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Business Wire
3 days ago
- Business
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Alliant Energy Announces Second Quarter 2025 Results
MADISON, Wis.--(BUSINESS WIRE)--Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) consolidated and non-GAAP consolidated unaudited earnings per share (EPS) for the three months ended June 30 as follows: 'Our solid financial performance this quarter underscores the resilience of our regulated utility model and our ability to advance key operational and strategic initiatives while positioning us for long-term success,' said Lisa Barton, Alliant Energy President and CEO. Utilities and Corporate Services - Alliant Energy's Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.74 per share of GAAP EPS in the second quarter of 2025, which was $0.41 per share higher than the second quarter of 2024. The primary drivers of higher EPS were items in 2024 not normally associated with ongoing operations and described below in the discussion of non-GAAP adjustments, higher revenue requirements from capital investments, and estimated temperature impacts on retail electric and gas sales. These items were partially offset by higher depreciation and financing expenses. Non-utility and Parent - Alliant Energy's Non-utility and Parent operations generated ($0.10) per share of GAAP EPS in the second quarter of 2025, which was $0.07 per share lower than the second quarter of 2024. The lower EPS was primarily driven by lower equity income from corporate venture investments, higher financing expense and timing of income taxes. Details regarding GAAP EPS variances between the second quarters of 2025 and 2024 for Alliant Energy are as follows: Non-GAAP adjustments in 2024 - IPL's retail electric rate review for the October 2024 through September 2025 forward-looking Test Period filed with the IUC in October 2023 included a request for continued recovery of and a return on the remaining net book value of IPL's retired Lansing Generating Station through 2037. In June 2024, IPL reached a partial nonunanimous settlement agreement with certain stakeholders, which the IUC subsequently approved in September 2024. The agreement included a return of the remaining net book value of Lansing, but did not include a return on the remaining net book value of Lansing. As a result, in the second quarter of 2024, a pre-tax non-cash charge of $60 million, or $0.17 per share, was recorded. In the second quarter of 2024, the U.S. Environmental Protection Agency enacted the revised Coal Combustion Residuals Rule, which significantly expands the scope of regulation to include coal ash ponds at sites that no longer produce electricity and inactive landfills. As a result, an initial pre-tax non-cash charge of $20 million, or $0.06 per share, was recorded for additional asset retirement obligations. Revenue requirements from capital investments - In September 2024, IPL received an order from the IUC authorizing annual base rate increases of $185 million and $10 million for its retail electric and gas rate reviews, respectively, covering the October 2024 through September 2025 forward-looking Test Period. IPL recognized a $0.13 per share increase in the second quarter of 2025 due to higher revenue requirements from increasing rate base, including investments in solar generation. In December 2023, Wisconsin Power and Light Company (WPL) received an order from the Public Service Commission of Wisconsin authorizing an annual base rate increase of $60 million for its retail electric rate review covering the 2025 forward-looking Test Period. WPL recognized a $0.06 per share increase in the second quarter of 2025 due to higher revenue requirements from increasing rate base, including investments in solar generation and energy storage. Estimated temperature impacts on retail electric and gas sales - Retail electric and gas sales increased an estimated $0.02 and decreased $0.02 per share in the second quarters of 2025 and 2024, respectively, due to impacts of temperatures on customer demand when compared to normal temperatures. 2025 Earnings Guidance Alliant Energy is reaffirming its consolidated ongoing EPS guidance for 2025 of $3.15 - $3.25. Assumptions for Alliant Energy's 2025 EPS guidance include, but are not limited to: Ability of IPL and WPL to earn their authorized rates of return Normal temperatures in its utility service territories Stable economy and resulting implications on utility sales Execution of capital expenditure plans including achievement of targeted in-service dates Execution of cost controls and financing plans Consolidated effective tax rate of (31%) The 2025 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from changes in forecasted state apportionment and valuation allowances including further corporate tax rate changes in Iowa, changes in credit loss liabilities related to guarantees, pending lawsuits and disputes, settlement charges related to pension and other postretirement benefits plans, federal and state income tax audits and other Internal Revenue Service proceedings, impacts from changes to the authorized return on equity for ATC LLC, or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy. Earnings Conference Call A conference call to review the second quarter 2025 results is scheduled for Friday, August 8, 2025 at 9 a.m. central time. Alliant Energy President and Chief Executive Officer Lisa Barton, and Executive Vice President and Chief Financial Officer Robert Durian will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 800-549-8228 (Toll-Free) or 646-564-2877 (International), conference ID 78071. Interested parties may also listen to a webcast at In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. An archive of the webcast will be available on the Company's website at for 12 months. About Alliant Energy Corporation Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Finance, LLC, the parent company of Alliant Energy's non-utility operations. Alliant Energy, whose core purpose is to serve customers and build stronger communities, is an energy-services provider with utility subsidiaries serving approximately 1,000,000 electric and 430,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company's primary focus. Alliant Energy, headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded on the Nasdaq Global Select Market under the symbol LNT. For more information, visit the Company's website at Forward-Looking Statements This press release includes forward-looking statements. These forward-looking statements can be identified by words such as 'forecast,' 'expect,' 'guidance,' 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. Actual results could be materially affected by the following factors, among others: 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, costs of generation projects including such costs that are incurred prior to regulatory approval or exceed initial estimates, deferred expenditures, deferred tax assets, tax expense, interest expense, capital expenditures, marginal costs to service new customers, and remaining costs related to electric generating units (EGUs) that have been or may be permanently closed and certain other retired assets, environmental remediation costs, and decreases in sales volumes, as well as earning their authorized rates of return, payments to their parent of expected levels of dividends, the impact of rate design on current and potential customers and demand for energy in their service territories, and the ability to obtain regulatory approval with acceptable conditions for individual customer rates for large load growth customers; the impact of IPL's retail electric base rate moratorium; the ability to complete construction of generation and energy 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, which could result from tariffs, duties or other assessments, inflation, labor issues or supply shortages, the ability to successfully resolve warranty issues or contract disputes and the ability to obtain adequate generator interconnection agreements to connect the new projects to Midcontinent Independent System Operator, Inc. (MISO) in a timely manner; weather effects on utility sales volumes and operations; the direct or indirect effects resulting from cybersecurity incidents or attacks on Alliant Energy, IPL, WPL, or their suppliers, contractors and partners, or responses to such incidents; 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; economic conditions and the impact of business or facility closures in IPL's and WPL's service territories; the ability and cost to provide sufficient generation and the ability of ITC Midwest LLC and ATC LLC to provide sufficient transmission capacity for potential load growth, including significant new commercial or industrial customers, such as data centers; the ability of potential large load growth customers to timely construct new facilities, as well as the resulting higher system load demand by expected levels and timeframes; the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and operating income; the impact that price changes may have on IPL's and WPL's customers' demand for electric and gas services and their ability to pay their bills; changes in the price of delivered natural gas, transmission, purchased electric energy, purchased electric capacity and delivered 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; the ability to obtain regulatory approval for construction projects with acceptable conditions; the ability to achieve the expected level of tax benefits for renewable generation and energy storage projects based on tax guidelines, timely beginning of construction and in-service dates, sourcing permissible amounts of construction support from entities with ties to certain foreign countries, compliance with prevailing wage and apprenticeship requirements, project costs and the level of electricity output generated by qualifying generating facilities, and the ability to efficiently utilize the renewable generation and energy storage project tax benefits to achieve IPL's authorized rate of return and for the benefit of IPL's and WPL's customers; federal and state regulatory or governmental actions, including the impact of legislation, Treasury regulations, executive orders, interpretations and guidance, and changes in public policy, including changes impacting renewable tax credits; the ability to utilize tax credits 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; the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, and changes impacting the availability of and ability to transfer renewable tax credits, including preserving the qualification of any future tax credits; disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to continue to operate and maintain existing assets and to construct capital projects, which may result from geopolitical issues, tariffs, supplier manufacturing constraints, regulatory requirements, labor issues or transportation issues, and thus affect the ability to meet capacity requirements and result in increased capacity expense; inflation and higher interest rates; continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies; the future development of technologies related to electrification, and the ability to reliably store and manage electricity; 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 large load growth customers, participants in the energy markets and fuel suppliers and transporters; 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; 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; 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 process, or procure capacity in the market whereby such costs might not be recovered in rates; any material post-closing payments related to any past asset divestitures, including the transfer of renewable tax credits, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation; issues associated with environmental remediation and environmental compliance, including compliance with all current environmental and emissions laws, regulations and permits and future changes in environmental laws and regulations, including the Coal Combustion Residuals Rule, Cross-State Air Pollution Rule and federal, state or local regulations for emissions reductions, including greenhouse gases, from new and existing fossil-fueled EGUs under the Clean Air Act, and litigation associated with environmental requirements; increased pressure from customers, investors and other stakeholders to more rapidly reduce greenhouse gases emissions; the timely development of technologies, innovations and advancements to provide cost effective alternatives to traditional energy sources; the ability to defend against environmental claims brought by state and federal agencies, such as the U.S. Environmental Protection Agency and state natural resources agencies, or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims; 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, disruptions in telecommunications, technological 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 and energy storage facilities, including start-up risks, breakdown or failure of equipment, fires, availability of warranty coverage and successful resolution of warranty issues or contract disputes 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, capacity, fuel-related and capital costs through rates; impacts that excessive heat, excessive cold, storms, wildfires, 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 other postretirement benefits 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 LLC's authorized return on equity; impacts of IPL's future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures and cost of removal obligations, 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 direct or indirect effects resulting from pandemics; 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 the '2025 Earnings Guidance' section of this press release. For more information about potential factors that could affect Alliant Energy's business and financial results, refer to Alliant Energy's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC), including the sections therein titled 'Risk Factors,' and its other filings with the SEC. Without limitation, the expectations with respect to 2025 earnings guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy's ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Use of Non-GAAP Financial Measures To provide investors with additional information regarding Alliant Energy's financial results, this press release includes reference to certain non-GAAP financial measures. These measures include income and EPS for the three and six months ended June 30, 2024 excluding the asset valuation charge related to IPL's Lansing Generating Station and asset retirement obligation charges for steam assets at IPL. Alliant Energy believes these non-GAAP financial measures are useful to investors because they provide an alternate measure to better understand and compare across periods the operating performance of Alliant Energy without the distortion of items that management believes are not normally associated with ongoing operations, and also provides 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. Alliant Energy's management also uses income, as adjusted, to determine performance-based compensation. In addition, Alliant Energy included in this press release IPL; WPL; Corporate Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and Parent EPS for the three and six months ended June 30, 2025 and 2024. 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. Reconciliation of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures are included in the earnings summaries that follow. Earnings (in millions): GAAP Income (Loss) Adjustments Non-GAAP Income (Loss) 2025 2024 2025 2024 2025 2024 IPL $ 98 $ 18 $ — $ 59 $ 98 $ 77 WPL 87 64 — — 87 64 Corporate Services 5 3 — — 5 3 Subtotal for Utilities and Corporate Services 190 85 — 59 190 144 ATC Holdings 10 9 — — 10 9 Non-utility and Parent (26 ) (7 ) — — (26 ) (7 ) Alliant Energy Consolidated $ 174 $ 87 $ — $ 59 $ 174 $ 146 Expand The following tables provide a summary of Alliant Energy's results for the six months ended June 30: 2025 2024 2025 2024 2025 2024 IPL $ 0.81 $ 0.32 $ — $ 0.23 $ 0.81 $ 0.55 WPL 0.77 0.61 — — 0.77 0.61 Corporate Services 0.03 0.02 — — 0.03 0.02 Subtotal for Utilities and Corporate Services 1.61 0.95 — 0.23 1.61 1.18 ATC Holdings 0.08 0.07 — — 0.08 0.07 Non-utility and Parent (0.19 ) (0.07 ) — — (0.19 ) (0.07 ) Alliant Energy Consolidated $ 1.50 $ 0.95 $ — $ 0.23 $ 1.50 $ 1.18 Expand Earnings (in millions): GAAP Income (Loss) Adjustments Non-GAAP Income (Loss) 2025 2024 2025 2024 2025 2024 IPL $ 209 $ 81 $ — $ 59 $ 209 $ 140 WPL 198 156 — — 198 156 Corporate Services 8 7 — — 8 7 Subtotal for Utilities and Corporate Services 415 244 — 59 415 303 ATC Holdings 20 18 — — 20 18 Non-utility and Parent (48 ) (17 ) — — (48 ) (17 ) Alliant Energy Consolidated $ 387 $ 245 $ — $ 59 $ 387 $ 304 Expand ALLIANT ENERGY CORPORATION Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in millions, except per share amounts) Revenues: Electric utility $ 851 $ 789 $ 1,703 $ 1,580 Gas utility 76 69 316 273 Other utility 11 10 25 24 Non-utility 23 26 44 48 961 894 2,088 1,925 Operating expenses: Electric production fuel and purchased power 150 138 325 301 Electric transmission service 151 147 308 300 Cost of gas sold 30 25 167 139 Other operation and maintenance: Energy efficiency costs 10 9 20 23 Non-utility Travero 15 16 31 33 Asset valuation charge for IPL's Lansing Generating Station — 60 — 60 Asset retirement obligation charge for steam assets at IPL — 20 — 20 Other 143 132 276 260 Depreciation and amortization 208 188 420 376 Taxes other than income taxes 31 29 62 61 738 764 1,609 1,573 Operating income 223 130 479 352 Other (income) and deductions: Interest expense 124 108 243 215 Equity income from unconsolidated investments, net (10 ) (15 ) (23 ) (31 ) Allowance for funds used during construction (23 ) (19 ) (41 ) (38 ) Other 1 2 4 4 92 76 183 150 Income before income taxes 131 54 296 202 Income tax benefit (43 ) (33 ) (91 ) (43 ) Net income attributable to Alliant Energy common shareowners $ 174 $ 87 $ 387 $ 245 Weighted average number of common shares outstanding: Basic 256.9 256.4 256.8 256.3 Diluted 257.3 256.7 257.3 256.6 Earnings per weighted average common share attributable to Alliant Energy common shareowners: Basic $ 0.68 $ 0.34 $ 1.51 $ 0.96 Diluted $ 0.68 $ 0.34 $ 1.50 $ 0.95 Expand ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2025 December 31, 2024 (in millions) ASSETS: Current assets: Cash and cash equivalents $ 329 $ 81 Other current assets 1,145 1,103 Property, plant and equipment, net 19,376 18,701 Investments 666 639 Other assets 2,234 2,190 Total assets $ 23,750 $ 22,714 LIABILITIES AND EQUITY: Current liabilities: Current maturities of long-term debt $ 1,373 $ 1,171 Commercial paper 292 558 Other current liabilities 914 986 Long-term debt, net (excluding current portion) 9,642 8,677 Other liabilities 4,384 4,318 Alliant Energy Corporation common equity 7,145 7,004 Total liabilities and equity $ 23,750 $ 22,714 Expand ALLIANT ENERGY CORPORATION Six Months Ended June 30, 2025 2024 (in millions) Cash flows from operating activities: Cash flows from operating activities excluding accounts receivable sold to a third party $ 762 $ 823 Accounts receivable sold to a third party (270 ) (261 ) Net cash flows from operating activities 492 562 Cash flows used for investing activities: Construction and acquisition expenditures: Utility business (976 ) (870 ) Other (89 ) (90 ) Cash receipts on sold receivables 198 306 Proceeds from sales of partial ownership interests in West Riverside Energy Center and Solar Facility — 123 Other (27 ) (2 ) Net cash flows used for investing activities (894 ) (533 ) Cash flows from financing activities: Common stock dividends (261 ) (246 ) Proceeds from issuance of long-term debt 1,162 969 Payments to retire long-term debt — (305 ) Net change in commercial paper (266 ) (423 ) Other 15 6 Net cash flows from financing activities 650 1 Net increase in cash, cash equivalents and restricted cash 248 30 Cash, cash equivalents and restricted cash at beginning of period 81 63 Cash, cash equivalents and restricted cash at end of period $ 329 $ 93 KEY FINANCIAL AND OPERATING STATISTICS Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Utility electric sales (000s of megawatt-hours) Residential 1,632 1,629 3,502 3,384 Commercial 1,514 1,496 3,115 3,020 Industrial 2,565 2,635 5,084 5,167 Industrial - co-generation customers 215 188 399 366 Retail subtotal 5,926 5,948 12,100 11,937 Sales for resale: Wholesale 651 653 1,342 1,333 Bulk power and other 1,176 1,087 2,554 2,757 Other 14 14 28 29 Total 7,767 7,702 16,024 16,056 Utility retail electric customers (at June 30) Residential 855,362 849,224 Commercial 146,521 146,003 Industrial 2,359 2,411 Total 1,004,242 997,638 Utility gas sold and transported (000s of dekatherms) Residential 3,190 2,838 17,229 14,662 Commercial 2,534 2,472 11,500 10,001 Industrial 390 420 1,207 1,185 Retail subtotal 6,114 5,730 29,936 25,848 Transportation / other 27,159 29,102 58,165 63,009 Total 33,273 34,832 88,101 88,857 Utility retail gas customers (at June 30) Residential 385,395 382,409 Commercial 45,150 44,981 Industrial 314 318 Total 430,859 427,708 Expand Estimated operating income increases (decreases) from impacts of temperatures (in millions) - Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Electric $ 7 ($ 1 ) $ — ($ 20 ) Gas (1 ) (3 ) (4 ) (14 ) Total temperature impact $ 6 ($ 4 ) ($ 4 ) ($ 34 ) Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Normal 2025 2024 Normal Heating degree days (HDDs) (a) Cedar Rapids, Iowa (IPL) 535 499 678 3,775 3,349 4,126 Madison, Wisconsin (WPL) 841 597 799 4,208 3,576 4,325 Cooling degree days (CDDs) (a) Cedar Rapids, Iowa (IPL) 313 290 256 318 290 258 Madison, Wisconsin (WPL) 224 210 201 224 210 203 Expand (a) HDDs and CDDs are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDDs and CDDs. Expand
Business Wire
22-05-2025
- Business
- Business Wire
Iowa American Water Granted New Rates by Iowa Utilities Commission
DAVENPORT, Iowa--(BUSINESS WIRE)--The Iowa Utilities Commission (IUC) issued an order on May 21 approving new water and wastewater rates for Iowa American Water. The company's rate request was filed on May 1, 2024, and was primarily driven by over $157 million in infrastructure investment in treatment and distribution system upgrades since its last rate filing. 'We are committed to making appropriate investments to continue to provide safe, clean, reliable and affordable services,' said Brad Nielsen, President, Iowa American Water. 'Our effective capital planning and consistent focus on efficiently operating our systems keep our water and wastewater services compliant with state and federal regulations for the benefit of the customers and communities we serve in Iowa.' Next, Iowa American Water will prepare and file rates that reflect the IUC's Order. After review of the filing, an effective date for the new rates will be established by the IUC. Interim rates became effective on May 11, 2024. Iowa American Water offers customer payment installment plans and budget billing options on the MyWater customer portal at More information on these programs can be found on the company's website, under Customer Service & Billing, Customer Assistance programs. Customers will receive information about the new rates on their Iowa American Water bill. Information will also be available on the company's website here under Customer Service Billing, Your Water and Wastewater Rates. Additional information can also be found on the Iowa Utilities Commission's website at About American Water American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to more than 14 million people with regulated operations in 14 states and on 18 military installations. American Water's 6,700 talented professionals leverage their significant expertise and the company's national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders. For more information, visit and join American Water on LinkedIn, Facebook, X and Instagram. About Iowa American Water Iowa American Water, a subsidiary of American Water is the largest regulated water utility in the state, providing safe, clean, reliable and affordable water services to approximately 227,000 people. For more information, visit and follow Iowa American Water on Facebook and X. AWK-IR
Yahoo
09-05-2025
- Business
- Yahoo
Prysmian SpA (PRYMF) Q1 2025 Earnings Call Highlights: Strong Start with Robust EBITDA and ESG ...
Release Date: May 08, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Prysmian SpA (PRYMF) reported a strong start to 2025 with an EBITDA of 527 million, significantly ahead of last year. The company achieved an impressive organic growth of 5%, driven by transmission and supported by stability in Power Grid and growth in digital solutions. Free cash flow stood at 1 billion for the last 12 months, indicating strong cash generation. Prysmian SpA (PRYMF) is on track to achieve its ESG target of a 38% reduction by 2025, with a current reduction of 37%. The company confirmed its net zero target by 2035 and reported a significant improvement in the recycled content of copper, up by 300 basis points from last year. The company faced declining organic growth in the US due to tough comparisons from last year and bad weather impacts. There is a wait-and-see situation in the US market due to current tariff dynamics, affecting the IUC business. The industrial construction segment showed flat organic growth, with a 35 million shortfall compared to the previous year. Prysmian SpA (PRYMF) experienced a temporary negative effect on net income due to the negative value of metal derivatives. The company anticipates potential headwinds from forex exchange rates, which could impact future guidance. Warning! GuruFocus has detected 3 Warning Sign with PRYMF. Q: Can you provide some color on the performance of the Power Grid segment, particularly in medium voltage versus HVAC, and any differences between the US and Europe? A: The organic growth in Power Grid was slightly negative due to a strong demand in the previous year. Medium voltage demand remains strong, prompting significant investment in the US. The "wait and see" situation was due to bad weather affecting installations. In Europe, demand varies, with strong demand in North Europe and the UK, but weaker in France. (Unidentified_1) Q: What is the impact of moving to margin in constant metal prices, and how does it affect your targets for transmission and grid margins? A: The impact on transmission is minimal as it involves less metal. We maintain our target of 18-20% for transmission, with a slight increase for constant metal prices. For the INC space, the differential is higher, with a couple of points added for standard metal prices. (Unidentified_1) Q: Have you seen any increased traction from distributors in the US electrification market after the Eco deal? A: Yes, we have geared up our commercial organization to sell a full range of products, not just Anchor Wire products. Our service level has been impeccable, with 24-hour delivery for most products, which has been well-received by customers. (Unidentified_1) Q: Can you elaborate on the potential pipeline of new transmission projects and the impact of new US tariffs on your business? A: We have visibility of projects through 2028, with a strong pipeline for 2025. The US tariffs have led to a shift in customer behavior, with more demand for local production. We haven't seen increased competition from Asian players in Europe. (Unidentified_1) Q: How is the demand evolving for data centers, and have you observed any changes in trends? A: Demand for data centers remains strong, particularly in the US, where we are gaining market share. In Europe, the market is stable, and we are working to strengthen our position by collaborating with contractors. (Unidentified_1) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
02-05-2025
- Business
- Yahoo
Former IUC members and business groups say governor's energy bill would cost ratepayers
Wind turbines along west-bound Interstate 80 on March 29, 2025. (Photo by Cami Koons/Iowa Capital Dispatch) A slew of business organizations, as well as AARP and several former members of the Iowa Utilities Commission, are opposing an energy bill proposed by the governor, because they say it would negatively affect Iowa ratepayers. In addition to granting existing utilities the right of first refusal to new transmission projects, House File 834 and Senate File 585 expand the projects that can pursue ratemaking principles and set rules for utility resource planning. Opponents argue these elements of the bills would give big utilities a 'carte-blanche' to add more capital investments in the state regardless of impact to ratepaying Iowans. Utility companies MidAmerican Energy and Alliant Energy are in favor of the bill and disagreed with the assertions that it would not benefit ratepayers. 'The policies in the bill allow us to deliver on our promise to provide safe, reliable and affordable energy when our customers need it,' a spokesperson for MidAmerican said in a statement. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX Five former members of the Iowa Utilities Commission, or the Iowa Utilities Board as it was formerly titled, penned a letter to lawmakers and urged them to pause the current legislation. The letter said the bill has potential to 'shift the risk/benefit ratemaking balance away from ratepayers and towards investors.' In the early 2000s, Iowa authorized ratemaking principles to account for the added risk of investments into alternative energy sources, like wind and solar, which were new at the time. These principles, according to the letter from former IUC members, 'freed' regulators from traditional ratemaking principles and granted them 'premium' returns on equity at levels that ranged between 1% to 2% above the national average. The bill would expand the projects eligible for these ratemaking principles with the intent of attracting energy storage and nuclear electric power generation facilities in the state. 'With these changes, Iowa ratepayers could be paying some of the highest (return on equities) in the country for another round of very large utility investments,' the letter read. Legislation sets regulations for anaerobic digesters on livestock operations in Iowa The former IUC members cited a report completed by an outside firm in 2023, per requests of the Iowa Legislature, to review Iowa utility ratemaking laws and procedures. The study found that rate-regulated utilities can receive advanced ratemaking approval with 'relative ease' and that the IUC had limited ability to 'determine whether an asset would truly benefit the electric system and the ratepayers that pay for it.' It also said precedent around advanced ratemaking 'facilitates infrastructure build-up without thorough assessment by the IU(C)' The former IUC members said they 'commend legislators for taking ratemaking reform seriously' but they recommend 'pausing the current legislation' or amending the bill, to better address the issue in a way that 'protects ratepayers.' Geoff Greenwood, media relations manager for MidAmerican, said the letter 'ignores' that the returns can 'only be approved if they are found to be in the public's interest.' 'MidAmerican's track record over the past two decades proves that the policies in the bill allow us to deliver on our promise to provide safe, reliable and affordable energy when our customers need it,' Greenwood said in a statement. He said returns on equity are approved 'after a robust process' in the IUC with input from the Office of the Consumer Advocate and customers. Greenwoods said the returns are 'not 'premium'' because they 'reflect the cost and risk of long-term investments' as they are applied to the 30- to 40-year lifespan of a facility. Latest figures from MidAmerican point to average utility rates in Iowa that are 44% below the national average. 'The use of 'non-traditional' advance ratemaking principles is exactly what has made Iowa exceptional and resulted in some of the lowest electricity rates in the country,' Greenwood said. He said MidAmerican additionally uses a method of revenue sharing that allows the company to use revenue, beyond a certain level of return, to 'pay off company generating facilities so that customers won't bear those costs in the future.' 'This customer-first mechanism incentivizes MidAmerican to better manage its operations and, when that happens, customers benefit,' Greenwood said in the statement. The bill would also remove the requirement that projects are a baseload electric power generating facility, or one that essentially operates at all times, and lowers the generating capacity of the facility from at least 300 megawatts to 40 megawatts. Bob Rafferty, with Iowa Businesses for Clean Energy which is one of the groups opposed to the bill, said these changes would allow companies to seek higher ratemaking principles on projects like gas peaker plants. Per MidAmerican documents, a newly proposed $600 million peaker plant project would work when demand is high, and is expected to operate less than 10% of the year. A fact sheet on the plants say they are a 'key addition' to the company's 'all-of-the-above generation strategy' to meet the expected increased demand of the next 20 years. But Rafferty said utility companies have an incentive to build more capital assets, like generating stations and transmission lines, because they can profit from them. He said it's 'important' to make sure the system doesn't allow a company to determine how many capital assets they need to build, as he alleges the bill would do. Opponents are also worried about a line in the bill that says utilities should submit resource plans to the IUC that 'reflect the circumstances and management judgment of an electric utility.' Rafferty said this means an investor-owned utility would have to create its resource plans in line with what would benefit its shareholders, rather than ratepayers. Iowa is currently one of a handful of states that does not require an integrated resource plan, defined by Midwest Energy Efficiency Alliance as an examination of energy supply, demand and potential risks to meeting demand at a reasonable cost. Gov. Kim Reynolds' energy plan for the state, on which the bill is based, notes the need for integrated resource planning, or IRP, to comprehensively look at what energy sources will be needed for further growth in the state. Current law requires utilities to submit energy efficiency plans every five years, with five- or 20-year energy needs forecasts. Rafferty said when a utility proposes an investment be considered for ratemaking principles, the utilities commission doesn't get the 'big picture' of the project's impact on the state without an IRP. 'What the IRP should do is require it to be in the ratepayers' best interest, and the Iowa Utility Commission needs to be empowered to make sure that that is, in fact, the case,' he said. ROE Letter 4-24-25 Former members of the Iowa Utilities Commission, Richard Lozier, Jr., Geri Huser, Sheila Tipton, Darrell Hanson and John Norris wrote a letter to legislators opposing the bill. Under the bill, the Iowa Utilities Commission may make recommendations to the utilities on the resource plan, and the company must 'make a good faith effort' to inform and include suggestions from the commissioners, consumer advocate and stakeholders. 'The legislation, as it's currently constructed … would give the utilities a carte blanche to make any investment that they want and to earn a premium return on equity,' Rafferty said. Rafferty as part of Iowa Businesses for Clean Energy, has banded with lobbyists from Iowa Business Energy Coalition, AARP, Iowa Economic Alliance, National Federation of Independent Business, Iowa Retail Federation and LSPower in opposition of the bill and to suggest lawmakers either 'fix it or forget it.' An amendment suggested by the bill opponents would make it so that facilities outlined in resource plans are 'in customers' best interests.' The proposed amendment would also allow the IUC to approve, reject or modify a resource plan and would greatly expand the ability of stakeholders to participate and weigh in on the plans. The bill, as is, stipulates a resource plan should 'consider all reasonable resources' and should include 'adequate, cost-effective, and reliable energy service considering costs, fuel diversity, and probable future demand for energy.' Rafferty said legislators need to think of utility rates like they think about taxes for Iowans. 'Their vote will determine whether taxes go up, or taxes don't go up,' he said. A spokesperson from Alliant Energy said the bill will 'strengthen and help grow Iowa communities to meet the state's future energy needs.' 'We commend Governor Reynolds for leading on energy policy that promotes an all-the-above energy strategy, enhances customer transparency and participation for generation planning and is focused on driving economic development in this state,' the spokesperson said in an email. Greenwood with MidAmerican said the bill is important in updating Iowa's policies that 'have been effective for customers for decades' and will keep the state from 'falling behind other states.' 'Simply put, Iowa's energy policy – as it is currently as well as the bill's proposed updates – works for Iowans,' Greenwood said. Lawmakers noted during House hearings in early February the bill would have some amendments before it would be ready for floor debate. As legislators close out the 110th day of session, the bill remains stuck in a Senate appropriations committee and a House subcommittee. House Speaker Pat Grassley said Thursday to reporters that the caucus is focusing on the budget before 'taking up significant pieces of policy.' When asked specifically about ROFR and the energy bill as a whole, the Republican leader said 'it's still pretty divided' among representatives. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
02-04-2025
- Politics
- Yahoo
Pipeline bill survives funnel with major amendment from senators
Iowans opposed to carbon dioxide pipelines hand out buttons that read "No CO2 pipelines" at the Iowa State Capitol Mar. 18. (Photo by Cami Koons/Iowa Capital Dispatch) Iowa senators amended and advanced on Wednesday a House bill aimed at protecting private property rights from eminent domain. House representatives passed the proposed legislation last week which combines a series of bills aimed at reforming the Iowa Utilities Commission and preventing the Summit Carbon Solutions' pipeline from using eminent domain in the state. Sen. Mike Bousselot, R-Ankeney, said the Senate subcommittee meeting on the issue was 'long awaited.' Bousselot said his goal 'has always been' to pass legislation that protected 'all landowners' and not just those affected by certain projects, which he alleged House legislation over the past several years has done. 'House File 639, before us today focuses only on creating additional property rights for land impacted by potential hazardous liquid pipelines … but does not take into account all types of pipelines, transmission lines or power generation,' Bousselot said. Bousselot proposed an amendment that would remove certain parts of the House bill and add language to 'avoid' eminent domain by allowing a project to find voluntary easements outside of the original project corridor. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX Bousselot said this would apply to 'any project seeking eminent domain approval before the IUC, including pipelines, transmission lines and power generation.' His amendment would also require the Iowa Utilities Commission to make, within one year, a decision on any project that is seeking eminent domain rights. 'By saying that decision needs to be made within one year, there's plenty of time for fact finding, but it also means, like the court cases that are going on today, those court cases get to court faster,' Bousselot said. As passed from the floor, House File 639 would have: Increased the insurance requirements for a hazardous liquid pipeline to cover any damages to property and reimburse landowners for increases in their property insurance premiums due to the pipeline. Changed the definition of a common carrier, to require a hazardous liquid carrier to establish with 'clear and convincing evidence' that it will transport a commodity. Required an Iowa Utilities Commissioner to be present at all proceedings. Allowed any interested party, including lawmakers, to intervene in IUC proceedings. Restricted the IUC's ability to sanction intervenors Limited the length of a hazardous liquid pipeline permit to one 25-year term. Bousselot's proposed amendment would strike the common carrier definition, permit limits, intervenor requirements and would adjust the insurance requirements. The amendment would add a requirement for the 'lifetime' repair and replacement costs for drainage tile, crop loss and soil degradation. Under the proposed amendment landowners would also be able to request, and be granted, a new land representative. The amendment retains the requirement that a commissioner from the IUC be present at informational meetings and hearings, and the section on insurance requirements that hold operators responsible for damages caused by the projects. Some of the landowners said the contents of Bousselot's amendment were 'a surprise' and they questioned how the landowners outside of the corridor, or the area around a proposed eminent domain project, would be notified. Jake Highfill, on behalf of the American Petroleum Institute said the organization was in favor of the corridor change and that it was 'common practice' for members of the institute in other states. Jake Ketzner, a lobbyist for Summit Carbon Solutions, urged lawmakers to vote against 'any piece of legislation that changes the rules in the middle of a project.' Ketzner said the company has been suggesting the corridor change Bousselot proposed and appreciated the amendment, noting it would give the project a route forward in counties where it currently has 90-95% of easements secured. 'If we have the ability to move off someone's ground that does not want the project, currently, the only way to deal with that is restarting,' Ketzner said. 'So we think what you're suggesting makes a lot of sense.' Sen. Matt Blake, D-Urbandale, said he signed off on the bill in subcommittee because it was the 'last train out of the station' on the private property rights issue, but he urged his colleagues to vote against the amendment, which he called a 'tremendous change to the system.' Sen. Tony Bisignano, a Democrat from Des Moines, said he opposed the amendment because of its rushed nature, and because he felt it was not 'solving property rights.' 'We haven't had a time to talk with people, to step back and really look at it,' Bisignano said of the amendment. 'These people deserve the debate on eminent domain and property rights. This is a consolation.' He voted in favor of the amendment to 'keep it alive' for floor debate, which he has pushed for earlier in the session via a failed amendment to chamber rules. The committee voted to adopt the amendment. 'This amendment builds on the work that was found in House File 639, retaining some, adding a lot, but ultimately is a major, major addition to strengthening and protecting private property rights in Iowa,' Bousselot said. The bill advanced to the Senate floor via a voice vote in favor. Bousselot said he intends to file an additional amendment on the floor dealing with communications. SUPPORT: YOU MAKE OUR WORK POSSIBLE
