Overview Key strengths Key risks Lower-risk, rate-regulated electricity, and natural gas utility operations. Robust capital expenditures due to renewable investments. Effective management of regulatory risk through various rate riders under credit-supportive and constructive regulatory frameworks in Iowa and Wisconsin. Negative discretionary cash flow, indicating external funding needs. Large customer base of over 1.4 million, mostly residential and commercial, providing cash flow stability. The company continues to benefit from supportive regulatory mechanisms including a forward-looking test year in both states. In addition, AEC's subsidiary, Interstate Power&Light Co. (IP&L), filed in October 2023 for electric and natural gas rate increases of about $284 million and $14 million, respectively. IP&L also requested a return on common equity (ROE) of 10% and
