Alliant Energy Corporation (LNT)

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Alliant Energy Corporation. (LNT)

Q4 2016 Earnings Conference Call

February 24, 2017, 10:00 AM ET


Susan Gille - Investor Relations

Pat Kampling - Chairman, President and Chief Executive Officer

Robert Durian - Vice President, CFO and Treasurer


Brian Russo - Ladenburg Thalmann

Gregg Orrill - Barclays



Thank you for holding, ladies and gentlemen, and welcome to Alliant Energy's Year End and Fourth Quarter 2016 Earnings Conference Call. At this time, all lines are in a listen-only mode. Today's conference is being recorded.

At this time, I would like to turn the conference over to your host, Susan Gille, Manager of Investor Relations at Alliant Energy. Please go ahead

Susan Gille

Good morning. I would like to thank all of you on the call and on the webcast for joining us today. We appreciate your participation.

With me here today are Pat Kampling, Chairman, President and Chief Executive Officer, and Robert Durian, Vice President, CFO and Treasurer; as well as other members of the Senior Management Team. Following prepared remarks by Pat and Robert, we will have time to take questions from the investment community.

We issued a news release last night announcing Alliant Energy's yearend and fourth quarter 2016 earnings. We released 2017 earnings guidance and provided updated 2017 through 2020 capital expenditure guidance. This release, as well as supplemental slides that will be referenced during today's call, are available on the Investor page of our website at www.alliantenergy.com.

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

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

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

Pat Kampling

Good morning and thank you for joining us for our yearend earnings call. Today, I am pleased to share with you an overview of our 2016 results and our outlook for 2017. I will also share with you our progress and advancing cleaner energy, improving the power grid and often customer’s innovative products and options.

Next, Rob will provide details on our 2016 results and 2017 guidance as well as review our regulatory schedule and comment on potential favorable tax reform. We had another good year achieving a $1.88 non-GAAP earnings per share consistent with the mid-point of our 2016 earnings guidance. This represents a 5% increase over comparable 2015 results on a non-GAAP temperature normalized basis.

Although 2016 had its share of interest and temperature swings it was on average normal for the year, so there is no need to temperature normalizes our 2016 results. Also please note on slide two, the 2016 non-GAAP results exclude the impact of the Franklin County charge of $0.23 per share recorded in the third quarter.

We also issued earnings guidance for 2017 with a midpoint of $1.99 per share a 6% increase over 2016 non-GAAP results, driven by earning on our growing utility investments. Our earnings objective remains at 5% to 7% through 2020 based on non-GAAP 2016 earnings per share of $1.88. For some time growth objective is supported by continued robust capital expenditure plans, modest sales growth, constructive regulatory outcomes and is on a temperature normalized basis.

We continued to make solid progress and providing cost effective clean energy for our customers while building a smarter, more robust grid. We have a dynamic plan in process that gives us the flexibility to adjust our capital plans as opportunities arise.

So last evening we issued an updated capital expenditure plan for 2017 till 2020 totaling $5.6 billion. The change from our November 2016 forecast was shown on slide three and are primarily due to the acceleration, the timing of utility wind generation and IPL smart meter investments, to enable customers to realize their benefits sooner.

We began a transition of a generation fleet almost a decade ago with the addition of utility owned wind and the planned retirements of our smaller, less efficient fossil generating stations. And since 2010, we have retired or converted one third of our coal-fired generation moving up towards a 2030 carbon emissions reduction target of 40%.

Our generation fleet continues to transition to a net that’s cleaner and more efficient at major steps that are underway to expand our natural gas generation. In Wisconsin, we are in the early stages of construction of the Riverside expansion and in Iowa we were in the home stretch of Marshalltown construction.

The Marshalltown generated facility is now almost complete, testing is going well and is expected to go in service by early April. Forecast to capital expenditures for the facility are approximately $670 million excluding AFUDC and transmission and it will earn the authorized 11% ROE.

We anticipate Marshalltown will be included in IPL’s retail electric interim rates which will be implemented 10 days after our rate filing in the second quarter. Marshalltown will be our most efficient facility to date and is expected to have 60% [less carbon] emissions and 90% less water withdrawals when compared to [the 2005] levels for the generating units it will replace.

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