Alliant Energy Corp (LNT) 2022 Q4 法說會逐字稿

Good morning, and welcome to Alliant Energy's Conference Call for Fourth Quarter and Year-end 2022 Results. This call is being recorded for rebroadcast. (Operator Instructions)

早上好，歡迎來到 Alliant Energy 的 2022 年第四季度和年底業績電話會議。正在錄製此通話以便重播。 （操作員說明）

I would now like to turn the call over to your host, Susan Gille, Investor Relations Manager at Alliant Energy.

我現在想把電話轉給你的主持人，Alliant Energy 的投資者關係經理 Susan Gille。

Good morning. I would like to thank all of you on the call and the webcast for joining us today. We appreciate your participation. Joining me on this call, are John Larsen, Chair President and CEO; and Robert Durian, Executive Vice President and CFO. Following prepared remarks by John and Robert, we will have time to take questions from the investment community.

早上好。我要感謝今天參加我們電話會議和網絡廣播的所有人。感謝您的參與。與我一起參加這次電話會議的還有主席兼首席執行官 John Larsen；執行副總裁兼首席財務官 Robert Durian。在約翰和羅伯特准備好的發言之後，我們將有時間回答投資界的問題。

We issued a news release last night, announcing Alliant Energy's fourth quarter and year-end 2022 financial results, and affirmed our 2023 earnings guidance. This release as well as an earnings presentation, which will be referenced during today's call, are available on the Investor page of our website at www.alliantenergy.com.

我們昨晚發布了新聞稿，公佈了 Alliant Energy 的第四季度和年末 2022 年財務業績，並確認了我們的 2023 年盈利指引。在我們網站 www.alliantenergy.com 的“投資者”頁面上提供了本新聞稿以及今天電話會議中將引用的收益報告。

Before we begin, I need to remind you the remarks we make on this call and our answers to your questions include forward-looking statements. These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters discussed in Alliant Energy's press release issued last night, and in our filings with the Securities and Exchange Commission. We disclaim any obligation to update these forward-looking statements.

在我們開始之前，我需要提醒您我們在此次電話會議上發表的評論以及我們對您問題的回答包括前瞻性陳述。這些前瞻性陳述存在可能導致實際結果大不相同的風險。這些風險包括 Alliant Energy 昨晚發布的新聞稿以及我們向美國證券交易委員會提交的文件中討論的事項。我們不承擔任何更新這些前瞻性陳述的義務。

In addition, this presentation contains references to non-GAAP financial measures. The reconciliation between non-GAAP and GAAP measures are provided in the earnings release, which is available on our website.

此外，本演示文稿還包含對非 GAAP 財務指標的引用。非 GAAP 和 GAAP 措施之間的對賬在收益發布中提供，可在我們的網站上獲取。

At this point, I'll turn the call over to John.

在這一點上，我會把電話轉給約翰。

Thank you, Susan. Hello, everyone, and thank you for joining us. 2022 was another successful year of solid operations and financial performance. This was our 13th straight year of delivering results in our 5% to 7% adjusted EPS growth range, and the 20th year, 2 decades straight of consecutive dividend increases.

謝謝你，蘇珊。大家好，感謝您加入我們。 2022 年又是穩健運營和財務業績的成功之年。這是我們連續第 13 年在 5% 至 7% 的調整後每股收益增長范圍內取得成果，也是第 20 年，連續 20 年股息增長。

We had one of our best reliability years on record with top-tier performance. Our wind generation produced the most wind energy in our history, providing approximately $160 million of fuel cost savings for our customers. We continued our progress towards net 0, decreasing carbon dioxide by nearly 40% off of 2005 levels. And we capped off 2022 with very strong economic development, in both Iowa and Wisconsin with over 100 megawatts of announced load that will bring new jobs and new investments.

我們以一流的性能創造了有記錄以來可靠性最好的年份之一。我們的風力發電產生了我們歷史上最多的風能，為我們的客戶節省了大約 1.6 億美元的燃料成本。我們繼續朝著淨 0 邁進，二氧化碳排放量比 2005 年減少了近 40%。我們以非常強勁的經濟發展為 2022 年畫上了句號，在愛荷華州和威斯康星州，宣布的負載超過 100 兆瓦，這將帶來新的就業機會和新的投資。

As I reflect on the past year, what makes me most proud of Alliant Energy is the continued dedication and service from our employees. As they strengthen our connection with the customers and communities we proudly serve.

回顧過去的一年，讓我為 Alliant Energy 感到最自豪的是我們員工的持續奉獻和服務。因為它們加強了我們與我們自豪地服務的客戶和社區的聯繫。

In 2023, we will be celebrating Alliant Energy's 25th year. I'm proud to be part of Alliant Energy. I'm proud of our team, and I'm inspired by our purpose to serve customers and build stronger communities. Our employees focus on this purpose has enabled us to once again, deliver the results you have come to expect from Alliant Energy. Our purpose continues to be the source of our strength and guides us through the ever-changing dynamics, within our economy and our industry.

2023 年，我們將慶祝 Alliant Energy 成立 25 週年。我很自豪能成為 Alliant Energy 的一員。我為我們的團隊感到自豪，我為我們服務客戶和建立更強大社區的宗旨所鼓舞。我們的員工專注於這一目標，這使我們能夠再次提供您期望從 Alliant Energy 獲得的結果。我們的目標仍然是我們力量的源泉，並引導我們應對經濟和行業不斷變化的動態。

I'll highlight a few areas of progress and then turn it over to Robert to recap financial results and provide an update on regulatory proceedings. In 2022, we continue to execute on our Clean Energy Blueprint by adding renewables in the states where our customers live, which allows us to invest in the communities we served, and add skilled union jobs and local revenues. This is another example of how our purpose is at the center of our strategy.

我將強調幾個取得進展的領域，然後將其轉交給羅伯特，以回顧財務結果並提供監管程序的最新情況。到 2022 年，我們將繼續執行我們的清潔能源藍圖，在我們客戶所在的州增加可再生能源，這使我們能夠投資於我們服務的社區，並增加熟練的工會工作和當地收入。這是我們的目標如何成為我們戰略中心的另一個例子。

We added 250 megawatts of solar at our Bear Creek, North Rock and Wood County Wisconsin sites, positioning us as the largest owner-operator of solar generation in Wisconsin. We are on track to bring into service an additional 850 megawatts of utility-scale solar, by the first half of 2024 in Wisconsin.

我們在 Bear Creek、North Rock 和 Wood County Wisconsin 站點增加了 250 兆瓦的太陽能，使我們成為威斯康星州最大的太陽能發電業主運營商。我們有望在 2024 年上半年之前在威斯康星州投入使用另外 850 兆瓦的公用事業規模太陽能。

We continue to progress our Clean Energy Blueprint in Iowa, advancing renewables and our efforts to place electric lines underground, improving the reliability of our system. And while we are not yet at the conclusion of the advanced ratemaking process in Iowa for our solar and storage projects, we continue to follow the well-defined steps within the regulatory and procedural process to demonstrate that these projects are cost-effective and reasonable. We remain confident these projects are in the best interest of our customers and will supply the energy, reliability and resilience, that our customers depend on.

我們繼續推進我們在愛荷華州的清潔能源藍圖，推進可再生能源和我們將電線鋪設在地下的努力，從而提高我們系統的可靠性。雖然我們尚未完成愛荷華州太陽能和儲能項目的高級費率制定流程，但我們將繼續遵循監管和程序流程中明確定義的步驟，以證明這些項目具有成本效益和合理性。我們仍然相信這些項目符合我們客戶的最大利益，並將提供我們客戶所依賴的能量、可靠性和彈性。

Another great success story is the advancement of solar gardens. We are building one near Cedar Rapids, Iowa with Transamerica and Aegon as our main customers, and we're partnering with Mercury Marine in Wisconsin to build a similar solar facility. These projects help advance the sustainability objectives of our customers. And we also use these local investments to advance our focus on the social part of ESG, providing some of the solar energy to partners like Habitat for Humanity.

另一個偉大的成功故事是太陽能花園的進步。我們正在愛荷華州錫達拉皮茲附近建造一個，Transamerica 和 Aegon 是我們的主要客戶，我們正在與威斯康星州的 Mercury Marine 合作建造一個類似的太陽能設施。這些項目有助於推進我們客戶的可持續發展目標。我們還利用這些本地投資來推進我們對 ESG 社會部分的關注，為仁人家園等合作夥伴提供部分太陽能。

This continued focus on economic development and our customers were contributing factors, in being named a top utility in economic development by Site Selection magazine, for the fourth year in a row. And I'm proud to say that this work also contributed to the recently being awarded the Chairman's Award for Workforce Development leadership, which is the center for energy workforce development's highest honor.

這種對經濟發展的持續關注和我們的客戶是促成因素，我們連續第四年被 Site Selection 雜誌評為經濟發展的頂級公用事業公司。我很自豪地說，這項工作也促成了最近被授予的勞動力發展領導力主席獎，這是能源勞動力發展中心的最高榮譽。

While we were proud to receive many recognitions this past year for the work that we do in our communities, the recognition I'm most proud of, focuses on our employee experience. For the fifth year in a row, we were named by the Human Rights Campaign Foundation, as the best place to work. And for the fifth year in a row to Forbes list of America's best midsized employers. And speaking with many of you, one of the things I'm reminded of is our strong core investment thesis. That is why you choose to invest in our company.

雖然我們很自豪在過去的一年中因我們在社區所做的工作而獲得了許多認可，但我最引以為豪的認可側重於我們的員工體驗。我們連續第五年被人權運動基金會評為最佳工作場所。並連續第五年入選福布斯美國最佳中型雇主名單。與你們中的許多人交談時，我想起的一件事是我們強大的核心投資論點。這就是您選擇投資我們公司的原因。

Simply put, we delivered consistent results. Our well-executed forward-thinking and flexible strategy, coupled with constructive regulatory jurisdictions, has been a major part of our success. We not only deliver near-term results, but continue to take steps to help reduce future risks and provide the stability investors have come to expect from our company.

簡而言之，我們提供了一致的結果。我們執行良好的前瞻性思維和靈活的戰略，加上建設性的監管管轄權，是我們成功的重要組成部分。我們不僅提供近期業績，而且繼續採取措施幫助降低未來風險並提供投資者對我們公司期望的穩定性。

A well-executed strategy has positioned us as a leader on the path to a clean, reliable and affordable energy future. We are well positioned to quickly adapt to a dynamic economic environment and weather challenges, while delivering on investor and customer expectations. 2022 was a clear example of this. Our efforts to move lines underground, continue the advancement of solar projects and strong operations in the face of weather events. While delivering solid results for our investors and reliable service for our customers, underscores the flexibility of our strategy and the dedication of the team, I am privileged to lead.

一項執行良好的戰略使我們成為通往清潔、可靠和負擔得起的能源未來道路上的領導者。我們有能力快速適應動態的經濟環境和天氣挑戰，同時滿足投資者和客戶的期望。 2022 年就是一個明顯的例子。我們努力將線路轉移到地下，繼續推進太陽能項目和麵對天氣事件的強大運營。在為我們的投資者提供可靠的結果並為我們的客戶提供可靠服務的同時，強調我們戰略的靈活性和團隊的奉獻精神，我有幸領導。

And speaking of dedication, I want to pass on my appreciation to our employees that have worked through difficult conditions in the recent weather event to safely restore our power to our customers.

說到奉獻精神，我想向我們的員工表示感謝，他們在最近的天氣事件中克服了困難的條件，安全地為我們的客戶恢復了供電。

As we move forward in 2023, you can have confidence that we will continue to take the required action that is needed to meet our customers' needs. We thank each one of you for continuing to be engaged in our journey and we look forward to connecting with you throughout 2023.

隨著我們在 2023 年向前邁進，您可以相信我們將繼續採取必要的行動來滿足客戶的需求。我們感謝你們每一個人繼續參與我們的旅程，我們期待在整個 2023 年與你們保持聯繫。

At this time, I will now turn the call over to Robert.

現在，我將把電話轉給羅伯特。

Thanks, John. Good morning, everyone. Yesterday, we announced 2022 GAAP earnings of $2.73 per share compared to $2.63 per share in 2021. On an adjusted basis, which excludes the impacts of temperatures and nonrecurring adjustments, our earnings per share increased 6% from 2021.

謝謝，約翰。大家，早安。昨天，我們宣布 2022 年 GAAP 每股收益為 2.73 美元，而 2021 年為每股 2.63 美元。在調整後的基礎上（排除溫度和非經常性調整的影響），我們的每股收益比 2021 年增長了 6%。

Looking year-over-year, the increase in 2022 was driven by higher earnings from capital investments at our Wisconsin utility, and higher electric and gas margins. These favorable drivers were partially offset by higher financing and depreciation expenses. Our diverse retail customer base supported the higher electric and gas margins in 2022.

與去年同期相比，2022 年的增長是由我們威斯康星州公用事業公司資本投資收益增加以及電力和天然氣利潤率提高所推動的。這些有利的驅動因素被較高的融資和折舊費用部分抵消。我們多樣化的零售客戶群支持了 2022 年更高的電力和天然氣利潤率。

Residential temperature-normalized electric sales increased by almost 1%, largely due to strong customer growth. We also saw higher-than-expected sales from commercial customers with continued recovery from COVID, for several business sectors in our service territory. These were offset by lower industrial sales, primarily due to temporary plant shutdowns at some of our larger customers.

住宅溫度標準化電力銷售增長近 1%，這主要是由於客戶增長強勁。我們還看到，在我們服務領域的幾個業務部門，隨著 COVID 的持續復甦，商業客戶的銷售額高於預期。這些被較低的工業銷售額所抵消，這主要是由於我們的一些大客戶的工廠暫時關閉。

In 2022, we also saw better-than-expected temperature normalized natural gas sales, enabled by solid customer growth. The 2022 results, we are sharing today are a result of our consistent efforts to manage through and mitigate ongoing inflationary pressures. We're extremely proud that we kept 2022 utility operating expenses in line with 2021, and we were able to manage through and offset the negative impacts on earnings from rising interest and fuel costs.

2022 年，由於客戶穩健增長，我們還看到溫度標準化天然氣銷售好於預期。我們今天分享的 2022 年結果是我們為管理和減輕持續的通脹壓力而做出的不懈努力的結果。我們非常自豪我們將 2022 年的公用事業運營費用保持在 2021 年的水平，並且我們能夠管理並抵消利息和燃料成本上升對收益的負面影響。

Our work in 2022 accelerated strategic initiatives that will set us up for many years to come. We invested in economic development and electrification that will enable future sales growth. We updated our resource planning to maximize Inflation Reduction Act benefits, and meet the new MISO seasonal reliability requirements. And we accelerated technology and automation investments to improve efficiency.

我們在 2022 年的工作加速了戰略計劃，這些計劃將使我們在未來許多年內做好準備。我們投資於經濟發展和電氣化，這將促進未來的銷售增長。我們更新了我們的資源規劃，以最大限度地提高《降低通貨膨脹法案》的收益，並滿足新的 MISO 季節性可靠性要求。我們加快了技術和自動化投資以提高效率。

As we look to 2023, we anticipate operating and maintenance expenses will be lower than 2022, continuing our trend of flat to declining O&M to enable cost savings for our customers.

展望 2023 年，我們預計運營和維護費用將低於 2022 年，繼續我們持平至下降的 O&M 趨勢，以便為我們的客戶節省成本。

We recorded a few nonrecurring adjustments in 2022. These included $0.03 per share related to the Iowa state income tax rate change, $0.02 per share related to retirement plan settlement losses, at the end of 2022 and $0.02 per share related to a reserve adjustment for American Transmission Companies base ROE changes.

我們在 2022 年記錄了一些非經常性調整。其中包括與愛荷華州所得稅率變化相關的每股 0.03 美元、與 2022 年底退休計劃結算損失相關的每股 0.02 美元以及與美國儲備金調整相關的每股 0.02 美元傳輸公司基礎 ROE 變化。

Turning to 2023. We are positioned for another year of consistent 5% to 7% earnings per share growth. We are affirming our 2023 earnings guidance range with a midpoint of $2.89 per share, representing a 6% increase over 2022 adjusted earnings.

轉向 2023 年。我們準備好迎接下一年每股收益持續 5% 至 7% 的增長。我們確認我們的 2023 年收益指導範圍為每股 2.89 美元的中點，比 2022 年調整後的收益增長 6%。

Our 2023 earnings drivers include earnings on customer investments in our core utility business, and our continued efforts to reduce cost to increase customer value. Higher depreciation and financing expenses associated with these investments will partially offset these positive drivers. Our efforts to support customer value through making smart investments in our future support our ability to consistently deliver strong financial results.

我們 2023 年的盈利驅動因素包括客戶對我們核心公用事業業務的投資收益，以及我們為降低成本以增加客戶價值的持續努力。與這些投資相關的更高折舊和融資費用將部分抵消這些積極驅動因素。我們通過對未來進行明智的投資來支持客戶價值的努力支持我們持續提供強勁財務業績的能力。

Other key assumptions for 2023 include growing sales by approximately 0.5% of 1%, led by higher sales to our commercial and industrial customers. And we estimate a consolidated effective tax rate of 1%, with substantial production tax credits generated by our large wind portfolio and growing solar portfolio, helping us maintain low effective tax rates for the upcoming year and several more years to come. The benefits from these production tax credits are passed on to our electric customers to help them manage their bills and therefore, are largely earnings neutral.

2023 年的其他主要假設包括銷售額增長約 0.5% 或 1%，這主要歸功於我們的商業和工業客戶的銷售額增加。我們估計綜合有效稅率為 1%，我們的大型風能組合和不斷增長的太陽能組合產生了大量的生產稅收抵免，幫助我們在來年和未來幾年保持低有效稅率。這些生產稅收抵免的好處被傳遞給我們的電力客戶，以幫助他們管理他們的賬單，因此，在很大程度上是收入中性的。

Our financing plans for 2023 include a mix of new debt, supplemented with modest new common equity to finance our investments in renewable projects and to support refinancing a $400 million debt maturity in 2023. In December, we launched an at-the-market or ATM program, as our intended approach to raising up to $225 million of new common equity throughout 2023, which is in addition to the $25 million of common equity that we expect to raise under our DRIP plan.

我們 2023 年的融資計劃包括新債務的組合，輔之以適度的新普通股，為我們對可再生能源項目的投資提供資金，並支持為 2023 年到期的 4 億美元債務再融資。12 月，我們推出了市售或 ATM計劃，作為我們在整個 2023 年籌集高達 2.25 億美元新普通股的預期方法，這是我們預計在 DRIP 計劃下籌集的 2500 萬美元普通股之外的補充。

And in January, we entered into an interest rate swap to help reduce the risk of rising interest rates, related to a portion of our variable rate debt. The 2023 financing plan is driven by robust capital expenditure plans and supports our objective to maintain the capital structures at our 2 utilities, consistent with their most recent regulatory decisions.

1 月份，我們進行了利率互換，以幫助降低與我們的部分可變利率債務相關的利率上升風險。 2023 年融資計劃由穩健的資本支出計劃推動，並支持我們維持 2 家公用事業公司資本結構的目標，這與他們最近的監管決定保持一致。

Next, I'll highlight this year's key regulatory initiatives. Last month, we provided additional testimony and evidence to the Iowa Utilities Board and IPL's advanced remaking proceeding. This testimony and evidence further demonstrates that IPL is taking prudent actions to meet its customers' need for capacity by advancing Iowa-based solar and storage projects that represent cost-effective solutions compared to alternative options available in the market. We also informed the IUB that we have identified our self-developed Creston and Wever projects as the second 200 megawatts of solar products, in addition to the 200 megawatts build transfer solar projects at the Duane Arnold site. To date, we've provided all the information requested by the IUB demonstrating that these projects are in the best interest of our customers.

接下來，我將重點介紹今年的主要監管舉措。上個月，我們向愛荷華州公用事業委員會和 IPL 的高級改造程序提供了額外的證詞和證據。這一證詞和證據進一步表明，IPL 正在採取審慎的行動來滿足其客戶對容量的需求，方法是推進基於愛荷華州的太陽能和儲能項目，這些項目與市場上的替代方案相比具有成本效益。我們還通知 IUB，除了在 Duane Arnold 站點的 200 兆瓦建設轉移太陽能項目之外，我們還確定了我們自主開發的 Creston 和 Wever 項目是第二個 200 兆瓦的太陽能產品。迄今為止，我們已經提供了 IUB 要求的所有信息，證明這些項目符合我們客戶的最大利益。

The IUB's decision this week to pause the advanced rate making process is procedural. We are working through both the regulatory and judicial processes in parallel, and following the well-defined process to move these projects forward. Next, we expect the IUB to file a response with the District Court in early March. We are confident these projects will provide considerable customer benefits, including reliability and resiliency and remain committed to executing these projects while we await the IUB's final rule.

IUB 本週暫停高級利率制定過程的決定是程序性的。我們正在並行處理監管和司法程序，並遵循明確定義的流程來推進這些項目。接下來，我們預計 IUB 將在 3 月初向地方法院提交回應。我們相信這些項目將為客戶帶來可觀的利益，包括可靠性和彈性，並在我們等待 IUB 的最終規則期間繼續致力於執行這些項目。

In Wisconsin, we are awaiting a decision from the PSCW on WEC Energy's purchase of a portion of our West Riverside natural gas generating facility. We are also anticipating decisions from the PSCW in 2023 on WPL's request for 274 megawatts of battery storage. 175 megawatts of these battery projects would complement 2 of WPL solar projects and 99 megawatts of the battery projects will be located by our Edgewater Generating Station to take advantage of the existing infrastructure and transmission rights at that location.

在威斯康星州，我們正在等待 PSCW 就 WEC Energy 購買我們西河濱天然氣發電設施的一部分做出決定。我們還預計 PSCW 將在 2023 年就 WPL 要求的 274 兆瓦電池存儲做出決定。這些電池項目中的 175 兆瓦將補充 2 個 WPL 太陽能項目，而 99 兆瓦的電池項目將位於我們的 Edgewater 發電站，以利用該位置的現有基礎設施和輸電權。

Finally, we plan on filing a normal biennial electric and gas rate review in Wisconsin for test years 2024 and 2025 in the second quarter. In both states, we are also anticipating making filings to support additional resources for growing dispatchable generation capacity, needed to improve seasonal reliability and meet customer energy needs. As always, we continue to move forward proposing energy investments that support both sustainability and resiliency, keeping our customers' needs top of mind.

最後，我們計劃在第二季度對威斯康星州的 2024 年和 2025 年測試年進行正常的兩年一次的電力和天然氣費率審查。在這兩個州，我們還預計會提交文件以支持增加可調度發電容量的額外資源，這是提高季節性可靠性和滿足客戶能源需求所必需的。一如既往，我們繼續推進支持可持續性和彈性的能源投資提議，始終將客戶的需求放在首位。

I will conclude with a recap of the prominent legislation enacted this past year that has set us up for a solid future financial success, while providing significant customer cost benefits. Alliant Energy is a strong beneficiary of the Inflation Reduction Act. As it directly supports our strategic plans to advance cleaner energy for our customers, while providing significant customer and investor benefits. The IRA enables additional rate base opportunities while also lowering customer costs with a shift from tax equity to full ownership for our planned solar and battery projects.

最後，我將回顧過去一年頒布的重要立法，這些立法為我們未來取得穩固的財務成功奠定了基礎，同時為客戶帶來了顯著的成本效益。 Alliant Energy 是《降低通貨膨脹法案》的有力受益者。因為它直接支持我們為客戶推進清潔能源的戰略計劃，同時為客戶和投資者帶來顯著利益。 IRA 提供了額外的利率基礎機會，同時還通過將我們計劃的太陽能和電池項目從稅收公平轉變為完全所有權來降低客戶成本。

In our November 2022 refreshed capital expenditure plan, we incorporated the benefits of the IRA along with the changes from the MISO seasonal construct, which provides visibility to our planned 8% rate base growth through 2026. Another key element of the IRA improves our cash flows. Through the ability to transfer renewable tax credits, starting with those generated in 2023. With a large portion of wind and solar projects, we anticipate that we'll be able to transfer up to approximately $150 million of 2023 tax credits. As we continue to add more solar and battery projects over the next few years, the amount of annual transferable credits will continue to grow.

在我們 2022 年 11 月更新的資本支出計劃中，我們將 IRA 的好處與 MISO 季節性結構的變化結合起來，這為我們計劃到 2026 年 8% 的利率基礎增長提供了可見性。IRA 的另一個關鍵要素改善了我們的現金流.通過轉移可再生稅收抵免的能力，從 2023 年產生的稅收抵免開始。對於大部分風能和太陽能項目，我們預計我們將能夠轉移約 1.5 億美元的 2023 年稅收抵免。隨著我們在未來幾年繼續增加更多的太陽能和電池項目，年度可轉讓信用額度將繼續增長。

We expect this to positively impact our credit metrics through acceleration of cash and reduction in future external financing needs, and to lower customer cost by reducing carrying costs on tax credit carryforwards. The IRA will provide significant benefits for our customers and investors with no notable downsides. As we expect to remain exempt from the alternative minimum tax for the foreseeable future.

我們預計這將通過加速現金和減少未來的外部融資需求對我們的信用指標產生積極影響，並通過降低稅收抵免結轉的持有成本來降低客戶成本。 IRA 將為我們的客戶和投資者帶來顯著的好處，而沒有明顯的缺點。因為我們預計在可預見的未來仍將免徵替代性最低稅。

And finally, we also expect to benefit from new state tax legislation enacted in Iowa in 2022, which is lowering state corporate tax rates, enabling us to pass millions of dollars of annual savings on to our customers in Iowa for decades into the future. We appreciate your continued support of our company, and look forward to meeting with many of you in the coming months.

最後，我們還預計將受益於 2022 年愛荷華州頒布的新州稅法，該法正在降低州公司稅率，使我們能夠在未來幾十年內將每年節省的數百萬美元轉嫁給愛荷華州的客戶。我們感謝您對我們公司的持續支持，並期待在未來幾個月與你們中的許多人會面。

At this time, I'll turn the call back over to the operator to facilitate the question-and-answer session.

這時候，我會把電話轉回給接線員，以便於問答環節。

(Operator Instructions) Your first question comes from the line of Shar Pourreza from Guggenheim Partners.

（操作員說明）您的第一個問題來自 Guggenheim Partners 的 Shar Pourreza。

So just 2 quick ones here. I guess, first one is as we kind of look ahead to the rate case filing in Wisconsin, you guys built up a substantial fuel deferral last year at WPL. How should we be thinking about, I guess, your regulatory pathways to spreading this out and more broadly, I guess, how should we be thinking about the total rate increases you're targeting, i.e., is there a double-digit guardrail here? .

所以這裡只有 2 個快速的。我想，第一個是當我們有點期待威斯康星州的費率案件備案時，你們去年在 WPL 建立了大量的燃料延期。我們應該如何考慮，我想，你的監管途徑來傳播這個更廣泛的，我想，我們應該如何考慮你所針對的總利率增長，即這裡是否有兩位數的護欄？ .

Yes, Shar. This is Robert. So think of those will be separate proceedings. So we'll go through the process with the 2022 fuel costs, validating the prudency of those costs. And then most likely starting maybe even later this year, the recovery process of those costs.

是的，莎爾。這是羅伯特。所以想想那些將是單獨的程序。因此，我們將完成 2022 年燃料成本的流程，驗證這些成本的審慎性。然後很可能在今年晚些時候開始，這些成本的回收過程。

Regarding the rate case in Wisconsin, think of that as a separate process. Most likely, we'll file that sometime in early second quarter. And we'll be identifying what those recoveries for really, what I would say is very transparent rate base additions that we've been signaling to the commission for some time. That rate case is largely going be centered around the solar projects, the 1,100 megawatts that they've been talking about, especially moving from tax equity to full ownership.

關於威斯康星州的利率案例，將其視為一個單獨的過程。最有可能的是，我們會在第二季度初的某個時候提交。我們將確定這些復甦的真正目的，我想說的是非常透明的利率基礎增加，我們已經向委員會發出了一段時間的信號。該費率案例主要圍繞太陽能項目，他們一直在談論的 1,100 兆瓦，尤其是從稅收公平轉向完全所有權。

So that on top of the battery projects that I mentioned in my prepared remarks, are going to be the key rate base drivers. And so that is going to be well transparent with the commission and we think that will go over pretty well. As far as the increases for customers' bills, we're targeting single-digit percentages for '24 and '25 when you factor in all of those pieces, including what we see is some nice benefits, as far as fuel cost reductions from those solar projects will be putting into service as well as the tax benefits.

因此，在我準備好的發言中提到的電池項目之上，將成為關鍵的利率基礎驅動因素。因此，委員會將非常透明，我們認為這會順利進行。至於客戶賬單的增加，我們的目標是 24 年和 25 年的個位數百分比，當你考慮所有這些因素時，包括我們看到的一些不錯的好處，就燃料成本降低而言太陽能項目將投入使用以及稅收優惠。

Okay. Perfect. The last point was what I was trying to get at. And then just I guess, maybe a familiar question at this point, but any sort of incremental clarity or thoughts on how we should be thinking about the equity needs post '23, as you work through the cash flow impacts of the IRA? And are you still targeting roughly $100 million to $200 million of cash flow benefits from the ITC PTCs?

好的。完美的。最後一點是我想要表達的意思。然後我猜，在這一點上可能是一個熟悉的問題，但是在你處理 IRA 的現金流影響時，關於我們應該如何考慮 23 年後的股權需求的任何一種漸進的清晰度或想法？您是否仍打算從 ITC PTC 獲得大約 1 億至 2 億美元的現金流收益？

Yes. I think you've got the number right, Shar, on the IRA benefit. So I think that's -- it really hasn't changed a whole lot. Maybe one thing I'd add is given our continued focus on solar and renewables, we do think we'll be one of the early adopters and beneficiaries of the IRA with the projects we have in flight right now.

是的。 Shar，我想你說對了 IRA 福利的數字。所以我認為那是——它真的沒有太大改變。也許我要補充的一件事是我們繼續關注太陽能和可再生能源，我們確實認為我們將成為 IRA 的早期採用者和受益者之一，我們現在正在進行的項目。

Your next question comes from the line of Julien Dumoulin-Smith from Bank of America.

你的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Hope you guys are well. Perhaps just picking up where Shar left off, just a little bit further, if I can, the sake of it. On Colombia and the fuel situation there, how are you managing that impact on Wisconsin rate payers and perhaps more specifically, how are you managing coal supplies today considering the backdrop? Just sort of where do we stand today? I mean, are we largely through some of these issues? Or what's the latest, if you will?

希望你們都好。也許只是從 Shar 停下的地方繼續，如果可以的話，再多說一點。關於哥倫比亞和那裡的燃料情況，您如何管理對威斯康星州納稅人的影響，也許更具體地說，考慮到這種背景，您今天如何管理煤炭供應？我們今天的立場是什麼？我的意思是，我們是否在很大程度上解決了其中的一些問題？或者最新的是什麼，如果你願意的話？

Yes. Maybe I'll take the coal supply part. We've done a lot of work on a number of fronts in 2022, Shar, and even a bit ahead of that on the coal supply. So we feel in very good shape, as we go forward on the coal supply. And maybe I'll let Robert if you want to talk a little bit about -- more on the fuel part.

是的。也許我會負責煤炭供應部分。 Shar，我們在 2022 年在許多方面做了很多工作，甚至在煤炭供應方面也比這提前了一點。因此，隨著我們繼續推進煤炭供應，我們感覺狀態非常好。如果你想談一點——更多關於燃料的部分，也許我會讓羅伯特發言。

Yes, Julien, I think of that we're looking at a bunch of different options right now, as far as spreading those fuel cost recoveries over multiple years, really to help, as I indicated before. Manage the customer bills to reasonable levels as far as increases over the next couple of years.

是的，朱利安，我認為我們現在正在考慮一系列不同的選擇，就將這些燃料成本回收分攤到多年內，正如我之前所指出的那樣，確實有幫助。將客戶賬單管理到合理的水平，盡可能在未來幾年內增加。

Got it. Okay. Fair enough. I appreciate. Just talk to us a little bit about the core challenge, the decision to create kind of a parallel pathway here in pursuing some degree of certainty on that construct, if you will, just the strategy, right? Typically, we see these kinds of more nuanced issues continue to remain within the confines of regulatory processes. Maybe that's the way I'd frame it.

知道了。好的。很公平。我很感激。只是和我們談談核心挑戰，決定在這裡創建一種平行路徑來追求對該結構的某種程度的確定性，如果你願意的話，只是戰略，對吧？通常，我們看到這些更微妙的問題繼續留在監管程序的範圍內。也許這就是我構建它的方式。

Yes. When we think about how we're approaching that, I'll maybe talk a little bit about the procedures that we've been through since the last time we talked in the third quarter call. So, in December of 2022, the IUB did grant us the authority to move -- basically reconsider the 200 megawatts of solar at the Duane Arnold sites. But they did not allow us to reconsider the second 200 megawatts of solar. Really what they were looking for, there's some more specific details on the location of the projects that haven't been identified yet. .

是的。當我們考慮如何處理這個問題時，我可能會談談自上次我們在第三季度電話會議上討論以來我們所經歷的程序。因此，在 2022 年 12 月，IUB 確實授予我們移動的權力——基本上重新考慮 Duane Arnold 站點的 200 兆瓦太陽能。但他們不允許我們重新考慮第二個 200 兆瓦的太陽能。他們真正想要的是，關於尚未確定的項目位置的一些更具體的細節。 .

And so when we took the opportunity then in January to do is provide all the information the IUB was requesting, including evidence that now demonstrates a pretty comprehensive record that shows that our projects are the most cost effective and reasonable solutions for the customers, when you compare them to some of the other alternative sources of supply that are available.

因此，當我們抓住機會在 1 月份提供 IUB 要求的所有信息時，包括現在證明相當全面記錄的證據，表明我們的項目是客戶最具成本效益和合理的解決方案，當你將它們與其他一些可用的替代供應來源進行比較。

As part of that process, we really didn't have a pathway forward for the second 200 megawatts of solar or 75 megawatts of battery. So we filed a judicial review to allow us to move that forward, and continue to progress that as far as the opportunity for the advance remaking principles. So as part of kind of the most recent developments with that earlier this week, the IUB issued an order really causing the decision to let the traditional process to move forward, and we expect the IUB -- we'll be making a filing or filing some information with the courts, most likely by the first part of March and after which, then we'll most likely be making some -- also some filings on that. And I kind of think of these, as all procedural steps to really allow us to continue to move forward with the process to be able to get those advanced banking principles.

作為該過程的一部分，我們確實沒有第二個 200 兆瓦太陽能或 75 兆瓦電池的前進道路。因此，我們提交了司法審查，以允許我們向前推進，並繼續推進，直到有機會實現先進的改造原則。因此，作為本週早些時候最新進展的一部分，IUB 發布了一項命令，確實導致了讓傳統流程向前推進的決定，我們預計 IUB——我們將提交一份或一份文件向法院提供一些信息，最有可能在 3 月上旬和之後，然後我們很可能會製作一些 - 也有一些文件。我有點認為這些，作為所有程序步驟，真正讓我們繼續推進流程，以獲得那些先進的銀行業原則。

I think it's really important for us to highlight that we remain committed to these projects. We think they're great projects for our customers and they're very cost effective. So we're confident in our ability to move forward with them, but we have to go through these procedural steps to really allow us the opportunity to have those advanced rate purchases.

我認為強調我們仍然致力於這些項目對我們來說非常重要。我們認為它們對我們的客戶來說是很棒的項目，而且它們非常具有成本效益。所以我們對我們與他們一起前進的能力充滿信心，但我們必須通過這些程序步驟才能真正讓我們有機會購買這些高級利率。

Awesome. All right. And then just quickly next rate case in Iowa, just how does it fit in here, if you will, if there's any consideration around it?

驚人的。好的。然後是愛荷華州的下一個費率案例，它如何適合這裡，如果你願意的話，如果有任何考慮的話？

Yes, Julien, we signaled by the first half of '24. But think of it as the timing with the next rate case is going to be about our next CapEx that we have, and Robert talked about that with solar. Right now, the current schedule of those solar projects are in service by end of 2024. So if you think of those as tied together, but we'll tighten up that time frame as the year progresses.

是的，朱利安，我們在 24 年上半年發出了信號。但是把它想像成下一個利率案例的時間將是我們擁有的下一個資本支出，羅伯特談到了太陽能。目前，這些太陽能項目的當前時間表將於 2024 年底投入使用。因此，如果您認為這些項目是聯繫在一起的，但隨著時間的推移，我們會收緊該時間框架。

Your next question comes from the line of Nicholas Campanella from Credit Suisse.

你的下一個問題來自瑞士信貸的 Nicholas Campanella。

Happy Friday. So can you just -- I just wanted to tie off the calendar here. Can you just give us a sense of how long the judicial process lasts before the advanced ratemaking docket will resume essentially?

星期五快樂。那麼你能不能-- 我只是想在這裡結束日曆。您能否讓我們大致了解一下在高級利率制定案卷將基本恢復之前司法程序會持續多長時間？

Yes. Nick, this is Robert. So there's no definitive time frame regarding the judicial process, but we have asked for expedited review is how I'd characterize it. Largely because as we continue to move forward with these projects, like a lot of the other utilities, we are seeing costs continue to increase. So we have a desire to try and get these in, as soon as possible to make them as cost effective as possible for our customers. But there is no definitive time frame, but we'll be continuing to work closely with both the IUB as well as the judicial process to try and get these done as quickly as possible.

是的。尼克，這是羅伯特。因此，關於司法程序沒有明確的時間框架，但我們已經要求加快審查，我將如何描述它。主要是因為隨著我們繼續推進這些項目，就像許多其他公用事業一樣，我們看到成本繼續增加。因此，我們希望盡快嘗試並獲得這些，以使它們對我們的客戶盡可能具有成本效益。但沒有確定的時間框架，但我們將繼續與 IUB 和司法程序密切合作，以盡快完成這些工作。

Got it. And obviously, you have a long history of these RPUs providing solid returns for your renewables investments. I guess just if you were to kind of pursue a plan where you're moving some of these new investments more into that retail base rate and a traditional -- in a more kind of traditional rate filing. Is the midpoint of your long-term guidance, the 6% still achievable on that strategy? Just trying to understand if it's a headwind or not.

知道了。顯然，這些 RPU 為您的可再生能源投資提供可觀回報的歷史悠久。我想，如果你要實施一項計劃，將這些新投資中的一些更多地轉移到零售基本利率和傳統——更傳統的利率申報中。您的長期指導的中點，即該戰略的 6% 是否仍然可以實現？只是想了解這是否是逆風。

Yes, Nick, John here, and we're still very confident in our 5% to 7% in midpoint. .

是的，尼克，約翰，我們仍然對中點的 5% 到 7% 充滿信心。 .

Great. And then just one last one for me, is just with all the attention on deferred fuel and as we kind of progress through recovery, have you quantified how much of a drag that is on your credit currently and what the improvement could be?

偉大的。然後對我來說是最後一個，就是所有的注意力都放在延遲燃料上，隨著我們在恢復過程中取得進展，你是否量化了目前對你的信用有多大的拖累，以及可能的改進是什麼？

Yes. Nick, when we look at, I'll say, AEC as an entire company, specifically at the FFO to debt metric, we are slightly below the targeted level for AEC, largely because of the timing of those fuel cost recoveries, as well as some additional solar construction costs. We incurred financing on, in 2022 as a result of pivoting away from a tax equity partnership to full ownership. .

是的。尼克，我會說，當我們將 AEC 視為整個公司時，特別是在 FFO 與債務指標方面，我們略低於 AEC 的目標水平，這主要是因為這些燃料成本回收的時間安排，以及一些額外的太陽能建設成本。由於從稅收股權合夥企業轉向完全所有權，我們在 2022 年獲得了融資。 .

We expect those credit metrics to improve materially when you look out about 12 months. As we begin to recover those fuel costs as well as we get to the next rate case in Wisconsin where we'll start recovering those additional solar costs as well. So -- so we feel very confident about the ability, like I said, within the next 12 month window to be able to improve those metrics.

我們預計這些信用指標在您展望 12 個月後會有實質性改善。當我們開始收回這些燃料成本以及我們進入威斯康星州的下一個費率案例時，我們也將開始收回這些額外的太陽能成本。所以 - 所以我們對能力非常有信心，就像我說的那樣，在接下來的 12 個月內能夠改進這些指標。

We're also cautiously optimistic that as early as 2023, we might be able to start realizing the benefits of our tax credits that have available to be sold now into the market as a result of the IRA. So a lot of positive developments we see over the next 12 months when it comes to those credit metrics.

我們也謹慎樂觀地認為，最早到 2023 年，我們可能會開始意識到我們的稅收抵免的好處，這些好處現在可以通過 IRA 出售到市場上。因此，在接下來的 12 個月裡，我們會看到在這些信用指標方面出現許多積極的發展。

Your next question comes from the line of Andrew Weisel from Scotiabank.

你的下一個問題來自豐業銀行的 Andrew Weisel。

Just (inaudible) on question on the solar capacity in service next year. (inaudible) how does that factor in ROEs (inaudible) market construction or the (inaudible) ratemaking process is done? If so, can the ROE be modified during after construction? Or would the construction not begin until that's resolved?

只是（聽不清）關於明年太陽能投入使用的問題。 （聽不清）ROE（聽不清）市場構建或（聽不清）利率制定過程中的這個因素是如何完成的？如果可以，是否可以在施工後修改 ROE？還是在解決之前不開始施工？

Yes, Andrew, I would think of it, as we'll continue to work the process with the advanced rate making principles over the next few months. We still have a little bit of time, I would characterize to be able to get through that process, and not need to start those construction projects. But once we get to the second half of this year, I would expect that we'll be starting the construction. And hopefully, we'll have all of the RPU process that's completed, and get an answer from the IUB to support them.

是的，安德魯，我會考慮的，因為我們將在接下來的幾個月中繼續使用先進的利率制定原則來處理這個過程。我們還有一點時間，我認為能夠完成那個過程，而不需要啟動那些建設項目。但是一旦到了今年下半年，我預計我們將開始建設。希望我們將完成所有 RPU 流程，並從 IUB 獲得支持他們的答复。

Okay. I guess what about the part about -- do the ROE need to be locked in, before construction? Or can that -- can the uncertainty continue during construction?

好的。我猜這部分怎麼樣——在施工之前是否需要鎖定 ROE？還是可以 - 不確定性可以在施工期間繼續存在嗎？

We would expect that we'll be locking in the ROE before construction starts. We need to, like I said, follow those procedural steps to make that happen. But I don't think that we'll be starting that construction until we have better clarity on that. .

我們希望在施工開始前鎖定 ROE。正如我所說，我們需要遵循這些程序步驟來實現這一目標。但我認為，在我們對此有更清晰的認識之前，我們不會開始構建。 .

Okay. Very good. Then switching to Wisconsin. I know you're going to file in the couple of months, second quarter of this year. Obviously, your neighbors saw some bumps in the road, with their rate case last year. My question is, are you able to share any lessons learned from that or any changes to your approach? And do you think the settlement might still be possible? Or is that off the table?

好的。非常好。然後切換到威斯康星州。我知道您將在今年第二季度的幾個月內提交文件。很明顯，你的鄰居看到了道路上的一些顛簸，去年他們的利率案例。我的問題是，您能否分享從中吸取的任何經驗教訓或您的方法有何變化？你認為和解還有可能嗎？還是不在討論之列？

Yes. Andrew, I'd say we're -- we feel well positioned for the filing that we have. So it really isn't a change for us. We've used what we call our Clean Energy Blueprint process to be very transparent on the projects that we'll have. And in fact, many of them have already been in front of the commission or vetted and very strong cost management. So we understand the balance with affordability.

是的。安德魯，我想說我們 - 我們對我們擁有的文件感覺很好。所以這對我們來說真的不是一個改變。我們使用了我們所謂的清潔能源藍圖流程，使我們將擁有的項目非常透明。事實上，他們中的許多人已經在佣金面前或經過審查並且非常強大的成本管理。所以我們了解負擔能力的平衡。

As far as settlement, it's certainly always a possibility as we think about filing. We're certainly well positioned, if we'll go through the entire process, but also see the opportunity for potential settlement along the way.

至於和解，在我們考慮提交時，它肯定總是有可能的。如果我們完成整個過程，我們肯定處於有利地位，但也看到了潛在解決的機會。

Your next question comes from the line of Alex Mortimer from Mizuho.

你的下一個問題來自 Mizuho 的 Alex Mortimer。

So I know you mentioned the transfer of about $150 million of tax credits in '23, and then eventually having that grow to somewhere around $200 million. I'm just curious what the growth trajectory of that looks like if that's a '24, '25 story? Or if there's sort of a later date that you're looking at the $200 million number for?

所以我知道你提到在 23 年轉移了大約 1.5 億美元的稅收抵免，然後最終增加到大約 2 億美元。我只是好奇，如果那是一個 24、25 年的故事，它的增長軌跡是什麼樣的？或者，如果您正在查看 2 億美元的數字，是否有更晚的日期？

Alex, this is Robert. So think of that $100 million to $200 million was identified as the 2023 number, which we picked the midpoint there of $150 million. As we complete the construction of the 1,100 megawatts of solar in Wisconsin, we continue to add up to 350 megawatts of new battery projects. Those tax credits actually get probably closer to $300 million to $400 million on an annual basis. And think of that over probably once you get to the '25 time frame, you'll see those types of levels. So -- so that's what gives us a lot of optimism about future cash flow opportunities, when it comes to the transferability of these tax credits.

亞歷克斯，這是羅伯特。所以想想 1 億到 2 億美元被確定為 2023 年的數字，我們選擇了 1.5 億美元的中點。隨著我們在威斯康星州完成 1,100 兆瓦太陽能的建設，我們將繼續增加 350 兆瓦的新電池項目。這些稅收抵免實際上每年可能接近 3 億至 4 億美元。想想看，一旦你到達 25 年的時間框架，你就會看到那些類型的級別。所以 - 當涉及到這些稅收抵免的可轉讓性時，這就是讓我們對未來現金流機會非常樂觀的原因。

Okay. Wonderful. And then you mentioned the FFO to debt target. Just what is the amount you're targeting for that? And then sort of -- what's the time line you're looking at, getting there with all the tailwinds provided from the IRA?

好的。精彩的。然後你提到了 FFO 到債務目標。您的目標金額是多少？然後有點——你正在看的時間線是什麼，在愛爾蘭共和軍提供的所有順風下到達那裡？

Yes, for AEC, our consolidated group, think of that in that 14% to 15% range, and we expect to be at that point, like I said, in the next 12 months in that 2024 time frame. .

是的，對於 AEC，我們的合併集團，考慮到 14% 到 15% 的範圍，我們預計在 2024 年的未來 12 個月內，就像我說的那樣。 .

Your next question comes from the line of Ashar Khan from Verition.

您的下一個問題來自 Verition 的 Ashar Khan。

I think from my question has been answered, but if I can just summarize it. So by the time we come -- and hopefully, I'm sure you'll be able to do it, but if I can just put it in my notebook. So by the time we come to the second quarter call in end of July or early August, you're expecting some kind of resolution by the courts and IUB, on the advanced rate making process because that is when I guess you need to start construction. Is that a fair kind of like, time line by which this issue has to be resolved by?

我想我的問題已經得到回答，但如果我能總結一下的話。所以到我們來的時候——希望，我相信你能做到，但前提是我能把它記在我的筆記本上。因此，當我們在 7 月底或 8 月初召開第二季度電話會議時，您期待法院和 IUB 就高級費率制定流程做出某種決議，因為我猜那是您需要開始建設的時候.這是解決此問題的公平時間線嗎？

I think that's a reasonable estimation of the time line when we think about the second half of 2023 and the start of construction, we're looking for the opportunity to get through all of the IUB and ages are used by that point in time. We don't have complete control over that. But again, we're going to addition, the fact that our expeditious review of this will really help support our customers and bringing in those cost-effective solutions for them quicker. So I think your time frame is, generally speaking, a good one. .

當我們考慮 2023 年下半年和建設開始時，我認為這是對時間線的合理估計，我們正在尋找機會通過所有 IUB，並且在那個時間點使用年齡。我們無法完全控制它。但同樣，我們要補充的是，我們對此的快速審查將真正幫助支持我們的客戶並更快地為他們帶來那些具有成本效益的解決方案。所以我認為你的時間框架，一般來說，是一個很好的時間框架。 .

Okay. And then if I'm right, just I know I hope we don't get into the situation, but I think so you have said that, that if in case it doesn't go our way, you can then substitute that CapEx with some things pretty quickly, something else in its place, so the rate base growth and the earnings growth do not get pumped from the delay in the project or the cancellation of the project. Is that the correct assumption as well?

好的。然後，如果我是對的，我知道我希望我們不會陷入這種情況，但我想你已經說過了，如果萬一它不按我們的方式發展，那麼你可以用資本支出代替有些事情很快，有些事情就位了，所以利率基礎增長和收益增長不會因項目延遲或項目取消而受到影響。這也是正確的假設嗎？

Yes. I mean there is a strong need for capacity when you think about, as we project out and as part of our resource planning with the retirement of our Lansing coal plants, here in the first half of 2023. We know we need additional resources. We think these are the best resource options for us. But if they're not supported by the process that we're going through, we do have other potential avenues for capacity resources that we'll need to put into place. .

是的。我的意思是，當您考慮到我們計劃在 2023 年上半年退役蘭辛燃煤電廠並作為我們資源規劃的一部分時，您會非常需要產能。我們知道我們需要額外的資源。我們認為這些是我們最好的資源選擇。但是，如果他們沒有得到我們正在經歷的過程的支持，我們確實有其他潛在的能力資源途徑需要落實到位。 .

Okay. And my last thing, if I may. I might not have heard it properly. So what is the likely timing of the next Iowa rate case?

好的。我的最後一件事，如果可以的話。我可能沒聽清楚。那麼下一次愛荷華州利率案件的可能時間是什麼時候？

Yes. What I had shared was we've communicated by the first half of 2024. And again, as we noted, that's going to be tied to the final timing of our solar projects within IPO.

是的。我分享的是，我們已經在 2024 年上半年之前進行了溝通。而且，正如我們指出的那樣，這將與 IPO 中太陽能項目的最終時間掛鉤。

There are no further questions at this time. I would now, turn the call back over to Ms. Susan Gille for closing remarks.

目前沒有其他問題。現在，我想把電話轉回給 Susan Gille 女士，請她作結束語。

This concludes Alliant Energy's fourth quarter and year-end earnings call. Thank you for your continued support of Alliant Energy, and feel free to contact me with any follow-up questions. .

Alliant Energy 的第四季度和年終財報電話會議到此結束。感謝您一直以來對 Alliant Energy 的支持，如有任何後續問題，請隨時與我聯繫。 .

Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask, that you please disconnect your lines. Have a lovely day.

謝謝。女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，並請求您斷開線路。祝你愉快。