Alliant Energy (LNT) 10-K risk factor changes: FY2021 vs FY2020

The [removed: outbreak of the novel coronavirus (COVID-19)] [added: COVID-19] pandemic [added: and the spread of variant strains] could adversely affect our business functions, financial condition, results of operations and cash flows \- The [removed: continued] [added: ongoing COVID-19 pandemic and the] spread of [removed: COVID-19] [added: variant strains] has resulted in widespread impacts on the [removed: economy and could lead to a prolonged reduction in economic activity,] [added: economy, including] disruptions to supply [removed: chains and capital markets,] [added: chains,] and reduced labor availability and productivity.

The COVID-19 pandemic has [removed: impacted] [added: impacted,] and may continue to [removed: impact] [added: impact,] the economic conditions in our service territories, which may adversely impact our sales and our customers’ abilities to pay their bills.

Governmental and regulatory responses to COVID-19 [removed: include] [added: have included] suspending service disconnects, which may increase customer account arrears, possibly increasing our allowance for expected credit losses and decreasing our cash flows.

[removed: Closures of commercial spaces and industrial facilities] [added: These trends] may result in a reduction in demand [removed: of] [added: for] electricity and natural gas from [removed: commercial and industrial] [added: retail] customers.

[removed: The negative] [added: Negative] impacts on the economy [added: resulting from the continued pandemic] could adversely impact the market value of the assets that fund our pension plans, which could necessitate accelerated funding of the plans to meet minimum federal government requirements.

The negative impacts on the [removed: economy] [added: economy, labor markets, and supply chains] could also adversely impact the ability of counterparties to meet contractual payment obligations, including guarantees, or deliver contracted commodities and other goods or services at the contracted price, which could increase company expenses.

Travel bans and restrictions, quarantines, [removed: shelter in place orders] and [removed: shutdowns] [added: vaccine mandates have caused, and] may [removed: cause] [added: continue to cause,] disruptions in supply chains or access to labor that may adversely impact our planned construction projects, our ability to satisfy compliance requirements, or our operations, including our ability to maintain reliable electric and gas service.

This may cause us to miss milestones on construction projects and experience operational delays, which, in the case of renewable energy projects, could delay our [added: completion of such projects past the in-service dates required to qualify for the maximum general renewable tax credits for investments in such renewable energy projects.]

The degree to which COVID-19 [added: and the spread of the variant strains] may impact our business operations, financial condition and results of operations is unknown at this time and will depend on future developments, including the [removed: ultimate geographic] [added: continued] spread of [removed: COVID-19,] [added: COVID-19 and its variants,] the severity of the disease, the duration of the [removed: outbreak,] [added: pandemic,] possible resurgence of the disease at a later date, emergence of variants, speed, efficacy and adoption rates of vaccines, and further actions that may be taken by governmental and regulatory authorities.

We face threats from use of malicious code (such as malware, viruses and ransomware), employee theft or misuse, advanced persistent threats, [added: vulnerabilities such as the log4j vulnerability, fraud attempts,] and phishing attacks.

More of our workforce is working remotely due to the [removed: COVID-19] [added: novel coronavirus (COVID-19)] pandemic, which has increased the number of devices connected to the internet that impact our operations and therefore increase our [removed: exposure to a] cyber [removed: attack.][added: security risk.]

For example, we outsource administration of our employee health insurance to Anthem, which was the target of a [removed: cyber attack in 2014.]

Energy demand may decrease due to many things, including proliferation of customer and third party-owned generation, technological advances that reduce the costs of renewable energy and storage solutions for our customers, loss of service territory or franchises, energy efficiency measures, technological advances that [removed: increase] [added: improve] energy efficiency, third-party disrupters, loss of wholesale customers, the adverse impact of tariffs on our customers, and economic conditions.

These risks include: the inability to obtain necessary [added: regulatory approvals and] permits in a timely manner; adverse interpretation or enforcement of permit conditions; changes in applicable laws or regulations; changes in costs of materials, equipment, commodities, fuel or [removed: labor;] [added: labor including due to tariffs, labor issues, or supply shortages;] delays caused by construction accidents or injuries; shortages in materials, [removed: equipment] [added: equipment, inflation] and qualified labor; changes to the scope or timing of the projects; general [removed: contractors] [added: contractors, subcontractors,] or [removed: subcontractors] [added: equipment] not performing as required under their contracts; the inability to agree to contract terms or disputes in contract terms; [added: the inability to successfully resolve warranty claims;] poor initial cost estimates; work stoppages; adverse weather conditions; government actions; legal action; unforeseen engineering or technology issues; limited access to capital or other proposed financing arrangements such as tax equity financing; and other adverse economic conditions.

[added: As a result, our overall] operating results in the future may fluctuate substantially on a seasonal basis.

The operation of our natural gas transmission and distribution infrastructure also involves many risks, such as leaks, explosions, mechanical [removed: problems] [added: problems, members of the public] and [added: contractors coming into contact with our infrastructure, and] employee and public safety.

These risks could cause significant harm to [removed: employees and] [added: employees,] customers [added: and the public] including loss of human life, significant damage to property, adverse impacts on the environment and impairment of our operations, all of which could result in substantial financial losses to us.

We are also responsible for compliance with new and changing regulatory standards involving safety, reliability and environmental compliance, including regulations under the Pipeline and Hazardous Materials Safety [removed: Administration.][added: Administration, the Occupational Health and Safety Administration, the North American Electric Reliability Corporation and Transportation Security Authority.]

Storms or other natural disasters may impact our operations in unpredictable ways - Storms and other natural disasters, including events such as floods, tornadoes, windstorms like the 2020 derecho in Iowa, blizzards, ice storms, extreme hot temperatures, extreme cold temperatures, fires, solar flares or pandemics may adversely impact our ability to generate, [removed: purchase or distribute electric energy and gas or obtain fuel or other critical supplies.]

[removed: We may be obligated to pay for coal deliveries under our contracts even if our coal-fired] generating facilities do not operate enough to fully utilize the amounts of coal covered by the contracts.

Natural gas market prices have been volatile in the past and could be volatile in the future due to additional future regulations, [added: increased demand including due to increased liquified natural gas demand from foreign countries,] periods of extremely cold temperatures or disruption in supply caused by major storms or pipeline explosions.

We may not be able to pass on all of the changes in costs to our customers, especially at WPL where we do not have an automatic retail electric fuel [added: cost adjustment clause to timely recover such costs and where electric fuel cost recovery may be limited if WPL earns in excess of its authorized return on common equity.]

We are also subject to oversight and monitoring by organizations such as the North American Electric Reliability Corporation, the Midwest Reliability Organization, the Pipeline and Hazardous Materials Safety Administration, [added: MISO] and [removed: MISO.][added: the Transportation Security Administration.]

The impacts on our operations include: our ability to site and construct new generating facilities, such as renewable energy projects, and recover associated costs, including our ability to continue to use a renewable energy rider in Iowa; our ability to decommission generating facilities and recover related costs and the remaining carrying value of these facilities and related assets; [added: possible changes to MISO’s methodology establishing capacity planning reserve margin requirements that may impact how and when new generating facilities such as IPL’s and WPL’s additional solar and wind generation may be accredited with energy capacity and may require IPL and WPL to adjust their current resource plans,] the [added: need to add additional resources to comply with MISO’s proposal, or procure capacity in the market whereby such costs might not be recovered in rates; the impact of the lack of availability of existing and new generating facilities has on our accredited capacity for such facilities pursuant to MISO’s methodology for establishing capacity planning reserve margin requirements; the] rates paid to transmission operators and how those costs are recovered from customers, including our ability to continue to use a transmission rider in Iowa; our ability to site, construct and recover costs for new natural gas pipelines; our ability to recover costs to upgrade our electric and gas distribution systems; the amount of certain sources of energy we must use, such as renewable sources; our ability to purchase generating facilities and recover the costs associated therewith; our ability to sell utility assets and any conditions placed upon the sale of such assets; our ability to enter into purchased power agreements and recover the costs associated therewith; [removed: resource adequacy requirements, energy capacity standards, and when new facilities such as IPL’s and WPL’s planned additional solar generation may be fully accredited with energy capacity;] the allocation of expenditures by transmission companies on transmission network upgrades and our ability to recover costs associated therewith; reliability; safety; the issuance of securities and ability to use other financing arrangements, such as tax equity financing to finance renewable energy projects; accounting matters; and transactions between affiliates.

[added: If the tax rates are] increased or a minimum corporate income tax is implemented, as has been proposed by the [removed: new] [added: current] Presidential Administration, we may experience adverse impacts to our financial condition and results of operations.

The amount of production tax credits we earn is dependent on the date the qualifying generating facilities are placed [removed: in-service,] [added: in service,] the level of electricity output generated by our qualifying generating facilities and the applicable tax credit rate.

Investment tax credits are dependent on the date the qualifying generating facilities begin [added: and end] construction and the costs of the qualifying generating facilities.

These laws, regulations and court orders generally concern emissions into the air, discharges into water, use of water, wetlands preservation, remediation of contamination, waste [removed: disposal,] disposal [added: and containment, disposal] of coal combustion residuals, hazardous waste disposal, threatened and endangered species, and noise regulation, among others.

Environmental laws and regulations affecting power generation and electric and gas distribution are complex and subject to continued uncertainty and could be changed by the [removed: new] [added: current] Presidential Administration.

Actions related to global climate change and reducing greenhouse [removed: gases] [added: gas] (GHG) emissions could negatively impact us - Regulators, customers and investors continue to raise concerns about climate change and GHG emissions.

National regulatory action [removed: is in flux] and international regulatory actions continue to evolve.

We could incur costs or other obligations to comply with future GHG regulations, and could become the target of legal claims or challenges, because generating electricity using fossil fuels emits CO2 and other [removed: GHG.][added: GHGs.]

The EPA’s approach and timing for implementing rules to regulate CO2 emissions at fossil-fuel fired electric generating units remains undecided and subject to litigation and could change [removed: based on] [added: in] the [removed: new] [added: current] Presidential Administration.

Regulation or legislation mandating CO2 emissions reductions or other clean energy standards [added: affecting utility companies] could materially increase costs, causing some electric generating units to be uneconomical to operate or maintain.

[removed: Furthermore, acute] [added: Acute] and chronic physical risks could disrupt our operations or affect our property.

We cannot provide any assurance regarding the potential impacts of climate change [removed: policy] or [removed: GHG] [added: related policies and] regulations [added: to reduce GHG emissions] on our operations and these could have a material adverse impact on our financial condition and results of operations.

Further, we must build a [removed: work force] [added: workforce] that is innovative, customer-focused and competitive to thrive in the future in order to successfully implement our strategy.

Our utilities have dividend payment restrictions based on the terms of [removed: any outstanding preferred stock and] regulatory limitations applicable to them.

We have forecasted capital expenditures of approximately [removed: $6] [added: $7] billion over the next four years.

Disruptions could be caused by Federal Reserve policies and actions, currency concerns, [added: inflation,] economic downturn or uncertainty, monetary policies, a negative view of the utility industry or our company, failures of financial institutions, U.S. debt management concerns, U.S. debt limit and budget debates, including government shutdowns, European and worldwide sovereign debt concerns, other global or geopolitical events, or other factors.

Incidents of ransomware attacks have been increasing in frequency and magnitude, including the ransomware attack that resulted in the operator of the Colonial Pipeline paying millions of dollars in ransom to hackers as a result of a cyber attack disabling the pipeline for several days in May 2021.

cyber attack in 2014.

purchase or distribute electric energy and gas or obtain fuel or other critical supplies.

Closures of commercial spaces and industrial facilities, stay-at-home trends, work-from-home trends, and business disruptions have impacted sales volumes.

We may be obligated to pay for coal deliveries under our contracts even if our coal-fired

Potential future requirements to reduce CO2, methane and other GHGs from the energy and manufacturing sectors could affect our operations in various ways.

Regulation of oil and gas production

| | | | 19 | | | | | |

could affect our upstream supply of natural gas for electricity generation and to provide directly to our residential and business customers from our local distribution company.

This could result in rapid increased demand for alternative non-fossil energy sources and economy-wide electrification.

Changes to regional and local climate trends such as the frequency, seasonality, and severity of weather conditions could directly and indirectly impact our company.

Furthermore, it could affect the timing of peak demand and overall energy consumption of our customers.

Poor investment returns or lower interest rates may necessitate

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[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

completion of such projects past the in-service dates required to qualify for the maximum general renewable tax credits for investments in such renewable energy projects.

As a result, our overall

Our electric and natural gas infrastructure is aging, which increases certain of these risks.

cost adjustment clause to timely recover such costs.

If the tax rates are

In addition, this MDA includes certain financial information for [removed: 2020] [added: 2021] compared to [removed: 2019.][added: 2020.]

Refer to MDA in the combined [removed: 2019] [added: 2020] [Form [removed: 10-K](http://www.sec.gov/Archives/edgar/data/52485/000035254120000021/lnt1231201910-k.htm)] [added: 10-K](http://www.sec.gov/Archives/edgar/data/352541/000035254121000022/lnt-20201231.htm)] for details on certain financial information for [removed: 2019] [added: 2020] compared to [removed: 2018.][added: 2019.]

Alliant Energy’s mission is to deliver affordable energy solutions and exceptional service that its customers and communities count on - safely, [removed: efficiently] [added: efficiently, reliably] and responsibly.

- WPL maintaining flat base rates in [removed: 2020 and] 2021 by utilizing Federal Tax Reform benefits and [added: expected] lower fuel costs to offset higher revenue requirements from rate base additions.

- IPL’s renewable energy rider became effective February 26, 2020, which allows for annual adjustments to electric rates charged to IPL’s retail electric customers for actual renewable energy costs incurred to fund IPL’s 1,000 MW of wind [removed: generating facilities] [added: EGUs] placed in service in 2019 and 2020, and [added: related] tax [removed: benefits.][added: benefits, including production tax credits.]

[removed: - Providing $42 million of billing credits] [added: | Credits issued] to IPL’s retail electric customers in [removed: the second quarter of] 2020 through its transmission cost rider for amounts previously collected in [removed: rates.][added: rates (Refer to [Note 2](#i0c857804d60248b2bbe1d8282b20bbb1_250)) | | | 42 | | | | | | 42 | | | | | | — | | |]

- Significant fuel cost reductions achieved in [removed: 2020 and further reductions in fuel cost expected in] 2021 as a result of expansion of renewable [removed: generation, operating highly efficient, low cost natural gas facilities] [added: generation] and shortening the term of IPL’s DAEC PPA by 5 years.

[removed: - Changes] [added: | Lower revenues at IPL related to changes] in recovery amounts for energy efficiency costs through the energy efficiency rider [removed: resulted in lower costs for IPL’s retail electric and gas customers] [added: (mostly offset by changes] in [removed: 2020.][added: energy efficiency expense) | | | (14) | | | | | | (14) | | | | | | — | | |]

Key Highlights (refer to “[Customer [removed: Investments](#i054d3b2b84a64cdfa4c667c126540f94_103)”] [added: Investments](#i0c857804d60248b2bbe1d8282b20bbb1_103)”] for details) -

- Planned development and acquisition of additional renewable energy, including approximately [removed: 1,000] [added: 1,100] MW of solar generation at WPL [removed: by the end of] [added: with in-service dates in 2022 and] 2023, approximately 400 MW of solar generation [removed: by the end of 2023] at IPL [added: with in-service dates in 2023] and [added: 2024 and] approximately [removed: 100] [added: 75] MW of [removed: distributed energy resources, including community solar and energy] [added: battery] storage [removed: systems beginning] in [removed: 2021] [added: 2024] at IPL.

- WPL entered into a [added: new] wholesale power supply [removed: agreement with Consolidated Water Power Company,] [added: agreement,] which was effective January 1, 2021 and [removed: is expected to bring] [added: brought] approximately [removed: 60] [added: 55] MW of load to WPL’s electric [removed: system.][added: system in 2021.]

The Big Cedar Industrial Center Mega-site also accesses Travero’s [removed: rail and warehousing services.][added: rail-served warehouse in Iowa.]

Alliant Energy has mitigated the impact of [added: any] sales declines from COVID-19 by accelerating planned cost transformation activities.

Alliant Energy’s construction projects are currently progressing as planned with added safety protocols, and while it continues to monitor its supply chain, [removed: there have been no immediate disruptions.][added: Alliant Energy has experienced supply constraints and commodity inflation in the solar market.]

Alliant Energy’s wind farms under construction during the pandemic were placed in service [added: in 2020] as previously planned to meet the timing requirements to qualify for the maximum renewable tax credits.

In addition, Alliant Energy does not currently expect any material changes to its construction and acquisition expenditures plans disclosed in “[Liquidity and Capital [removed: Resources](#i054d3b2b84a64cdfa4c667c126540f94_109)”] [added: Resources](#i0c857804d60248b2bbe1d8282b20bbb1_109)”] resulting from COVID-19.

Customer Impacts - COVID-19 has resulted in various travel restrictions and closures of commercial spaces and industrial facilities in Alliant Energy’s service [removed: territories.][added: territories, especially early on in the pandemic.]

While the total expected impact of COVID-19 on future sales is currently unknown, Alliant Energy [removed: has] experienced higher electric residential sales and lower electric commercial and industrial sales [removed: since the outset of the pandemic,] [added: in 2020,] and [removed: expects these sales trends by customer class to continue into 2021 but at] lower [removed: impacts than] [added: electric residential sales and higher electric commercial and industrial sales] in [removed: 2020.][added: 2021.]

In addition, Alliant Energy has not experienced a material increase in customer bankruptcies in [removed: 2020.][added: 2020 or 2021.]

[added: Liquidity and Capital Resources Impacts -] Alliant Energy maintains a single credit facility, which allows borrowing capacity to shift among Alliant Energy (at the parent company level), IPL and WPL, as needed.

Credit Risk Impacts - Alliant [removed: Energy’s temporary suspension of service disconnects] [added: Energy has not experienced any material negative impacts related to customer arrears] and [removed: waivers] [added: bad debts as a result] of [removed: late payment fees] [added: the pandemic; however, if government funds are no longer available] for [removed: its customers, as well as broad economic factors,] [added: customers to help pay their utility bills, it] may negatively impact [removed: its] [added: Alliant Energy’s] customers’ willingness and ability to pay, which could [removed: increase customer arrears and bad debts, and] negatively impact Alliant Energy’s cash flows from operations.

[removed: Legislative Impacts -] In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted.

In [removed: July] 2020, Alliant Energy received $11 million of credits that otherwise would have been received in 2021 and 2022.

In addition, Alliant Energy [removed: has] deferred certain 2020 payroll taxes to 2021 and 2022.

| Utilities and Corporate Services | | | [removed: $586] [added: $632] | | | | | | [removed: $2.36] [added: $2.52] | | | | | | [removed: $529] [added: $586] | | | | | | [removed: $2.22] [added: $2.36] | | |

| ATC Holdings | | | [removed: 34] [added: 31] | | | | | | [removed: 0.14] [added: 0.12] | | | | | | 34 | | | | | | 0.14 | | |

| Non-utility and Parent | | | [removed: (6)] [added: (4)] | | | | | | [removed: (0.03)] [added: (0.01)] | | | | | | (6) | | | | | | (0.03) | | |

| Alliant Energy Consolidated | | | [removed: $614] [added: $659] | | | | | | [removed: $2.47] [added: $2.63] | | | | | | [removed: $557] [added: $614] | | | | | | [removed: $2.33] [added: $2.47] | | |

Alliant Energy’s Utilities and Corporate Services income increased [removed: $57] [added: $46] million in [removed: 2020] [added: 2021] compared to [removed: 2019.][added: 2020.]

The increase was primarily due to higher earnings resulting from IPL’s and WPL’s increasing rate [removed: base.][added: base, as well as higher sales due in part to the derecho windstorm in Iowa and COVID-19 sales impacts in 2020.]

| Operating income | | | [removed: $740] [added: $795] | | | | | | [removed: $778] [added: $740] | | | | | | | | | | | | [removed: $410] [added: $460] | | | | | | [removed: $403] [added: $410] | | | | | | | | | | | | [removed: $306] [added: $308] | | | | | | [removed: $347] [added: $306] | | | | | | | | |

| Electric utility revenues | | | [removed: $2,920] [added: $3,081] | | | | | | [removed: $3,064] [added: $2,920] | | | | | | | | | | | | [removed: $1,695] [added: $1,752] | | | | | | [removed: $1,781] [added: $1,695] | | | | | | | | | | | | [removed: $1,225] [added: $1,329] | | | | | | [removed: $1,283] [added: $1,225] | | | | | | | | |

| Electric production fuel and purchased power expenses | | | [removed: (652)] [added: (642)] | | | | | | [removed: (777)] [added: (652)] | | | | | | | | | | | | [removed: (352)] [added: (295)] | | | | | | [removed: (435)] [added: (352)] | | | | | | | | | | | | [removed: (300)] [added: (347)] | | | | | | [removed: (342)] [added: (300)] | | | | | | | | |

| Electric transmission service expense | | | [removed: (449)] [added: (537)] | | | | | | [removed: (481)] [added: (449)] | | | | | | | | | | | | [removed: (298)] [added: (367)] | | | | | | [removed: (340)] [added: (298)] | | | | | | | | | | | | [removed: (151)] [added: (170)] | | | | | | [removed: (141)] [added: (151)] | | | | | | | | |

| Utility Electric Margin (non-GAAP) | | | [removed: 1,819] [added: 1,902] | | | | | | [removed: 1,806] [added: 1,819] | | | | | | | | | | | | [removed: 1,045] [added: 1,090] | | | | | | [removed: 1,006] [added: 1,045] | | | | | | | | | | | | [removed: 774] [added: 812] | | | | | | [removed: 800] [added: 774] | | | | | | | | |

| Gas utility revenues | | | [removed: 373] [added: 456] | | | | | | [removed: 455] [added: 373] | | | | | | | | | | | | [removed: 208] [added: 265] | | | | | | [removed: 264] [added: 208] | | | | | | | | | | | | [removed: 165] [added: 191] | | | | | | [removed: 191] [added: 165] | | | | | | | | |

| Cost of gas sold | | | [removed: (182)] [added: (258)] | | | | | | [removed: (222)] [added: (182)] | | | | | | | | | | | | [removed: (99)] [added: (149)] | | | | | | [removed: (120)] [added: (99)] | | | | | | | | | | | | [removed: (83)] [added: (109)] | | | | | | [removed: (102)] [added: (83)] | | | | | | | | |

| Utility Gas Margin (non-GAAP) | | | [removed: 191] [added: 198] | | | | | | [removed: 233] [added: 191] | | | | | | | | | | | | [removed: 109] [added: 116] | | | | | | [removed: 144] [added: 109] | | | | | | | | | | | | 82 | | | | | | [removed: 89] [added: 82] | | | | | | | | |

| Other utility revenues | | | 49 | | | | | | [removed: 46] [added: 49] | | | | | | | | | | | | [removed: 44] [added: 46] | | | | | | 44 | | | | | | | | | | | | [removed: 5] [added: 3] | | | | | | [removed: 2] [added: 5] | | | | | | | | |

| Non-utility revenues | | | [removed: 74] [added: 83] | | | | | | [removed: 83] [added: 74] | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | |

- Alliant Energy’s Clean Energy Blueprints, also known as its cleaner energy strategy, is expected to result in cost savings for its utility customers through the planned transition away from coal-fired EGUs and incorporation of additional renewable energy, renewable tax credits for investments in renewable energy projects, and utilization of renewable project tax equity financing under the current tax regulations.

- Issuance of new long-term debt in 2021 at historically low interest rates for IPL ($300 million of 3.1% senior debentures due 2051) and WPL ($300 million of 1.95% green bonds due 2031).

- Redemption of IPL’s 5.1% cumulative preferred stock in 2021.

- Levelized cost recovery mechanism for the remaining net book value of Edgewater Unit 5, which helps reduce customer costs in 2022 and 2023.

In addition, IPL and WPL continue to evaluate additional opportunities to add more renewable generation, including repowering of existing wind farms and additional solar generation and distributed energy resources, including community solar and energy storage systems.

- IPL’s December 2021 completion of the fuel switch of the Burlington Generating Station (212 MW) from coal to natural gas.

Legislative Impacts - Refer to “[Le](#i0c857804d60248b2bbe1d8282b20bbb1_3345)[gislative Matters](#i0c857804d60248b2bbe1d8282b20bbb1_3345)” for discussion of legislation that was enacted in 2020 related to impacts from COVID-19.

| | | | 2021 | | | | | | | | | | | | 2020 | | | | | | | | |

These items were partially offset by higher depreciation expense and lower AFUDC.

| | | | 2021 | | | | | | 2020 | | | | | | | | | | | | 2021 | | | | | | 2020 | | | | | | | | | | | | 2021 | | | | | | 2020 | | | | | | | | |

| Operating income | | | $795 | | | | | | $740 | | | | | | | | | | | | $460 | | | | | | $410 | | | | | | | | | | | | $308 | | | | | | $306 | | | | | | | | |

| | | | $55 | | | | | | $50 | | | | | | $2 | | |

| | | | 2021 | | | | | | 2020 | | | | | | | | | | | | 2021 | | | | | | 2020 | | | | | | | | | | | | 2021 | | | | | | 2020 | | | | | | 2021 | | | | | | 2020 | | |

| Retail | | | $2,771 | | | | | | $2,652 | | | | | | | | | | | | 25,432 | | | | | | 24,535 | | | | | | | | | | | | $413 | | | | | | $333 | | | | | | 48,179 | | | | | | 48,808 | | |

| | | | $3,081 | | | | | | $2,920 | | | | | | | | | | | | 31,308 | | | | | | 30,652 | | | | | | | | | | | | $456 | | | | | | $373 | | | | | | 147,358 | | | | | | 151,598 | | |

| Retail | | | $1,633 | | | | | | $1,564 | | | | | | | | | | | | 14,283 | | | | | | 13,830 | | | | | | | | | | | | $237 | | | | | | $183 | | | | | | 24,881 | | | | | | 25,508 | | |

| | | | $1,752 | | | | | | $1,695 | | | | | | | | | | | | 16,125 | | | | | | 17,349 | | | | | | | | | | | | $265 | | | | | | $208 | | | | | | 65,619 | | | | | | 65,051 | | |

| Retail | | | $1,138 | | | | | | $1,088 | | | | | | | | | | | | 11,149 | | | | | | 10,705 | | | | | | | | | | | | $176 | | | | | | $150 | | | | | | 23,298 | | | | | | 23,300 | | |

Alliant Energy’s retail gas sales volumes decreased 1% in 2021 compared to 2020, primarily due to changes in temperatures and the impact on sales of the additional day due to leap year in 2020, partially offset by COVID-19 impacts in Alliant Energy’s service territories.

| | | | 2021 | | | | | | 2020 | | | | | | | | | | | | | | | | | | 2021 | | | | | | 2020 | | | | | | | | | | | | | | |

| IPL | | | $12 | | | | | | $1 | | | | | | | | | | | | | | | | | | ($1) | | | | | | $— | | | | | | | | | | | | | | |

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.

| Higher revenue requirements due to increasing rate base (a) (b) | | | $43 | | | | | | $29 | | | | | | $14 | | |

| Higher wholesale margins at WPL partially due to a new wholesale customer in 2021 | | | 8 | | | | | | — | | | | | | 8 | | |

| | | | $83 | | | | | | $45 | | | | | | $38 | | |

In September 2020, IPL made a buyout payment of $110 million in exchange for shortening the terms of its DAEC PPA by 5 years.

The higher revenue requirements from the buyout payment, including a return on such costs, is being recovered from IPL’s retail customers from 2021 through the end of 2025.

The lower fuel expense benefits are recognized in electric margin and the additional amount of excess deferred income tax benefits is recognized as a reduction in income tax expense.

| | | | $7 | | | | | | $7 | | | | | | $— | | |

| Higher generation operation and maintenance expenses | | | ($17) | | | | | | ($12) | | | | | | ($5) | | |

| Lower bad debt expense at IPL | | | 13 | | | | | | 13 | | | | | | — | | |

| | | | ($6) | | | | | | $13 | | | | | | ($14) | | |

| | | | ($22) | | | | | | ($8) | | | | | | ($15) | | |

Preferred Dividend Requirements of IPL - Refer to [Note](#i0c857804d60248b2bbe1d8282b20bbb1_277) [8](#i0c857804d60248b2bbe1d8282b20bbb1_277) for details of the redemption of IPL’s 5.1% cumulative preferred stock in December 2021, including a $5 million non-cash charge recorded in 2021 related to this transaction.

WPL, AEF and Corporate Services have $250 million, $300 million and $75 million of long-term debt maturing in 2022, respectively.

WPL’s increased revenue requirements are expected to be offset by higher income tax expense as a result of lower tax benefits.

- IPL’s completion of more than 500 MW of new wind farms: Whispering Willow North (201 MW in January 2020), Golden Plains (200 MW in March 2020) and Richland (131 MW in September 2020).

- WPL’s completion of the natural gas-fired West Riverside Energy Center (723 MW in May 2020), the Kossuth wind farm (152 MW in October 2020) and the expansion of its gas distribution system in Western Wisconsin in November 2020.

In addition, WPL may also develop additional solar generation and distributed energy resources.

| | | | 23 | | | | | |

[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

In 2020 compared to 2019, Alliant Energy’s retail electric residential temperature-normalized sales increased 3%, and its retail electric commercial and industrial temperature-normalized sales decreased 4% in aggregate.

Liquidity and Capital Resources Impacts - In response to the uncertainty of the impacts of COVID-19, Alliant Energy enhanced its liquidity position in the first quarter of 2020 by settling $222 million under the equity forward sale agreements and AEF accelerating the refinancing of its $300 million term-loan credit agreement that would have been due in April 2020.

Alliant Energy also enhanced its liquidity position by accelerating and/or increasing the size of new debt offerings in 2020, including WPL's issuance of $350 million of debentures due 2050 in April 2020, IPL's issuance of $400 million of senior debentures due 2030 in June 2020 and AEF's issuance of $200 million of senior notes due 2026 in November 2020.

During March and April 2020, Alliant Energy and WPL borrowed under the single credit facility for a portion of their temporary cash needs to obtain more favorable interest rates than available in the commercial paper market at that time.

Regulatory Impacts - In March 2020, WPL received authorization from the PSCW to defer certain incremental costs incurred resulting from COVID-19, including bad debt expenses and foregone revenues from late payment fees.

In August 2020, IPL received authorization from the IUB for utilization of a regulatory asset account to track increased expenses and other financial impacts incurred after March 1, 2020 resulting from COVID-19.

The recovery of any authorized deferrals will be addressed in future regulatory proceedings.

In 2020, such amounts were not material.

Derecho Windstorm

In August 2020, a derecho windstorm caused considerable damage to IPL’s electric distribution system in its service territory, and over 250,000 of its customers lost power.

IPL completed its initial restoration efforts in August 2020 and permanent repairs to the system will continue into 2021.

Refer to [Note 2](#i054d3b2b84a64cdfa4c667c126540f94_247) for further discussion, including IPL’s current estimate and requested regulatory treatment of certain incremental costs and benefits incurred resulting from the windstorm.

| | | | 2020 | | | | | | | | | | | | 2019 | | | | | | | | |

This item was partially offset by higher depreciation expense, lower AFUDC and higher WPL electric fuel-related costs, net of recoveries.

| | | | 2020 | | | | | | 2019 | | | | | | | | | | | | 2020 | | | | | | 2019 | | | | | | | | | | | | 2020 | | | | | | 2019 | | | | | | | | |

| | | | ($38) | | | | | | $7 | | | | | | ($41) | | |

| | | | 2020 | | | | | | 2019 | | | | | | | | | | | | 2020 | | | | | | 2019 | | | | | | | | | | | | 2020 | | | | | | 2019 | | | | | | 2020 | | | | | | 2019 | | |

| Retail | | | $2,652 | | | | | | $2,751 | | | | | | | | | | | | 24,535 | | | | | | 25,121 | | | | | | | | | | | | $333 | | | | | | $408 | | | | | | 48,808 | | | | | | 55,850 | | |

| | | | $2,920 | | | | | | $3,064 | | | | | | | | | | | | 30,652 | | | | | | 31,794 | | | | | | | | | | | | $373 | | | | | | $455 | | | | | | 151,598 | | | | | | 152,985 | | |

| Retail | | | $1,564 | | | | | | $1,615 | | | | | | | | | | | | 13,830 | | | | | | 14,142 | | | | | | | | | | | | $183 | | | | | | $236 | | | | | | 25,508 | | | | | | 29,498 | | |

| | | | $1,695 | | | | | | $1,781 | | | | | | | | | | | | 17,349 | | | | | | 18,657 | | | | | | | | | | | | $208 | | | | | | $264 | | | | | | 65,051 | | | | | | 67,821 | | |

| Retail | | | $1,088 | | | | | | $1,136 | | | | | | | | | | | | 10,705 | | | | | | 10,979 | | | | | | | | | | | | $150 | | | | | | $172 | | | | | | 23,300 | | | | | | 26,352 | | |

| | | | 2020 | | | | | | 2019 | | | | | | | | | | | | | | | | | | 2020 | | | | | | 2019 | | | | | | | | | | | | | | |

| IPL | | | $1 | | | | | | $10 | | | | | | | | | | | | | | | | | | $— | | | | | | $5 | | | | | | | | | | | | | | |

| Impact of IPL’s retail electric final and interim rate increases effective February 2020 and April 2019, respectively (a) | | | $63 | | | | | | $63 | | | | | | $— | | |

| Higher revenues at IPL due to credits on customers’ bills in 2019 related to production tax credits through the fuel-related cost recovery mechanism (offset by changes in income tax) | | | 16 | | | | | | 16 | | | | | | — | | |

| Lower purchased electric capacity expense at WPL | | | 8 | | | | | | — | | | | | | 8 | | |

| Higher revenues at IPL due to changes in electric tax benefit rider credits on customers’ bills (offset by changes in income tax expense) | | | 6 | | | | | | 6 | | | | | | — | | |

| Higher WPL electric fuel-related costs, net of recoveries | | | (18) | | | | | | — | | | | | | (18) | | |

| Lower revenues at IPL due to credits on customers’ bills in 2020 related to excess deferred amortization through the tax benefit rider (offset by changes in income tax) | | | (15) | | | | | | (15) | | | | | | — | | |

| Changes in timing of collection of electric transmission service costs at WPL | | | (10) | | | | | | — | | | | | | (10) | | |

| | | | $13 | | | | | | $39 | | | | | | ($26) | | |

| Lower revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (offset by changes in energy efficiency expense) | | | ($34) | | | | | | ($34) | | | | | | $— | | |

| Impact of IPL’s retail gas rate increase effective January 2020 | | | 11 | | | | | | 11 | | | | | | — | | |

| Other (includes lower temperature-normalized sales primarily due to COVID-19 impacts) | | | (10) | | | | | | (7) | | | | | | (3) | | |

Quantitative and Qualitative Disclosures About Market Risk are reported in “[Other Matters - Market Risk Sensitive Instruments and [removed: Positions](#i054d3b2b84a64cdfa4c667c126540f94_115)”] [added: Positions](#i0c857804d60248b2bbe1d8282b20bbb1_118)”] in MDA.

Alliant Energy’s primary focus is to provide regulated electric and natural gas service to approximately [removed: 975,000] [added: 985,000] electric and approximately [removed: 420,000] [added: 425,000] natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.

At December 31, [removed: 2020,] [added: 2021,] IPL supplied electric and natural gas service to approximately [removed: 495,000] [added: 500,000] and 225,000 retail customers, respectively, in Iowa.

At December 31, [removed: 2020,] [added: 2021,] WPL supplied electric and natural gas service to approximately [removed: 480,000] [added: 485,000] and [removed: 195,000] [added: 200,000] retail customers, respectively.

Employees - At December 31, [removed: 2020,] [added: 2021,] Alliant Energy, IPL and WPL had the following full- and part-time employees:

We maintain executive and local safety leadership teams to establish our safety vision, strategy and priorities, [removed: as well as] [added: and] ensure education and recognition of employee actions that improve our safety culture.

Total Rewards - Our market-competitive Total Rewards programs are designed to meet the varied and evolving needs of our [removed: employees and their families.][added: employees.]

It is one of our Values – “Care for others: Together we create a workplace where people feel like they belong and can use their unique backgrounds, talents and perspectives to their fullest potential.” [added: Alliant Energy is driven by DE&I and believes the achievement of its strategic objectives can only be achieved with a focused and engaged workforce.]

- a DE&I Leadership Team that partners with the Human Resources recruiting department and hiring managers to attract more diverse [removed: applicants.][added: applicants that represent the diversity of the communities we serve.]

Our Board currently has approximately [removed: 33%] [added: 40%] gender diversity and [removed: 22%] [added: 20%] ethnic diversity.

Our [removed: 2020] [added: 2021] DE&I accomplishments include:

- held a Day of Understanding where executives met with employees and held conversations [removed: about unconscious bias; and][added: around creating a culture of belonging where employees can do the best work of their lives.]

- selected for the [removed: 2020] [added: 2021] Bloomberg Gender-Equality [removed: Index.][added: Index; and]

Alliant Energy’s [removed: short-term] [added: short- and long-term] incentive compensation [removed: plan includes] [added: plans include] diversity metrics to drive leadership accountability for efforts to advance a diverse and inclusive culture.

Energy Policy Act [added: of 2005] - The Energy Policy Act [added: of 2005] requires creation of an Electric Reliability Organization to provide oversight by FERC.

Federal Power Act [added: of 1935] - FERC also has jurisdiction, under the Federal Power [removed: Act,] [added: Act of 1935,] over certain electric utility facilities and operations, electric wholesale [removed: and] [added: sales, interstate electric] transmission rates, dividend payments, issuance of IPL’s securities, and accounting practices of Corporate Services, IPL and WPL.

Electric Wholesale Rates - [removed: IPL] [added: FERC has authority over IPL's] and [removed: WPL receive] [added: WPL's] wholesale electric market-based [removed: rate authority from FERC.][added: rates.]

Market-based rate authorization allows for wholesale sales of electricity within [added: FERC’s wholesale markets, including] the MISO [removed: market] [added: market,] and in transactions directly with third parties, based on the market value of the transactions.

IPL and WPL do not own or operate [added: FERC-regulated] electric transmission facilities; however, both IPL and WPL pay for the use of the interstate electric transmission system based upon FERC-regulated rates.

Refer to [Note [removed: 1(g)](#i054d3b2b84a64cdfa4c667c126540f94_220)] [added: 1(g)](#i0c857804d60248b2bbe1d8282b20bbb1_223)] for discussion of the recovery of these costs from IPL’s retail electric and gas customers.

As a result, IPL may file for, and the IUB must render a decision on, rate-making principles for certain new EGUs located in Iowa, including any alternative energy production facility (such as a wind or solar facility), combined-cycle natural gas-fired EGU, and certain base-load EGUs with a nameplate generating capacity of 300 MW or more (such as [removed: nuclear or coal-fired] [added: nuclear-fired] generation).

These contributions are recovered from customers through a [added: monthly] bill surcharge of [removed: up to] [added: the lesser of] 3% of customers’ utilities [removed: bills.][added: bills or $750.]

Refer to [Note [removed: 1(g)](#i054d3b2b84a64cdfa4c667c126540f94_220)] [added: 1(g)](#i0c857804d60248b2bbe1d8282b20bbb1_223)] for discussion of the recovery of these costs from WPL’s retail electric and gas customers.

New Electric Generating Units - A CA application is required to be filed with the PSCW for construction approval of any new EGU with a capacity of less than 100 MW and a project cost of [removed: $11.0] [added: $11.9] million or more.

Electric Generating Unit Upgrades and Electric Distribution Projects - A CA application is required to be filed with the PSCW for construction approval of any additions to EGUs, including environmental controls projects, as well as electric distribution projects, with estimated project costs of [removed: $11.0] [added: $11.9] million or more.

Gas Distribution Projects - A CA application is required to be filed with the PSCW for construction approval of gas projects with an estimated project cost of [removed: $2.5] [added: $5] million or more and at any time that WPL requests to extend gas service to a new portion of its service territory.

Given the [removed: dynamic] [added: evolving] nature of environmental regulations and other related regulatory requirements, Alliant Energy, IPL and WPL [removed: have] [added: develop and periodically update their] compliance plans to address these environmental obligations.

[added: Climate Change and Greenhouse Gas Regulations -] In 2007, the Supreme Court provided direction on the EPA’s authority to regulate GHG and ruled that these emissions are covered by the CAA.

In 2009, the EPA issued a ruling that found GHG emissions contribute to climate change, and therefore, threaten public health and welfare, which was the prerequisite for implementing [removed: carbon] [added: CO2] reduction standards under the CAA.

Clean Air Act Section 111(d) - In 2015, the EPA [removed: published final standards] [added: issued the Clean Power Plan] under Section 111(d) of the [removed: CAA, referred to as the Clean Power Plan,] [added: CAA] to reduce CO2 emissions from existing fossil-fueled [removed: EGUs.][added: EGUs through broad electricity system-wide measures.]

In [removed: January] 2021, the U.S. Court of Appeals for the District of Columbia Circuit vacated [added: and remanded] the Affordable Clean Energy rule [removed: and remanded the rule back] to the EPA for reconsideration.

Litigation related to Section 111(b) is suspended while the EPA revises [added: its] Section [removed: 111(b),] [added: 111(b) regulations,] and Alliant Energy, IPL and WPL are currently unable to predict with certainty the impact of these standards.

In [removed: December] 2020, revised effluent limitation guidelines [added: (2020 Reconsideration Rule)] became effective, which incorporated flexibility to the 2015 rule, including a new subcategory for coal-fired EGUs that will be retired or converted to no longer burn coal before 2028.

Estimated capital expenditures to comply with the [removed: December] 2020 [removed: guidelines] [added: Reconsideration Rule] for [removed: 2021] [added: 2022] through [removed: 2024] [added: 2025] are included in the “Other Generation” line in the construction and acquisition expenditures table in “[Liquidity and Capital [removed: Resources](#i054d3b2b84a64cdfa4c667c126540f94_109)”] [added: Resources](#i0c857804d60248b2bbe1d8282b20bbb1_109)”] in MDA.

In January 2021, the [removed: new] [added: current] Presidential Administration issued an Executive Order requiring the review and possible revision of environmental regulations issued during the prior Administration.

Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of [removed: the January 2021 Executive Order.][added: these matters.]

Coal Combustion Residuals Rule - The [removed: final] CCR Rule, which [added: became effective in 2015,] regulates CCR as a non-hazardous [removed: waste, became effective in 2015.][added: waste.]

MGP Sites - Refer to [Note [removed: 17(e)](#i054d3b2b84a64cdfa4c667c126540f94_361)] [added: 17(e)](#i0c857804d60248b2bbe1d8282b20bbb1_343)] for discussion of IPL’s and WPL’s MGP sites.

3) STRATEGY - Refer to [removed: “[Overview](#i054d3b2b84a64cdfa4c667c126540f94_97)”] [added: “[Overview](#i0c857804d60248b2bbe1d8282b20bbb1_97)”] in MDA for discussion of Alliant Energy’s strategy, which supports its mission to deliver energy solutions and exceptional service that its customers and communities count on - safely, [removed: efficiently] [added: efficiently, reliably] and responsibly.

[removed: ][added: ]

Refer to the “[Electric Operating [removed: Information](#i054d3b2b84a64cdfa4c667c126540f94_46)”] [added: Information](#i0c857804d60248b2bbe1d8282b20bbb1_46)”] tables for additional details regarding electric utility operations.

Corporate Venture Investments - includes various minority ownership interests in regional and national venture funds, including a coalition with different energy companies across the U.S., working together to help identify and research innovative products, technologies and business models within the emerging energy economy.

Travero - is a diversified supply chain solutions company, including a short-line rail freight service in Iowa; a Mississippi River barge, rail and truck freight terminal in Illinois; freight brokerage services; and a rail-served warehouse in Iowa, which began operations in 2021.

1) HUMAN CAPITAL MANAGEMENT - Alliant Energy’s core purpose is to serve customers and build strong communities.

We constantly strive to attract, retain and develop a diverse and qualified workforce of high-performing employees, and create and foster an environment of inclusion and belonging for all employees.

| Alliant Energy | | | 3,313 | | | | | | 1,788 | | | | | | 54% | | |

| IPL | | | 1,185 | | | | | | 822 | | | | | | 69% | | |

| WPL | | | 1,033 | | | | | | 854 | | | | | | 83% | | |

Our comprehensive behavioral safety-based program consists of leading indicators, lagging indicators and targeted focus programs.

We utilize a formal safety management system to capture and track best practices, near misses, job site briefings, safety observations, safety conversations and any unsafe conditions.

This system provides the insights needed to help drive a positive safety culture and help ensure compliance with safety rules, processes and procedures.

We also use this system to broadly share lessons learned in support of shaping the mindsets and behaviors needed to help prevent similar events from occurring elsewhere.

Collectively, this information is used to evaluate the safety performance of the executive and management teams related to their goals, and safety metrics are factored into short-term incentive awards.

Refer to “[Overview](#i0c857804d60248b2bbe1d8282b20bbb1_97) – COVID-19” in MDA for discussion of certain employee safety protocols related to COVID-19.

Through a variety of health, welfare and compensation programs, we offer employees choice and control, while supporting their financial, physical, and mental well-being.

Tools and resources are provided to employees to help maintain and improve their health.

Short- and long-term incentive plans are designed with a mix of operational and financial metrics that align employees with strategic corporate and social goals.

- competitive short- and long-term incentive compensation;

Alliant Energy’s corporate officers group currently has approximately 40% gender diversity and 27% ethnic diversity.

In June 2021, the IUB adopted new rules that establish minimum filing requirements for rate reviews using a forward-looking test period, and a related subsequent proceeding review after the close of the forward-looking test period.

The rules provide that in the subsequent proceeding review, a utility’s actual costs and revenues will be presumed to be reasonably consistent with the forward-looking test period if the utility’s actual return on common equity falls within a standard of reasonableness of 50 basis points above to 50 basis points below the authorized return on common equity.

If the utility’s actual return on common equity is outside of this range, future rates could be adjusted.

Through 2023, any such deferral is required to be offset against the remaining net book value of Edgewater Unit 5, which is currently expected to be retired by early 2023.

This was replaced by the Affordable Clean Energy rule in 2019, to reduce CO2 emissions from existing coal-fueled EGUs through heat rate improvements.

The EPA is working on a new set of Section 111(d) emission guidelines for states to implement Best System of Emission Reduction standards for GHG emissions from existing fossil-fueled EGUs, and has stated that it intends to issue a proposed rule in 2022 and a final rule in 2023, although such a timeline cannot be predicted with certainty.

In addition, the Supreme Court granted review of appeals regarding the extent of the EPA’s authority under Section 111(d) to regulate GHG emissions, with a decision anticipated by June 2022.

The EPA is reviewing the Section 111(b) standards, and has stated it intends to issue a proposed rule in 2022 and a final rule in 2023, although a timeline cannot be predicted with certainty.

As a result, the EPA will undertake a supplemental rule-making to revise the 2020 Reconsideration Rule, and has stated that it intends to issue a proposed rule in 2022.

As part of the rule-making process, the EPA is expected to determine whether more stringent limitations and standards are appropriate.

The 2020 Reconsideration Rule will remain in effect while the EPA undertakes this new rule-making.

Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of the anticipated supplemental rule-making.

Compliance obligations associated with the CCR Rule may be subject to change due to future EPA CCR Rule updates, on-going litigation related to the CCR Rule, and any actions taken to-date that may be challenged.

IPL and WPL utilize accredited capacity from EGUs they own, and have rights to through PPAs, to meet a substantial portion of their current MISO planning reserve margin requirements and periodically rely on short-term market capacity purchases to supplement the accredited capacity from such EGUs.

In November 2021, MISO issued proposals to change its methodology for procuring capacity in the energy market effective with the 2023/2024 MISO Planning Year, as a result of changes in the overall generation resource mix due to the shift to renewable generation and the retirement of certain fossil-fueled generation.

MISO proposes to change the capacity construct from the current Summer-based annual construct to four distinct seasons to help ensure the continued reliability of the electric transmission grid.

MISO’s proposal includes establishing planning reserve margin requirements for all market participants on a seasonal basis and determining a seasonal accredited capacity value for certain classes of generating resources.

These changes, if implemented, may require IPL and WPL to adjust their current resource plans, and may result in limited accredited capacity for solar generation during the Winter season and higher accredited capacity for wind generation during the non-Summer seasons.

IPL and WPL may need to develop and/or acquire additional resources in order to comply with the new methodology, as well as procure capacity in the market until the new resources are placed in service and accredited by MISO.

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | 2021 | | | | | | 2020 | | | | | | 2019 | | |

Refer to “[Gas Operating Information](#i0c857804d60248b2bbe1d8282b20bbb1_55)” below for details of heating degree days.

| | | | | | | | | |

Travero - formerly known as Transportation, Travero owns and operates a short-line rail freight service in Iowa; a barge, rail and truck freight terminal on the Mississippi River; freight brokerage and logistics management services; and a rail-served warehouse in Alliant Energy’s Big Cedar Industrial Center Mega-site in Cedar Rapids, Iowa, which is currently scheduled to open later in 2021.

[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

1) HUMAN CAPITAL MANAGEMENT - Our purpose to serve customers and build strong communities, as well as our values, are the foundation of our culture, guide our actions, and describe how we accomplish our strategy.

We work to attract, retain, reward and develop a diverse and qualified workforce of high-performing employees and teams because our employees and culture are critical to our strategy.

| Alliant Energy | | | 3,375 | | | | | | 1,792 | | | | | | 53% | | |

| IPL | | | 1,176 | | | | | | 804 | | | | | | 68% | | |

| WPL | | | 1,072 | | | | | | 879 | | | | | | 82% | | |

Our comprehensive program includes leading indicators such as tracking and reporting near misses and unsafe conditions, which we believe helps prevent similar incidents from occurring elsewhere.

We also conduct internal safety assessments of our generating facilities.

Through a variety of flexible health and wellness programs, we offer employees choice, support their financial, physical, and mental well-being, provide tools and resources to help improve or maintain their health status, and promote engagement in healthy behaviors.

- family care resources;

Forward-looking test periods must follow established regulatory principles as applied to the forecasted information and include a requirement for a subsequent proceeding review after the close of the forward-looking test period to evaluate whether actual costs and revenue were reasonably consistent with the forward-looking test period.

Climate Change and Greenhouse Gases Regulations - There is continued deliberation on the public policy that the U.S. should adopt to address climate change, including assessment of both domestic actions and international efforts.

In July 2019, the EPA published the final Affordable Clean Energy rule, which repealed the Clean Power Plan effective September 6, 2019.

The Affordable Clean Energy rule established emission guidelines for states to develop plans by July 2022 to reduce CO2 emissions from existing coal-fired EGUs.

In January 2021, the EPA published a final rule establishing that EGUs are a significant source of GHG and reaffirming that CO2 emissions from EGUs can be regulated under Section 111 of the CAA.

Litigation related to the CCR Rule remains on-going and has resulted in various proposed rule updates.

retirements while maintaining compliance with long-term electric demand planning reserve margins, renewable energy standards established by regulators and other various requirements.

IPL and WPL currently have adequate capacity to meet such MISO planning reserve margin requirements.

Refer to [Note 17(](#i054d3b2b84a64cdfa4c667c126540f94_370)[g](#i054d3b2b84a64cdfa4c667c126540f94_370)[)](#i054d3b2b84a64cdfa4c667c126540f94_370) for discussion of MISO transmission owner return on equity complaints.

the peak heating season requirements.

Refer to [Note [removed: 17(c)](#i054d3b2b84a64cdfa4c667c126540f94_355)] [added: 17(c)](#i0c857804d60248b2bbe1d8282b20bbb1_337)] for discussion of legal and administrative proceedings before various courts and agencies with respect to matters arising in the ordinary course of business.

For the fiscal year ended December 31, [removed: 2020][added: 2021]

[removed: ][added: ]

The aggregate market value of the voting and non-voting common equity held by nonaffiliates as of June 30, [removed: 2020:][added: 2021:]

Alliant Energy Corporation - [removed: $11.9] [added: $13.9] billion

Number of shares outstanding of each class of common stock as of January 31, [removed: 2021:][added: 2022:]

Alliant Energy Corporation, Common Stock, $0.01 par value, [removed: 249,881,050] [added: 250,478,681] shares outstanding

Portions of the Proxy Statement relating to Alliant Energy Corporation’s [removed: 2021] [added: 2022] Annual Meeting of Shareowners are, or will be upon filing with the Securities and Exchange Commission, incorporated by reference into Part III hereof.

| [Forward-looking [removed: Statements](#i054d3b2b84a64cdfa4c667c126540f94_13)] [added: Statements](#i0c857804d60248b2bbe1d8282b20bbb1_13)] | | | | | | | | | | | | | | | | | | [removed: [1](#i054d3b2b84a64cdfa4c667c126540f94_13)] [added: [1](#i0c857804d60248b2bbe1d8282b20bbb1_13)] | | |

| [Website Access to [removed: Reports](#i054d3b2b84a64cdfa4c667c126540f94_16)] [added: Reports](#i0c857804d60248b2bbe1d8282b20bbb1_16)] | | | | | | | | | | | | | | | | | | [removed: [3](#i054d3b2b84a64cdfa4c667c126540f94_16)] [added: [3](#i0c857804d60248b2bbe1d8282b20bbb1_16)] | | |

| [Part [removed: I.](#i054d3b2b84a64cdfa4c667c126540f94_19)] [added: I.](#i0c857804d60248b2bbe1d8282b20bbb1_19)] | | | [Item 1. [removed: Business](#i054d3b2b84a64cdfa4c667c126540f94_22)] [added: Business](#i0c857804d60248b2bbe1d8282b20bbb1_22)] | | | | | | | | | | | | | | | [removed: [3](#i054d3b2b84a64cdfa4c667c126540f94_22)] [added: [3](#i0c857804d60248b2bbe1d8282b20bbb1_22)] | | |

| | | | [Item 1A. Risk [removed: Factors](#i054d3b2b84a64cdfa4c667c126540f94_67)] [added: Factors](#i0c857804d60248b2bbe1d8282b20bbb1_64)] | | | | | | | | | | | | | | | [removed: [14](#i054d3b2b84a64cdfa4c667c126540f94_67)] [added: [15](#i0c857804d60248b2bbe1d8282b20bbb1_64)] | | |

| | | | [Item 1B. Unresolved Staff [removed: Comments](#i054d3b2b84a64cdfa4c667c126540f94_70)] [added: Comments](#i0c857804d60248b2bbe1d8282b20bbb1_67)] | | | | | | | | | | | | | | | [removed: [19](#i054d3b2b84a64cdfa4c667c126540f94_70)] [added: [21](#i0c857804d60248b2bbe1d8282b20bbb1_67)] | | |

| | | | [Item 2. [removed: Properties](#i054d3b2b84a64cdfa4c667c126540f94_73)] [added: Properties](#i0c857804d60248b2bbe1d8282b20bbb1_70)] | | | | | | | | | | | | | | | [removed: [19](#i054d3b2b84a64cdfa4c667c126540f94_73)] [added: [21](#i0c857804d60248b2bbe1d8282b20bbb1_70)] | | |

| | | | [Item 3. Legal [removed: Proceedings](#i054d3b2b84a64cdfa4c667c126540f94_76)] [added: Proceedings](#i0c857804d60248b2bbe1d8282b20bbb1_73)] | | | | | | | | | | | | | | | [removed: [21](#i054d3b2b84a64cdfa4c667c126540f94_76)] [added: [23](#i0c857804d60248b2bbe1d8282b20bbb1_73)] | | |

| | | | [Item 4. Mine Safety [removed: Disclosures](#i054d3b2b84a64cdfa4c667c126540f94_79)] [added: Disclosures](#i0c857804d60248b2bbe1d8282b20bbb1_76)] | | | | | | | | | | | | | | | [removed: [21](#i054d3b2b84a64cdfa4c667c126540f94_79)] [added: [23](#i0c857804d60248b2bbe1d8282b20bbb1_76)] | | |

| | | | [Information About Executive [removed: Officers](#i054d3b2b84a64cdfa4c667c126540f94_82)] [added: Officers](#i0c857804d60248b2bbe1d8282b20bbb1_79)] | | | | | | | | | | | | | | | [removed: [21](#i054d3b2b84a64cdfa4c667c126540f94_82)] [added: [23](#i0c857804d60248b2bbe1d8282b20bbb1_79)] | | |

| [Part [removed: II.](#i054d3b2b84a64cdfa4c667c126540f94_85)] [added: II.](#i0c857804d60248b2bbe1d8282b20bbb1_82)] | | | [Item 5. Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i054d3b2b84a64cdfa4c667c126540f94_88)] [added: Securities](#i0c857804d60248b2bbe1d8282b20bbb1_85)] | | | | | | | | | | | | | | | [removed: [22](#i054d3b2b84a64cdfa4c667c126540f94_88)] [added: [24](#i0c857804d60248b2bbe1d8282b20bbb1_85)] | | |

| | | | [Item 7. Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i054d3b2b84a64cdfa4c667c126540f94_94)] [added: Operations](#i0c857804d60248b2bbe1d8282b20bbb1_94)] | | | | | | | | | | | | | | | [removed: [23](#i054d3b2b84a64cdfa4c667c126540f94_94)] [added: [24](#i0c857804d60248b2bbe1d8282b20bbb1_94)] | | |

| | | | [Item 7A. Quantitative and Qualitative Disclosures About Market [removed: Risk](#i054d3b2b84a64cdfa4c667c126540f94_124)] [added: Risk](#i0c857804d60248b2bbe1d8282b20bbb1_127)] | | | | | | | | | | | | | | | [removed: [39](#i054d3b2b84a64cdfa4c667c126540f94_124)] [added: [40](#i0c857804d60248b2bbe1d8282b20bbb1_127)] | | |

| | | | [Item 8. Financial Statements and Supplementary [removed: Data](#i054d3b2b84a64cdfa4c667c126540f94_127)] [added: Data](#i0c857804d60248b2bbe1d8282b20bbb1_130)] | | | | | | | | | | | | | | | [removed: [39](#i054d3b2b84a64cdfa4c667c126540f94_127)] [added: [40](#i0c857804d60248b2bbe1d8282b20bbb1_130)] | | |

| | | | | | | [Alliant Energy [removed: Corporation](#i054d3b2b84a64cdfa4c667c126540f94_130)] [added: Corporation](#i0c857804d60248b2bbe1d8282b20bbb1_133)] | | | | | | | | | | | | [removed: [40](#i054d3b2b84a64cdfa4c667c126540f94_130)] [added: [41](#i0c857804d60248b2bbe1d8282b20bbb1_133)] | | |

| | | | | | | [Interstate Power and Light [removed: Company](#i054d3b2b84a64cdfa4c667c126540f94_154)] [added: Company](#i0c857804d60248b2bbe1d8282b20bbb1_157)] | | | | | | | | | | | | [removed: [46](#i054d3b2b84a64cdfa4c667c126540f94_154)] [added: [47](#i0c857804d60248b2bbe1d8282b20bbb1_157)] | | |

| | | | | | | [Wisconsin Power and Light [removed: Company](#i054d3b2b84a64cdfa4c667c126540f94_175)] [added: Company](#i0c857804d60248b2bbe1d8282b20bbb1_178)] | | | | | | | | | | | | [removed: [52](#i054d3b2b84a64cdfa4c667c126540f94_175)] [added: [53](#i0c857804d60248b2bbe1d8282b20bbb1_178)] | | |

| | | | | | | [Combined Notes to Consolidated Financial [removed: Statements](#i054d3b2b84a64cdfa4c667c126540f94_196)] [added: Statements](#i0c857804d60248b2bbe1d8282b20bbb1_199)] | | | | | | | | | | | | [removed: [58](#i054d3b2b84a64cdfa4c667c126540f94_196)] [added: [59](#i0c857804d60248b2bbe1d8282b20bbb1_199)] | | |

| | | | | | | | | | [1. Summary of Significant Accounting [removed: Policies](#i054d3b2b84a64cdfa4c667c126540f94_199)] [added: Policies](#i0c857804d60248b2bbe1d8282b20bbb1_202)] | | | | | | | | | [removed: [58](#i054d3b2b84a64cdfa4c667c126540f94_199)] [added: [59](#i0c857804d60248b2bbe1d8282b20bbb1_202)] | | |

| | | | | | | | | | [3. Property, Plant and [removed: Equipment](#i054d3b2b84a64cdfa4c667c126540f94_253)] [added: Equipment](#i0c857804d60248b2bbe1d8282b20bbb1_253)] | | | | | | | | | [removed: [67](#i054d3b2b84a64cdfa4c667c126540f94_253)] [added: [68](#i0c857804d60248b2bbe1d8282b20bbb1_253)] | | |

| | | | | | | | | | [4. Jointly-owned Electric Utility [removed: Plant](#i054d3b2b84a64cdfa4c667c126540f94_259)] [added: Plant](#i0c857804d60248b2bbe1d8282b20bbb1_256)] | | | | | | | | | [removed: [68](#i054d3b2b84a64cdfa4c667c126540f94_259)] [added: [69](#i0c857804d60248b2bbe1d8282b20bbb1_256)] | | |

| | | | | | | | | | [12. Income [removed: Taxes](#i054d3b2b84a64cdfa4c667c126540f94_310)] [added: Taxes](#i0c857804d60248b2bbe1d8282b20bbb1_298)] | | | | | | | | | [removed: [74](#i054d3b2b84a64cdfa4c667c126540f94_310)] [added: [75](#i0c857804d60248b2bbe1d8282b20bbb1_298)] | | |

| | | | | | | | | | [13. Benefit [removed: Plans](#i054d3b2b84a64cdfa4c667c126540f94_316)] [added: Plans](#i0c857804d60248b2bbe1d8282b20bbb1_301)] | | | | | | | | | [removed: [76](#i054d3b2b84a64cdfa4c667c126540f94_316)] [added: [77](#i0c857804d60248b2bbe1d8282b20bbb1_301)] | | |

| | | | | | | | | | [14. Asset Retirement [removed: Obligations](#i054d3b2b84a64cdfa4c667c126540f94_334)] [added: Obligations](#i0c857804d60248b2bbe1d8282b20bbb1_313)] | | | | | | | | | [removed: [86](#i054d3b2b84a64cdfa4c667c126540f94_334)] [added: [86](#i0c857804d60248b2bbe1d8282b20bbb1_313)] | | |

| | | | | | | | | | [15. Derivative [removed: Instruments](#i054d3b2b84a64cdfa4c667c126540f94_337)] [added: Instruments](#i0c857804d60248b2bbe1d8282b20bbb1_316)] | | | | | | | | | [removed: [86](#i054d3b2b84a64cdfa4c667c126540f94_337)] [added: [86](#i0c857804d60248b2bbe1d8282b20bbb1_316)] | | |

| | | | | | | | | | [16. Fair Value [removed: Measurements](#i054d3b2b84a64cdfa4c667c126540f94_343)] [added: Measurements](#i0c857804d60248b2bbe1d8282b20bbb1_322)] | | | | | | | | | [removed: [87](#i054d3b2b84a64cdfa4c667c126540f94_343)] [added: [87](#i0c857804d60248b2bbe1d8282b20bbb1_322)] | | |

| | | | | | | | | | [17. Commitments and [removed: Contingencies](#i054d3b2b84a64cdfa4c667c126540f94_346)] [added: Contingencies](#i0c857804d60248b2bbe1d8282b20bbb1_328)] | | | | | | | | | [removed: [89](#i054d3b2b84a64cdfa4c667c126540f94_346)] [added: [90](#i0c857804d60248b2bbe1d8282b20bbb1_328)] | | |

| | | | | | | | | | [18. Segments of [removed: Business](#i054d3b2b84a64cdfa4c667c126540f94_373)] [added: Business](#i0c857804d60248b2bbe1d8282b20bbb1_352)] | | | | | | | | | [removed: [92](#i054d3b2b84a64cdfa4c667c126540f94_373)] [added: [92](#i0c857804d60248b2bbe1d8282b20bbb1_352)] | | |

| | | | | | | | | | [19. Related [removed: Parties](#i054d3b2b84a64cdfa4c667c126540f94_376)] [added: Parties](#i0c857804d60248b2bbe1d8282b20bbb1_355)] | | | | | | | | | [removed: [94](#i054d3b2b84a64cdfa4c667c126540f94_376)] [added: [94](#i0c857804d60248b2bbe1d8282b20bbb1_355)] | | |

| | | | [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i054d3b2b84a64cdfa4c667c126540f94_382)] [added: Disclosure](#i0c857804d60248b2bbe1d8282b20bbb1_361)] | | | | | | | | | | | | | | | [removed: [95](#i054d3b2b84a64cdfa4c667c126540f94_382)] [added: [94](#i0c857804d60248b2bbe1d8282b20bbb1_361)] | | |

| | | | [Item 9A. Controls and [removed: Procedures](#i054d3b2b84a64cdfa4c667c126540f94_385)] [added: Procedures](#i0c857804d60248b2bbe1d8282b20bbb1_364)] | | | | | | | | | | | | | | | [removed: [95](#i054d3b2b84a64cdfa4c667c126540f94_385)] [added: [95](#i0c857804d60248b2bbe1d8282b20bbb1_364)] | | |

| | | | [Item 9B. Other [removed: Information](#i054d3b2b84a64cdfa4c667c126540f94_391)] [added: Information](#i0c857804d60248b2bbe1d8282b20bbb1_370)] | | | | | | | | | | | | | | | [removed: [97](#i054d3b2b84a64cdfa4c667c126540f94_391)] [added: [97](#i0c857804d60248b2bbe1d8282b20bbb1_370)] | | |

| [Part [removed: III.](#i054d3b2b84a64cdfa4c667c126540f94_394)] [added: III.](#i0c857804d60248b2bbe1d8282b20bbb1_373)] | | | [Item 10. Directors, Executive Officers and Corporate [removed: Governance](#i054d3b2b84a64cdfa4c667c126540f94_397)] [added: Governance](#i0c857804d60248b2bbe1d8282b20bbb1_376)] | | | | | | | | | | | | | | | [removed: [97](#i054d3b2b84a64cdfa4c667c126540f94_397)] [added: [97](#i0c857804d60248b2bbe1d8282b20bbb1_376)] | | |

| | | | [Item 11. Executive [removed: Compensation](#i054d3b2b84a64cdfa4c667c126540f94_400)] [added: Compensation](#i0c857804d60248b2bbe1d8282b20bbb1_379)] | | | | | | | | | | | | | | | [removed: [97](#i054d3b2b84a64cdfa4c667c126540f94_400)] [added: [97](#i0c857804d60248b2bbe1d8282b20bbb1_379)] | | |

| [Definitions](#i0c857804d60248b2bbe1d8282b20bbb1_10) | | | | | | | | | | | | | | | | | | [1](#i0c857804d60248b2bbe1d8282b20bbb1_10) | | |

| | | | [Item 6.](#i0c857804d60248b2bbe1d8282b20bbb1_88) [\[](#i0c857804d60248b2bbe1d8282b20bbb1_88)[Reser](#i0c857804d60248b2bbe1d8282b20bbb1_88)[ved\]](#i0c857804d60248b2bbe1d8282b20bbb1_88) | | | | | | | | | | | | | | | [24](#i0c857804d60248b2bbe1d8282b20bbb1_88) | | |

| | | | | | | | | | [2. Regulatory Matters](#i0c857804d60248b2bbe1d8282b20bbb1_250) | | | | | | | | | [65](#i0c857804d60248b2bbe1d8282b20bbb1_250) | | |

| | | | | | | | | | [5. Receivables](#i0c857804d60248b2bbe1d8282b20bbb1_259) | | | | | | | | | [69](#i0c857804d60248b2bbe1d8282b20bbb1_259) | | |

| | | | | | | | | | [6. Investments](#i0c857804d60248b2bbe1d8282b20bbb1_268) | | | | | | | | | [70](#i0c857804d60248b2bbe1d8282b20bbb1_268) | | |

| | | | | | | | | | [7. Common Equity](#i0c857804d60248b2bbe1d8282b20bbb1_274) | | | | | | | | | [71](#i0c857804d60248b2bbe1d8282b20bbb1_274) | | |

| | | | | | | | | | [8. Preferred Stock](#i0c857804d60248b2bbe1d8282b20bbb1_277) | | | | | | | | | [71](#i0c857804d60248b2bbe1d8282b20bbb1_277) | | |

| | | | | | | | | | [9. Debt](#i0c857804d60248b2bbe1d8282b20bbb1_280) | | | | | | | | | [71](#i0c857804d60248b2bbe1d8282b20bbb1_280) | | |

| | | | | | | | | | [10. Leases](#i0c857804d60248b2bbe1d8282b20bbb1_292) | | | | | | | | | [73](#i0c857804d60248b2bbe1d8282b20bbb1_292) | | |

| | | | | | | | | | [11. Revenues](#i0c857804d60248b2bbe1d8282b20bbb1_295) | | | | | | | | | [74](#i0c857804d60248b2bbe1d8282b20bbb1_295) | | |

| | | | [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i0c857804d60248b2bbe1d8282b20bbb1_3306) | | | | | | | | | | | | | | | [97](#i0c857804d60248b2bbe1d8282b20bbb1_3306) | | |

| [Signatures](#i0c857804d60248b2bbe1d8282b20bbb1_412) | | | | | | | | | | | | | | | | | | [104](#i0c857804d60248b2bbe1d8282b20bbb1_412) | | |

- the ability to complete construction of renewable generation and storage projects within the cost targets set by regulators due to cost increases of materials, equipment and commodities including due to tariffs, 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;

- disruptions to the supply of materials, equipment and commodities needed to construct solar generation and storage projects, including due to shortages, labor issues or transportation issues, which may impact 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;

[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

Interstate Power and Light Company, 5.100% Series D Cumulative Perpetual Preferred Stock, $0.01 Par Value, Trading Symbol IPLDP, Nasdaq Global Select Market

| [Definitions](#i054d3b2b84a64cdfa4c667c126540f94_10) | | | | | | | | | | | | | | | | | | [1](#i054d3b2b84a64cdfa4c667c126540f94_10) | | |

| | | | [Item 6. Selected Financial Data](#i054d3b2b84a64cdfa4c667c126540f94_91) | | | | | | | | | | | | | | | [23](#i054d3b2b84a64cdfa4c667c126540f94_91) | | |

| | | | | | | | | | [2. Regulatory Matters](#i054d3b2b84a64cdfa4c667c126540f94_247) | | | | | | | | | [63](#i054d3b2b84a64cdfa4c667c126540f94_247) | | |

| | | | | | | | | | [5. Receivables](#i054d3b2b84a64cdfa4c667c126540f94_262) | | | | | | | | | [68](#i054d3b2b84a64cdfa4c667c126540f94_262) | | |

| | | | | | | | | | [6. Investments](#i054d3b2b84a64cdfa4c667c126540f94_274) | | | | | | | | | [69](#i054d3b2b84a64cdfa4c667c126540f94_274) | | |

| | | | | | | | | | [7. Common Equity](#i054d3b2b84a64cdfa4c667c126540f94_280) | | | | | | | | | [70](#i054d3b2b84a64cdfa4c667c126540f94_280) | | |

| | | | | | | | | | [8. Preferred Stock](#i054d3b2b84a64cdfa4c667c126540f94_286) | | | | | | | | | [70](#i054d3b2b84a64cdfa4c667c126540f94_286) | | |

| | | | | | | | | | [9. Debt](#i054d3b2b84a64cdfa4c667c126540f94_292) | | | | | | | | | [70](#i054d3b2b84a64cdfa4c667c126540f94_292) | | |

| | | | | | | | | | 10. Leases | | | | | | | | | [72](#i054d3b2b84a64cdfa4c667c126540f94_304) | | |

| | | | | | | | | | [11. Revenues](#i054d3b2b84a64cdfa4c667c126540f94_307) | | | | | | | | | [73](#i054d3b2b84a64cdfa4c667c126540f94_307) | | |

| [Signatures](#i054d3b2b84a64cdfa4c667c126540f94_433) | | | | | | | | | | | | | | | | | | [105](#i054d3b2b84a64cdfa4c667c126540f94_433) | | |

- the ability to complete construction of solar projects within the cost caps set by regulators and the ability to efficiently utilize the solar project tax benefits for the benefit of customers;

Electric - At December 31, [removed: 2020,] [added: 2021,] IPL’s and WPL’s [removed: EGUs] [added: facilities] by primary fuel type were as follows:

| Name of [removed: EGU] [added: Facility] and Location | | | | | | | | | | | | Dates | | | | | | | | | | | | in MW | | | | | | in MW (a) | | |

| Marshalltown Generating Station (Units 1-3); Marshalltown, IA | | | | | | | | | | | | 2017 | | | | | | | | | | | | 706 | | | | | | [removed: 622] [added: 625] | | |

| Emery Generating Station (Units 1-3); Mason City, IA | | | | | | | | | | | | 2004 | | | | | | | | | | | | 603 | | | | | | [removed: 529] [added: 532] | | |

| Marshalltown Combustion Turbines (Units 1-3); Marshalltown, IA | | | | | | | | | | | | 1978 | | | | | | | | | | | | 189 | | | | | | [removed: 142] [added: 144] | | |

| Prairie Creek Generating Station (Unit 4); Cedar Rapids, IA | | | | | | | | | | | | 1967 | | | | | | | | | | | | 149 | | | | | | [removed: 107] [added: 113] | | |

| Burlington Combustion Turbines (Units 1-4); Burlington, IA | | | | | | | | | | | | 1994-1996 | | | | | | | | | | | | 79 | | | | | | [removed: 38] [added: 35] | | |

| Upland Prairie (121 Units); Clay and Dickinson Cos., IA | | | | | | | | | | | | 2019 | | | | | | | | | | | | 299 | | | | | | [removed: 106] [added: 89] | | |

| Whispering Willow - North (81 Units); Franklin Co., IA | | | | | | | | | | | | 2020 | | | | | | | | | | | | 201 | | | | | | [removed: 33] [added: 36] | | |

| Whispering Willow - East (121 Units); Franklin Co., IA | | | | | | | | | | | | 2009 | | | | | | | | | | | | 200 | | | | | | [removed: 31] [added: 28] | | |

| English Farms (69 Units); Poweshiek Co., IA | | | | | | | | | | | | 2019 | | | | | | | | | | | | 172 | | | | | | [removed: 40] [added: 27] | | |

| Richland (53 Units); Sac Co., IA | | | | | | | | | | | | 2020 | | | | | | | | | | | | 131 | | | | | | [removed: —] [added: 21] | | |

| Franklin County (60 Units); Franklin Co., IA | | | | | | | | | | | | 2012 | | | | | | | | | | | | 99 | | | | | | [removed: 16] [added: 14] | | |

| Total Wind | | | | | | | | | | | | | | | | | | | | | | | | 1,302 | | | | | | [removed: 259] [added: 248] | | |

| Ottumwa Generating Station (Unit 1); Ottumwa, IA (b) | | | | | | | | | | | | 1981 | | | | | | | | | | | | 348 | | | | | | [removed: 318] [added: 315] | | |

| Lansing Generating Station (Unit 4); Lansing, IA | | | | | | | | | | | | 1977 | | | | | | | | | | | | 275 | | | | | | [removed: 209] [added: 206] | | |

| Burlington Generating Station (Unit 1); Burlington, IA | | | | | | | | | | | | 1968 | | | | | | | | | | | | 212 | | | | | | [removed: 189] [added: 167] | | |

| George Neal Generating Station (Unit 4); Sioux City, IA (c) | | | | | | | | | | | | 1979 | | | | | | | | | | | | 179 | | | | | | [removed: 156] [added: 157] | | |

| George Neal Generating Station (Unit 3); Sioux City, IA (d) | | | | | | | | | | | | 1975 | | | | | | | | | | | | 164 | | | | | | [removed: 137] [added: 140] | | |

| Prairie Creek Generating Station (Units 1 and 3); Cedar Rapids, IA | | | | | | | | | | | | 1958-1997 | | | | | | | | | | | | 65 | | | | | | [removed: 26] [added: 29] | | |

| Total Coal | | | | | | | | | | | | | | | | | | | | | | | | [removed: 1,275] [added: 1,063] | | | | | | [removed: 1,063] [added: 875] | | |

| Lime Creek Combustion Turbines (Units 1-2); Mason City, IA | | | | | | | | | | | | 1991 | | | | | | | | | | | | 90 | | | | | | [removed: 64] [added: 66] | | |

| Total Oil | | | | | | | | | | | | | | | | | | | | | | | | 90 | | | | | | [removed: 64] [added: 66] | | |

| Riverside Energy Center (Units 1-3); Beloit, WI | | | | | | | | | | | | 2004 | | | | | | | | | | | | 675 | | | | | | [removed: 534] [added: 503] | | |

| West Riverside Energy Center (Units 1-3); Beloit, WI (f) | | | | | | | | | | | | 2020 | | | | | | | | | | | | [removed: 664] [added: 658] | | | | | | [removed: 529] [added: 595] | | |

| Neenah Energy Facility (Units 1-2); Neenah, WI | | | | | | | | | | | | 2000 | | | | | | | | | | | | 371 | | | | | | [removed: 295] [added: 294] | | |

| South Fond du Lac Combustion Turbines (2 Units); Fond du Lac, WI (g) | | | | | | | | | | | | 1994 | | | | | | | | | | | | 191 | | | | | | [removed: 156] [added: 161] | | |

| Bent Tree (122 Units); Freeborn Co., MN | | | | | | | | | | | | 2010-2011 | | | | | | | | | | | | 201 | | | | | | [removed: 29] [added: 26] | | |

| Kossuth (56 Units); Kossuth Co., IA | | | | | | | | | | | | 2020 | | | | | | | | | | | | 152 | | | | | | [removed: —] [added: 25] | | |

| Cedar Ridge (41 Units); Fond du Lac Co., WI | | | | | | | | | | | | 2008 | | | | | | | | | | | | 68 | | | | | | [removed: 9] [added: 8] | | |

| Forward Wind Energy Center (37 Units); Dodge and Fond du Lac Cos., WI [removed: (i)] [added: (h)] | | | | | | | | | | | | 2008 | | | | | | | | | | | | 59 | | | | | | [removed: 8] [added: 7] | | |

| Total Wind | | | | | | | | | | | | | | | | | | | | | | | | 480 | | | | | | [removed: 46] [added: 66] | | |

| Columbia Energy Center (Units 1-2); Portage, WI [removed: (h)] [added: (i)] | | | | | | | | | | | | 1975-1978 | | | | | | | | | | | | 595 | | | | | | [removed: 562] [added: 585] | | |

| Edgewater Generating Station (Unit 5); Sheboygan, WI | | | | | | | | | | | | 1985 | | | | | | | | | | | | 414 | | | | | | [removed: 390] [added: 397] | | |

| Total Coal | | | | | | | | | | | | | | | | | | | | | | | | 1,009 | | | | | | [removed: 952] [added: 982] | | |

(a)Based on the accredited generating capacity of the EGUs as of December 31, [removed: 2020] [added: 2021] included in MISO’s resource adequacy process for the planning period from June [removed: 2020] [added: 2021] through May [removed: 2021.][added: 2022.]

(b)Represents IPL’s 48% ownership interest in this 726 MW (nameplate capacity) / [removed: 662] [added: 656] MW (generating capacity) EGU, which is operated by IPL.

(c)Represents IPL’s 25.695% ownership interest in this 696 MW (nameplate capacity) / [removed: 608] [added: 610] MW (generating capacity) EGU, which is operated by MidAmerican Energy Company.

(d)Represents IPL’s 28% ownership interest in this 584 MW (nameplate capacity) / [removed: 489] [added: 501] MW (generating capacity) EGU, which is operated by MidAmerican Energy Company.

(e)Represents IPL’s 4% ownership interest in this 812 MW (nameplate capacity) / [removed: 703] [added: 708] MW (generating capacity) EGU, which is operated by MidAmerican Energy Company.

| Total Gas | | | | | | | | | | | | | | | | | | | | | | | | 1,938 | | | | | | 1,616 | | |

| Battery Storage; Decorah, Wellman and Marshalltown, IA | | | | | | | | | | | | 2019-2021 | | | | | | | | | | | | 4 | | | | | | — | | |

| Total Battery Storage | | | | | | | | | | | | | | | | | | | | | | | | 4 | | | | | | — | | |

| Total capacity | | | | | | | | | | | | | | | | | | | | | | | | 4,405 | | | | | | 2,808 | | |

| | | | 21 | | | | | |

| Name of Facility and Location | | | | | | | | | | | | Dates | | | | | | | | | | | | in MW | | | | | | in MW (a) | | |

| Total Gas | | | | | | | | | | | | | | | | | | | | | | | | 1,895 | | | | | | 1,553 | | |

| West Riverside Solar Garden, Beloit, WI (j) | | | | | | | | | | | | 2021 | | | | | | | | | | | | 4 | | | | | | — | | |

| Total Solar | | | | | | | | | | | | | | | | | | | | | | | | 4 | | | | | | — | | |

| Total capacity | | | | | | | | | | | | | | | | | | | | | | | | 3,431 | | | | | | 2,619 | | |

IPL’s Battery Storage did not receive any accredited generating capacity for the planning period from June 2021 through May 2022.

Electricity generated from the West Riverside Solar Garden is used to offset electricity usage at the West Riverside Energy Center and does not receive any accredited generating capacity.

(j)Represents WPL’s 91% ownership interest in this 4 MW (nameplate capacity) EGU, which is operated by WPL.

| | | | 22 | | | | | |

| | | | 19 | | | | | |

[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

| Total Gas | | | | | | | | | | | | | | | | | | | | | | | | 1,726 | | | | | | 1,438 | | |

| Total capacity | | | | | | | | | | | | | | | | | | | | | | | | 4,401 | | | | | | 2,827 | | |

| Total Gas | | | | | | | | | | | | | | | | | | | | | | | | 1,901 | | | | | | 1,514 | | |

| Total capacity | | | | | | | | | | | | | | | | | | | | | | | | 3,433 | | | | | | 2,530 | | |

| | | | 20 | | | | | |

Richland and Kossuth did not receive any accredited generating capacity for this planning period since construction was completed after the start of the planning period.

| John O. Larsen | | | | | | [removed: 57] [added: 58] | | | | | | Alliant Energy | | | | | | Mr. Larsen has served as a director since February 2019, and as Chairman of the Board, President and Chief Executive Officer (CEO) since July 2019. He previously served as President and Chief Operating Officer since January 2019, as President from January 2018 to January 2019, and as Senior Vice President (VP) from February 2014 to January 2018. | | |

| Robert J. Durian | | | | | | [removed: 50] [added: 51] | | | | | | Alliant Energy, IPL and WPL | | | | | | Mr. Durian has served as Executive VP and Chief Financial Officer (CFO) since February 2020. He previously served as Senior VP and CFO since February 2019; as Senior VP, CFO and Treasurer from January 2018 to February 2019; [added: and] as VP, CFO and Treasurer from December 2016 to January [removed: 2018; as VP, Chief Accounting Officer (CAO) and Treasurer from July 2016 to December 2016; and as VP, CAO and Controller from July 2015 to July 2016.] [added: 2018.] | | |

| James H. Gallegos | | | | | | [removed: 60] [added: 61] | | | | | | Alliant Energy, IPL and WPL | | | | | | Mr. Gallegos has served as Executive VP, General Counsel and Corporate Secretary since February 2020. He previously served as Senior VP, General Counsel and Corporate Secretary since February 2015. | | |

| David A. de Leon | | | | | | [removed: 58] [added: 59] | | | | | | Alliant Energy and IPL | | | | | | Mr. de Leon has served as Senior VP since January 2019. He previously served as VP since April 2017 and as Director-Generation Construction from February 2014 to April 2017. | | |

| Terry L. Kouba | | | | | | [removed: 62] [added: 63] | | | | | | Alliant Energy and WPL | | | | | | Mr. Kouba has served as Senior VP since January 2019. He previously served as VP since February 2014. | | |

| Benjamin M. Bilitz | | | | | | [removed: 45] [added: 46] | | | | | | Alliant Energy, IPL and WPL | | | | | | Mr. Bilitz has served as [removed: CAO] [added: Chief Accounting Officer] and Controller since December 2016. [removed: He previously served as Controller since July 2016 and as Assistant Controller from March 2011 to July 2016.] | | |

| | | | 23 | | | | | |

| | | | 21 | | | | | |

[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

Common Stock Data - Alliant Energy’s common stock trades on the Nasdaq Global Select Market under the symbol “LNT,” and the closing sales price at December 31, [removed: 2020] [added: 2021] was [removed: $51.53.][added: $61.47.]

Shareowners - At December 31, [removed: 2020,] [added: 2021,] there were [removed: 23,282] [added: 22,334] holders of record of Alliant Energy’s common stock, including holders through Alliant Energy’s Shareowner Direct Plan.

Dividends - In November [removed: 2020,] [added: 2021,] Alliant Energy announced an increase in its targeted [removed: 2021] [added: 2022] annual common stock dividend to [removed: $1.61] [added: $1.71] per share, which is equivalent to a quarterly rate of [removed: $0.4025] [added: $0.4275] per share, beginning with the February [removed: 2021] [added: 2022] dividend payment.

Common Stock Repurchases - A summary of Alliant Energy common stock repurchases for the quarter ended December 31, [removed: 2020] [added: 2021] was as follows:

| October 1 to October 31 | | | | | | 3,833 | | | | | | $55.96 | | | | | | — | | | | | | N/A | | |

| November 1 to November 30 | | | | | | 2,800 | | | | | | 56.28 | | | | | | — | | | | | | N/A | | |

| December 1 to December 31 | | | | | | 72 | | | | | | 59.22 | | | | | | — | | | | | | N/A | | |

| | | | | | | 6,705 | | | | | | 56.13 | | | | | | — | | | | | | | | |

| October 1 to October 31 | | | | | | 3,624 | | | | | | $54.73 | | | | | | — | | | | | | N/A | | |

| November 1 to November 30 | | | | | | 2,605 | | | | | | 56.40 | | | | | | — | | | | | | N/A | | |

| December 1 to December 31 | | | | | | 67 | | | | | | 50.60 | | | | | | — | | | | | | N/A | | |

| | | | | | | 6,296 | | | | | | 55.38 | | | | | | — | | | | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 22 | | | | | |

[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

Information for Item 6, Selected Financial Data, has been omitted pursuant to SEC modernization rules that are effective as of the filing date of this report.

We have audited the accompanying consolidated balance sheets of Alliant Energy Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 19, 2021,] [added: 18, 2022,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

Alliant Energy Corporation, through its [removed: wholly owned subsidiaries,] [added: wholly-owned subsidiaries] Interstate Power and Light Company and Wisconsin Power and Light [removed: Company] [added: Company,] is subject to rate regulation by the Federal Energy Regulatory Commission and the respective state commissions in Iowa and Wisconsin [removed: (collectively,] [added: (collectively] the “regulatory agencies”).

As of December 31, [removed: 2020,] [added: 2021,] the Company had a recorded consolidated regulatory assets balance of [removed: $2,010] [added: $1,940] million and regulatory liabilities balance of [removed: $1,306] [added: $1,271] million.

The Company’s rates are subject to regulatory rate-setting processes and [removed: annual] [added: periodic] earnings oversight.

- We [removed: inspected] [added: obtained and evaluated] the Company’s analysis supporting the probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess the reasonability of management’s assertions.

[removed: February 19, 2021][added: | 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Electric utility | | | [removed: $2,920] [added: $3,081] | | | | | | [removed: $3,064] [added: $2,920] | | | | | | [removed: $3,000] [added: $3,064] | | |

| Gas utility | | | [removed: 373] [added: 456] | | | | | | [removed: 455] [added: 373] | | | | | | [removed: 447] [added: 455] | | |

| Other utility | | | 49 | | | | | | [removed: 46] [added: 49] | | | | | | [removed: 48] [added: 46] | | |

| Non-utility | | | [removed: 74] [added: 83] | | | | | | [removed: 83] [added: 74] | | | | | | [removed: 39] [added: 83] | | |

| Total revenues | | | [removed: 3,416] [added: 3,669] | | | | | | [removed: 3,648] [added: 3,416] | | | | | | [removed: 3,534] [added: 3,648] | | |

| Electric production fuel and purchased power | | | [removed: 652] [added: 642] | | | | | | [removed: 777] [added: 652] | | | | | | [removed: 855] [added: 777] | | |

| Electric transmission service | | | [removed: 449] [added: 537] | | | | | | [removed: 481] [added: 449] | | | | | | [removed: 496] [added: 481] | | |

| Cost of gas sold | | | [removed: 182] [added: 258] | | | | | | [removed: 222] [added: 182] | | | | | | [removed: 232] [added: 222] | | |

| Other operation and maintenance | | | [removed: 670] [added: 676] | | | | | | [removed: 712] [added: 670] | | | | | | [removed: 646] [added: 712] | | |

| Depreciation and amortization | | | [removed: 615] [added: 657] | | | | | | [removed: 567] [added: 615] | | | | | | [removed: 507] [added: 567] | | |

| Taxes other than income taxes | | | [removed: 108] [added: 104] | | | | | | [removed: 111] [added: 108] | | | | | | [removed: 104] [added: 111] | | |

| Total operating expenses | | | [removed: 2,676] [added: 2,874] | | | | | | [removed: 2,870] [added: 2,676] | | | | | | [removed: 2,840] [added: 2,870] | | |

| Operating income | | | [removed: 740] [added: 795] | | | | | | [removed: 778] [added: 740] | | | | | | [removed: 694] [added: 778] | | |

| Interest expense | | | [removed: 275] [added: 277] | | | | | | [removed: 273] [added: 275] | | | | | | [removed: 247] [added: 273] | | |

| Equity income from unconsolidated investments, net | | | [removed: (61)] [added: (62)] | | | | | | [removed: (53)] [added: (61)] | | | | | | [removed: (55)] [added: (53)] | | |

| Allowance for funds used during construction | | | [removed: (55)] [added: (25)] | | | | | | [removed: (93)] [added: (55)] | | | | | | [removed: (76)] [added: (93)] | | |

| Other | | | [removed: 14] [added: 5] | | | | | | [removed: 15] [added: 14] | | | | | | [removed: 8] [added: 15] | | |

| Total other (income) and deductions | | | [removed: 173] [added: 195] | | | | | | [removed: 142] [added: 173] | | | | | | [removed: 124] [added: 142] | | |

| Income before income taxes | | | [removed: 567] [added: 600] | | | | | | [removed: 636] [added: 567] | | | | | | [removed: 570] [added: 636] | | |

| Income tax expense (benefit) | | | [removed: (57)] [added: (74)] | | | | | | [removed: 69] [added: (57)] | | | | | | [removed: 48] [added: 69] | | |

| Net income | | | [removed: 624] [added: 674] | | | | | | [removed: 567] [added: 624] | | | | | | [removed: 522] [added: 567] | | |

| Preferred dividend requirements of Interstate Power and Light Company | | | [removed: 10] [added: 15] | | | | | | 10 | | | | | | 10 | | |

| Net income attributable to Alliant Energy common shareowners | | | [removed: $614] [added: $659] | | | | | | [removed: $557] [added: $614] | | | | | | [removed: $512] [added: $557] | | |

| Basic | | | [removed: 248.4] [added: 250.2] | | | | | | [removed: 238.5] [added: 248.4] | | | | | | [removed: 233.6] [added: 238.5] | | |

| Diluted | | | [removed: 248.7] [added: 250.7] | | | | | | [removed: 239.0] [added: 248.7] | | | | | | [removed: 233.6] [added: 239.0] | | |

| Basic | | | [removed: $2.47] [added: $2.63] | | | | | | [removed: $2.34] [added: $2.47] | | | | | | [removed: $2.19] [added: $2.34] | | |

| Diluted | | | [removed: $2.47] [added: $2.63] | | | | | | [removed: $2.33] [added: $2.47] | | | | | | [removed: $2.19] [added: $2.33] | | |

| | | | [removed: 2020] [added: 2021] | | | | | | [added: 2020 | | | | | |] 2019 | | |

| Cash and cash equivalents | | | [removed: $54] [added: $39] | | | | | | [removed: $16] [added: $54] | | |

| Accounts receivable, less allowance for expected credit losses | | | [removed: 412] [added: 440] | | | | | | [removed: 402] [added: 412] | | |

| Production fuel, at weighted average cost | | | [removed: 66] [added: 51] | | | | | | [removed: 78] [added: 66] | | |

- We inquired of management about property, plant, and equipment, net that may be abandoned.

We inspected minutes of the board of directors and other committees of the Company, regulatory orders and other filings with the regulatory agencies to identify evidence that may contradict management’s assertion regarding probability of an abandonment or that may have an impact on the recorded balances.

February 18, 2022

| | | | 2021 | | | | | | 2020 | | |

| Depreciation and amortization | | | 657 | | | | | | 615 | | | | | | 567 | | |

| Derivative assets | | | (142) | | | | | | (7) | | | | | | 2 | | |

| Pension and other benefit obligations | | | (137) | | | | | | 27 | | | | | | (25) | | |

| Payments to redeem cumulative preferred stock of IPL | | | (200) | | | | | | — | | | | | | — | | |

| Redemption of IPL’s cumulative preferred stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (200) | | | | | | (200) | | |

| Ending balance | | | $3 | | | | | | $2,749 | | | | | | $3,250 | | | | | | $— | | | | | | ($12) | | | | | | $— | | | | | | $5,990 | | |

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

The Company’s rates are subject to regulatory rate-setting processes and periodic earnings oversight.

- We obtained and evaluated the Company’s analysis supporting the probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess the reasonability of management’s assertions.

- We inquired of management about property, plant, and equipment, net that may be abandoned.

We inspected minutes of the board of directors and other committees of the Company, regulatory orders, and other filings with the regulatory agencies to identify evidence that may contradict management’s assertion regarding probability of an abandonment or that may have an impact on the recorded balances.

February 18, 2022

| | | | 2021 | | | | | | 2020 | | |

| Long-term debt, net | | | 3,643 | | | | | | 3,345 | | |

| Commitments and contingencies ([Note 17](#i0c857804d60248b2bbe1d8282b20bbb1_328)) | | | | | | | | | | | |

| Depreciation and amortization | | | 375 | | | | | | 356 | | | | | | 327 | | |

| Derivative assets | | | (55) | | | | | | (7) | | | | | | (5) | | |

| Pension and other benefit obligations | | | (59) | | | | | | 18 | | | | | | (11) | | |

| DAEC PPA amendment buyout payment | | | — | | | | | | (110) | | | | | | — | | |

| Cash receipts on sold receivables | | | 502 | | | | | | 458 | | | | | | 413 | | |

| Payments to redeem cumulative preferred stock | | | (200) | | | | | | — | | | | | | — | | |

| Beneficial interest obtained in exchange for securitized accounts receivable | | | $214 | | | | | | $188 | | | | | | $188 | | |

| 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Redemption of cumulative preferred stock | | | | | | | | | | | | | | | | | | | | | (200) | | | | | | (200) | | |

| Ending balance | | | $33 | | | | | | $2,807 | | | | | | $929 | | | | | | $— | | | | | | $3,769 | | |

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

The Company’s rates are subject to regulatory rate-setting processes and periodic earnings oversight.

- We obtained and evaluated the Company’s analysis supporting the probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess the reasonability of management’s assertions.

- We inquired of management about property, plant, and equipment, net that may be abandoned.

We inspected minutes of the board of directors and other committees of the Company, regulatory orders, and other filings with the regulatory agencies to identify evidence that may contradict management’s assertion regarding probability of an abandonment or that may have an impact on the recorded balances.

February 18, 2022

| | | | 2021 | | | | | | 2020 | | |

| Other | | | 86 | | | | | | 12 | | |

| Other | | | 73 | | | | | | 82 | | |

| Other | | | 236 | | | | | | 222 | | |

| Commitments and contingencies ([Note 17](#i0c857804d60248b2bbe1d8282b20bbb1_328)) | | | | | | | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 39 | | | | | |

[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

- We obtained representation letters from management and evaluated such letters to assess whether information was present that would be relevant to the assessment of recovery of the Company’s regulatory assets or refund of regulatory liabilities.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Beginning balance | | | $2 | | | | | | $1,845 | | | | | | $2,346 | | | | | | $— | | | | | | ($11) | | | | | | $200 | | | | | | $4,382 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Ending balance | | | 33 | | | | | | 2,223 | | | | | | 775 | | | | | | 200 | | | | | | 3,231 | | |

| Other | | | 82 | | | | | | 74 | | |

| Long-term debt, net (excluding current portion) | | | 2,130 | | | | | | 1,783 | | |

| Other | | | 180 | | | | | | 169 | | |

| Other | | | 2 | | | | | | (12) | | | | | | (17) | | |

| Other | | | (21) | | | | | | (36) | | | | | | (13) | | |

| Other | | | (7) | | | | | | (38) | | | | | | (30) | | |

| Other | | | (8) | | | | | | (15) | | | | | | (5) | | |

| Beginning balance | | | $66 | | | | | | $1,109 | | | | | | $707 | | | | | | | | | | | | $1,882 | | |

| Ending balance | | | 66 | | | | | | 1,309 | | | | | | 775 | | | | | | | | | | | | 2,150 | | |

making process in different periods than for non-utility entities.

each month for changes in the cost of gas sold.

If IPL or WPL are only allowed a partial return on the carrying value of their regulated property, plant and equipment that is under construction, has been recently completed or is probable of abandonment, or conclude it is probable a full return will not be allowed, an impairment charge is recognized equal to the difference between the carrying value and the present value of the future revenues expected from their regulated property, plant and equipment.

operations are recorded to regulatory assets on the balance sheets.

Accretion and depreciation expenses related to AROs for Alliant Energy’s non-utility operations are recorded to depreciation and amortization expenses in Alliant Energy’s income statements.

NOTE 1(o) New Accounting Standards -

| Other | | | 117 | | | | | | 110 | | | | | | 68 | | | | | | 70 | | | | | | 49 | | | | | | 40 | | |

| | | | $2,010 | | | | | | $1,845 | | | | | | $1,483 | | | | | | $1,400 | | | | | | $527 | | | | | | $445 | | |

cash flows used for operating activities in 2020.

| Other | | | 73 | | | | | | 92 | | | | | | 43 | | | | | | 39 | | | | | | 30 | | | | | | 53 | | |

| | | | $1,306 | | | | | | $1,424 | | | | | | $676 | | | | | | $715 | | | | | | $630 | | | | | | $709 | | |

Refer to [Note 17(g)](#i054d3b2b84a64cdfa4c667c126540f94_370) for discussion of refunds received by IPL and WPL in 2020 related to MISO transmission owner return on equity complaints, which were recorded to regulatory liabilities in 2020.

Tax benefits and the incremental operation and maintenance expenses

IPL’s Retail Electric Rate Review (2016 Test Year) - In April 2017, IPL filed a request with the IUB to increase annual electric base rates for its Iowa retail electric customers based on a 2016 historical Test Year.

An interim retail electric base rate increase of $102 million, on an annual basis, was implemented effective April 13, 2017.

In September 2017, IPL reached a partial, non-unanimous settlement agreement with intervenor groups for an annual retail electric base rate increase of $130 million.

In February 2018, the IUB issued an order approving the settlement with final rates effective May 1, 2018.

| Other, net | | | 7 | | | | | | 6 | | | | | | 6 | | | | | | 5 | | | | | | 1 | | | | | | 1 | | |

Other property, plant and equipment include Travero assets (a short-line railway in Iowa and a barge terminal on the Mississippi River).

| Ottumwa Unit 1 | | | 48.0% | | | | | | $580 | | | | | | $195 | | | | | | $22 | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 94 | | | | | |

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 of the end of the quarter ended December 31, [removed: 2020] [added: 2021] 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 end of the quarter ended December 31, [removed: 2020.][added: 2021.]

There was no change in Alliant Energy’s, IPL’s and WPL’s internal control over financial reporting that occurred during the quarter ended December 31, [removed: 2020] [added: 2021] that has materially affected, or is reasonably likely to materially affect, Alliant Energy’s, IPL’s and WPL’s internal control over financial reporting.

Alliant Energy’s, IPL’s and WPL’s management assessed the effectiveness of their respective internal control over financial reporting as of December 31, [removed: 2020] [added: 2021] using the criteria set forth in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on these assessments, Alliant Energy’s, IPL’s and WPL’s management concluded that, as of December 31, [removed: 2020,] [added: 2021,] their respective internal control over financial reporting was effective.

We have audited the internal control over financial reporting of Alliant Energy Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2020,] [added: 2021,] of the Company and our report dated February [removed: 19, 2021,] [added: 18, 2022,] expressed an unqualified opinion on those financial statements.

February 18, 2022

Alliant Energy, IPL and WPL have not experienced any material impact to their internal control over financial reporting due to the COVID-19 pandemic, and continue to monitor and assess the impact COVID-19 has on their internal controls.

[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

February 19, 2021

PART III

None.

PART III

The information required by Item 10 relating to directors and nominees for election of directors at the [removed: 2021] [added: 2022] Annual Meeting of Shareowners, the timely filing of reports under Section 16 of the Securities Exchange Act of 1934, audit committees and audit committee financial experts, and Alliant Energy’s, IPL’s and WPL’s Code of Conduct is incorporated herein by reference to the relevant information in the [removed: 2021] [added: 2022] Alliant Energy Proxy Statement, which will be filed with the SEC within 120 days after the end of Alliant Energy’s, IPL’s and WPL’s fiscal years.

Information regarding executive officers of Alliant Energy, IPL and WPL may be found in Part I of this report under the caption “[Information About Executive [removed: Officers](#i054d3b2b84a64cdfa4c667c126540f94_82).”][added: Officers](#i0c857804d60248b2bbe1d8282b20bbb1_79).”]

Therefore, the information required by Item 11 for each of Alliant Energy, IPL and WPL is incorporated herein by reference to the relevant information in the [removed: 2021] [added: 2022] Alliant Energy Proxy Statement, which will be filed with the SEC within 120 days after the end of Alliant Energy’s, IPL’s and WPL’s fiscal years.

Information regarding Alliant Energy’s equity compensation plans as of December 31, [removed: 2020] [added: 2021] was as follows:

As of December 31, [removed: 2020,] [added: 2021,] there were performance shares and restricted stock units (performance- and time-vesting) outstanding under the 2020 OIP.

(c)As of December 31, [removed: 2020,] [added: 2021,] there were [removed: 380,542] [added: 383,532] shares of Alliant Energy’s common stock held under the DCP, which is described in [Note [removed: 13(c)](#i054d3b2b84a64cdfa4c667c126540f94_331).][added: 13(c)](#i0c857804d60248b2bbe1d8282b20bbb1_310).]

The remainder of the information required by Item 12 [added: for Alliant Energy, and the information required by Item 12 for each of IPL and WPL,] is incorporated herein by reference to the relevant information in the [removed: 2021] [added: 2022] Alliant Energy Proxy Statement, which will be filed with the SEC within 120 days after the end of Alliant [removed: Energy’s] [added: Energy’s, IPL’s and WPL’s] fiscal year.

| Equity compensation plans approved by shareowners | | | | | | 365,362 (a) | | | | | | $47.85 | | | | | | 8,626,914 (b) | | |

| | | | | | | 365,362 | | | | | | $47.85 | | | | | | 8,626,914 | | |

ALLIANT ENERGY

| Equity compensation plans approved by shareowners | | | | | | 4,376 (a) | | | | | | $61.30 | | | | | | 8,995,594 (b) | | |

| | | | | | | 4,376 | | | | | | $61.30 | | | | | | 8,995,594 | | |

IPL AND WPL

None of IPL’s directors or executive officers own any shares of preferred stock in IPL.

The remainder of the information required by Item 12 is incorporated herein by reference to the relevant information in the 2021 Alliant Energy Proxy Statement, which will be filed with the SEC within 120 days after the end of IPL’s and WPL’s fiscal years.

[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

The information required by Item 13 for each of Alliant Energy, IPL and WPL is incorporated herein by reference to the relevant information in the [removed: 2021] [added: 2022] Alliant Energy Proxy Statement, which will be filed with the SEC within 120 days after the end of Alliant Energy’s, IPL’s and WPL’s fiscal years.

The information required by Item 14 is incorporated herein by reference to the relevant information in the [removed: 2021] [added: 2022] Alliant Energy Proxy Statement, which will be filed with the SEC within 120 days after the end of Alliant Energy’s fiscal year.

| Audit fees | | | [removed: $1,331] [added: $1,367] | | | | | | 96% | | | | | | [removed: $1,584] [added: $1,331] | | | | | | [removed: 89%] [added: 96%] | | | | | | [removed: $947] [added: $1,005] | | | | | | [removed: 89%] [added: 90%] | | | | | | [removed: $1,116] [added: $947] | | | | | | [removed: 92%] [added: 89%] | | |

| Audit-related fees | | | [removed: 51] [added: 49] | | | | | | 4% | | | | | | [removed: 134] [added: 51] | | | | | | [removed: 8%] [added: 4%] | | | | | | [removed: 39] [added: 85] | | | | | | [removed: 4%] [added: 8%] | | | | | | [removed: 37] [added: 39] | | | | | | [removed: 3%] [added: 4%] | | |

| Tax fees | | | [removed: 4] [added: 3] | | | | | | —% | | | | | | [removed: 52] [added: 4] | | | | | | [removed: 3%] [added: —%] | | | | | | [removed: 78] [added: 18] | | | | | | [removed: 7%] [added: 2%] | | | | | | [removed: 56] [added: 78] | | | | | | [removed: 5%] [added: 7%] | | |

| All other fees | | | [removed: 3] [added: 4] | | | | | | —% | | | | | | [removed: 2] [added: 3] | | | | | | —% | | | | | | [removed: 2] [added: 3] | | | | | | —% | | | | | | [removed: 1] [added: 2] | | | | | | —% | | |

| | | | [removed: $1,389] [added: $1,423] | | | | | | 100% | | | | | | [removed: $1,772] [added: $1,389] | | | | | | 100% | | | | | | [removed: $1,066] [added: $1,111] | | | | | | 100% | | | | | | [removed: $1,210] [added: $1,066] | | | | | | 100% | | |

IPL’s and WPL’s audit fees for [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] consisted of the respective fees billed for the audits of the financial statements of IPL and its [removed: subsidiary] [added: subsidiaries] and WPL and its subsidiary, for reviews of financial statements included in Form 10-Q filings, and for services normally provided in connection with statutory and regulatory filings, such as financing transactions.

IPL’s and WPL’s audit fees also included their respective portion of fees for the [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] audits of Alliant Energy’s financial statements and effectiveness of internal controls over financial reporting.

IPL’s and WPL’s audit-related fees for [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] consisted of the fees billed for services rendered related to employee benefits plan audits and other attest services.

IPL’s and WPL’s tax fees for [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] consisted of the fees billed for professional services rendered for tax compliance, tax advice and tax planning, including all services performed by the tax professional staff of affiliates of the independent registered public accounting firm, except those rendered in connection with the audit.

All other fees for [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] for IPL and WPL consisted of license fees for accounting research software [removed: products,] [added: products] and [removed: with respect to 2020,] virtual seminars.

| | | | 2021 | | | | | | | | | | | | 2020 | | | | | | | | | | | | 2021 | | | | | | | | | | | | 2020 | | | | | | | | |

| | | | 2020 | | | | | | | | | | | | 2019 | | | | | | | | | | | | 2020 | | | | | | | | | | | | 2019 | | | | | | | | |

[Table of Cont](#i054d3b2b84a64cdfa4c667c126540f94_7)[ents](#i054d3b2b84a64cdfa4c667c126540f94_7)

| CONDENSED STATEMENTS OF INCOME | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Operating expenses | | | [removed: $7] [added: $5] | | | | | | [removed: $2] [added: $7] | | | | | | [removed: $5] [added: $2] | | |

| Operating loss | | | [removed: (7)] [added: (5)] | | | | | | [removed: (2)] [added: (7)] | | | | | | [removed: (5)] [added: (2)] | | |

| Equity earnings from consolidated subsidiaries | | | [removed: (625)] [added: (664)] | | | | | | [removed: (562)] [added: (625)] | | | | | | [removed: (523)] [added: (562)] | | |

| Interest expense | | | [removed: 2] [added: 1] | | | | | | [removed: 9] [added: 2] | | | | | | [removed: 4] [added: 9] | | |

| Other | | | [removed: 4] [added: 1] | | | | | | [removed: 7] [added: 4] | | | | | | [removed: 2] [added: 7] | | |

| Total other (income) and deductions | | | [removed: (619)] [added: (662)] | | | | | | [removed: (546)] [added: (619)] | | | | | | [removed: (517)] [added: (546)] | | |

| Income before income taxes | | | [removed: 612] [added: 657] | | | | | | [removed: 544] [added: 612] | | | | | | [removed: 512] [added: 544] | | |

| Income tax benefit | | | [removed: (4)] [added: (5)] | | | | | | [removed: (15)] [added: (4)] | | | | | | [removed: (1)] [added: (15)] | | |

| Net income | | | [removed: $616] [added: $662] | | | | | | [removed: $559] [added: $616] | | | | | | [removed: $513] [added: $559] | | |

| CONDENSED BALANCE SHEETS | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Notes receivable from affiliated companies | | | [removed: $32] [added: $16] | | | | | | [removed: $27] [added: $32] | | |

| Other | | | 5 | | | | | | [removed: 6] [added: 5] | | |

| Total current assets | | | [removed: 37] [added: 21] | | | | | | [removed: 33] [added: 37] | | |

| Investments in consolidated subsidiaries | | | [removed: 6,664] [added: 7,061] | | | | | | [removed: 6,017] [added: 6,664] | | |

| Other | | | 2 | | | | | | [removed: 1] [added: 2] | | |

| Total investments | | | [removed: 6,666] [added: 7,063] | | | | | | [removed: 6,018] [added: 6,666] | | |

| Other assets | | | [removed: 88] [added: 96] | | | | | | [removed: 89] [added: 88] | | |

| Total assets | | | [removed: $6,791] [added: $7,180] | | | | | | [removed: $6,140] [added: $6,791] | | |

| Commercial paper | | | [removed: $132] [added: $279] | | | | | | [removed: $169] [added: $132] | | |

| Notes payable to affiliated companies | | | [removed: 937] [added: 900] | | | | | | [removed: 731] [added: 937] | | |

| Other | | | [removed: 29] [added: 4] | | | | | | [removed: 19] [added: 29] | | |

| Total current liabilities | | | [removed: 1,098] [added: 1,183] | | | | | | [removed: 919] [added: 1,098] | | |

| Other liabilities | | | 2 | | | | | | [removed: 15] [added: 2] | | |

| Common stock and additional paid-in capital | | | [removed: 2,706] [added: 2,752] | | | | | | [removed: 2,448] [added: 2,706] | | |

| Retained earnings | | | [removed: 2,996] [added: 3,255] | | | | | | [removed: 2,766] [added: 2,996] | | |

| Shares in deferred compensation trust | | | [removed: (11)] [added: (12)] | | | | | | [removed: (10)] [added: (11)] | | |

| Total common equity | | | [removed: 5,691] [added: 5,995] | | | | | | [removed: 5,206] [added: 5,691] | | |