Alliant Energy Corp (LNT) 2023 Q3 法說會逐字稿

Thank you for holding, and welcome to Alliant Energy's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Today's conference call is being recorded. I would now like to turn the call over to your host, Susan Gille, Investor Relations Manager at Alliant Energy.

感謝您召開並歡迎參加 Alliant Energy 2023 年第三季財報電話會議。 （操作員指示）今天的電話會議正在錄音。現在我想將電話轉給主持人蘇珊吉爾 (Susan Gille)，她是聯合能源 (Alliant Energy) 的投資者關係經理。

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

早安.我要感謝大家今天加入我們的電話會議和網路廣播。我們感謝您的參與。今天與我在一起的有董事長兼執行長約翰‧拉森 (John Larsen)；麗莎·巴頓，總裁兼營運長；執行副總裁兼財務長羅伯特‧杜里安 (Robert Durian)。在約翰、麗莎和羅伯特準備好的演講之後，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 third quarter and year-to-date financial results, narrowed our 2023 earnings guidance range, provided 2024 earnings and dividend guidance and provided our annual capital expenditure plan through 2027. This release as well as earnings presentation will be referenced during today's call and is available on the Investor page of our website at www.alliantenergy.com.

我們昨晚發布了一份新聞稿，宣布了Alliant Energy 第三季度和年初至今的財務業績，縮小了2023 年盈利指引範圍，提供了2024 年盈利和股息指引，並提供了截至2027 年的年度資本支出計畫。本新聞稿以及獲利簡報將在今天的電話會議期間引用，並可在我們網站 www.alliantenergy.com 的投資者頁面上查看。

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 news 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，我們在這次電話會議上發表的言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有重大差異的風險。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 and our quarterly report on Form 10-Q, which is available on our website.

此外，本簡報也引用了非公認會計準則財務指標。非 GAAP 和 GAAP 衡量標準之間的調整在收益發布和我們的 10-Q 表格季度報告中提供，該表格可在我們的網站上取得。

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

此時，我會將電話轉給約翰。

Thank you, Susan. Good morning, everyone, and thank you for joining us today. I'm pleased to report that we are firmly on track for delivering another year of solid financial and operating results. Consequently, we are narrowing our 2023 earnings guidance range and I am affirming our long-term earnings growth range of 5% to 7%. We take great satisfaction in consistently achieving our earnings growth objectives.

謝謝你，蘇珊。大家早安，感謝您今天加入我們。我很高興地向大家報告，我們正堅定地走在實現另一年穩健財務和營運績效的軌道上。因此，我們正在縮小 2023 年獲利指導範圍，並確認我們的長期獲利成長範圍為 5% 至 7%。我們對持續實現獲利成長目標感到非常滿意。

Continuing that momentum, turning to 2024, I'm pleased to share our earnings guidance and dividend target. Our 2024 earnings guidance midpoint represents a 6% increase to our forecasted 2023 adjusted earnings and our 2024 annual common stock dividend target is $1.92 per share, which is a 6% increase from this year's dividends. We are focused on delivering steady and predictable results.

延續這股勢頭，展望 2024 年，我很高興分享我們的獲利指引和股利目標。我們的 2024 年獲利指導中點比我們預測的 2023 年調整後獲利成長 6%，我們的 2024 年年度普通股股息目標為每股 1.92 美元，比今年的股息成長 6%。我們專注於提供穩定且可預測的結果。

We have several key headlines and highlights this quarter, but before I get to them, I'd like to touch on the news you likely saw last week. I'm incredibly honored to have been with Alliant Energy for the past 35 years and I'm excited to be continuing that journey and moving into the role of Executive Chairman of our company as Lisa Barton assumes the role of CEO. Lisa's an exceptional leader with a well-established track record of success.

本季我們有幾個重要的頭條新聞和亮點，但在討論它們之前，我想先談談您上周可能看到的新聞。我非常榮幸能夠在 Alliant Energy 工作了 35 年，並​​且很高興能夠繼續這一旅程，並在 Lisa Barton 擔任執行長的同時擔任我們公司的執行董事長。麗莎是一位傑出的領導者，有著良好的成功記錄。

Together with the Board of Directors, I have complete confidence that she is well positioned to further Alliant Energy's ability to deliver consistent results as we continue to focus on our purpose of serving customers and building stronger communities. Speaking of that purpose, let me take a few minutes to share a few headlines from quarter 3 that I'm particularly proud of. Then I'll pass it over to Lisa and Robert to provide more details.

我與董事會一起完全相信，在我們繼續專注於服務客戶和建立更強大社區的目標的同時，她有能力進一步提高 Alliant Energy 交付一致成果的能力。說到這個目的，讓我花幾分鐘分享一些我特別自豪的第三季的頭條新聞。然後我會將其轉交給麗莎和羅伯特以提供更多詳細資訊。

The first headline centers on our strong core investment thesis, that is why you choose to invest in our company. Simply put, we consistently deliver strong results. The well-executed forward-thinking actions our team took to mitigate rising financing costs positions our company to deliver on investor expectations. Coupled with our exceptional project execution and unwavering commitment to cost management and efficiency makes us well positioned to achieve our long-term earnings guidance objective for the 14th consecutive year.

第一個標題集中在我們強大的核心投資主題上，這就是您選擇投資我們公司的原因。簡而言之，我們始終如一地交付強勁的成果。我們的團隊為緩解不斷上升的融資成本而採取了執行良好的前瞻性行動，使我們的公司能夠滿足投資者的期望。加上我們卓越的專案執行以及對成本管理和效率的堅定承諾，使我們有能力連續 14 年實現長期獲利指導目標。

Our second headline highlights our updated customer-centric capital investment forecast through 2027, which increases our CapEx by almost $600 million, compared to the 4-year plan we announced last year. Lisa will cover the details of these exciting investments later in the call.

我們的第二個標題強調了我們更新的到 2027 年以客戶為中心的資本投資預測，與我們去年宣布的 4 年計劃相比，這使我們的資本支出增加了近 6 億美元。麗莎將在稍後的電話會議中介紹這些令人興奮的投資的細節。

To build on my earlier comments, I continue to take immense pride in the work of our dedicated teams who've diligently navigated through challenging financial, procurement and economic conditions. I'm especially pleased with our team's efforts in taking advantage of the enhanced benefits from the Inflation Reduction Act. We are nearing completion of executing our contracts to monetize tax credits generated by our wind, solar and energy storage investments. This helps us reduce our financing needs, create substantial cost savings for our customers, all while taking advantage of zero fuel cost resources and reducing our greenhouse gas emissions.

在我之前的評論的基礎上，我繼續對我們敬業的團隊的工作感到無比自豪，他們在充滿挑戰的財務、採購和經濟條件下辛勤地應對。我對我們的團隊在利用《通貨膨脹減少法案》帶來的更多好處方面所做的努力感到特別滿意。我們即將完成合約的執行，將風能、太陽能和儲能投資產生的稅收抵免貨幣化。這有助於我們減少融資需求，為客戶節省大量成本，同時利用零燃料成本資源並減少溫室氣體排放。

Now let me highlight two innovative projects we are excited about. First, we celebrated our first Iowa customer-hosted solar project, which is nearing completion near Ames, Iowa and is expected to be operational in the first half of 2024. This solar farm at Iowa State University will serve as a one-of-a-kind setting to advance the concept of Agrivoltaics. We are partnering with both Iowa State and the University of Wisconsin in this innovative area of research. Agrivoltaics' research is intended to uncover how solar, agricultural land and farming can harmoniously coexist for mutual benefit.

現在讓我重點介紹兩個令我們興奮的創新項目。首先，我們慶祝了我們的第一個愛荷華州客戶託管的太陽能項目，該項目即將在愛荷華州艾姆斯附近完工，預計將於2024 年上半年投入運營。愛荷華州立大學的這個太陽能發電場將成為- 推進農業光伏概念的良好環境。我們正在這一創新研究領域與愛荷華州立大學和威斯康辛大學合作。 Agrivoltaics 的研究旨在揭示太陽能、農業用地和農業如何和諧共存，互惠互利。

The second project is our long-duration storage project at the Columbia Energy Center near Portage, Wisconsin; a first-of-a-kind energy project in the United States. The 200-megawatt hour energy storage system will be built to deliver 10 hours of energy storage capacity by compressing carbon dioxide gas into liquid. We are particularly excited this project will be built in the same community that has hosted our Columbia Energy Center for the last 40-plus years. Citing this project at an existing generating facility enables us to take advantage of the existing grid interconnection. Our company was selected for a $30 million grant from the U.S. Department of Energy, Office of Clean Energy to support this project. Importantly, both projects exemplify our purpose and showcases how our forward-thinking efforts, partnerships and innovation are helping us build stronger communities.

第二個項目是我們在威斯康辛州波蒂奇附近的哥倫比亞能源中心的長期儲存項目；美國首個能源項目。該200兆瓦時儲能係統將透過將二氧化碳氣體壓縮成液體來提供10小時的儲能能力。我們特別高興的是，該項目將建在過去 40 多年來哥倫比亞能源中心所在的同一個社區。在現有發電設施上引用該項目使我們能夠利用現有的電網互連。我們公司獲得美國能源部清潔能源辦公室 3000 萬美元的撥款來支持該項目。重要的是，這兩個項目都體現了我們的宗旨，並展示了我們前瞻性的努力、合作夥伴關係和創新如何幫助我們建立更強大的社區。

Our investments are made in our backyard in the communities we serve where our customers live and where we partner with local suppliers, contractors and vendors.

我們的投資是在我們服務的客戶居住的社區以及我們與當地供應商、承包商和供應商合作的社區的後院進行的。

Now before I turn the call over to Lisa, I'd like to recognize that the farmers in our service territory are in the later stages of harvest season. And I'd like to extend my appreciation to all farmers and farm families for your commitment and partnership. Together, we are using the earth's natural resources to provide vital services. Please be safe, as you wrap up your harvest.

現在，在我把電話轉給麗莎之前，我想知道我們服務區域內的農民正處於收穫季節的後期階段。我謹向所有農民和農場家庭的承諾和合作表示感謝。我們共同利用地球的自然資源提供重要的服務。收割收穫時請注意安全。

And I'd also like to take a moment to reflect on the achievements of our dedicated employees as we conclude another strong quarter. They have done a tremendous job of serving our customers and positioning us for success. Their efforts to keep the lights on and the gas flowing irrespective of weather conditions underscores our unwavering commitment to our purpose.

在我們結束又一個強勁的季度之際，我還想花點時間回顧一下我們敬業的員工所取得的成就。他們在服務客戶和幫助我們取得成功方面做出了巨大的努力。無論天氣條件如何，他們都努力保持燈亮和煤氣流動，這突顯了我們對目標的堅定承諾。

Thank you, John. It is an honor to be entrusted with the future growth and stewardship of this industry-leading company. Since joining Alliant Energy, it has been abundantly clear that our organization lives and delivers on its purpose day in and day out. In fact, the organization's commitment and alignment with its purpose is what drew me to Alliant Energy.

謝謝你，約翰。我很榮幸能夠受託負責這家業界領先公司的未來發展和管理。自從加入 Alliant Energy 以來，我們的組織日復一日地生活並實現其目標，這一點非常清楚。事實上，組織的承諾以及與其目標的一致性正是吸引我加入 Alliant Energy 的原因。

I recently had the opportunity to meet with our team in Janesville, Wisconsin and was struck by the level of engagement and ideas our frontline teams brought to the table to better serve our customers. As you know, we are actively undergrounding our lines to provide greater reliability and system resiliency. In this conversation, our employees were offering suggestions to prioritize the undergrounding of overhead facilities located in backyards. They were sharing how these facilities can be difficult to get to, require specialized equipment, and due to the nature of the terrain, restoration can be time-consuming, factors that can be avoided by undergrounding.

最近，我有機會在威斯康辛州簡斯維爾與我們的團隊會面，我們的第一線團隊為更好地服務客戶而提出的參與度和想法令我印象深刻。如您所知，我們正在積極將線路埋入地下，以提供更高的可靠性和系統彈性。在這次談話中，我們的員工提出了優先考慮將位於後院的架空設施地下化的建議。他們分享了這些設施如何難以到達、需要專門設備，並且由於地形的性質，恢復可能非常耗時，而這些因素可以透過地下化來避免。

I appreciated their ideas and focus on our customers with the goal to reduce outages and restoration times, a notable example of the level of engagement and the connection with our purpose to serve our customers and build stronger communities.

我很欣賞他們的想法，並以減少停機和恢復時間為目標，以客戶為中心，這是參與度以及與我們服務客戶和建立更強大社區的目標之間的聯繫的一個顯著例子。

Our team's passion for innovation and dedication to serving our customers and communities is consistent across the company in both Iowa and Wisconsin. And it's precisely why it is a true privilege to take on the role of CEO and to serve as a member of our Board of Directors.

我們的團隊對創新的熱情以及為客戶和社區服務的奉獻精神在愛荷華州和威斯康辛州的整個公司中都是一致的。這正是為什麼能夠擔任執行長並擔任董事會成員是一種真正的榮幸。

Before going into the CapEx plan, I would like to underscore our organization's ongoing role of being at the forefront of the clean energy transition by providing our customers with access to a cleaner and more diverse energy mix.

在討論資本支出計畫之前，我想強調我們組織透過為客戶提供更清潔、更多樣化的能源組合，始終處於清潔能源轉型最前沿的角色。

In 2022, approximately 40% of the energy we supply to retail customers was generated by zero fuel cost renewable resources. This number will quickly grow with the addition of 1.2 gigawatts of solar set to be in service by the end of 2024.

到 2022 年，我們向零售客戶提供的能源中約 40% 是由零燃料成本再生資源產生的。隨著 2024 年底投入使用的 1.2 吉瓦太陽能裝置容量的增加，這一數字將迅速增長。

Across our portfolio of new generation, we are successfully bringing projects online, investing in energy security, creating local jobs and providing valuable tax revenues for the communities we serve.

在我們的新一代產品組合中，我們成功地將專案上線、投資於能源安全、創造當地就業機會並為我們服務的社區提供寶貴的稅收收入。

In Wisconsin, we expect to bring approximately 600 megawatts of solar online by year-end. In Iowa, with an advanced ratemaking ruling in hand for our planned 400 megawatts of solar, we will continue to expand our investments in resilient, clean energy resources for our customers and communities by bringing this new generation online.

在威斯康辛州，我們預計到年底將實現約 600 兆瓦的太陽能發電。在愛荷華州，隨著我們計劃的 400 兆瓦太陽能的高級費率制定裁決在手，我們將繼續擴大對彈性、清潔能源資源的投資，為我們的客戶和社區提供新一代上網服務。

In addition to solar, we made great strides in our energy storage plans during the third quarter. We commissioned our first microgrid project in Richland County. We secured regulatory approval in Wisconsin for 175 megawatts of battery storage projects in Wood and Grant counties, which will be paired with our solar investments.

除了太陽能之外，第三季我們的能源儲存計畫也取得了巨大進展。我們在里奇蘭縣啟動了第一個微電網計畫。我們在威斯康辛州伍德縣和格蘭特縣的 175 兆瓦電池儲存項目獲得了監管部門的批准，該項目將與我們的太陽能投資相配合。

In addition, we secured approval for 99 megawatts of battery storage at our Edgewater generating facility site to take advantage of our existing interconnection and additional tax credits associated with repurposing a brownfield site. These storage projects strengthen the performance of our generation portfolio, increase grid resiliency and improve reliability. These investments tied to the capital expenditures John mentioned, which are essential to deliver a diverse mix of energy with the enhanced reliability our customers depend on.

此外，我們還獲得了在 Edgewater 發電設施站點建設 99 兆瓦電池儲存的批准，以利用我們現有的互連以及與重新利用棕地站點相關的額外稅收抵免。這些儲存項目增強了我們發電組合的性能，提高了電網彈性並提高了可靠性。這些投資與約翰提到的資本支出有關，這對於提供多樣化的能源組合以及增強客戶所依賴的可靠性至關重要。

Looking forward, we have refreshed our capital expenditures plan over the next 4 years by $600 million. These investments expand our dispatchable generation resources include wind repowering for approximately 500 megawatts of our legacy wind fleet, bringing efficiency savings to our customers and additional tax benefits through the Inflation Reduction Act.

展望未來，我們將未來 4 年的資本支出計畫更新為 6 億美元。這些投資擴大了我們的可調度發電資源，包括為我們傳統風力機組的約500 兆瓦的風力重新發電，為我們的客戶帶來效率節約，並透過《通貨膨脹減少法案》帶來額外的稅收優惠。

This plan reflects increased investments in American Transmission Company to support expansion of transmission within the state of Wisconsin and underscores our commitment to enhancing grid resiliency and undergrounding.

該計劃反映了對美國輸電公司的投資增加，以支持威斯康辛州輸電規模的擴大，並強調了我們對增強電網彈性和地下工程的承諾。

Our updated customer-centric capital investment forecast through 2027 contributes to a solid 8% rate base growth through 2027. Approximately 55% of our investments over the next 4 years will be in generation, a strong demonstration of our commitment to a diverse clean, reliable and resilient energy future for our customers.

我們更新的到2027 年以客戶為中心的資本投資預測有助於到2027 年實現8% 的穩定基礎增長率。未來4 年我們約55% 的投資將用於發電，這有力地證明了我們對多元化、清潔、可靠的承諾為我們的客戶提供富有彈性的能源未來。

We take considerable pride in the balance of resources in our generation portfolio. We will continue to invest in renewables over the 5-year planning period. We also recognize our resource plans need to address MISO's resource adequacy needs. This is why you see greater additional capital expenditures for gas projects when compared to prior plans.

我們對發電組合中的資源平衡感到非常自豪。我們將在五年規劃期內繼續投資再生能源。我們也認識到我們的資源計劃需要滿足 MISO 的資源充足需求。這就是為什麼與先前的計劃相比，天然氣項目的額外資本支出更大。

In 2024, we will continue our transparent process to engage with regulators and stakeholders as we update and revise our resource plans to adapt to changing reliability needs. Our plans include new dispatchable natural gas resources, capacity and efficiency improvements and investments to ensure resiliency and availability of fuels during extreme weather and other disruptions.

2024 年，我們將繼續採用透明的流程，與監管機構和利害關係人進行互動，更新和修改我們的資源計劃，以適應不斷變化的可靠性需求。我們的計劃包括新的可調度天然氣資源、產能和效率改進以及投資，以確保極端天氣和其他幹擾期間燃料的彈性和可用性。

Specifically, our focus will be on improving the capacity and efficiency of our existing units in both Iowa and Wisconsin as well as repurposing sites, where coal units will be retiring in the next 5 years. We will be investing in new, flexible natural gas resources to complement our investments in battery storage and renewables.

具體來說，我們的重點將是提高愛荷華州和威斯康辛州現有機組的產能和效率，以及重新利用場地，這些場地的燃煤機組將在未來 5 年內退役。我們將投資新的、靈活的天然氣資源，以補充我們在電池儲存和再生能源方面的投資。

We will also invest in reliability of natural gas supply in both Iowa and Wisconsin to address concerns about reliability and resiliency during extreme weather. This includes exploring opportunities to enhance resiliency through gas LNG and electric storage technologies.

我們還將投資愛荷華州和威斯康辛州天然氣供應的可靠性，以解決極端天氣期間對可靠性和彈性的擔憂。這包括探索透過天然氣液化天然氣和電力儲存技術來增強彈性的機會。

Now switching to regulatory matters. First, we appreciate the certainty the IUB's advanced ratemaking decision provides. Last month, the IUB approved a minimum ROE of 10.25% over the 30-year life of 400 megawatts of solar. We remain confident in the advanced ratemaking process and look forward to submitting additional filings following our stakeholder and regulatory engagement process next year.

現在轉向監管問題。首先，我們讚賞 IUB 的提前利率決策所提供的確定性。上個月，IUB 批准了 400 兆瓦太陽能在 30 年使用壽命內的最低 ROE 為 10.25%。我們對先進的利率制定流程仍然充滿信心，並期待明年在利益相關者和監管參與流程之後提交更多文件。

Staying in Iowa, we recently filed our forward test year rate review. Our forward-looking electric and gas rate review focuses on our plans to strategically invest in a cost-effective and diverse energy mix, coupled with grid modernization to deliver a more reliable, sustainable, resilient and secure energy future for our Iowa customers and communities.

留在愛荷華州，我們最近提交了前瞻性測試年度費率審查。我們的前瞻性電力和天然氣費率審查重點關注我們的計劃，即戰略性投資於具有成本效益和多樣化的能源結構，並結合電網現代化，為愛荷華州的客戶和社區提供更可靠、可持續、有彈性和安全的能源未來。

With our steadfast focus on keeping customer value top of mind, we continuously strategize to take proactive measures to manage costs and to meet customers' ever-changing energy needs. This is the reason why we have asked for a two-step increase. The investments we are making in the state are expected to reduce the number and duration of outages, improve safety, lower operating maintenance and fuel expenses, while reducing the impact of fuel price volatility. Shifting gears to our rate review in Wisconsin. The procedural schedule is now complete, and we await the decision from the PSCW to place new rates into effect on January 1. We believe the PSCW staff testimony was constructive and gave the commission a good starting point for their decision.

我們堅定不移地將客戶價值放在首位，不斷制定策略，採取積極主動的措施來管理成本並滿足客戶不斷變化的能源需求。這就是我們要求分兩步驟升息的原因。我們在該州進行的投資預計將減少停電次數和持續時間，提高安全性，降低營運維護和燃料費用，同時減少燃料價格波動的影響。轉向威斯康辛州的費率審查。程序時間表現已完成，我們等待 PSCW 決定於 1 月 1 日實施新費率。我們相信 PSCW 工作人員的證詞具有建設性，為委員會的決定提供了良好的起點。

I will now turn the call over to Robert to provide insights regarding our financial results, guidance and a few additional regulatory matters.

我現在將把電話轉給羅伯特，以提供有關我們的財務表現、指導和一些其他監管事項的見解。

Thanks, Lisa. Good morning, everyone. Yesterday, we announced third quarter non-GAAP earnings of $1.05 per share compared to $0.93 per share in the third quarter of 2022. Our quarterly earnings change year-over-year was primarily due to higher revenue requirements and AFUDC from WPL capital investments and lower operating and maintenance expenses. These positive drivers were partially offset by higher interest expense.

謝謝，麗莎。大家，早安。昨天，我們宣布第三季非 GAAP 每股收益為 1.05 美元，而 2022 年第三季為每股 0.93 美元。我們的季度收益同比變化主要是由於收入要求較高以及 WPL 資本投資的 AFUDC 和較低營運和維護費用。這些正面的推動因素被較高的利息支出部分抵銷。

The non-GAAP adjustment recorded in the third quarter of $0.03 per share related to Iowa state tax reform. In September, the Iowa Department of Revenue announced a corporate state tax rate of 7.1% for 2024, which is down from the current rate of 8.4%. This change resulted in a current year charge at our nonutility and parent operations related to lower deferred tax asset values.

第三季的非公認會計準則調整為每股 0.03 美元，與愛荷華州稅改相關。 9月，愛荷華州稅務局宣布2024年企業州稅率為7.1%，低於目前的8.4%。這項變更導致我們的非公用事業和母公司業務在本年度因遞延稅資產價值降低而產生費用。

This change will also enable us to pass millions of dollars of annual savings from lower state taxes on to our customers in Iowa for decades into the future. A similar non-GAAP adjustment was recognized in the third quarter last year related to Iowa's corporate tax rate change effective for 2023.

這項變更也將使我們能夠在未來幾十年內將降低州稅帶來的每年數百萬美元的節省轉嫁給愛荷華州的客戶。去年第三季度，愛荷華州公司稅率調整於 2023 年生效，因此進行了類似的非公認會計原則調整。

Through September of this year, our net temperature impacts decreased Alliant Energy's earnings by approximately $0.02 per share. In comparison, net temperatures increased Alliant Energy's earnings for the first 3 quarters of 2022 by $0.07 per share.

截至今年 9 月，我們的淨氣溫影響使 Alliant Energy 的每股盈餘減少了約 0.02 美元。相比之下，淨氣溫使 Alliant Energy 2022 年前 3 季的每股收益增加了 0.07 美元。

Our temperature-normalized electric sales through the first 3 quarters are tracking in line with sales for the same period in 2022, including no material changes across the customer classes or our two states.

我們前 3 季的溫度正常化電力銷售與 2022 年同期的銷售情況一致，包括客戶類別或我們兩個州沒有重大變化。

Looking forward to the fourth quarter and our full year 2023 results, we expect strong earnings growth from investments in Wisconsin and Iowa solar projects and lower O&M, partially offset by higher interest expense. As a result of solid earnings through September and our projected fourth quarter results, we have narrowed our 2023 earnings guidance to a range of $2.85 per share to $2.93 per share.

展望第四季和2023 年全年業績，我們預期威斯康辛州和愛荷華州太陽能專案的投資以及營運和維護成本的下降將帶來強勁的收益成長，但利息支出的增加將部分抵消這一成長。由於截至 9 月份的穩健盈利以及我們預計的第四季度業績，我們已將 2023 年盈利指導範圍縮小至每股 2.85 美元至 2.93 美元。

During 2023, our team has continued to advance our purpose-driven strategy to ensure that we not only accomplish our current year goals, but also enable the achievement of our financial and operational objectives over the long term. We strategically invest in the best interest of our customers, aiming to enhance customer value while controlling customer costs.

2023 年，我們的團隊繼續推進以目標為導向的策略，以確保我們不僅實現當前的年度目標，而且能夠實現長期的財務和營運目標。我們策略性地投資於客戶的最大利益，旨在提高客戶價值，同時控制客戶成本。

As we continue our transition to renewables, while preparing to retire our fossil fuel generating resources, we will continue to reduce our operating costs. Additionally, with the implementation of our planned solar projects and the repowering of our wind facilities, we anticipate the production tax credits and reduced fuel expenses will help offset the impact of increased renewable rate base rendering these new investments highly cost effective for our customers. This commitment will result in long-term benefits for our customers and long-term value for our shareowners.

隨著我們繼續向再生能源轉型，同時準備淘汰化石燃料發電資源，我們將繼續降低營運成本。此外，隨著我們計劃的太陽能專案的實施和風能設施的重新供電，我們預計生產稅收抵免和燃料費用的減少將有助於抵消可再生能源費率基礎增加的影響，使這些新投資對我們的客戶來說具有很高的成本效益。這項承諾將為我們的客戶帶來長期利益，並為我們的股東帶來長期價值。

With our success thus far in advancing and executing on our renewable capital projects, we continue to be well positioned to capture additional benefits of the Inflation Reduction Act. Expected benefits include applying for federal funding, maximizing tax benefits by meeting tax credit added requirements and leveraging new and enhanced opportunities to monetize tax credits, which materially improved our cash flows and credit metrics as well as reduce future financing needs.

到目前為止，我們在推進和執行再生資本項目方面取得了成功，我們將繼續處於有利地位，以獲取《通貨膨脹削減法案》的額外好處。預期的好處包括申請聯邦資金、透過滿足稅收抵免附加要求來最大化稅收優惠，以及利用新的和增強的機會將稅收抵免貨幣化，這大大改善了我們的現金流和信貸指標，並減少了未來的融資需求。

Moving to our financing plans. In September, we successfully completed a $300 million debt issuance at IPL to finance our solar generation projects. And so far, this year, we have issued approximately $200 million of new common equity. Thus, we are well on our way to raising our planned $250 million in equity for 2023.

轉向我們的融資計劃。 9 月，我們在 IPL 成功完成了 3 億美元的債務發行，為我們的太陽能發電專案提供資金。今年到目前為止，我們已經發行了約 2 億美元的新普通股。因此，我們正在順利籌集 2023 年計畫的 2.5 億美元股本。

As we look to future financings, our robust capital investment plan is expected to be financed through a combination of cash from operations, including significant proceeds from tax credit monetizations and new long-term debt.

當我們展望未來的融資時，我們穩健的資本投資計劃預計將透過營運現金組合來融資，包括稅收抵免貨幣化和新的長期債務的巨額收益。

We also have modest levels of common equity anticipated in our finance plans through 2027, including approximately $25 million of new common equity planned each year from our Shareowner Direct plan and up to $350 million of new common equity in aggregate through future ATM programs. The new common equity through future ATM programs is largely dependent upon whether the PSCW and IUB grant authority of our request to increase the equity layers in WPL's and IPL's capital structures in their respective pending rate reviews.

到 2027 年，我們的財務計劃中還預計有適度的普通股，包括每年透過股東直接計劃計劃的約 2500 萬美元的新普通股，以及透過未來 ATM 計劃總計高達 3.5 億美元的新普通股。透過未來 ATM 計畫獲得的新普通股在很大程度上取決於 PSCW 和 IUB 是否批准我們在各自待定利率審查中增加 WPL 和 IPL 資本結構股權層的請求。

More near term, our plans over the next 14 months include up to $1.9 billion of financing, including up to $1 billion of long-term debt at Alliant Energy Finance, up to $700 million of debt at IPL, approximately $25 million of new common equity through our Shareowner Direct plan, and up to $200 million of new common equity only to supporting the increase authorized by the PSCW for WPL's equity layer. We also have two debt maturities in 2024, including $450 million at Alliant Energy Finance and $500 million at IPL.

更近期來看，我們未來 14 個月的計畫包括高達 19 億美元的融資，其中包括 Alliant Energy Finance 高達 10 億美元的長期債務、IPL 高達 7 億美元的債務、約 2500 萬美元的新普通股通過我們的股東直接規劃，以及最多2 億美元的新普通股，僅用於支持PSCW 授權的WPL 股權層增加。我們還有兩筆債務將於 2024 年到期，其中包括 Alliant Energy Finance 的 4.5 億美元和 IPL 的 5 億美元。

Finally, I'll highlight our regulatory initiatives in progress as well as those regulatory filings we plan to initiate in 2024. Currently, in progress, we have electric and gas rate reviews in each state. In Wisconsin, we anticipate an oral decision before Thanksgiving and a written order by the end of December. And in Iowa, we expect a decision by the third quarter of next year.

最後，我將重點介紹我們正在進行的監管舉措以及我們計劃在 2024 年啟動的監管備案。目前，我們正在對每個州的電力和天然氣費率進行審查。在威斯康辛州，我們預計感恩節之前會做出口頭決定，並在 12 月底之前做出書面命令。在愛荷華州，我們預計將在明年第三季做出決定。

We also have two additional pending proceedings in Wisconsin. We are anticipating a decision on our request for improvements aimed to increase the efficiency, capacity and reliability of our Neenah and Sheboygan Falls gas generating units by the end of Q2 2024.

我們在威斯康辛州還有另外兩個未決訴訟。我們預計將於 2024 年第二季末就我們的改進請求做出決定，旨在提高 Neenah 和 Sheboygan Falls 天然氣發電機組的效率、容量和可靠性。

In this quarter, we filed a joint application to sell an additional 125 megawatts of the West Riverside facility to WEC Energy and Madison Gas & Electric. We are also anticipating a decision on this application by Q2 of 2024.

在本季度，我們提交了一份聯合申請，向 WEC Energy 和 Madison Gas & Electric 出售額外 125 兆瓦的西河濱設施。我們也預計在 2024 年第二季對此申請做出決定。

Turning to our planned regulatory filings in 2024. In conjunction with our updated capital expenditure plan, we expect to make regulatory filings in both Iowa and Wisconsin for additional renewables and dispatchable resources to enhance reliability, further diversify our energy resources and meet customer energy needs. These filings will also include construction authority requests for the innovative new long-duration energy storage in Wisconsin mentioned by John.

談到我們計劃在2024 年提交的監管文件。結合我們更新的資本支出計劃，我們預計將在愛荷華州和威斯康辛州提交更多可再生能源和可調度資源的監管文件，以提高可靠性，進一步使我們的能源資源多樣化並滿足客戶的能源需求。這些文件還將包括約翰提到的威斯康辛州建設當局對創新新型長期儲能的請求。

We very much appreciate the continued support of our company and look forward to meeting with many of you at the EEI Finance Conference. Next week, we plan to post on our website the updated materials in advance of EEI.

我們非常感謝我們公司的持續支持，並期待在 EEI 財務會議上與大家見面。下週，我們計劃在 EEI 之前在我們的網站上發布更新的資料。

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

此時，我會將電話轉回給接線生以方便問答環節。

Thank you, Mr. Durian. At this time, the company will open up the call to questions from the members of the investment community. (Operator Instructions) Your first question comes from Nicholas Campanella with Barclays.

謝謝你，榴槤先生。此時，公司將開放投資界成員提問電話。 （操作員說明）您的第一個問題來自巴克萊銀行的尼古拉斯·坎帕內拉（Nicholas Campanella）。

It's actually Nathan Richardson on for Nick. I just had a couple of questions here. You touched on the tax credit opportunity a little bit, and I appreciate the '23 and '24 guidance, but I was wondering if you could give any more color into '25 and '26 and then maybe the full contribution over the 5-year plan?

實際上是內森理查森（Nathan Richardson）代替尼克。我只是有幾個問題。您稍微談到了稅收抵免機會，我很欣賞“23”和“24”的指導，但我想知道您是否可以為“25”和“26”提供更多色彩，然後也許是 5 年的全部貢獻計劃？

Yes, Nathan, I'll probably paid a little bit of a picture here for our financing plans. When we think about the capital expenditure refresh that we've done through 2027, and as we look at the kind of financing needs for that, we actually think that we'll be able to fund all of that through cash flows from operations, including the monetization of tax credits as well as some new long-term debt. And as we look at the opportunities to be able to monetize those tax credits, given the volume of tax credits we're generating currently with the wind projects and the solar projects as well as those will be added into our portfolio over the next few years along with battery storage.

是的，內森，我可能會為我們的融資計劃支付一點圖片。當我們考慮到 2027 年我們完成的資本支出更新以及為此融資的需求時，我們實際上認為我們將能夠透過營運現金流來為所有這些資金提供資金，包括稅收抵免以及一些新的長期債務的貨幣化。當我們尋找能夠將這些稅收抵免貨幣化的機會時，考慮到我們目前透過風能專案和太陽能專案產生的稅收抵免量以及未來幾年將添加到我們的投資組合中的稅收抵免量以及電池儲存。

We actually think we'll be averaging probably close to $300 million a year in tax credit monetization proceeds, provides us a lot of flexibility with our financing plans and therefore, does not require any material common equity to be able to finance those capital expenditure plans.

實際上，我們認為我們每年的稅收抵免貨幣化收益平均可能接近3 億美元，這為我們的融資計劃提供了很大的靈活性，因此不需要任何實質性普通股就能夠為這些資本支出計劃提供資金。

Where we do see potentially some need for new common equity is largely related to the regulatory constructs, specifically the capital structure for our two utilities that is dependent upon the outcomes of the pending rate cases. So that's to be determined. We should be seeing hopefully our WPL rate case decision here in the next couple of weeks. And as I indicated before, the Iowa decision sometime probably by the second quarter, third quarter of next year.

我們確實認為對新普通股的潛在需求很大程度上與監管結構有關，特別是我們兩家公用事業公司的資本結構，這取決於未決利率案件的結果。所以這是有待確定的。我們應該預計在接下來的幾週內看到我們的 WPL 費率案例決定。正如我之前指出的，愛荷華州的決定可能會在明年第二季、第三季。

And so that will give us more insights as to any potential equity needs, but it's really tied into those additional equity layers at the two utilities.

因此，這將使我們對任何潛在的股權需求有更多的了解，但它實際上與這兩家公用事業公司的額外股權層有關。

Got it. That's super helpful. And then my last question is, some of your Midwest peers have been showing some decline in load in fiscal year '23. And I just wanted to see how we could think about what you've embedded in the fiscal year '24 outlook from a sales perspective and then maybe any longer-term sales growth assumptions?

知道了。這非常有幫助。我的最後一個問題是，一些中西部同業在 23 財年的負荷有所下降。我只是想看看我們如何從銷售角度考慮您在 24 財年展望中所包含的內容，然後可能是任何長期銷售成長假設？

Nathan, this is John here. '23 has been largely in line with our expectations from a temperature normalized load, and we're planning for that similarly going forward. But I would say, we do have some pretty strong economic development interest. We've kept our forecast pretty conservative, pretty steady as we've seen. But we've seen some great interest here. And when we see that materialize a bit more, we'll provide updates if or as needed.

內森，這是約翰。 '23 基本上符合我們對溫度標準化負載的預期，我們正在計劃類似的未來。但我想說，我們確實有一些相當強烈的經濟發展興趣。正如我們所看到的，我們的預測相當保守、相當穩定。但我們在這裡看到了一些濃厚的興趣。當我們看到更多的具體情況時，我們將根據需要提供更新。

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

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

This is Dariusz on for Julien. Just wanted to start off on the narrowed 2023 guidance. Thank you for providing that update. Just wondering if now that we're in November, and there's probably a good line of sight to the end of the year, if you can make any commentary as far as where you might be tracking within that range for the balance of the year.

這是朱利安 (Julien) 的達柳斯 (Dariusz)。只是想從縮小的 2023 年指導開始。感謝您提供更新。只是想知道現在是 11 月，到年底可能會有一個良好的視野，您是否可以就今年剩餘時間在該範圍內的跟踪情況發表任何評論。

Yes, Dariusz, this is Robert. Yes, I would characterize that we're tracking towards the midpoint. We have seen, what I'd characterize, some milder weather temperatures in the first quarter this year that really cut our earnings down about $0.04 per share, but we actually picked up $0.02 back in the third quarter given some warmer temperatures. And so far, here in the fourth quarter, we've actually started out with some favorable weather temperature. So we're actually think we'll land pretty close to the midpoint and so that's what we've been guiding to you.

是的，Dariusz，這是羅伯特。是的，我認為我們正在朝著中點前進。我們已經看到，正如我所描述的，今年第一季天氣溫度較溫和，這確實使我們的每股收益減少了約0.04 美元，但考慮到氣溫升高，我們實際上在第三季度回升了0.02 美元。到目前為止，在第四季度，我們實際上已經開始了一些有利的天氣溫度。所以我們實際上認為我們會非常接近中點，這就是我們一直在指導你們的。

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

好的。出色的。感謝。然後展望 2024 年，以及您提供的指導和驅動力，我們當然會感激 WPL 流程仍在進行中。如果您確實在那裡獲得併改善了股權層，您能看到任何上升空間嗎？或者可能會追蹤您為 2024 年提供的範圍的上限？

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

是的。 Dariusz，我是約翰。我想說，我們的銷售指導、良好的資本執行以及您提到的監管備案和成本管理的建設性決策確實有四個因素。我想說，現在我們對我們提出的指導範圍感到非常滿意。當我們進入 24 年時，如果我們跟踪該範圍的不同部分，我們肯定會更新這一點，但認為它對於我們 24 年的範圍來說非常可靠。

Okay. Excellent. If I could sneak in one more. Obviously, certainly appreciate the IPL rate case as recently filed, but you've had some fairly constructive processes and outcomes, especially with the advanced rate making this year. Curious if you can make any comments on efforts towards our prospects for settling that rate case?

好的。出色的。如果我能再偷偷溜進去一次就好了。顯然，當然很欣賞最近提交的 IPL 費率案件，但您已經有了一些相當有建設性的流程和結果，特別是今年的高級費率制定。想知道您能否對我們為解決該費率案件的前景所做的努力發表任何評論？

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

是的，Dariusz，我是麗莎。我來處理這個問題。如您所知，我們的費率審核流程始終非常透明。我們的清潔能源藍圖提供了高度的透明度。我們對這個兩步驟請求進行了平衡的詢問，都是個位數。顯然，我們在愛荷華州的定居點方面有著良好的記錄。我們仍然認為這在未來是可能的。但與往常一樣，我們將一路[評估]和解的利弊。

Okay. Excellent. I'll pass it along, and we'll see you guys at EEI in about a week.

好的。出色的。我會將其轉達，大約一周後我們將在 EEI 見。

Your next question comes from Ross Fowler with UBS.

您的下一個問題來自瑞銀集團的羅斯福勒。

And congratulations on the appointments.

並祝賀您的任命。

Thank you.

謝謝。

Thanks, Ross.

謝謝，羅斯。

So -- and I apologize, I'm bouncing between sort of three calls this morning. So if this has already been asked and answered, I do apologize. But I was just looking through your CapEx refresh and Lisa, I think I heard you say that the lower sort of renewables CapEx here is really being driven by the shift to gas projects to be responsive to MISO and not driven by sort of some of the consternation we've seen over the last 18 months around renewable investments, right? You're still -- supply chain is okay. Like it's not about it. It's more being responsive than adding this gas project into the plant?

所以——我很抱歉，今天早上我在三通電話之間來回切換。因此，如果這個問題已經被問過並得到回答，我深表歉意。但我只是在查看你的資本支出更新，麗莎，我想我聽到你說這裡較低的可再生能源資本支出實際上是由轉向天然氣項目來驅動的，以響應 MISO，而不是由某些過去18 個月我們在再生能源投資方面看到了令人震驚的情況，對嗎？你仍然——供應鏈沒問題。好像不是關於這個的。它比將這個天然氣項目添加到工廠中更能做出反應嗎？

Yes, Ross, you're correct. I mean, we're constantly reviewing our resource plans, taking into account changing conditions such as the MISO capacity construct. Again, it's always a very transparent process that we use, and we'll be talking with regulators and stakeholders here in the earlier part of '24.

是的，羅斯，你是對的。我的意思是，我們不斷審查我們的資源計劃，同時考慮不斷變化的條件，例如 MISO 能力建設。再說一次，我們使用的流程始終非常透明，我們將在 24 世紀初期與監管機構和利害關係人進行對話。

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

好的。然後考慮到計劃中的可再生能源支出有點低，羅伯特，我想我聽到你說，儘管如此，你仍然期望這裡有相當好的稅收可轉移性、稅收抵免可轉移性生成，唯一的股權需求是如果你得到從目前正在進行的監理利率案件中獲得更高的受監管公用事業股本比率。

Yes, that's correct, Ross. As a reminder, so we've got 2019 and 2020 vintage wind projects that will be continuing to provide PTCs for us. We'll be building out the full 1,500 megawatts of new solar projects. We've added to our recent CapEx plans, 500 megawatts of repowering of wind projects that will produce new PTCs for us to be able to monetize. And we also have battery projects that we've put into the planned 275 megawatts, of which have already been approved by the PSCW that will all be generating tax credits. And so still a very robust set of tax credits for us to monetize over the next 4, 5 years.

是的，這是正確的，羅斯。提醒一下，我們有 2019 年和 2020 年的老式風項目，它們將繼續為我們提供 PTC。我們將建造全部 1,500 兆瓦的新太陽能專案。我們在最近的資本支出計劃中增加了 500 兆瓦的風電項目重新供電，這將產生新的 PTC，以便我們能夠貨幣化。我們還有電池項目，計劃裝置容量為 275 兆瓦，其中已經獲得 PSCW 的批准，這些項目都將產生稅收抵免。因此，我們仍然可以在未來 4、5 年內透過一系列非常強勁的稅收抵免來貨幣化。

And then one last one for me. If I heard correctly, there's still some go-forward filings here that could raise your CapEx profile around some renewable projects and some clean energy initiatives in your state. So if I think about sort of looking forward, there's still an opportunity to add more renewables to the plant.

然後是最後一張給我的。如果我沒聽錯的話，這裡仍然有一些前進的文件可以提高您所在州的一些可再生項目和一些清潔能源計劃的資本支出概況。因此，如果我考慮未來，仍然有機會為工廠添加更多再生能源。

Ross, John here. I think what I'd say, we've got a lot of future CapEx opportunities. So we'll be sharing more of the details of how we're thinking about the latter part of, not only this 4 years, but kind of where we would see our future CapEx going. But we're continuing to advance development for future renewables but as Robert, Lisa noted, right now, we're -- it just makes sense for us to add some capacity resources while we continue to look for future renewable developments.

羅斯，約翰在這裡。我想我想說的是，我們未來有很多資本支出機會。因此，我們將分享更多關於我們如何思考後半部分的細節，不僅是這 4 年，而且是我們未來資本支出的方向。但我們正在繼續推動未來再生能源的發展，但正如羅伯特、麗莎所指出的那樣，現在，我們在繼續尋找未來再生能源發展的同時，增加一些產能資源是有意義的。

That's perfect, John. And that's it for me. Congratulations once again, and we'll see you soon in Arizona.

太完美了，約翰。對我來說就是這樣。再次恭喜您，我們很快就會在亞利桑那州見到您。

Thanks, Ross.

謝謝，羅斯。

Thanks, Ross.

謝謝，羅斯。

Your next question comes from Andrew Weisel with Scotiabank.

您的下一個問題來自豐業銀行的安德魯韋塞爾。

Agrivoltaics, that's a new one. First, I just want to say congrats to John and Lisa. Great to see for both of you. Next -- my first question -- my first question is on O&M. You've talked about a 3% to 4% reduction. I know a lot of the year-over-year swing was supposed to come in the fourth quarter. Now that we're here, can you maybe refine or reaffirm that estimate? And maybe some thoughts on how much might be sustainable versus one-time?

農業光電，這是一種新事物。首先，我只想向約翰和麗莎表示祝賀。很高興見到你們兩個。接下來——我的第一個問題——我的第一個問題是關於維運的。您談到了減少 3% 到 4%。我知道大部分同比波動應該出現在第四季。現在我們已經到了這裡，您能否改進或重申這個估計？也許還有一些關於與一次性相比可持續多少的想法？

This is John here. I'm going to let Robert talk about that, and it's really good news in the timing, but I want to -- I appreciate you listening and picking up on Agrivoltaics. We can talk more about that when I see you at EEI. So Robert over to you.

這是約翰。我會讓羅伯特談談這個問題，這在時機上確實是個好消息，但我想——我感謝你傾聽並了解農業光伏。當我在 EEI 見到你時，我們可以進一步討論這個問題。那麼羅伯特就交給你了。

Yes, Andrew, I would say, as we've kind of evaluated 2023 and 2024, we are looking for opportunities to continue to kind of time the spend to be able to achieve all of our financial adjectives over the 2 years.

是的，安德魯，我想說，正如我們對 2023 年和 2024 年進行的評估一樣，我們正在尋找機會繼續花時間，以便能夠在兩年內實現我們所有的財務形容詞。

You're correct in thinking that when we announced our plans for O&M spend for 2023, there is a fair amount of reduction that we were expecting as a result of some of the strategic spend we had in 2022, including focuses on resource planning, economic development and advancing some of our technology projects. And we continue to find opportunities to be able to reduce costs through the efficiencies of a lot of the folks out in our field organization.

您的想法是正確的，當我們宣布 2023 年的運維支出計劃時，由於 2022 年的一些戰略支出（包括重點關注資源規劃、經濟支出），我們預期會有相當大的減少。開發和推進我們的一些技術項目。我們不斷尋找機會，透過提高現場組織中許多人員的效率來降低成本。

I think Lisa had a nice story that she started out with her script talking about the efforts under way with our undergrounding program that are providing some benefits for us. We're also seeing some reductions on the generation side as a result of our Lansing retirement.

我認為麗莎有一個很好的故事，她從劇本開始談論我們正在為我們提供一些好處的地下計劃的努力。由於蘭辛的退休，我們也看到發電量減少。

So I would say it's a mix, maybe half sustainable half, what I would characterize as strategic spend in 2022 that we see for reductions. But we're continuing to anticipate we'll see some further O&M reductions in the fourth quarter and probably end up lower than we expected from 2022.

因此，我想說這是一個混合體，也許一半是可持續的，我將其描述為我們看到的 2022 年戰略支出的減少。但我們繼續預計，第四季度營運和維護工作將進一步減少，最終結果可能低於我們對 2022 年的預期。

Very good. Next, on the 400 megawatts of solar in Iowa. The settlement, I believe, called for 10.75% ROE under the advanced rate making, but the IUB approved 10.25%. Can you talk about why that was reduced? And do you see any kind of read through to the rate case as a result of this?

非常好。接下來是愛荷華州 400 兆瓦的太陽能。我認為，和解協議要求按照提前利率制定 10.75% 的 ROE，但 IUB 批准了 10.25%。您能談談為什麼減少嗎？您是否認為因此對利率案例進行了任何形式的解讀？

Yes, Andrew. So basically, what the IUB did is they said that 10.25% would be, in essence, the base. And we have the opportunity to go up from there. So we're going to use our rate review process to be pushing for that 10.25%. As you know, the settlement that we had in place in Iowa was with one party and was not with all of the parties. We do not think that anything that was decided as part of this RPU is indicative of anything for -- with respect to the rate review filing. So we continue to think that there are opportunities to settle in Iowa, similar to the history and the strong history we've had for settlements in the past.

是的，安德魯。所以基本上，IUB 所做的是他們說 10.25% 本質上是基礎。我們有機會從那裡上升。因此，我們將利用我們的費率審核流程來推動 10.25%。如您所知，我們在愛荷華州達成的和解協議是與某一方達成的，而不是與所有各方達成的。我們認為，作為該 RPU 的一部分而做出的任何決定並不代表利率審查申請的任何內容。因此，我們仍然認為有機會在愛荷華州定居，這與我們過去定居的歷史和悠久的歷史相似。

Okay. Very good. Then on equity, two-part questions. So first of all, the $200 million that you might need. Robert, did you say that was for IPL and WPL? Or is that just WPL? And how much -- looks like a sensitivity, every 10 basis points of equity ratio be some amount of equity. Can you provide that?

好的。非常好。然後是關於公平性的問題，分為兩部分。首先，您可能需要 2 億美元。羅伯特，你是說那是針對 IPL 和 WPL 的嗎？還是這只是WPL？多少－看起來像是個敏感性，每 10 個基點的股本比率就是一定數量的股本。你能提供嗎？

Yes. So think of that, Andrew, as just the WPL decision that will hopefully be seen here in the next few weeks. And so, guys, as we've stated in some of our previous remarks, what we requested is about a 250 basis point increase in our equity layer in Wisconsin. So that equates to about $200 million. So it's about $40 million for every 50 basis points.

是的。因此，安德魯，請將此視為 WPL 的決定，希望在接下來的幾週內在這裡看到。因此，夥計們，正如我們在之前的一些評論中所說的那樣，我們要求將威斯康辛州的股權層增加約 250 個基點。這相當於大約 2 億美元。因此每 50 個基點大約需要 4000 萬美元。

Okay. Very helpful. And then just to clarify, other than that "onetime step up", are you suggesting about $25 million of equity per year in '25 and beyond? Or am I reading too far into that?

好的。很有幫助。然後澄清一下，除了「一次性升級」之外，您是否建議在 25 年及以後每年增加約 2500 萬美元的股本？還是我讀得太深了？

Yes, we would plan to continue to utilize our share in our direct plan to be able to issue approximately $25 million a year in new common equity. That's dependent upon the decisions of our shareowners as to how much they want to leverage that program. But that's just a continuation of what we've had historically, and we plan to keep that going into the future.

是的，我們計劃繼續利用我們在直接計劃中的份額，以便能夠每年發行約 2500 萬美元的新普通股。這取決於我們的股東決定在多大程度上利用該計劃。但這只是我們歷史上的延續，我們計劃在未來繼續保持這種狀態。

Perfect. Looking forward to seeing you soon.

完美的。期待很快見到您。

Your next question comes from Alex Mortimer with Mizuho Securities.

您的下一個問題來自瑞穗證券的亞歷克斯莫蒂默。

So while you highlight transferability benefit helping to keep financing costs manageable in the future. Given a higher for longer rate environment and your increased capital plan announced today, how should we think of the magnitude of rate requests in future cases going forward as compared to historical levels?

因此，雖然您強調可轉讓性的好處，但有助於維持未來融資成本的可控性。鑑於長期利率較高的環境以及您今天宣布的增加資本計劃，與歷史水平相比，我們應該如何看待未來情況下利率要求的幅度？

Yes. Thanks for your question, Alan. We continue to push for what I'd say general rate increases that kind of keep the increases very similar to kind of like cost of living increases, if you will, at or below. So we've been very, very consistent with that over the past few years, and we would see that continuing going forward.

是的。謝謝你的提問，艾倫。我們繼續推動我所說的整體升息，使升息與生活成本的成長非常相似，如果你願意的話，保持在或低於生活成本的成長。因此，過去幾年我們一直非常非常一致地堅持這一點，我們將看到這種情況繼續向前發展。

And the one thing that I would add, Alan is that we continue to add zero fuel cost resources as part of the plan, and that very much plays into affordability. Affordability has been and will continue to be top of mind for us going forward.

艾倫，我要補充的一件事是，我們將繼續增加零燃料成本資源，作為計劃的一部分，這在很大程度上影響了可負擔性。負擔能力一直是並將繼續成為我們未來的首要考慮因素。

Understood. And then we've seen some other states where parties with maybe a larger priority on policy-related goals as opposed to economic ones are playing a larger role in rate case proceedings and are making it slightly more challenging to settle cases. How do you view the future of the settlement process in Wisconsin?

明白了。然後我們看到其他一些州，那些可能更優先考慮政策相關目標而不是經濟目標的政黨在利率案件程序中發揮更大的作用，並使案件的解決變得更具挑戰性。您如何看待威斯康辛州定居進程的未來？

I think we view it as continuing to be a very constructive opportunity as both Lisa and Robert have noted. As we file these, we'll continue to monitor. We always look forward to being very, very transparent in bringing parties to the table, but we don't see any material change in our ability to settle going forward.

我認為我們認為這仍然是一個非常有建設性的機會，正如麗莎和羅伯特所指出的那樣。當我們歸檔這些內容時，我們將繼續監控。我們始終期待以非常非常透明的方式讓各方坐到談判桌前，但我們認為我們未來解決問題的能力不會有任何重大變化。

And the 1 thing that I would add is, again, our Clean Energy Blueprint provides that high level of transparency and an opportunity for stakeholders to really engage ahead of time. This year was a little bit unique in the sense, we have five IOUs were before the commission at 1 time. So that made it a little bit challenging this year.

我要補充的一件事是，我們的清潔能源藍圖提供了高度的透明度，並為利害關係人提供了提前真正參與的機會。從某種意義上說，今年有點獨特，我們在佣金之前有一次收到了五張欠條。所以這使得今年有點具有挑戰性。

Understood. Look forward to seeing you all soon.

明白了。期待很快見到大家。

(Operator Instructions) Ms. Gille, there are no further questions at this time.

（操作員指示）Gille 女士，目前沒有其他問題。

With no more questions, this concludes our call. A replay will be available on our investor website. We thank you for your continued support of Alliant Energy, and feel free to contact me with any follow-up questions.

沒有更多問題了，我們的通話到此結束。我們的投資者網站上將提供重播。我們感謝您對 Alliant Energy 的持續支持，如有任何後續問題，請隨時與我聯繫。

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

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，並請您斷開線路。