Integrated electricity and natural gas distribution operations under generally constructive regulatory frameworks. Balanced presence in Iowa and Wisconsin enhances operating and regulatory diversity. Strategy focused on rebalancing generation portfolio by building natural gas and renewable generation assets while retiring coal-fired generation. Limited exposure to nonregulated operations. Large planned capital spending program leads to negative discretionary cash flow. Investments in wind energy generation are the primary driver for higher capital spending. We expect funds from operations (FFO) to debt to weaken modestly because of a large capital program, lag in recovery, and steady dividends. The stable outlook on Alliant Energy Corp. and its utility subsidiaries Interstate Power&Light Co. (IPL) and Wisconsin Power&Light Co. (WPL) is based on
