debt	$300	$—	$—


Higher net proceeds from issuance of long-term debt	212	—	297
Net changes in the amount of commercial paper and other short-term borrowings outstanding	(293)	—	(151)



Other	(10)	5	(7)
	$209	$5	$139

~~IPL and WPL Solar Project Tax Equity~~State Regulatory Financing Authorization - ~~As discussed in~~ ~~Note 1~~(c) ~~and “2022 Highlights,” with~~In March 2023, WPL received authorization from the ~~August 2022 enactment~~PSCW to have up to $500 million of short-term borrowings and/or letters of credit outstanding at any time through the ~~Inflation Reduction Act~~expiration date of ~~2022, IPL and WPL currently expect to retain full ownership of their planned solar generation projects instead of financing a portion of the construction costs with capital from tax equity partners.~~WPL’s credit facility agreement.

Common Stock Issuances ~~and Common Stock Dividends~~ - Refer to Note 6 for discussion of common stock issuances by Alliant Energy in ~~2022.~~2023.

Short-term Debt - Refer to “~~Results of Operations~~N ote 7(a)” for discussion of ~~expected issuances~~Alliant Energy’s, IPL’s and WPL’s single credit facility agreement that was amended and extended in March 2023, which includes a revised cross-default provision related to prepayment of ~~common stock~~material debt prior to the stated maturity and ~~common stock dividends in 2023.~~certain other confirming changes, as well as details for proceeds from AEF’s December 2022 term loan credit agreement.

Long-term Debt - Refer to Note 7 (b) for discussion of ~~AEF’s~~Alliant Energy’s and WPL’s issuance of long-term debt ~~and Corporate Services’ retirement of long-term debt~~ in 2022. AEF’s current term loan credit agreement that expires in March 2024 includes an option to increase the amount outstanding up to $400 million in aggregate with the same maturity, subject to bank approval, and includes substantially the same financial covenants that are included in Alliant Energy’s credit facility agreement. Refer to “~~Results of Operations” for discussion of expected future issuances and retirements of long-term debt by the end of~~ 2023.


			35

~~Table~~ of ~~Contents~~

~~Impact of Credit Ratings on Liquidity and Collateral Obligations~~Interest Rate Risk -

~~Ratings Triggers -~~ ~~In June 2022, Standard & Poor’s Ratings Services changed~~ As of March 31, 2023, Alliant Energy’s exposure to risk resulting from changes in interest rates associated with variable-rate borrowings was mitigated primarily due to its issuance of convertible senior notes and an interest rate swap on a portion of its variable-rate term loan borrowings, as well as WPL’s ~~outlook from stable to negative. This outlook change is not expected to have~~issuance of green bonds, all of which were executed in the first quarter of 2023. Assuming the impact of a ~~material impact~~hypothetical 100 basis point increase in interest rates on variable-rate borrowings and cash amounts outstanding under IPL’s sales of accounts receivable program at March 31, 2023, Alliant ~~Energy and WPL’s liquidity or collateral obligations.~~Energy’s annual pre-tax expense would increase by approximately $3 million.

Off-Balance Sheet Arrangements and Certain Financial Commitments - A summary of Alliant Energy’s and IPL’s off-balance sheet arrangements and Alliant Energy’s, IPL’s and WPL’s contractual obligations is included in the ~~2021~~2022 Form 10-K and has not changed materially from the items reported in the ~~2021~~2022 Form 10-K, except for the items described in Notes 4, 7 and 1 3.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Quantitative and Qualitative Disclosures About Market Risk are reported in the ~~2021~~2022 Form 10-K and have not changed materially.

ITEM 4. CONTROLS AND PROCEDURES

Alliant Energy’s, IPL’s and WPL’s management evaluated, with the participation of each of Alliant Energy’s, IPL’s and WPL’s Chief Executive Officer, Chief Financial Officer and Disclosure Committee, the effectiveness of the design and operation of Alliant Energy’s, IPL’s and WPL’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended) as of ~~September 30, 2022~~March 31, 2023 pursuant to the requirements of the Securities Exchange Act of 1934, as amended. Based on their evaluation, the Chief Executive ~~Officer~~Officers and the Chief Financial Officer concluded that Alliant Energy’s, IPL’s and WPL’s disclosure controls and procedures were effective as of the quarter ended ~~September 30, 2022.~~March 31, 2023.

There was no change in Alliant Energy’s, IPL’s and WPL’s internal control over financial reporting that occurred during the quarter ended ~~September 30, 2022~~March 31, 2023 that has materially affected, or is reasonably likely to materially affect, Alliant Energy’s, IPL’s or WPL’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None. SEC regulations require Alliant Energy, IPL and WPL to disclose information about certain proceedings arising under federal, state or local environmental provisions when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that Alliant Energy, IPL and WPL reasonably believe will exceed a specified threshold. Pursuant to the SEC regulations, Alliant Energy, IPL and WPL use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters to disclose for this period.


			28

Table of Contents

ITEM 1A. RISK FACTORS

The risk factors described in Item 1A in the ~~2021~~2022 Form 10-K have not changed materially.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

A summary of Alliant Energy common stock repurchases for the quarter ended ~~September 30, 2022~~March 31, 2023 was as follows:

Total Number Average Price Total Number of Shares Maximum Number (or Approximate
of Shares Paid Per Purchased as Part of Dollar Value) of Shares That May
Period Purchased (a) Share Publicly Announced Plan Yet Be Purchased Under the Plan (a)
July 1 through July 31 4,429 $57.92 — N/A
August 1 through August 31 2,668 63.83 — N/A
September 1 through September 30 61 58.18 — N/A
7,158 60.12 —

Total Number

Average Price

Total Number of Shares

Maximum Number (or Approximate

of Shares

Paid Per

Purchased as Part of

Dollar Value) of Shares That May

Period

Purchased (a)

Publicly Announced Plan

Yet Be Purchased Under the Plan (a)

January 1 through January 31

4,786

$55.44

—

N/A

February 1 through February 28

3,382

53.44

—

N/A

March 1 through March 31

643

52.11

—

N/A

8,811

54.43

—

(a)All shares were purchased on the open market and held in a rabbi trust under the Alliant Energy Deferred Compensation Plan. There is no limit on the number of shares of Alliant Energy common stock that may be held under the Deferred Compensation Plan, which currently does not have an expiration date.

~~ITEM 5. OTHER INFORMATION~~

On November 4, 2022, the Board of Directors of Alliant Energy Corporation (the “Company”) approved an amendment and restatement of the Amended and Restated Bylaws of the Company, effective November 8, 2022. The amendments update Section 3.14 related to notice of shareowner business and nomination of directors by conforming the bylaw provision to


			36

~~Table~~ of ~~Contents~~

universal proxy rules promulgated by the SEC, requiring additional information be provided by shareowners utilizing the bylaw provision, and amending the deadline to submit proposals or nominees under the bylaws to not later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the first anniversary of the preceding year’s annual meeting except in certain circumstances. The amendments also include certain technical and clarifying changes to the bylaws.

~~The foregoing summary is qualified in its entirety by reference to the copy of the Amended and Restated Bylaws of Alliant Energy filed as~~ ~~Exhibit 3.1~~ ~~to this Quarterly Report on Form 10-Q and is incorporated by reference herein. A blackline of the Amended and Restated Bylaws against the prior version of the bylaws is filed herewith as~~ ~~Exhibit 3.2~~.

ITEM 6. EXHIBITS

The following Exhibits are filed herewith or incorporated herein by reference.


Exhibit Number			Description
~~3.1~~4.1			First Amendment to Amended and Restated ~~Bylaws of~~Five-Year Master Credit Agreement, effective March 15, 2023, among Alliant Energy, ~~effective~~ ~~November~~ 8 ~~, 2022~~IPL, WPL, Wells Fargo Bank, National Association (N.A.) and the lender parties set forth therein
~~3.2~~4.2			~~Amended~~Indenture, dated as of March 2, 2023, between A lliant Energy and ~~Restated Bylaws~~The Bank of ~~Alliant Energy, effective~~New York Mellon Trust Company, ~~November 8~~N .A., ~~2022~~as trustee (incorporated by reference to Exhibit 4.1 to Alliant Energy's Form 8-K, filed ~~(marked to show changes against prior version)~~March 3, 2023 (File No. 1-9894 ))
~~4.1~~4.3			Officers’ Certificate, dated as of ~~August 15, 2022,~~March 30, 2023, creating ~~WPL’s 3.950%~~WPL's 4.950% Debentures due ~~September~~April 1, ~~2032~~2033 (incorporated by reference to Exhibit 4.1 to ~~WPL’s~~WPL's Form 8-K, filed ~~August 15, 2022~~March 30, 2023 (File No. 0-337))
31.1			Certification of the Chief Executive Officer for Alliant Energy
31.2			Certification of the Chief Financial Officer for Alliant Energy
31.3			Certification of the Chief Executive Officer for IPL
31.4			Certification of the Chief Financial Officer for IPL
31.5			Certification of the Chief Executive Officer for WPL
31.6			Certification of the Chief Financial Officer for WPL
32.1			Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for Alliant Energy
32.2			Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for IPL
32.3			Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for WPL
101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)


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Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company have each duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the ~~8th~~5th day of ~~November 2022.~~May 2023.


ALLIANT ENERGY CORPORATION
Registrant

By: /s/ Benjamin M. Bilitz			Chief Accounting Officer and Controller
Benjamin M. Bilitz			(Principal Accounting Officer and Authorized Signatory)


INTERSTATE POWER AND LIGHT COMPANY
Registrant

By: /s/ Benjamin M. Bilitz			Chief Accounting Officer and Controller
Benjamin M. Bilitz			(Principal Accounting Officer and Authorized Signatory)


WISCONSIN POWER AND LIGHT COMPANY
Registrant

By: /s/ Benjamin M. Bilitz			Chief Accounting Officer and Controller
Benjamin M. Bilitz			(Principal Accounting Officer and Authorized Signatory)


			3730


Alliant Energy	Total Alliant Energy Common Equity
				Accumulated	Shares in
		Additional		Other	Deferred
	Common	Paid-In	Retained	Comprehensive	Compensation	Noncontrolling	Total
	Stock	Capital	Earnings	Loss	Trust	Interest	Equity
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022	$3	$2,759	$3,387	$—	($12)	$29	$6,166
Net income attributable to Alliant Energy common shareowners			227				227
Common stock dividends ($0.4275 per share)			(106)				(106)
Shareowner Direct Plan issuances		6					6
Equity-based compensation plans and other		2			(1)		1

Distributions to noncontrolling interest						(29)	(29)


Ending balance, September 30, 2022	$3	$2,767	$3,508	$—	($13)	$—	$6,265


IPL	Total IPL Common Equity
		Additional		Cumulative
	Common	Paid-In	Retained	Preferred	Total
	Stock	Capital	Earnings	Stock	Equity
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022	$33	$2,807	$942	$—	$3,782
Net income available for common stock			154		154
Common stock dividends			(80)		(80)

Ending balance, September 30, 2022	$33	$2,807	$1,016	$—	$3,856
Three Months Ended September 30, 2021
Beginning balance, June 30, 2021	$33	$2,802	$944	$200	$3,979
Net income available for common stock			157		157
Common stock dividends			(101)		(101)

Ending balance, September 30, 2021	$33	$2,802	$1,000	$200	$4,035


WPL	Total WPL Common Equity
		Additional
	Common	Paid-In	Retained	Noncontrolling	Total
	Stock	Capital	Earnings	Interest	Equity
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022	$66	$1,968	$1,120	$29	$3,183
Net income			91		91
Common stock dividends			(44)		(44)
Capital contributions from parent		155			155

Distributions to noncontrolling interest				(29)	(29)

Ending balance, September 30, 2022	$66	$2,123	$1,167	$—	$3,356
Three Months Ended September 30, 2021
Beginning balance, June 30, 2021	$66	$1,669	$990	$—	$2,725
Net income			93		93
Common stock dividends			(41)		(41)
Capital contributions from parent		35			35


Ending balance, September 30, 2021	$66	$1,704	$1,042	$—	$2,812



	Alliant Energy		IPL		WPL
Nine Months Ended September 30	2022	2021	2022	2021	2022	2021
Electric Utility:
Retail - residential	$956	$868	$529	$488	$427	$380
Retail - commercial	628	579	411	385	217	194
Retail - industrial	743	677	418	386	325	291
Wholesale	168	142	49	44	119	98
Bulk power and other	129	91	31	40	98	51
Total Electric Utility	2,624	2,357	1,438	1,343	1,186	1,014
Gas Utility:
Retail - residential	237	162	127	90	110	72
Retail - commercial	127	85	62	47	65	38
Retail - industrial	15	11	10	8	5	3
Transportation/other	39	31	25	20	14	11
Total Gas Utility	418	289	224	165	194	124
Other Utility:
Steam	29	27	29	27	—	—
Other utility	6	9	5	8	1	1
Total Other Utility	35	36	34	35	1	1
Non-Utility and Other:
Travero and other	70	60	—	—	—	—

Total Non-Utility and Other	70	60	—	—	—	—
Total revenues	$3,147	$2,742	$1,696	$1,543	$1,381	$1,139


	Alliant Energy	IPL	WPL
Higher collections from WPL’s retail electric and gas base rate increases	$95	$—	$95
Lower contributions to qualified defined benefit pension plans	37	17	18
Natural gas cost payments from extreme temperatures in February 2021 resulting in under-recovered natural gas costs at IPL in 2021	15	15	—
Credits issued to IPL’s retail electric customers in 2021 through its transmission cost rider for refunds received in 2020 for MISO transmission owner return on equity complaints	14	14	—

Timing of WPL’s fuel-related cost recoveries from customers	(71)	—	(71)

Changes in levels of gas stored underground and prepaid gas costs	(35)	(13)	(22)
Changes in interest payments	(23)	(5)	(6)


Changes in income taxes paid/refunded	(6)	5	(27)



Other (primarily due to other changes in working capital)	(18)	38	(57)
	$8	$71	($70)


	Alliant Energy	IPL	WPL
Higher net proceeds from issuance of long-term debt	$938	$—	$288

Capital contributions from noncontrolling interest	29	—	29
Higher payments to retire long-term debt	(375)	—	—
Net changes in the amount of commercial paper outstanding	(59)	—	18
Distributions to noncontrolling interest	(29)	—	(29)
(Higher) lower common stock dividends	(18)	61	(7)
Higher (lower) capital contributions from IPL’s and WPL’s parent company, Alliant Energy	—	(50)	175
Other	(8)	4	(6)
	$478	$15	$468