ALLIANT ENERGY CORP 10-Q

lnt-20220630 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Name of Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, Commission File Number, IRS Employer Identification Number ALLIANT ENERGY CORP ORATION (a Wisconsin Corporation) 4902 N. Biltmore Lane Madison , Wisconsin 53718 Telephone ( 608 ) 458-3311 Commission File Number - 1-9894 IRS Employer Identification Number - 39-1380265 INTERSTATE POWER & LIGHT CO MPANY (an Iowa corporation) Alliant Energy Tower Cedar Rapids , Iowa 52401 Telephone ( 319 ) 786-4411 Commission File Number - 1-4117 IRS Employer Identification Number - 42-0331370 WISCONSIN POWER & LIGHT CO MPANY (a Wisconsin corporation) 4902 N. Biltmore Lane Madison , Wisconsin 53718 Telephone ( 608 ) 458-3311 Commission File Number - 0-337 IRS Employer Identification Number - 39-0714890 This combined Form 10-Q is separately filed by Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company. Information contained in the Form 10-Q relating to Interstate Power and Light Company and Wisconsin Power and Light Company is filed by each such registrant on its own behalf. Each of Interstate Power and Light Company and Wisconsin Power and Light Company makes no representation as to information relating to registrants other than itself. Securities registered pursuant to Section 12(b) of the Act: Alliant Energy Corporation, Common Stock, $0.01 Par Value , Trading Symbol LNT , Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Alliant Energy Corporation - Yes ☒ No ☐ Interstate Power and Light Company - Yes ☒ No ☐ Wisconsin Power and Light Company - Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Alliant Energy Corporation - Yes ☒ No ☐ Interstate Power and Light Company - Yes ☒ No ☐ Wisconsin Power and Light Company - Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Alliant Energy Corporation - Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐ Interstate Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐ Wisconsin Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Alliant Energy Corporation ☐ Interstate Power and Light Company ☐ Wisconsin Power and Light Company ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Alliant Energy Corporation - Yes ☐ No ☒ Interstate Power and Light Company - Yes ☐ No ☒ Wisconsin Power and Light Company - Yes ☐ No ☒ Number of shares outstanding of each class of common stock as of June 30, 2022: Alliant Energy Corporation, Common Stock, $0.01 par value, 250,926,232 shares outstanding Interstate Power and Light Company, Common Stock, $2.50 par value, 13,370,788 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation) Wisconsin Power and Light Company, Common Stock, $5 par value, 13,236,601 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation) Table of Contents TABLE OF CONTENTS Page Definitions 1 Forward-looking Statements 1 Part I. Financial Information 3 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 13 3. Property, Plant and Equipment 13 4 . Receivables 14 5 . Investments 14 6 . Common Equity 14 7 . Debt 17 8 . Revenues 18 9 . Income Taxes 18 10 . Benefit Plans 19 1 1 . Derivative Instruments 20 1 2 . Fair Value Measurements 21 1 3 . Commitments and Contingencies 23 1 4 . Segments of Business 24 1 5 . Related Parties 26 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures About Market Risk 33 Item 4. Controls and Procedures 33 Part II. Other Information 33 Item 1. Legal Proceedings 33 Item 1A. Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 6. Exhibits 34 Signatures 34 Table of Contents DEFINITIONS The following abbreviations or acronyms used in this report are defined below: Abbreviation or Acronym Definition Abbreviation or Acronym Definition 2021 Form 10-K Combined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, 2021 IPL Interstate Power and Light Company AEF Alliant Energy Finance, LLC IUB Iowa Utilities Board AFUDC Allowance for funds used during construction MDA Management’s Discussion and Analysis of Financial Condition and Results of Operations Alliant Energy Alliant Energy Corporation MISO Midcontinent Independent System Operator, Inc. ATC American Transmission Company LLC MW Megawatt ATC Holdings Interest in American Transmission Company LLC and ATC Holdco LLC MWh Megawatt-hour Corporate Services Alliant Energy Corporate Services, Inc. N/A Not applicable DAEC Duane Arnold Energy Center Note(s) Combined Notes to Condensed Consolidated Financial Statements Dth Dekatherm OPEB Other postretirement benefits EGU Electric generating unit PPA Purchased power agreement EPA U.S. Environmental Protection Agency PSCW Public Service Commission of Wisconsin EPS Earnings per weighted average common share SEC Securities and Exchange Commission FERC Federal Energy Regulatory Commission U.S. United States of America Financial Statements Condensed Consolidated Financial Statements West Riverside West Riverside Energy Center FTR Financial transmission right Whiting Petroleum Whiting Petroleum Corporation GAAP U.S. generally accepted accounting principles WPL Wisconsin Power and Light Company FORWARD-LOOKING STATEMENTS Statements contained in this report that are not of historical fact are forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified as such because the statements include words such as “may,” “believe,” “expect,” “anticipate,” “plan,” “project,” “will,” “projections,” “estimate,” 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. Some, but not all, of the risks and uncertainties of Alliant Energy, IPL and WPL that could materially affect actual results include: • 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; • the direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, 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; • the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and margins; • the impact that price changes may have on IPL’s and WPL’s customers’ demand for electric, gas and steam services and their ability to pay their bills; • 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, deferred expenditures, deferred tax assets, tax expense, capital expenditures, and remaining costs related to EGUs that may be permanently closed and certain other retired assets, decreases in sales volumes, earning their authorized rates of return, and the payments to their parent of expected levels of dividends; • federal and state regulatory or governmental actions, including the impact of legislation, and regulatory agency orders; • the ability to utilize tax credits and net operating losses generated to date, and those that may be generated in the future, before they expire; • the impacts of changes in the tax code, including tax rates, minimum tax rates, and adjustments made to deferred tax assets and liabilities; • the ability to complete construction of renewable generation and 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 including due to tariffs, duties or other assessments, such as any additional tariffs resulting from U.S. Department of Commerce investigations into the sourcing of solar project materials and equipment from certain countries, labor issues or supply shortages, the ability to successfully resolve warranty issues or contract disputes, the ability to achieve the expected level of tax benefits based on tax guidelines and project costs, and the ability to efficiently utilize the renewable generation and storage project tax benefits for the benefit of customers; • employee workforce factors, including changes in key executives, ability to hire and retain employees with specialized skills, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings; • inflation and higher interest rates; 1 Table of Contents • changes in the price of delivered natural gas, transmission, purchased electricity and 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 annual resource adequacy process; • changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters; • any material post-closing paym ents related to any past asset divestitures, including the sale of Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation; • weather effects on results of utility operations; • the direct or indirect effects resulting from the ongoing novel coronavirus (COVID-19) pandemic and the spread of variant strains, including any vaccine mandates and testing requirements, on sales volumes, margins, operations, employees, labor markets, contractors, vendors, the ability to complete construction projects, supply chains, customers’ inability to pay bills, suspension of disconnects, the market value of the assets that fund pension plans and the potential for additional funding requirements, the ability of counterparties to meet their obligations, compliance with regulatory requirements, the ability to implement regulatory plans, economic conditions and access to capital markets; • issues associated with environmental remediation and environmental compliance, including compliance with all environmental and emissions permits, the Coal Combustion Residuals Rule, future changes in environmental laws and regulations, including federal, state or local regulations for carbon dioxide emissions reductions from new and existing fossil-fueled EGUs, and litigation associated with environmental requirements; • increased pressure from customers, investors and other stakeholders to more rapidly reduce carbon dioxide emissions; • the ability to defend against environmental claims brought by state and federal agencies, such as the EPA, state natural resources agencies or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims; • continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies; • disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to construct solar generation, battery storage and electric and gas distribution projects, which may result from geopolitical issues, supplier manufacturing constraints, labor issues or transportation issues, as well as affect the ability to meet capacity requirements and result in increased capacity expense; • possible changes to MISO’s methodology establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new generating facilities such as 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, the need to add resources to comply with MISO’s proposal, or procure capacity in the market whereby such costs might not be recovered in rates; • disruptions in the supply and delivery of natural gas, purchased electricity and coal; • 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 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, including start-up risks, breakdown or failure of equipment, availability of warranty coverage 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, fuel-related and capital costs through rates; • impacts that excessive heat, excessive cold, storms or natural disasters 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; • Alliant Energy’s ability to sustain its dividend payout ratio goal; • changes to costs of providing benefits and related funding requirements of pension and OPEB 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 valuations and potential changes to ATC’s authorized return on equity; • impacts of IPL’s future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures, 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 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 MDA and Risk Factors in Item 1A in the 2021 Form 10-K . Alliant Energy, IPL and WPL each assume no obligation, and disclaim any duty, to update the forward-looking statements in this report, except as required by law. 2 Table of Contents PART I. FINANCIAL INFORMATION 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, 2022 2021 2022 2021 (in millions, except per share amounts) Revenues: Electric utility $ 812 $ 717 $ 1,586 $ 1,418 Gas utility 94 69 356 239 Other utility 13 10 23 23 Non-utility 24 21 47 38 Total revenues 943 817 2,012 1,718 Operating expenses: Electric production fuel and purchased power 191 138 359 271 Electric transmission service 133 121 271 255 Cost of gas sold 48 31 216 131 Other operation and maintenance 166 160 320 306 Depreciation and amortization 166 165 332 329 Taxes other than income taxes 27 26 54 52 Total operating expenses 731 641 1,552 1,344 Operating income 212 176 460 374 Other (income) and deductions: Interest expense 78 69 152 138 Equity income from unconsolidated investments, net ( 16 ) ( 19 ) ( 32 ) ( 34 ) Allowance for funds used during construction ( 13 ) ( 5 ) ( 24 ) ( 9 ) Other — 2 1 4 Total other (income) and deductions 49 47 97 99 Income before income taxes 163 129 363 275 Income tax expense (benefit) 4 ( 17 ) 12 ( 45 ) Net income 159 146 351 320 Preferred dividend requirements of Interstate Power and Light Company — 2 — 5 Net income attributable to Alliant Energy common shareowners $ 159 $ 144 $ 351 $ 315 Weighted average number of common shares outstanding: Basic 250.9 250.2 250.7 250.1 Diluted 251.1 250.6 251.0 250.5 Earnings per weighted average common share attributable to Alliant Energy common shareowners: Basic $ 0.63 $ 0.58 $ 1.40 $ 1.26 Diluted $ 0.63 $ 0.57 $ 1.40 $ 1.26 Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements. 3 Table of Contents ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2022 December 31, 2021 (in millions, except per share and share amounts) ASSETS Current assets: Cash and cash equivalents $ 19 $ 39 Accounts receivable, less allowance for expected credit losses 490 440 Production fuel, at weighted average cost 55 51 Gas stored underground, at weighted average cost 64 82 Materials and supplies, at weighted average cost 121 113 Regulatory assets 188 104 Other 371 240 Total current assets (a) 1,308 1,069 Property, plant and equipment, net (a) 15,453 14,987 Investments: ATC Holdings 351 338 Other 195 179 Total investments 546 517 Other assets: Regulatory assets 1,863 1,836 Deferred charges and other 221 144 Total other assets 2,084 1,980 Total assets $ 19,391 $ 18,553 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 733 $ 633 Commercial paper 399 515 Accounts payable 584 436 Accrued taxes 58 58 Regulatory liabilities 218 186 Other 284 226 Total current liabilities 2,276 2,054 Long-term debt, net (excluding current portion) 6,981 6,735 Other liabilities: Deferred tax liabilities 1,971 1,927 Regulatory liabilities 1,145 1,085 Pension and other benefit obligations 356 374 Other 496 388 Total other liabilities (a) 3,968 3,774 Commitments and contingencies ( Note 1 3 ) Equity: Alliant Energy Corporation common equity: Common stock - $ 0.01 par value - 480,000,000 shares authorized; 250,926,232 and 250,474,529 shares outstanding 3 3 Additional paid-in capital 2,759 2,749 Retained earnings 3,387 3,250 Shares in deferred compensation trust - 388,363 and 383,532 shares at a weighted average cost of $ 31.72 and $ 30.59 per share ( 12 ) ( 12 ) Total Alliant Energy Corporation common equity 6,137 5,990 Noncontrolling interest 29 — Total equity 6,166 5,990 Total liabilities and equity $ 19,391 $ 18,553 (a) As of June 30, 2022, Alliant Energy’s assets of a consolidated VIE that may be used only to settle obligations of that VIE include $ 1 million of current assets and $ 428 million of property, plant and equipment, net, and Alliant Energy’s liabilities of that VIE that creditors do not have recourse to include $ 8 million of other liabilities. Refer to Note 1(b) for additional information. Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements. 4 Table of Contents ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Six Months Ended June 30, 2022 2021 (in millions) Cash flows from operating activities: Net income $ 351 $ 320 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 332 329 Deferred tax expense (benefit) and tax credits 12 ( 42 ) Other ( 16 ) 2 Other changes in assets and liabilities: Accounts receivable ( 283 ) ( 265 ) Derivative assets ( 183 ) ( 68 ) Regulatory assets ( 116 ) 4 Accounts payable 95 11 Regulatory liabilities 74 ( 69 ) Derivative liabilities 86 ( 22 ) Deferred income taxes 34 93 Pension and other benefit obligations ( 18 ) ( 34 ) Other ( 68 ) ( 52 ) Net cash flows from operating activities 300 207 Cash flows used for investing activities: Construction and acquisition expenditures: Utility business ( 550 ) ( 426 ) Other ( 43 ) ( 32 ) Cash receipts on sold receivables 233 295 Other ( 10 ) ( 27 ) Net cash flows used for investing activities ( 370 ) ( 190 ) Cash flows from (used for) financing activities: Common stock dividends ( 215 ) ( 203 ) Proceeds from issuance of long-term debt 650 — Payments to retire long-term debt ( 304 ) ( 4 ) Net change in commercial paper ( 116 ) 146 Contributions from noncontrolling interest 29 — Other 6 4 Net cash flows from (used for) financing activities 50 ( 57 ) Net decrease in cash, cash equivalents and restricted cash ( 20 ) ( 40 ) Cash, cash equivalents and restricted cash at beginning of period 40 56 Cash, cash equivalents and restricted cash at end of period $ 20 $ 16 Supplemental cash flows information: Cash paid during the period for: Interest ($ 146 ) ($ 137 ) Income taxes, net ($ 4 ) ($ 1 ) Significant non-cash investing and financing activities: Accrued capital expenditures $ 200 $ 139 Beneficial interest obtained in exchange for securitized accounts receivable $ 244 $ 154 Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements. 5 Table of Contents INTERSTATE POWER AND LIGHT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the Three Months For the Six Months Ended June 30, Ended June 30, 2022 2021 2022 2021 (in millions) Revenues: Electric utility $ 442 $ 402 $ 843 $ 788 Gas utility 52 43 191 134 Steam and other 12 10 22 22 Total revenues 506 455 1,056 944 Operating expenses: Electric production fuel and purchased power 83 55 150 114 Electric transmission service 91 79 188 171 Cost of gas sold 27 22 112 72 Other operation and maintenance 87 81 171 158 Depreciation and amortization 95 93 189 187 Taxes other than income taxes 14 14 28 28 Total operating expenses 397 344 838 730 Operating income 109 111 218 214 Other (income) and deductions: Interest expense 37 34 74 69 Allowance for funds used during construction ( 3 ) ( 3 ) ( 5 ) ( 5 ) Other — 2 ( 1 ) 2 Total other (income) and deductions 34 33 68 66 Income before income taxes 75 78 150 148 Income tax benefit ( 12 ) ( 10 ) ( 23 ) ( 22 ) Net income 87 88 173 170 Preferred dividend requirements — 2 — 5 Net income available for common stock $ 87 $ 86 $ 173 $ 165 Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of IPL’s common stock outstanding during the periods presented. Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements. 6 Table of Contents INTERSTATE POWER AND LIGHT COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2022 December 31, 2021 (in millions, except per share and share amounts) ASSETS Current assets: Cash and cash equivalents $ 13 $ 34 Accounts receivable, less allowance for expected credit losses 269 241 Income tax refunds receivable 8 8 Production fuel, at weighted average cost 37 29 Gas stored underground, at weighted average cost 27 40 Materials and supplies, at weighted average cost 73 70 Regulatory assets 111 73 Other 149 69 Total current assets 687 564 Property, plant and equipment, net 7,997 7,983 Other assets: Regulatory assets 1,379 1,370 Deferred charges and other 121 79 Total other assets 1,500 1,449 Total assets $ 10,184 $ 9,996 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 225 $ 173 Accounts payable to associated companies 37 39 Regulatory liabilities 100 84 Accrued taxes 51 56 Accrued interest 35 36 Other 115 67 Total current liabilities 563 455 Long-term debt, net 3,645 3,643 Other liabilities: Deferred tax liabilities 1,106 1,083 Regulatory liabilities 651 607 Pension and other benefit obligations 121 127 Other 316 312 Total other liabilities 2,194 2,129 Commitments and contingencies ( Note 1 3 ) Equity: Interstate Power and Light Company common equity: Common stock - $ 2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding 33 33 Additional paid-in capital 2,807 2,807 Retained earnings 942 929 Total Interstate Power and Light Company common equity 3,782 3,769 Total liabilities and equity $ 10,184 $ 9,996 Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements. 7 Table of Contents INTERSTATE POWER AND LIGHT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Six Months Ended June 30, 2022 2021 (in millions) Cash flows from operating activities: Net income $ 173 $ 170 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 189 187 Other ( 9 ) ( 13 ) Other changes in assets and liabilities: Accounts receivable ( 256 ) ( 270 ) Derivative assets ( 123 ) ( 27 ) Regulatory assets ( 52 ) ( 14 ) Accounts payable 67 1 Regulatory liabilities 53 ( 36 ) Derivative liabilities 63 ( 11 ) Deferred income taxes 24 30 Other ( 46 ) 1 Net cash flows from operating activities 83 18 Cash flows from investing activities: Construction and acquisition expenditures ( 172 ) ( 191 ) Cash receipts on sold receivables 233 295 Other ( 1 ) ( 6 ) Net cash flows from investing activities 60 98 Cash flows used for financing activities: Common stock dividends ( 160 ) ( 200 ) Capital contributions from parent — 50 Other ( 4 ) ( 5 ) Net cash flows used for financing activities ( 164 ) ( 155 ) Net decrease in cash, cash equivalents and restricted cash ( 21 ) ( 39 ) Cash, cash equivalents and restricted cash at beginning of period 34 50 Cash, cash equivalents and restricted cash at end of period $ 13 $ 11 Supplemental cash flows information: Cash (paid) refunded during the period for: Interest ($ 74 ) ($ 69 ) Income taxes, net $ 19 $ 27 Significant non-cash investing and financing activities: Accrued capital expenditures $ 45 $ 32 Beneficial interest obtained in exchange for securitized accounts receivable $ 244 $ 154 Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements. 8 Table of Contents WISCONSIN POWER AND LIGHT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the Three Months For the Six Months Ended June 30, Ended June 30, 2022 2021 2022 2021 (in millions) Revenues: Electric utility $ 370 $ 315 $ 743 $ 630 Gas utility 42 26 165 105 Other 1 — 1 1 Total revenues 413 341 909 736 Operating expenses: Electric production fuel and purchased power 108 84 209 158 Electric transmission service 41 42 83 84 Cost of gas sold 21 9 104 59 Other operation and maintenance 67 69 123 128 Depreciation and amortization 69 70 139 139 Taxes other than income taxes 12 12 24 23 Total operating expenses 318 286 682 591 Operating income 95 55 227 145 Other (income) and deductions: Interest expense 28 26 55 52 Allowance for funds used during construction ( 10 ) ( 2 ) ( 18 ) ( 4 ) Other — — — 1 Total other (income) and deductions 18 24 37 49 Income before income taxes 77 31 190 96 Income tax expense (benefit) 14 ( 7 ) 34 ( 26 ) Net income $ 63 $ 38 $ 156 $ 122 Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of WPL’s common stock outstanding during the periods presented. Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements. 9 Table of Contents WISCONSIN POWER AND LIGHT COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2022 December 31, 2021 (in millions, except per share and share amounts) ASSETS Current assets: Cash and cash equivalents $ 4 $ 2 Accounts receivable, less allowance for expected credit losses 208 188 Production fuel, at weighted average cost 18 23 Gas stored underground, at weighted average cost 37 42 Materials and supplies, at weighted average cost 46 41 Regulatory assets 77 31 Prepaid gross receipts tax 40 40 Other 113 86 Total current assets (a) 543 453 Property, plant and equipment, net (a) 6,985 6,538 Other assets: Regulatory assets 484 466 Deferred charges and other 106 61 Total other assets 590 527 Total assets $ 8,118 $ 7,518 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 250 $ 250 Commercial paper 222 236 Accounts payable 300 190 Accounts payable to associated companies 20 39 Regulatory liabilities 118 102 Other 99 73 Total current liabilities 1,009 890 Long-term debt, net (excluding current portion) 2,180 2,179 Other liabilities: Deferred tax liabilities 774 753 Regulatory liabilities 494 478 Pension and other benefit obligations 151 159 Other 327 236 Total other liabilities (a) 1,746 1,626 Commitments and contingencies ( Note 1 3 ) Equity: Wisconsin Power and Light Company common equity: Common stock - $ 5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding 66 66 Additional paid-in capital 1,968 1,704 Retained earnings 1,120 1,053 Total Wisconsin Power and Light Company common equity 3,154 2,823 Noncontrolling interest 29 — Total equity 3,183 2,823 Total liabilities and equity $ 8,118 $ 7,518 (a) As of June 30, 2022, WPL’s assets of a consolidated VIE that may be used only to settle obligations of that VIE include $ 1 million of current assets and $ 428 million of property, plant and equipment, net, and WPL’s liabilities of that VIE that creditors do not have recourse to include $ 8 million of other liabilities. Refer to Note 1(b) for additional information. Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements. 10 Table of Contents WISCONSIN POWER AND LIGHT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Six Months Ended June 30, 2022 2021 (in millions) Cash flows from operating activities: Net income $ 156 $ 122 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 139 139 Deferred tax expense (benefit) and tax credits 10 ( 35 ) Other ( 6 ) 10 Other changes in assets and liabilities: Accounts receivable ( 17 ) 9 Derivative assets ( 60 ) ( 41 ) Regulatory assets ( 65 ) 17 Accounts payable 38 1 Regulatory liabilities 20 ( 33 ) Derivative liabilities 23 ( 12 ) Deferred income taxes 11 63 Other ( 51 ) ( 40 ) Net cash flows from operating activities 198 200 Cash flows used for investing activities: Construction and acquisition expenditures ( 378 ) ( 235 ) Other ( 6 ) ( 18 ) Net cash flows used for investing activities ( 384 ) ( 253 ) Cash flows from financing activities: Common stock dividends ( 89 ) ( 85 ) Capital contributions from parent 265 210 Net change in commercial paper ( 14 ) ( 65 ) Contributions from noncontrolling interest 29 — Other ( 3 ) ( 7 ) Net cash flows from financing activities 188 53 Net increase in cash, cash equivalents and restricted cash 2 — Cash, cash equivalents and restricted cash at beginning of period 2 3 Cash, cash equivalents and restricted cash at end of period $ 4 $ 3 Supplemental cash flows information: Cash paid during the period for: Interest ($ 54 ) ($ 52 ) Income taxes, net ($ 31 ) ($ 27 ) Significant non-cash investing and financing activities: Accrued capital expenditures $ 150 $ 104 Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements. 11 Table of Contents ALLIANT ENERGY CORPORATION INTERSTATE POWER AND LIGHT COMPANY WISCONSIN POWER AND LIGHT COMPANY COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. These Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the 2021 Form 10-K . In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the six months ended June 30, 2022 are not necessarily indicative of results that may be expected for the year ending December 31, 2022. A change in management’s estimates or assumptions could have a material impact on financial condition and results of operations during the period in which such change occurred. Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes. Note 1(b) Variable Interest Entities (VIEs) - A portion of WPL’s solar generation projects is financed, and is expected to be financed, with capital from tax equity partners through joint ventures. In 2022, WPL 2022 Solar Holdco, LLC was formed as a joint venture to own and operate project companies responsible for the construction, ownership and operation of various solar generation assets. Members of the joint venture are a WPL subsidiary (the managing member) and a tax equity partner. In June 2022, the WPL subsidiary and the tax equity partner contributed $ 62 million and $ 29 million, respectively, to WPL 2022 Solar Holdco, LLC in exchange for membership interests. In June 2022, $ 88 million of the contributed funds were paid to WPL in exchange for equity interests in the project companies. Once asset construction is complete, the WPL subsidiary and the tax equity partner will make additional cash contributions based on the fair value of the solar generation assets. Earnings, tax attributes, and cash flows from the joint venture will be allocated to both the WPL subsidiary and the tax equity partner in varying percentages over the life of the partnership. Once the tax equity partner has earned its negotiated rate of return and the agreed upon contractual date has been reached, WPL has the option to purchase the remaining interest in the joint venture from the tax equity partner at fair value. Alliant Energy and WPL consolidate this joint venture as it is a VIE in which WPL holds a variable interest, and WPL controls decisions that are significant to the joint venture’s ongoing operations and economic results (i.e., WPL is the primary beneficiary). The joint venture is subject to profit sharing arrangements in which the allocation of the joint venture’s cash distributions and tax benefits to members is based on factors other than members' relative ownership percentages. As a result, WPL utilizes the Hypothetical Liquidation at Book Value (HLBV) method to allocate proceeds to each partner at the balance sheet date based on the liquidation provisions of the related joint venture's operating agreement and to adjust the amount of the VIE's net income attributable to Alliant Energy and WPL, as well as the noncontrolling interest during the period. In each reporting period, the application of HLBV to WPL’s consolidated VIE results in a difference between the amount of profit from the consolidated joint venture and the amount included in WPL’s regulated rates. WPL is subject to GAAP provisions for regulated operations and recognizes a regulatory liability or regulatory asset for amounts representing the timing difference between WPL’s profit earned from the joint venture and the amount included in regulated rates for recovery of its solar generation projects. The amounts recorded in income will ultimately reflect the amount allowed in regulated rates to recover WPL’s investments over the useful life of the solar projects. Refer to Note 6 for discussion of a noncontrolling interest associated with the joint venture. 12 Table of Contents NOTE 2. REGULATORY MATTERS Regulatory Assets and Regulatory Liabilities - Regulatory assets were comprised of the following items (in millions): Alliant Energy IPL WPL June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Tax-related $ 954 $ 934 $ 903 $ 884 $ 51 $ 50 Pension and OPEB costs 445 462 220 228 225 234 Asset retirement obligations 140 128 99 89 41 39 Derivatives 101 8 69 4 32 4 Commodity cost recovery 88 42 2 2 86 40 Assets retired early 82 92 61 66 21 26 IPL’s DAEC PPA amendment 78 90 78 90 — — WPL’s Western Wisconsin gas distribution expansion investments 50 52 — — 50 52 Other 113 132 58 80 55 52 $ 2,051 $ 1,940 $ 1,490 $ 1,443 $ 561 $ 497 Derivatives - Refer to Note 1 1 for discussion of changes in Alliant Energy’s, IPL’s and WPL’s derivative liabilities/assets during the three and six months ended June 30, 2022, which result in comparable changes to regulatory assets/liabilities on the balance sheets. Commodity cost recovery - The cost recovery mechanism for WPL’s retail electric customers is based on forecasts of certain fuel-related costs expected to be incurred during forward-looking test periods and fuel monitoring ranges determined by the PSCW during each retail electric rate proceeding or in a separate fuel cost plan approval proceeding. During the six months ended June 30, 2022, WPL’s actual fuel-related costs fell outside these fuel monitoring ranges, resulting in a $ 40 million deferral of higher than expected fuel-related costs as of June 30, 2022. Regulatory liabilities were comprised of the following items (in millions): Alliant Energy IPL WPL June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Tax-related $ 573 $ 585 $ 308 $ 312 $ 265 $ 273 Cost of removal obligations 396 384 258 252 138 132 Derivatives 288 166 153 77 135 89 WPL’s West Riverside liquidated damages 34 36 — — 34 36 Electric transmission cost recovery 31 51 11 27 20 24 Other 41 49 21 23 20 26 $ 1,363 $ 1,271 $ 751 $ 691 $ 612 $ 580 NOTE 3. PROPERTY, PLANT AND EQUIPMENT In June 2022, WPL announced revised expected timing for the retirements of its remaining coal-fired EGUs in order to help manage regional capacity and changing generation requirements across the MISO region. WPL currently expects to retire the Edgewater Generating Station ( 414 MW) by June 1, 2025, and Columbia Units 1 and 2 by June 1, 2026 ( 595 MW in aggregate). In addition, IPL currently expects to retire the coal-fired Lansing Generating Station ( 275 MW) in the first half of 2023. Alliant Energy, IPL and WPL are working with MISO, state regulatory commissions and other regulatory agencies, as required, to determine the timing of these actions, which are subject to change depending on operational, regulatory, market and other factors. 13 Table of Contents NOTE 4. RECEIVABLES Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of June 30, 2022, IPL had $ 95 million of available capacity under its sales of accounts receivable program. IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three and six months ended June 30 were as follows (in millions): Three Months Six Months 2022 2021 2022 2021 Maximum outstanding aggregate cash proceeds $ 66 $ 110 $ 66 $ 110 Average outstanding aggregate cash proceeds 18 61 11 46 The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions): June 30, 2022 December 31, 2021 Customer accounts receivable $ 150 $ 125 Unbilled utility revenues 119 104 Receivables sold to third party 269 229 Less: cash proceeds 15 1 Deferred proceeds 254 228 Less: allowance for expected credit losses 10 14 Fair value of deferred proceeds $ 244 $ 214 As of June 30, 2022, outstanding receivables past due under the Receivables Agreement were $ 20 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three and six months ended June 30 were as follows (in millions): Three Months Six Months 2022 2021 2022 2021 Collections $ 500 $ 453 $ 1,061 $ 982 Write-offs, net of recoveries 1 1 3 3 NOTE 5. INVESTMENTS Unconsolidated Equity Investments - Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three and six months ended June 30 was as follows (in millions): Three Months Six Months 2022 2021 2022 2021 ATC Holdings ($ 11 ) ($ 11 ) ($ 23 ) ($ 22 ) Other ( 5 ) ( 8 ) ( 9 ) ( 12 ) ($ 16 ) ($ 19 ) ($ 32 ) ($ 34 ) NOTE 6. COMMON EQUITY Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows: Shares outstanding, January 1, 2022 250,474,529 Shareowner Direct Plan 228,935 Equity-based compensation plans 222,768 Shares outstanding, June 30, 2022 250,926,232 Noncontrolling Interest - In the second quarter of 2022, WPL and the tax equity partner contributed to the joint venture associated with certain WPL solar generation projects. Earnings, tax attributes and cash flows from the joint venture will be allocated to both the WPL subsidiary and the tax equity partner in varying percentages by category and over the life of the partnership. The tax equity partner's contributions, net of these allocations, is represented as a noncontrolling interest within total equity on Alliant Energy’s and WPL’s balance sheets. Refer to Note 1(b) for additional information. 14 Table of Contents Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions): Alliant Energy Total Alliant Energy Common Equity Accumulated Shares in Additional Other Deferred Common Paid-In Retained Comprehensive Compensation Noncontrolling Total Stock Capital Earnings Loss Trust Interest Equity Three Months Ended June 30, 2022 Beginning balance, March 31, 2022 $ 3 $ 2,750 $ 3,336 $ — ($ 12 ) $ — $ 6,077 Net income attributable to Alliant Energy common shareowners 159 159 Common stock dividends ($ 0.4275 per share) ( 108 ) ( 108 ) Shareowner Direct Plan issuances 6 6 Equity-based compensation plans and other 3 3 Contributions from noncontrolling interest 29 29 Ending balance, June 30, 2022 $ 3 $ 2,759 $ 3,387 $ — ($ 12 ) $ 29 $ 6,166 Alliant Energy Total Alliant Energy Common Equity Accumulated Shares in Cumulative Additional Other Deferred Preferred Common Paid-In Retained Comprehensive Compensation Stock Total Stock Capital Earnings Loss Trust of IPL Equity Three Months Ended June 30, 2021 Beginning balance, March 31, 2021 $ 3 $ 2,712 $ 3,063 ($ 1 ) ($ 11 ) $ 200 $ 5,966 Net income attributable to Alliant Energy common shareowners 144 144 Common stock dividends ($ 0.4025 per share) ( 101 ) ( 101 ) Shareowner Direct Plan issuances 7 7 Equity-based compensation plans and other 3 3 Ending balance, June 30, 2021 $ 3 $ 2,722 $ 3,106 ($ 1 ) ($ 11 ) $ 200 $ 6,019 Alliant Energy Total Alliant Energy Common Equity Accumulated Shares in Additional Other Deferred Common Paid-In Retained Comprehensive Compensation Noncontrolling Total Stock Capital Earnings Loss Trust Interest Equity Six Months Ended June 30, 2022 Beginning balance, December 31, 2021 $ 3 $ 2,749 $ 3,250 $ — ($ 12 ) $ — $ 5,990 Net income attributable to Alliant Energy common shareowners 351 351 Common stock dividends ($ 0.855 per share) ( 215 ) ( 215 ) Shareowner Direct Plan issuances 13 13 Equity-based compensation plans and other ( 3 ) 1 ( 2 ) Contributions from noncontrolling interest 29 29 Ending balance, June 30, 2022 $ 3 $ 2,759 $ 3,387 $ — ($ 12 ) $ 29 $ 6,166 Alliant Energy Total Alliant Energy Common Equity Accumulated Shares in Cumulative Additional Other Deferred Preferred Common Paid-In Retained Comprehensive Compensation Stock Total Stock Capital Earnings Loss Trust of IPL Equity Six Months Ended June 30, 2021 Beginning balance, December 31, 2020 $ 2 $ 2,704 $ 2,994 ($ 1 ) ($ 11 ) $ 200 $ 5,888 Net income attributable to Alliant Energy common shareowners 315 315 Common stock dividends ($ 0.805 per share) ( 203 ) ( 203 ) Shareowner Direct Plan issuances 1 14 15 Equity-based compensation plans and other 4 4 Ending balance, June 30, 2021 $ 3 $ 2,722 $ 3,106 ($ 1 ) ($ 11 ) $ 200 $ 6,019 15 Table of Contents IPL Total IPL Common Equity Additional Cumulative Common Paid-In Retained Preferred Total Stock Capital Earnings Stock Equity Three Months Ended June 30, 2022 Beginning balance, March 31, 2022 $ 33 $ 2,807 $ 935 $ — $ 3,775 Net income available for common stock 87 87 Common stock dividends ( 80 ) ( 80 ) Ending balance, June 30, 2022 $ 33 $ 2,807 $ 942 $ — $ 3,782 Three Months Ended June 30, 2021 Beginning balance, March 31, 2021 $ 33 $ 2,752 $ 957 $ 200 $ 3,942 Net income available for common stock 86 86 Common stock dividends ( 99 ) ( 99 ) Capital contributions from parent 50 50 Ending balance, June 30, 2021 $ 33 $ 2,802 $ 944 $ 200 $ 3,979 IPL Total IPL Common Equity Additional Cumulative Common Paid-In Retained Preferred Total Stock Capital Earnings Stock Equity Six Months Ended June 30, 2022 Beginning balance, December 31, 2021 $ 33 $ 2,807 $ 929 $ — $ 3,769 Net income available for common stock 173 173 Common stock dividends ( 160 ) ( 160 ) Ending balance, June 30, 2022 $ 33 $ 2,807 $ 942 $ — $ 3,782 Six Months Ended June 30, 2021 Beginning balance, December 31, 2020 $ 33 $ 2,752 $ 979 $ 200 $ 3,964 Net income available for common stock 165 165 Common stock dividends ( 200 ) ( 200 ) Capital contributions from parent 50 50 Ending balance, June 30, 2021 $ 33 $ 2,802 $ 944 $ 200 $ 3,979 WPL Total WPL Common Equity Additional Common Paid-In Retained Noncontrolling Total Stock Capital Earnings Interest Equity Three Months Ended June 30, 2022 Beginning balance, March 31, 2022 $ 66 $ 1,884 $ 1,101 $ — $ 3,051 Net income 63 63 Common stock dividends ( 44 ) ( 44 ) Capital contributions from parent 85 85 Contributions from noncontrolling interest 29 29 Other ( 1 ) ( 1 ) Ending balance, June 30, 2022 $ 66 $ 1,968 $ 1,120 $ 29 $ 3,183 Three Months Ended June 30, 2021 Beginning balance, March 31, 2021 $ 66 $ 1,584 $ 995 $ — $ 2,645 Net income 38 38 Common stock dividends ( 43 ) ( 43 ) Capital contributions from parent 85 85 Ending balance, June 30, 2021 $ 66 $ 1,669 $ 990 $ — $ 2,725 16 Table of Contents WPL Total WPL Common Equity Additional Common Paid-In Retained Noncontrolling Total Stock Capital Earnings Interest Equity Six Months Ended June 30, 2022 Beginning balance, December 31, 2021 $ 66 $ 1,704 $ 1,053 $ — $ 2,823 Net income 156 156 Common stock dividends ( 89 ) ( 89 ) Capital contributions from parent 265 265 Contributions from noncontrolling interest 29 29 Other ( 1 ) ( 1 ) Ending balance, June 30, 2022 $ 66 $ 1,968 $ 1,120 $ 29 $ 3,183 Six Months Ended June 30, 2021 Beginning balance, December 31, 2020 $ 66 $ 1,459 $ 953 $ — $ 2,478 Net income 122 122 Common stock dividends ( 85 ) ( 85 ) Capital contributions from parent 210 210 Ending balance, June 30, 2021 $ 66 $ 1,669 $ 990 $ — $ 2,725 NOTE 7. DEBT NOTE 7(a) Short-term Debt - Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper classified as short-term debt was as follows (dollars in millions): June 30, 2022 Alliant Energy IPL WPL Amount outstanding $ 399 $ — $ 222 Weighted average interest rates 1.8 % N/A 1.7 % Available credit facility capacity $ 601 $ 250 $ 78 Alliant Energy IPL WPL Three Months Ended June 30 2022 2021 2022 2021 2022 2021 Maximum amount outstanding (based on daily outstanding balances) $ 441 $ 571 $ — $ 19 $ 222 $ 232 Average amount outstanding (based on daily outstanding balances) $ 337 $ 452 $ — $ 1 $ 166 $ 177 Weighted average interest rates 1.0 % 0.2 % — % 0.2 % 0.9 % 0.1 % Six Months Ended June 30 Maximum amount outstanding (based on daily outstanding balances) $ 577 $ 578 $ — $ 19 $ 252 $ 275 Average amount outstanding (based on daily outstanding balances) $ 390 $ 438 $ — $ — $ 185 $ 183 Weighted average interest rates 0.6 % 0.2 % — % 0.2 % 0.5 % 0.1 % NOTE 7(b) Long-term Debt - In February 2022, AEF issued $ 350 million of 3.6 % senior notes due 2032. The net proceeds from the issuance were used to reduce Alliant Energy’s outstanding commercial paper and for general corporate purposes. In March 2022, AEF entered into a $ 300 million variable rate ( 2 % as of June 30, 2022) term loan credit agreement (with Alliant Energy as guarantor), which expires in March 2024, and used the borrowings under this agreement to retire its $ 300 million variable rate term loan credit agreement that expired in March 2022. 17 Table of Contents NOTE 8. REVENUES Disaggregation of revenues from contracts with customers, which correlates to revenues for each reportable segment, was as follows (in millions): Alliant Energy IPL WPL Three Months Ended June 30 2022 2021 2022 2021 2022 2021 Electric Utility: Retail - residential $ 289 $ 258 $ 158 $ 142 $ 131 $ 116 Retail - commercial 196 175 127 115 69 60 Retail - industrial 244 210 136 116 108 94 Wholesale 54 47 16 15 38 32 Bulk power and other 29 27 5 14 24 13 Total Electric Utility 812 717 442 402 370 315 Gas Utility: Retail - residential 51 39 28 24 23 15 Retail - commercial 27 19 14 12 13 7 Retail - industrial 3 3 2 2 1 1 Transportation/other 13 8 8 5 5 3 Total Gas Utility 94 69 52 43 42 26 Other Utility: Steam 11 9 11 9 — — Other utility 2 1 1 1 1 — Total Other Utility 13 10 12 10 1 — Non-Utility and Other: Travero and other 24 21 — — — — Total Non-Utility and Other 24 21 — — — — Total revenues $ 943 $ 817 $ 506 $ 455 $ 413 $ 341 Alliant Energy IPL WPL Six Months Ended June 30 2022 2021 2022 2021 2022 2021 Electric Utility: Retail - residential $ 581 $ 520 $ 308 $ 281 $ 273 $ 239 Retail - commercial 386 347 246 225 140 122 Retail - industrial 453 412 246 228 207 184 Wholesale 101 87 31 26 70 61 Bulk power and other 65 52 12 28 53 24 Total Electric Utility 1,586 1,418 843 788 743 630 Gas Utility: Retail - residential 210 138 113 76 97 62 Retail - commercial 109 72 54 39 55 33 Retail - industrial 11 8 7 5 4 3 Transportation/other 26 21 17 14 9 7 Total Gas Utility 356 239 191 134 165 105 Other Utility: Steam 20 18 20 18 — — Other utility 3 5 2 4 1 1 Total Other Utility 23 23 22 22 1 1 Non-Utility and Other: Travero and other 47 38 — — — — Total Non-Utility and Other 47 38 — — — — Total revenues $ 2,012 $ 1,718 $ 1,056 $ 944 $ 909 $ 736 NOTE 9. INCOME TAXES Income Tax Rates - Overall effective income tax rates, which were computed by dividing income tax expense (benefit) by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The increases in Alliant Energy’s and WPL’s overall effective income tax rates for the three 18 Table of Contents and six months ended June 30, 2022 compared to the same periods in 2021 were primarily due to decreased amortization of excess deferred taxes primarily at WPL. Alliant Energy IPL WPL Three Months Six Months Three Months Six Months Three Months Six Months 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Overall income tax rate 2 % ( 13 %) 3 % ( 16 %) ( 16 %) ( 13 %) ( 15 %) ( 15 %) 18 % ( 23 %) 18 % ( 27 %) Deferred Tax Assets and Liabilities - Carryforwards - At June 30, 2022, carryforwards and expiration dates were estimated as follows (in millions): Range of Expiration Dates Alliant Energy IPL WPL Federal net operating losses 2037 $ 41 $ 38 $ — State net operating losses 2022-2042 556 10 2 Federal tax credits 2022-2042 620 396 201 Iowa Tax Reform - In March 2022, Iowa tax reform was enacted, which would reduce the current 9.8 % Iowa corporate income tax rate beginning in 2023 if certain state income tax revenue triggers are satisfied. Annually, and by each November 1, the Iowa Department of Revenue will establish corporate income tax rates for the next tax year based on net corporate income tax receipts for the prior tax year. These corporate income tax rate reductions are currently expected to occur over a period of several years, with a target corporate income tax rate of 5.5 %. Alliant Energy is currently unable to predict with certainty the timing or amount of any rate reductions. The majority of any reduction in income tax expense as a result of the lower Iowa corporate income tax rate is currently expected to reduce rates for IPL’s customers. In addition, after the 2023 corporate income tax rate is known in the fourth quarter of 2022, Alliant Energy currently expects to record a charge related to the remeasurement of accumulated deferred income tax assets at its non-utility businesses. NOTE 10. BENEFIT PLANS NOTE 10(a) Pension and OPEB Plans - Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three and six months ended June 30 are included below (in millions). For IPL and WPL, amounts are for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans. Defined Benefit Pension Plans OPEB Plans Three Months Six Months Three Months Six Months Alliant Energy 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 2 $ 3 $ 4 $ 6 $ 1 $ 1 $ 2 $ 2 Interest cost 9 9 18 17 2 1 3 2 Expected return on plan assets ( 17 ) ( 17 ) ( 34 ) ( 34 ) ( 2 ) ( 1 ) ( 3 ) ( 2 ) Amortization of actuarial loss 8 9 16 19 — 1 1 2 $ 2 $ 4 $ 4 $ 8 $ 1 $ 2 $ 3 $ 4 Defined Benefit Pension Plans OPEB Plans Three Months Six Months Three Months Six Months IPL 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 1 $ 2 $ 3 $ 4 $ 1 $ 1 $ 1 $ 1 Interest cost 4 4 8 8 — — 1 1 Expected return on plan assets ( 8 ) ( 8 ) ( 16 ) ( 16 ) ( 1 ) ( 1 ) ( 2 ) ( 2 ) Amortization of actuarial loss 4 4 7 8 — 1 — 1 $ 1 $ 2 $ 2 $ 4 $ — $ 1 $ — $ 1 Defined Benefit Pension Plans OPEB Plans Three Months Six Months Three Months Six Months WPL 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 1 $ 1 $ 2 $ 2 $ — $ — $ — $ — Interest cost 4 4 8 8 — 1 1 1 Expected return on plan assets ( 8 ) ( 7 ) ( 16 ) ( 15 ) — — — — Amortization of actuarial loss 4 4 8 9 1 — 1 1 $ 1 $ 2 $ 2 $ 4 $ 1 $ 1 $ 2 $ 2 NOTE 10(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three and six months ended June 30 was as follows (in millions): 19 Table of Contents Alliant Energy IPL WPL Three Months Six Months Three Months Six Months Three Months Six Months 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Compensation expense $ 3 $ 2 $ 7 $ 5 $ 1 $ 2 $ 4 $ 3 $ 1 $ 1 $ 3 $ 2 Income tax benefits 1 1 2 2 — 1 1 1 — 1 1 1 As of June 30, 2022, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $ 11 million, $ 6 million and $ 5 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years. For the six months ended June 30, 2022, performance shares, performance restricted stock units and restricted stock units were granted to key employees under existing plans as follows. These shares and units will be paid out in shares of common stock, and are therefore accounted for as equity awards. Weighted Average Grants Grant Date Fair Value Performance shares 73,762 $ 54.45 Performance restricted stock units 84,277 56.97 Restricted stock units 76,876 56.86 As of June 30, 2022, 261,301 shares were included in the calculation of diluted EPS related to the nonvested equity awards. NOTE 11. DERIVATIVE INSTRUMENTS Commodity Derivatives - Notional Amounts - As of June 30, 2022, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands): Electricity FTRs Natural Gas Coal Diesel Fuel MWhs Years MWhs Years Dths Years Tons Years Gallons Years Alliant Energy 818 2022,2024 20,382 2022-2023 234,755 2022-2030 2,216 2022-2023 1,512 2022 IPL 495 2022,2024 8,100 2022-2023 132,019 2022-2030 900 2022-2023 — — WPL 323 2022 12,282 2022-2023 102,736 2022-2030 1,316 2022-2023 1,512 2022 Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions): Alliant Energy IPL WPL June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Current derivative assets $ 217 $ 113 $ 131 $ 48 $ 86 $ 65 Non-current derivative assets 142 63 76 36 66 27 Current derivative liabilities 84 8 58 4 26 4 Non-current derivative liabilities 11 1 9 — 2 1 During the six months ended June 30, 2022, Alliant Energy’s, IPL’s and WPL’s derivative assets increased primarily due to the annual FTR auction operated by MISO and as a result of higher natural gas prices. Alliant Energy’s, IPL’s and WPL’s derivative liabilities increased primarily due to new natural gas contracts entered into in the second quarter of 2022. Based on IPL’s and WPL’s cost recovery mechanisms, the changes in the fair value of derivative liabilities/assets resulted in comparable changes to regulatory assets/liabilities on the balance sheets. Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At June 30, 2022 and December 31, 2021, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered. Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, amounts would not be materially different from gross amounts of derivative assets and derivative liabilities at 20 Table of Contents June 30, 2022 and December 31, 2021. Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. NOTE 12. FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions): Alliant Energy June 30, 2022 December 31, 2021 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $ 9 $ 9 $ — $ — $ 9 $ 32 $ 32 $ — $ — $ 32 Derivatives 359 — 272 87 359 176 — 146 30 176 Deferred proceeds 244 — — 244 244 214 — — 214 214 Liabilities: Derivatives 95 — 80 15 95 9 — 8 1 9 Long-term debt (incl. current maturities) 7,714 — 7,402 1 7,403 7,368 — 8,329 1 8,330 IPL June 30, 2022 December 31, 2021 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $ 9 $ 9 $ — $ — $ 9 $ 32 $ 32 $ — $ — $ 32 Derivatives 207 — 138 69 207 84 — 65 19 84 Deferred proceeds 244 — — 244 244 214 — — 214 214 Liabilities: Derivatives 67 — 56 11 67 4 — 3 1 4 Long-term debt 3,645 — 3,445 — 3,445 3,643 — 4,124 — 4,124 WPL June 30, 2022 December 31, 2021 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Derivatives $ 152 $ — $ 134 $ 18 $ 152 $ 92 $ — $ 81 $ 11 $ 92 Liabilities: Derivatives 28 — 24 4 28 5 — 5 — 5 Long-term debt (incl. current maturities) 2,430 — 2,370 — 2,370 2,429 — 2,862 — 2,862 Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions): Alliant Energy Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended June 30 2022 2021 2022 2021 Beginning balance, April 1 $ 10 $ 15 $ 227 $ 107 Total net gains (losses) included in changes in net assets (realized/unrealized) ( 10 ) 8 — — Purchases 79 21 — — Settlements (a) ( 7 ) ( 5 ) 17 47 Ending balance, June 30 $ 72 $ 39 $ 244 $ 154 The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30 ($ 10 ) $ 8 $ — $ — 21 Table of Contents Alliant Energy Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Six Months Ended June 30 2022 2021 2022 2021 Beginning balance, January 1 $ 29 $ 29 $ 214 $ 188 Total net gains (losses) included in changes in net assets (realized/unrealized) ( 16 ) 1 — — Purchases 79 21 — — Settlements (a) ( 20 ) ( 12 ) 30 ( 34 ) Ending balance, June 30 $ 72 $ 39 $ 244 $ 154 The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30 ($ 16 ) $ 1 $ — $ — IPL Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended June 30 2022 2021 2022 2021 Beginning balance, April 1 $ 7 $ 14 $ 227 $ 107 Total net gains (losses) included in changes in net assets (realized/unrealized) ( 3 ) 4 — — Purchases 58 16 — — Settlements (a) ( 4 ) ( 4 ) 17 47 Ending balance, June 30 $ 58 $ 30 $ 244 $ 154 The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30 ($ 3 ) $ 4 $ — $ — IPL Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Six Months Ended June 30 2022 2021 2022 2021 Beginning balance, January 1 $ 18 $ 26 $ 214 $ 188 Total net losses included in changes in net assets (realized/unrealized) ( 7 ) ( 2 ) — — Purchases 58 16 — — Settlements (a) ( 11 ) ( 10 ) 30 ( 34 ) Ending balance, June 30 $ 58 $ 30 $ 244 $ 154 The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at June 30 ($ 8 ) ($ 2 ) $ — $ — WPL Commodity Contract Derivative Assets and (Liabilities), net Three Months Ended June 30 2022 2021 Beginning balance, April 1 $ 3 $ 1 Total net gains (losses) included in changes in net assets (realized/unrealized) ( 7 ) 4 Purchases 21 5 Settlements ( 3 ) ( 1 ) Ending balance, June 30 $ 14 $ 9 The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30 ($ 7 ) $ 4 WPL Commodity Contract Derivative Assets and (Liabilities), net Six Months Ended June 30 2022 2021 Beginning balance, January 1 $ 11 $ 3 Total net gains (losses) included in changes in net assets (realized/unrealized) ( 9 ) 3 Purchases 21 5 Settlements ( 9 ) ( 2 ) Ending balance, June 30 $ 14 $ 9 The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30 ($ 8 ) $ 3 22 Table of Contents (a) Settlements related to deferred proceeds are due to the change in the carrying amount of receivables sold less the allowance for expected credit losses associated with the receivables sold and cash amounts received from the receivables sold. Commodity Contracts - The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets (liabilities) as follows (in millions): Alliant Energy IPL WPL Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs June 30, 2022 ($ 11 ) $ 83 ($ 8 ) $ 66 ($ 3 ) $ 17 December 31, 2021 9 20 8 10 1 10 NOTE 13. COMMITMENTS AND CONTINGENCIES NOTE 13(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction projects, including WPL’s expansion of solar generation. At June 30, 2022, Alliant Energy’s and WPL’s minimum future commitments for these projects were $ 332 million and $ 330 million, respectively. NOTE 13(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At June 30, 2022, related minimum future commitments were as follows (in millions): Alliant Energy IPL WPL Natural gas $ 1,396 $ 691 $ 705 Coal 148 72 76 Other (a) 114 57 28 $ 1,658 $ 820 $ 809 (a) Includes individual commitments incurred during the normal course of business that exceeded $ 1 million at June 30, 2022. NOTE 13(c) Guarantees and Indemnifications - Whiting Petroleum - Whiting Petroleum is an independent oil and gas company. In 2004, Alliant Energy sold its remaining interest in Whiting Petroleum. Alliant Energy Resources, LLC, as the successor to a predecessor entity that owned Whiting Petroleum, and a wholly-owned subsidiary of AEF, continues to guarantee the partnership obligations of an affiliate of Whiting Petroleum under multiple general partnership agreements in the oil and gas industry. The guarantees do not include a maximum limit. Based on information made available to Alliant Energy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6 % share in the partnerships, and currently known obligations include costs associated with the future abandonment of certain facilities owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC may need to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations. As of June 30, 2022, the currently known partnership obligations for the abandonment obligations are estimated at $ 58 million, which represents Alliant Energy’s currently estimated maximum exposure under the guarantees. Alliant Energy estimates its expected loss to be a portion of the $ 58 million of known partnership abandonment obligations of the Whiting Petroleum affiliate and the other partners. Alliant Energy is not aware of any material liabilities related to these guarantees that it is probable that it will be obligated to pay; however, as of both June 30, 2022 and December 31, 2021, a liability of $ 5 million is recorded in “Other liabilities” on Alliant Energy’s balance sheets for expected credit losses related to the contingent obligations that are in the scope of these guarantees. Whiting Petroleum completed a business combination with Oasis Petroleum Inc. in July 2022. The combined operations are now known as Chord Energy Corporation. The business combination is not expected to affect the scope of the Whiting Petroleum affiliate’s obligations to Alliant Energy or Alliant Energy’s related guarantees. Non-utility Wind Farm in Oklahoma - In 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-utility wind farm located in Oklahoma. The wind farm provides electricity to a third party under a long-term PPA. Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and PPA. Alliant Energy’s obligations under the operating agreement were $ 67 million as of June 30, 2022 and will reduce annually until expiring in July 2047. Alliant Energy’s obligations under the PPA are subject to a maximum limit of $ 17 million and expire in December 2031, subject to potential extension. Alliant Energy is not aware of any material liabilities related to this guarantee that it is probable that it will be obligated to pay and therefore has not recognized any material liabilities related to this guarantee as of June 30, 2022 and December 31, 2021. 23 Table of Contents NOTE 13(d) Environmental Matters - Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At June 30, 2022, estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, which are not discounted, were as follows (in millions). At June 30, 2022, such amounts for WPL were not material. Alliant Energy IPL Range of estimated future costs $ 9 - $ 25 $ 6 - $ 19 Current and non-current environmental liabilities $ 12 $ 8 IPL Consent Decree - In 2015, the U.S. District Court for the Northern District of Iowa approved a Consent Decree that IPL entered into with the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa, thereby resolving potential Clean Air Act issues associated with emissions from IPL’s coal-fired generating facilities in Iowa. IPL has completed various requirements under the Consent Decree. IPL’s remaining requirements include fuel switching or retiring Prairie Creek Units 1 and 3 by December 31, 2025. Alliant Energy and IPL currently expect to recover material costs incurred by IPL related to compliance with the terms of the Consent Decree from IPL’s electric customers. Other Environmental Contingencies - In addition to the environmental liabilities discussed above, various environmental rules are monitored that may have a significant impact on future operations. Several of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Given uncertainties regarding the outcome, timing and compliance plans for these environmental matters, the complete financial impact of each of these rules is not able to be determined; however, future capital investments and/or modifications to EGUs and electric and gas distribution systems to comply with certain of these rules could be significant. Specific current, proposed or potential environmental matters include, among others: Effluent Limitation Guidelines, Coal Combustion Residuals Rule, and various legislation and EPA regulations to monitor and regulate the emission of greenhouse gases, including the Clean Air Act. NOTE 13(e) Collective Bargaining Agreements - In May 2022, WPL’s collective bargaining agreement with International Brotherhood of Electrical Workers Local 965 expired and a new agreement was reached, which expires May 31, 2026. NOTE 14. SEGMENTS OF BUSINESS Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations. Alliant Energy ATC Holdings, Alliant Utility Non-Utility, Energy Electric Gas Other Total Parent and Other Consolidated (in millions) Three Months Ended June 30, 2022 Revenues $ 812 $ 94 $ 13 $ 919 $ 24 $ 943 Operating income 195 8 1 204 8 212 Net income attributable to Alliant Energy common shareowners 150 9 159 Three Months Ended June 30, 2021 Revenues $ 717 $ 69 $ 10 $ 796 $ 21 $ 817 Operating income (loss) 164 3 ( 1 ) 166 10 176 Net income attributable to Alliant Energy common shareowners 124 20 144 24 Table of Contents Alliant Energy ATC Holdings, Alliant Utility Non-Utility, Energy Electric Gas Other Total Parent and Other Consolidated (in millions) Six Months Ended June 30, 2022 Revenues $ 1,586 $ 356 $ 23 $ 1,965 $ 47 $ 2,012 Operating income 376 65 4 445 15 460 Net income attributable to Alliant Energy common shareowners 329 22 351 Six Months Ended June 30, 2021 Revenues $ 1,418 $ 239 $ 23 $ 1,680 $ 38 $ 1,718 Operating income 311 47 1 359 15 374 Net income attributable to Alliant Energy common shareowners 287 28 315 IPL Electric Gas Other Total (in millions) Three Months Ended June 30, 2022 Revenues $ 442 $ 52 $ 12 $ 506 Operating income 104 4 1 109 Net income available for common stock 87 Three Months Ended June 30, 2021 Revenues $ 402 $ 43 $ 10 $ 455 Operating income 107 3 1 111 Net income available for common stock 86 Six Months Ended June 30, 2022 Revenues $ 843 $ 191 $ 22 $ 1,056 Operating income 179 36 3 218 Net income available for common stock 173 Six Months Ended June 30, 2021 Revenues $ 788 $ 134 $ 22 $ 944 Operating income 179 33 2 214 Net income available for common stock 165 WPL Electric Gas Other Total (in millions) Three Months Ended June 30, 2022 Revenues $ 370 $ 42 $ 1 $ 413 Operating income 91 4 — 95 Net income 63 Three Months Ended June 30, 2021 Revenues $ 315 $ 26 $ — $ 341 Operating income (loss) 57 — ( 2 ) 55 Net income 38 Six Months Ended June 30, 2022 Revenues $ 743 $ 165 $ 1 $ 909 Operating income 197 29 1 227 Net income 156 Six Months Ended June 30, 2021 Revenues $ 630 $ 105 $ 1 $ 736 Operating income (loss) 132 14 ( 1 ) 145 Net income 122 25 Table of Contents NOTE 15. RELATED PARTIES Service Agreements - Pursuant to service agreements, IPL and WPL receive various administrative and general services from an affiliate, Corporate Services. These services are billed to IPL and WPL at cost based on expenses incurred by Corporate Services for the benefit of IPL and WPL, respectively. These costs consisted primarily of employee compensation and benefits, fees associated with various professional services, depreciation and amortization of property, plant and equipment, and a return on net assets. Corporate Services also acts as agent on behalf of IPL and WPL pursuant to the service agreements. As agent, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO. Corporate Services assigns such sales and purchases among IPL and WPL based on statements received from MISO. The amounts billed for services provided, sales credited and purchases for the three and six months ended June 30 were as follows (in millions): IPL WPL Three Months Six Months Three Months Six Months 2022 2021 2022 2021 2022 2021 2022 2021 Corporate Services billings $ 51 $ 48 $ 91 $ 88 $ 42 $ 41 $ 78 $ 76 Sales credited — 4 — 5 13 6 31 7 Purchases billed 129 99 223 242 39 21 61 47 Net intercompany payables to Corporate Services were as follows (in millions): IPL WPL June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Net payables to Corporate Services $ 112 $ 110 $ 63 $ 83 ATC - Pursuant to various agreements, WPL receives a range of transmission services from ATC. WPL provides operation, maintenance, and construction services to ATC. WPL and ATC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three and six months ended June 30 were as follows (in millions): Three Months Six Months 2022 2021 2022 2021 ATC billings to WPL $ 35 $ 30 $ 69 $ 62 WPL billings to ATC 5 6 8 9 WPL owed ATC net amounts of $ 9 million as of June 30, 2022 and $ 10 million as of December 31, 2021. ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This MDA includes information relating to Alliant Energy, and IPL and WPL (collectively, the Utilities), as well as ATC Holdings, AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and the Notes included in this report, as well as the financial statements, notes and MDA included in the 2021 Form 10-K . Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share. 2022 HIGHLIGHTS Key highlights since the filing of the 2021 Form 10-K include the following: Customer Investments: • In response to a petition from a U.S.-based solar panel assembler, in March 2022, the U.S. Department of Commerce initiated an investigation into whether the sourcing of solar project materials and equipment from certain Southeast Asian countries circumvent tariffs and duties imposed on such materials and equipment imported from China. In June 2022, a presidential executive order postponed through 2024 any additional tariffs on solar project materials and equipment while the U.S. Department of Commerce completes its investigation. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters, including from any related legal challenges; however, this could result in delays and/or higher costs for IPL’s and WPL’s planned development and acquisition of additional renewable energy, and impact Alliant Energy’s, IPL’s and WPL’s anticipated future construction and acquisition expenditures. • In June 2022, the PSCW issued an order approving WPL’s second certificate of authority to acquire, construct, own, and operate up to 414 MW of new solar generation in the following Wisconsin counties: Dodge (150 MW), Waushara (99 MW), Rock (65 MW), Grant (50 MW) and Green (50 MW). 26 Table of Contents • In June 2022, IPL filed for a revised fixed cost cap of $1,934/kilowatt with the IUB related to IPL’s November 2021 advance rate-making principles filing for up to 400 MW of solar generation with in-service dates in 2023 and 2024 and approximately 75 MW of battery storage in 2024, which reflects higher materials, labor and shipping costs. The revised fixed cost cap includes allowance for funds used during construction and transmission upgrade costs among other costs, and excludes estimated tax equity partner contributions. IPL currently expects a decision from the IUB on its filing by the end of 2022. • Refer to Note 3 for discussion of revised expected timing for the retirements of various IPL and WPL coal-fired EGUs. • Refer to Notes 1(b) and 6 for discussion of contributions to the joint venture associated with certain WPL solar generation projects made in the second quarter of 2022 by WPL and the tax equity partner. Rate Matters: • In June 2022, WPL filed a limited reopener request with the PSCW to increase annual retail gas rates for the 2023 forward-looking Test Period by approximately $10 million, which reflects changes in weighted average cost of capital, updated depreciation rates and modifications to certain regulatory asset and regulatory liability amortizations. In July 2022, WPL filed a request with the PSCW to decrease annual retail electric rates by approximately $37 million effective January 1, 2023, which reflects a change in expected fuel-related costs in 2023. WPL currently expects decisions from the PSCW on its requests by the end of 2022. Legislative Matters: • Refer to Note 9 for discussion of Iowa tax reform enacted in March 2022. RESULTS OF OPERATIONS Results of operations include financial information prepared in accordance with GAAP as well as utility electric margins and utility gas margins, which are not measures of financial performance under GAAP. Utility electric margins are defined as electric revenues less electric production fuel, purchased power and electric transmission service expenses. Utility gas margins are defined as gas revenues less cost of gas sold. Utility electric margins and utility gas margins are non-GAAP financial measures because they exclude other utility and non-utility revenues, other operation and maintenance expenses, depreciation and amortization expenses, and taxes other than income tax expense. Management believes that utility electric and gas margins provide a meaningful basis for evaluating and managing utility operations since electric production fuel, purchased power and electric transmission service expenses and cost of gas sold are generally passed through to customers, and therefore, result in changes to electric and gas revenues that are comparable to changes in such expenses. The presentation of utility electric and gas margins herein is intended to provide supplemental information for investors regarding operating performance. These utility electric and gas margins may not be comparable to how other entities define utility electric and gas margin. Furthermore, these measures are not intended to replace operating income as determined in accordance with GAAP as an indicator of operating performance. Additionally, the table below includes EPS for Utilities and Corporate Services, ATC Holdings, and Non-utility and Parent, which are non-GAAP financial measures. 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. Financial Results Overview - Alliant Energy’s net income (loss) and EPS attributable to Alliant Energy common shareowners for the three months ended June 30 were as follows (dollars in millions, except per share amounts): 2022 2021 Income (Loss) EPS Income EPS Utilities and Corporate Services $154 $0.61 $128 $0.51 ATC Holdings 8 0.03 8 0.03 Non-utility and Parent (3) (0.01) 8 0.03 Alliant Energy Consolidated $159 $0.63 $144 $0.57 Alliant Energy’s Utilities and Corporate Services net income increased by $26 million for the three-month period, primarily due to higher AFUDC, timing of income tax expense and higher temperature-normalized sales. These items were partially offset by higher interest expense. Alliant Energy’s Non-utility and Parent net income decreased by $11 million for the three-month period primarily due to the timing of income taxes. 27 Table of Contents For the three and six months ended June 30, operating income and a reconciliation of utility electric and gas margins to the most directly comparable GAAP measure, operating income, was as follows (in millions): Alliant Energy IPL WPL Three Months 2022 2021 2022 2021 2022 2021 Operating income $212 $176 $109 $111 $95 $55 Electric utility revenues $812 $717 $442 $402 $370 $315 Electric production fuel and purchased power expenses (191) (138) (83) (55) (108) (84) Electric transmission service expense (133) (121) (91) (79) (41) (42) Utility Electric Margin (non-GAAP) 488 458 268 268 221 189 Gas utility revenues 94 69 52 43 42 26 Cost of gas sold (48) (31) (27) (22) (21) (9) Utility Gas Margin (non-GAAP) 46 38 25 21 21 17 Other utility revenues 13 10 12 10 1 — Non-utility revenues 24 21 — — — — Other operation and maintenance expenses (166) (160) (87) (81) (67) (69) Depreciation and amortization expenses (166) (165) (95) (93) (69) (70) Taxes other than income tax expense (27) (26) (14) (14) (12) (12) Operating income $212 $176 $109 $111 $95 $55 Alliant Energy IPL WPL Six Months 2022 2021 2022 2021 2022 2021 Operating income $460 $374 $218 $214 $227 $145 Electric utility revenues $1,586 $1,418 $843 $788 $743 $630 Electric production fuel and purchased power expenses (359) (271) (150) (114) (209) (158) Electric transmission service expense (271) (255) (188) (171) (83) (84) Utility Electric Margin (non-GAAP) 956 892 505 503 451 388 Gas utility revenues 356 239 191 134 165 105 Cost of gas sold (216) (131) (112) (72) (104) (59) Utility Gas Margin (non-GAAP) 140 108 79 62 61 46 Other utility revenues 23 23 22 22 1 1 Non-utility revenues 47 38 — — — — Other operation and maintenance expenses (320) (306) (171) (158) (123) (128) Depreciation and amortization expenses (332) (329) (189) (187) (139) (139) Taxes other than income tax expense (54) (52) (28) (28) (24) (23) Operating income $460 $374 $218 $214 $227 $145 Operating Income Variances - Variances between periods in operating income for the three and six months ended June 30, 2022 compared to the same periods in 2021 were as follows (in millions): Three Months Six Months Alliant Energy IPL WPL Alliant Energy IPL WPL Total higher utility electric margin variance (Refer to details below) $30 $— $32 $64 $2 $63 Total higher utility gas margin variance (Refer to details below) 8 4 4 32 17 15 Total (higher) lower other operation and maintenance expenses variance (Refer to details below) (6) (6) 2 (14) (13) 5 Other 4 — 2 4 (2) (1) $36 ($2) $40 $86 $4 $82 28 Table of Contents Electric and Gas Revenues and Sales Summary - Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), for the three and six months ended June 30 were as follows: Alliant Energy Electric Gas Revenues MWhs Sold Revenues Dths Sold 2022 2021 2022 2021 2022 2021 2022 2021 Three Months Retail $729 $643 6,127 5,959 $81 $61 7,605 6,604 Sales for resale 69 58 1,456 1,487 N/A N/A N/A N/A Transportation/Other 14 16 15 16 13 8 22,382 23,056 $812 $717 7,598 7,462 $94 $69 29,987 29,660 Six Months Retail $1,420 $1,279 12,516 12,231 $330 $218 33,701 30,035 Sales for resale 137 103 3,402 2,558 N/A N/A N/A N/A Transportation/Other 29 36 31 35 26 21 52,260 47,746 $1,586 $1,418 15,949 14,824 $356 $239 85,961 77,781 IPL Electric Gas Revenues MWhs Sold Revenues Dths Sold 2022 2021 2022 2021 2022 2021 2022 2021 Three Months Retail $421 $373 3,434 3,314 $44 $38 3,778 3,428 Sales for resale 13 17 422 386 N/A N/A N/A N/A Transportation/Other 8 12 8 7 8 5 10,154 9,241 $442 $402 3,864 3,707 $52 $43 13,932 12,669 Six Months Retail $800 $734 7,085 6,896 $174 $120 17,380 15,566 Sales for resale 26 28 1,019 673 N/A N/A N/A N/A Transportation/Other 17 26 16 17 17 14 22,174 20,419 $843 $788 8,120 7,586 $191 $134 39,554 35,985 WPL Electric Gas Revenues MWhs Sold Revenues Dths Sold 2022 2021 2022 2021 2022 2021 2022 2021 Three Months Retail $308 $270 2,693 2,645 $37 $23 3,827 3,176 Sales for resale 56 41 1,034 1,101 N/A N/A N/A N/A Transportation/Other 6 4 7 9 5 3 12,228 13,815 $370 $315 3,734 3,755 $42 $26 16,055 16,991 Six Months Retail $620 $545 5,431 5,335 $156 $98 16,321 14,469 Sales for resale 111 75 2,383 1,885 N/A N/A N/A N/A Transportation/Other 12 10 15 18 9 7 30,086 27,327 $743 $630 7,829 7,238 $165 $105 46,407 41,796 Sales Trends and Temperatures - Alliant Energy’s retail electric and gas sales volumes increased 3% and 15%, respectively, for the three months ended June 30, 2022 compared to the same period in 2021, primarily due to COVID-19 impacts in 2021 and increases in the number of retail customers. Alliant Energy’s retail electric and gas sales volumes increased 2% and 12%, respectively, for the six months ended June 30, 2022 compared to the same period in 2021, primarily due to changes in temperatures, COVID-19 impacts in 2021 and increases in the number of retail customers. Estimated increases (decreases) to electric and gas margins from the impacts of temperatures for the three and six months ended June 30 were as follows (in millions): Electric Margins Gas Margins Three Months Six Months Three Months Six Months 2022 2021 Change 2022 2021 Change 2022 2021 Change 2022 2021 Change IPL $7 $9 ($2) $11 $11 $— $2 $— $2 $4 $2 $2 WPL 8 8 — 10 9 1 — — — 2 — 2 Total Alliant Energy $15 $17 ($2) $21 $20 $1 $2 $— $2 $6 $2 $4 29 Table of Contents Electric Sales for Resale - Electric sales for resale volume changes were largely due to changes in sales in the wholesale energy markets operated by MISO. These changes are impacted by several factors, including the availability and dispatch of Alliant Energy’s EGUs and electricity demand within these wholesale energy markets. Changes in sales for resale revenues were largely offset by changes in fuel-related costs, and therefore, did not have a significant impact on electric margins. Gas Transportation/Other - Gas transportation/other sales volume changes were largely due to changes in the gas volumes supplied to Alliant Energy’s natural gas-fired EGUs caused by the availability and dispatch of such EGUs. Changes in these transportation/other revenues did not have a significant impact on gas margins. Utility Electric Margin Variances - The following items contributed to increased (decreased) utility electric margins for the three and six months ended June 30, 2022 compared to the same periods in 2021 as follows (in millions): Three Months Six Months Alliant Energy IPL WPL Alliant Energy IPL WPL Higher revenue requirements at WPL due to increasing rate base (a) $26 $— $26 $53 $— $53 Higher revenues at IPL due to changes in credits on customers’ bills related to excess deferred income tax benefits amortization through the tax benefit rider (offset by changes in income tax) 5 5 — 11 11 — Lower revenues at IPL due to changes in the renewable energy rider (mostly offset by changes in income tax) (6) (6) — (18) (18) — Other (includes higher temperature-normalized sales in 2022) 5 1 6 18 9 10 $30 $— $32 $64 $2 $63 (a) In December 2021, the PSCW issued an order authorizing annual base rate increases of $114 million and $15 million for WPL’s retail electric and gas customers, respectively, covering the 2022/2023 forward-looking Test Period, which was based on a stipulated agreement between WPL and certain stakeholders. The key drivers for the annual base rate increases include higher retail fuel-related costs in 2022, lower excess deferred income tax benefits in 2022 and 2023 compared to 2021, and revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation. Retail electric rate changes were effective on January 1, 2022 and extend through the end of 2023. Retail gas rate changes were effective on January 1, 2022 and extend through the end of 2022. The higher fuel expense costs are recognized in electric margin and the lower amount of excess deferred income tax benefits is recognized as a reduction in income tax. Utility Gas Margin Variances - The following items contributed to increased (decreased) utility gas margins for the three and six months ended June 30, 2022 compared to the same periods in 2021 as follows (in millions): Three Months Six Months Alliant Energy IPL WPL Alliant Energy IPL WPL Higher revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense) $2 $2 $— $11 $11 $— Higher revenue requirements at WPL due to increasing rate base (refer to (a) above) 2 — 2 9 — 9 Other (includes higher temperature-normalized sales in 2022) 4 2 2 12 6 6 $8 $4 $4 $32 $17 $15 Other Operation and Maintenance Expenses Variances - The following items contributed to (increased) decreased other operation and maintenance expenses for the three and six months ended June 30, 2022 compared to the same periods in 2021 as follows (in millions): Three Months Six Months Alliant Energy IPL WPL Alliant Energy IPL WPL Higher energy efficiency expense at IPL (mostly offset by higher revenues) $— $— $— ($8) ($8) $— Non-utility Travero (mostly offset by higher revenues) (4) — — (7) — — Other (2) (6) 2 1 (5) 5 ($6) ($6) $2 ($14) ($13) $5 30 Table of Contents Other Income and Deductions Variances - The following items contributed to (increased) decreased other income and deductions for the three and six months ended June 30, 2022 compared to the same periods in 2021 as follows (in millions): Three Months Six Months Alliant Energy IPL WPL Alliant Energy IPL WPL Higher interest expense primarily due to financings completed in 2022 and 2021 and higher interest rates ($9) ($3) ($2) ($14) ($5) ($3) Higher AFUDC primarily due to changes in construction work in progress balances related to WPL’s solar generation 8 — 8 15 — 14 Other (1) 2 — 1 3 1 ($2) ($1) $6 $2 ($2) $12 Income Taxes - Refer to Note 9 for details of effective income tax rates. Preferred Dividend Requirements of IPL - Alliant Energy’s and IPL’s preferred dividend requirements decreased for the three and six months ended June 30, 2022 compared to the same periods in 2021 due to the redemption of IPL’s 5.1% cumulative preferred stock in December 2021. LIQUIDITY AND CAPITAL RESOURCES The liquidity and capital resources summary included in the 2021 Form 10-K has not changed materially, except as described below. Liquidity Position - At June 30, 2022, Alliant Energy had $19 million of cash and cash equivalents, $601 million ($273 million at the parent company, $250 million at IPL and $78 million at WPL) of available capacity under the single revolving credit facility and $95 million of available capacity at IPL under its sales of accounts receivable program. Capital Structure - Capital structures at June 30, 2022 were as follows (Long-term Debt (including current maturities) (LD); Short-term Debt (SD); Common Equity (CE)): Cash Flows - Selected information from the cash flows statements was as follows (in millions): Alliant Energy IPL WPL 2022 2021 2022 2021 2022 2021 Cash, cash equivalents and restricted cash, January 1 $40 $56 $34 $50 $2 $3 Cash flows from (used for): Operating activities 300 207 83 18 198 200 Investing activities (370) (190) 60 98 (384) (253) Financing activities 50 (57) (164) (155) 188 53 Net increase (decrease) (20) (40) (21) (39) 2 — Cash, cash equivalents and restricted cash, June 30 $20 $16 $13 $11 $4 $3 31 Table of Contents Operating Activities - The following items contributed to increased (decreased) operating activity cash flows for the six months ended June 30, 2022 compared to the same period in 2021 (in millions): Alliant Energy IPL WPL Higher collections from WPL’s increasing base rate $62 $— $62 Lower contributions to qualified defined benefit pension plans 19 9 9 Natural gas cost payments from extreme temperatures in February 2021 resulting in under-recovered natural gas costs at IPL in 2021 14 14 — Credits issued to IPL’s retail electric customers in 2021 through its transmission cost rider for refunds received in 2020 for MISO transmission owner return on equity complaints 12 12 — Timing of WPL’s fuel-related cost recoveries from customers (37) — (37) Timing of intercompany payments and receipts — (1) (10) Other (primarily due to other changes in working capital) 23 31 (26) $93 $65 ($2) Investing Activities - The following items contributed to increased (decreased) investing activity cash flows for the six months ended June 30, 2022 compared to the same period in 2021 (in millions): Alliant Energy IPL WPL (Higher) lower utility construction and acquisition expenditures (a) ($124) $19 ($143) Changes in the amount of cash receipts on sold receivables (62) (62) — Other 6 5 12 ($180) ($38) ($131) (a) Largely due to higher expenditures for WPL’s solar generation, partially offset by lower expenditures for IPL’s and WPL’s electric and gas distribution systems. Construction and Acquisition Expenditures - Alliant Energy, IPL and WPL are currently evaluating potential impacts from cost pressures prevalent in the solar generation and battery storage markets and the pending U.S. Department of Commerce investigation on the timing and estimated costs for IPL’s and WPL’s planned development and acquisition of additional renewable energy, which could impact their anticipated future construction and acquisition expenditures. Refer to “ 2022 Highlights ” for further discussion of the U.S. Department of Commerce investigation, as well as information on IPL’s revised fixed cost cap filing with the IUB in June 2022 for up to 400 MW of solar generation and approximately 75 MW of battery storage. Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for the six months ended June 30, 2022 compared to the same period in 2021 (in millions): Alliant Energy IPL WPL Higher net proceeds from issuance of long-term debt $650 $— $— Capital contributions from noncontrolling interest 29 — 29 Higher payments to retire long-term debt (300) — — Net changes in the amount of commercial paper outstanding (262) — 51 (Higher) lower common stock dividends (12) 40 (4) Higher (lower) capital contributions from IPL’s and WPL’s parent company, Alliant Energy — (50) 55 Other 2 1 4 $107 ($9) $135 IPL and WPL Solar Project Tax Equity Financing - Alliant Energy, IPL and WPL are currently evaluating potential impacts from cost pressures prevalent in the solar generation and battery storage markets, as well as the U.S. Department of Commerce investigation discussed in “ 2022 Highlights ,” on the timing and estimated costs for IPL’s and WPL’s planned development and acquisition of additional renewable energy, which could result in changes to their proposed solar project tax equity financing. Common Stock Issuances - Refer to Note 6 for discussion of common stock issuances by Alliant Energy in 2022. Long-term Debt - Refer to Note 7 (b) for discussion of AEF’s issuance of long-term debt in 2022. AEF’s current term loan credit agreement that expires in March 2024 includes an option to increase the amount outstanding up to $400 million in aggregate with the same maturity, subject to bank approval, and includes substantially the same financial covenants that are included in Alliant Energy’s credit facility agreement. Impact of Credit Ratings on Liquidity and Collateral Obligations - Ratings Triggers - In June 2022, Standard & Poor’s Ratings Services changed WPL’s outlook from stable to negative. This outlook change is not expected to have a material impact on Alliant Energy and WPL’s liquidity or collateral obligations. 32 Table of Contents Off-Balance Sheet Arrangements and Certain Financial Commitments - A summary of Alliant Energy’s and IPL’s off-balance sheet arrangements and Alliant Energy’s, IPL’s and WPL’s contractual obligations is included in the 2021 Form 10-K and has not changed materially from the items reported in the 2021 Form 10-K , except for the items described in Notes 4 , 7 and 1 3 . ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Quantitative and Qualitative Disclosures About Market Risk are reported in the 2021 Form 10-K and have not changed materially. ITEM 4. CONTROLS AND PROCEDURES Alliant Energy’s, IPL’s and WPL’s management evaluated, with the participation of each of Alliant Energy’s, IPL’s and WPL’s Chief Executive Officer, Chief Financial Officer and Disclosure Committee, the effectiveness of the design and operation of Alliant Energy’s, IPL’s and WPL’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended) as of June 30, 2022 pursuant to the requirements of the Securities Exchange Act of 1934, as amended. Based on their evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that Alliant Energy’s, IPL’s and WPL’s disclosure controls and procedures were effective as of the quarter ended June 30, 2022. There was no change in Alliant Energy’s, IPL’s and WPL’s internal control over financial reporting that occurred during the quarter ended June 30, 2022 that has materially affected, or is reasonably likely to materially affect, Alliant Energy’s, IPL’s or WPL’s internal control over financial reporting. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None. SEC regulations require Alliant Energy, IPL and WPL to disclose information about certain proceedings arising under federal, state or local environmental provisions when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that Alliant Energy, IPL and WPL reasonably believe will exceed a specified threshold. Pursuant to the SEC regulations, Alliant Energy, IPL and WPL use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters to disclose for this period. ITEM 1A. RISK FACTORS The risk factors described in Item 1A in the 2021 Form 10-K have not changed materially. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS A summary of Alliant Energy common stock repurchases for the quarter ended June 30, 2022 was as follows: Total Number Average Price Total Number of Shares Maximum Number (or Approximate of Shares Paid Per Purchased as Part of Dollar Value) of Shares That May Period Purchased (a) Share Publicly Announced Plan Yet Be Purchased Under the Plan (a) April 1 through April 30 4,080 $63.56 — N/A May 1 through May 31 2,849 58.90 — N/A June 1 through June 30 52 58.30 — N/A 6,981 61.62 — (a) All shares were purchased on the open market and held in a rabbi trust under the Alliant Energy Deferred Compensation Plan. There is no limit on the number of shares of Alliant Energy common stock that may be held under the Deferred Compensation Plan, which currently does not have an expiration date. 33 Table of Contents ITEM 6. EXHIBITS The following Exhibits are filed herewith. Exhibit Number Description 31.1 Certification of the Chief Executive Officer for Alliant Energy 31.2 Certification of the Chief Financial Officer for Alliant Energy 31.3 Certification of the Chief Executive Officer for IPL 31.4 Certification of the Chief Financial Officer for IPL 31.5 Certification of the Chief Executive Officer for WPL 31.6 Certification of the Chief Financial Officer for WPL 32.1 Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for Alliant Energy 32.2 Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for IPL 32.3 Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for WPL 101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company have each duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the 5th day of August 2022. ALLIANT ENERGY CORPORATION Registrant By: /s/ Benjamin M. Bilitz Chief Accounting Officer and Controller Benjamin M. Bilitz (Principal Accounting Officer and Authorized Signatory) INTERSTATE POWER AND LIGHT COMPANY Registrant By: /s/ Benjamin M. Bilitz Chief Accounting Officer and Controller Benjamin M. Bilitz (Principal Accounting Officer and Authorized Signatory) WISCONSIN POWER AND LIGHT COMPANY Registrant By: /s/ Benjamin M. Bilitz Chief Accounting Officer and Controller Benjamin M. Bilitz (Principal Accounting Officer and Authorized Signatory) 34