WPL Navigates Q2 with Focus on Renewable Tax Credits

TL;DR

**WPL is a steady utility play, but keep an eye on those renewable tax credit transfers for future upside.**

AI Summary

WISCONSIN POWER & LIGHT CO (WPL) reported its Q2 2025 results, with the filing indicating a period of stable operations within the utility sector. While specific revenue and net income figures for WPL were not explicitly detailed in the provided excerpt, the filing confirms its status as an electric and other services combined utility, operating under the umbrella of Alliant Energy Corp. The company's financial reporting period covers January 1, 2025, to June 30, 2025, for the six-month period, and April 1, 2025, to June 30, 2025, for the quarter. Key business changes include the ongoing management of renewable tax credits transferred, as noted for both WPL and its affiliate Interstate Power & Light Co (IPL) for the periods ending June 30, 2025, and June 30, 2024. Risks are inherently tied to the regulated utility environment and the transferability of these tax credits. The strategic outlook likely involves continued investment in infrastructure and renewable energy, aligning with broader industry trends and regulatory mandates.

Why It Matters

This filing provides a glimpse into the operational stability of a key utility provider in Wisconsin, WISCONSIN POWER & LIGHT CO, which is crucial for investors seeking consistent returns in regulated markets. The mention of renewable tax credits transferred highlights the company's engagement with sustainable energy initiatives, impacting environmental goals and potentially offering tax benefits that can bolster financial performance. For customers, this indicates ongoing investment in the energy grid and potentially cleaner energy sources. In a competitive context, WPL's strategic management of these credits could give it an edge in cost efficiency and regulatory compliance compared to peers not as adept at leveraging such incentives.

Risk Assessment

Risk Level: low — The risk level is low due to WISCONSIN POWER & LIGHT CO's nature as a regulated utility, providing essential services. The filing indicates stable operations and a focus on managing renewable tax credits, which, while a financial instrument, are part of a regulated framework. There are no immediate red flags or significant operational disruptions mentioned in the provided excerpt.

Analyst Insight

Investors should consider WPL as a stable, long-term holding within a diversified portfolio, particularly for income generation. Monitor future filings for detailed financial performance metrics and further insights into the impact of renewable tax credit transfers on profitability and capital expenditures.

Key Numbers

• 2025-06-30 — Conformed Period of Report End Date (End date for the financial reporting period covered by the 10-Q.)
• 2025-08-08 — Filed As Of Date (Date the 10-Q was officially filed with the SEC.)
• 10-Q — Form Type (Type of SEC filing.)
• 000-00337 — SEC File Number (Unique identifier for WPL's SEC filings.)
• 4931 — Standard Industrial Classification (SIC) (Industry code for Electric & Other Services Combined.)

Key Players & Entities

• WISCONSIN POWER & LIGHT CO (company) — filer of the 10-Q
• Alliant Energy Corp (company) — parent company of WPL
• Interstate Power & Light Co (company) — affiliate company mentioned in the filing
• SEC (regulator) — recipient of the 10-Q filing
• Madison (location) — city of WPL's business address
• WI (location) — state of WPL's incorporation and business address
• 390714890 (dollar_amount) — WPL's EIN
• 0000107832 (dollar_amount) — WPL's Central Index Key (CIK)

FAQ

Risk Factors

• Transfer of Renewable Tax Credits [medium — financial]: The company's financial results are impacted by the transfer of renewable tax credits, as noted for both WPL and its affiliate IPL. The periods ending June 30, 2025, and June 30, 2024, show activity related to these transfers. The ability to effectively transfer and monetize these credits is a key financial consideration.

Industry Context

Wisconsin Power & Light Co. operates within the regulated utility sector, characterized by stable demand and significant capital investment in infrastructure. The industry is increasingly focused on integrating renewable energy sources and managing the associated financial mechanisms, such as tax credits.

Regulatory Implications

As a regulated utility, WPL's operations and financial performance are subject to oversight by state and federal regulatory bodies. Changes in regulations, particularly concerning energy generation, transmission, and environmental standards, can significantly impact the company's costs and revenue.

What Investors Should Do

1. Monitor renewable tax credit policies and their impact on WPL's financial statements.
2. Analyze the financial performance of WPL in comparison to its parent, Alliant Energy Corp., and industry peers.

Key Dates

• 2025-06-30: End of Reporting Period — Marks the conclusion of the six-month and quarterly financial reporting periods for the 10-Q filing.
• 2025-08-08: 10-Q Filing Date — Indicates when the company officially submitted its quarterly financial report to the SEC, providing updated operational and financial information.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive update on a company's financial performance. (This filing provides the latest financial and operational details for Wisconsin Power & Light Co.)

SIC Code 4931

Standard Industrial Classification code for 'Electric & Other Services Combined', indicating the company's primary business activities. (Classifies WPL within the utility sector, specifically electric and other related services.)

RenewableTaxCreditsTransferredMember

Refers to the accounting and financial reporting related to the transfer of tax credits generated from renewable energy projects. (Highlights a specific financial activity impacting WPL and its affiliates, potentially affecting profitability and tax liabilities.)

Year-Over-Year Comparison

This 10-Q filing covers the period ending June 30, 2025. Specific comparative metrics against the prior year's filing (ending June 30, 2024) such as revenue growth, net income changes, or margin shifts are not detailed in the provided excerpt. However, the ongoing mention of renewable tax credit transfers suggests a continued focus on this financial element compared to previous periods.

Key Financial Figures

• $0.01 — liant Energy Corporation, Common Stock, $0.01 Par Value , Trading Symbol LNT , Nasdaq
• $2.50 — Power and Light Company, Common Stock, $2.50 par value, 13,370,788 shares outstandin
• $5 — Power and Light Company, Common Stock, $5 par value, 13,236,601 shares outstandin

Filing Documents

• lnt-20250630.htm (10-Q) — 2556KB
• lnt630202510-qex311.htm (EX-31.1) — 9KB
• lnt630202510-qex312.htm (EX-31.2) — 9KB
• lnt630202510-qex313.htm (EX-31.3) — 9KB
• lnt630202510-qex314.htm (EX-31.4) — 9KB
• lnt630202510-qex315.htm (EX-31.5) — 9KB
• lnt630202510-qex316.htm (EX-31.6) — 9KB
• lnt630202510-qex321.htm (EX-32.1) — 4KB
• lnt630202510-qex322.htm (EX-32.2) — 4KB
• lnt630202510-qex323.htm (EX-32.3) — 4KB
• lnt-20250630_g1.jpg (GRAPHIC) — 312KB
• lnt-20250630_g2.jpg (GRAPHIC) — 14KB
• lnt-20250630_g3.jpg (GRAPHIC) — 11KB
• lnt-20250630_g4.jpg (GRAPHIC) — 14KB
• 0000352541-25-000072.txt ( ) — 20753KB
• lnt-20250630.xsd (EX-101.SCH) — 56KB
• lnt-20250630_cal.xml (EX-101.CAL) — 59KB
• lnt-20250630_def.xml (EX-101.DEF) — 607KB
• lnt-20250630_lab.xml (EX-101.LAB) — 690KB
• lnt-20250630_pre.xml (EX-101.PRE) — 683KB
• lnt-20250630_htm.xml (XML) — 6556KB

Forward-looking Statements

Forward-looking Statements 1

Financial Information

Part I. Financial Information 3

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Alliant Energy Corporation 3 Interstate Power and Light Company 6 Wisconsin Power and Light Company 9 Combined Notes to Condensed Consolidated Financial Statements 12 1. Summary of Significant Accounting Policies 12 2. Regulatory Matters 12 3 . Receivables 13 4 . Investments 13 5 . Common Equity 14 6 . Debt 16 7 . Revenues 18 8 . Income Taxes 19 9 . Benefit Plans 19 1 0 . Derivative Instruments 20 1 1 . Fair Value Measurements 21 1 2 . Commitments and Contingencies 23 1 3 . Segments of Business 25 1 4 . Related Parties 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

Other Information

Part II. Other Information 37

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

Signatures

Signatures 38 DEFINITIONS The following abbreviations or acronyms used in this report are defined below: Abbreviation or Acronym Definition Abbreviation or Acronym Definition 2024 Form 10-K Combined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, 2024 IPL Interstate Power and Light Company AEF Alliant Energy Finance, LLC IUC Iowa Utilities Commission Alliant Energy Alliant Energy Corporation MDA Management's Discussion and Analysis of Financial Condition and Results of Operations ATC American Transmission Company LLC MISO Midcontinent Independent System Operator, Inc. ATC Holdings Interest in American Transmission Company LLC and ATC Holdco LLC MW Megawatt Corporate Services Alliant Energy Corporate Services, Inc. MWh Megawatt-hour Dth Dekatherm N/A Not applicable EGU Electric generating unit Note(s) Combined Notes to Condensed Consolidated Financial Statements EPA U.S. Environmental Protection Agency OPEB Other postretirement benefits EPS Earnings per weighted average common share PSCW Public Service Commission of Wisconsin

Financial Statements Condensed Consolidated Financial Statements U.S. United States of America

Financial Statements Condensed Consolidated Financial Statements U.S. United States of America FTR Financial transmission right West Riverside West Riverside Energy Center and Solar Facility GAAP U.S. generally accepted accounting principles WPL Wisconsin Power and Light Company Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 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 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 m

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the Three Months For the Six Months Ended June 30, 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 Total revenues 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: Asset valuation charge for IPL's Lansing Generating Station — 60 — 60 Other 168 177 327 336 Depreciation and amortization 208 188 420 376 Taxes other than income taxes 31 29 62 61 Total operating expenses 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 Total other (income) and deductions 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 Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements. 3 Table of Contents ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2025 December 31, 2024 (in millions, except per share and share amounts) ASSETS Current assets: Cash and cash equivalents $ 32

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