Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This MDA includes information relating to Alliant Energy, and IPL and WPL (collectively, the Utilities), as well as ATC Holdings, AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and the Notes included in this report, as well as the financial statements, notes and MDA included in the 2021 Form 10-K. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share.

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2022 HIGHLIGHTS

Key highlights since the filing of the 2021 Form 10-K include the following:

Customer Investments:

• In response to a petition from a U.S.-based solar panel assembler, in March 2022, the U.S. Department of Commerce initiated an investigation into whether the sourcing of solar project materials and equipment from certain Southeast Asian countries circumvent tariffs and duties imposed on such materials and equipment imported from China. In June 2022, a presidential executive order postponed through 2024 any additional tariffs on solar project materials and equipment while the U.S. Department of Commerce completes its investigation. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters, including from any related legal challenges; however, this could result in delays and/or higher costs for IPL’s and WPL’s planned development and acquisition of additional renewable energy, and impact Alliant Energy’s, IPL’s and WPL’s anticipated future construction and acquisition expenditures.

• In June 2022, the PSCW issued an order approving WPL’s second certificate of authority to acquire, construct, own, and operate up to 414 MW of new solar generation in the following Wisconsin counties: Dodge (150 MW), Waushara (99 MW), Rock (65 MW), Grant (50 MW) and Green (50 MW).

• In June 2022, IPL filed for a revised fixed cost cap of $1,934/kilowatt with the IUB related to IPL’s November 2021 advance rate-making principles filing for up to 400 MW of solar generation with in-service dates in 2023 and 2024 and approximately 75 MW of battery storage in 2024, which reflects higher materials, labor and shipping costs. The revised fixed cost cap includes allowance for funds used during construction and transmission upgrade costs among other costs. In September 2022, IPL provided the IUB with a summary of the Inflation Reduction Act of 2022, as well as an economic analysis indicating full ownership for its planned solar and battery storage projects is currently expected to result in lower costs for its customers compared to previous plans to utilize tax equity financing. IPL currently expects a decision from the IUB on its filing by the end of 2022.

• In August 2022, FERC approved MISO’s proposal 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. The capacity construct will change from the current Summer-based annual construct to four distinct seasons to help ensure the continued reliability of the electric transmission grid. FERC’s approval also 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, including higher accredited capacity for wind generation during the Spring, Fall and Winter seasons and lower accredited capacity for solar generation during the Winter season. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters, but anticipate additional generating resources will be needed to comply with the requirements of the new capacity construct. Refer to “Liquidity and Capital Resources” for discussion of proposed changes to IPL’s and WPL’s current resource plans resulting from these matters.

• In September 2022, WPL filed a request with the PSCW for approval to construct, own and operate 175 MW of battery storage, with 100 MW and 75 MW at the Grant County and Wood County solar projects, respectively. Estimated capital expenditures for these planned projects for 2023 through 2025 are included in the “Renewables and battery storage” line in the construction and acquisition table in “Liquidity and Capital Resources.”

• In September 2022, after the enactment of the Inflation Reduction Act of 2022, WPL informed the PSCW of its decision to retain full ownership of its planned solar projects instead of financing a portion of the projects with tax equity partners, which is currently expected to result in lower costs for its customers compared to previous plans to utilize tax equity financing.

• In September 2022, WPL completed the construction of the Bear Creek Solar Garden in Richland County, Wisconsin (50 MW).

• In October 2022, WPL completed the construction of the North Rock Solar Garden in Rock County, Wisconsin (50 MW).

• Refer to Note 3 for discussion of revised expected timing for the retirements of various IPL and WPL coal-fired EGUs.

Rate Matters:

• In June 2022, WPL filed a limited reopener request with the PSCW to increase annual retail gas rates for the 2023 forward-looking Test Period by approximately $10 million, which reflects changes in weighted average cost of capital, updated depreciation rates and modifications to certain regulatory asset and regulatory liability amortizations. WPL currently expects a decision from the PSCW on its request by the end of 2022.

• In August 2022, the PSCW authorized WPL to collect $37 million in 2023 from its retail electric customers, plus interest, for an under-collection of fuel-related costs incurred by WPL in 2021 that were higher than fuel-related costs used to determine rates for such period. In addition, in November 2022, WPL filed updated fuel-related cost information for 2023 with the PSCW, which reflects an increase in annual retail electric rates of approximately $63 million in 2023 compared to WPL’s approved 2022 fuel-related costs. WPL currently expects a decision from the PSCW on its request by the end of 2022.

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• WPL currently expects to file a retail electric and gas rate review with the PSCW in the second quarter of 2023 for the 2024/2025 forward-looking Test Period. The key drivers for the anticipated filing include revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation and battery storage. Any rate changes granted from this pending request are expected to be effective on January 1, 2024, with a decision from the PSCW expected by the end of 2023.

• IPL currently expects to file a retail electric and gas rate review with the IUB by the first half of 2024. The key drivers for the anticipated filing include revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation and battery storage.

Legislative Matters:

• Refer to Note 9 for discussion of Iowa tax reform enacted in March 2022.

• In August 2022, the Inflation Reduction Act of 2022 was enacted. The most significant provisions of the new legislation for Alliant Energy, IPL and WPL relate to a 10-year extension of tax credits for clean energy projects, a new production tax credit eligible for solar projects, a new stand-alone investment tax credit for battery storage projects and the right to transfer future renewable credits to other corporate taxpayers. The new legislation also includes a requirement for corporations with income over $1 billion to pay a 15% minimum tax; however, Alliant Energy is currently below this income level. Alliant Energy, IPL and WPL currently expect to utilize various provisions of the new legislation to enhance the tax benefits expected from their announced approximately 1,500 MW of solar and 250 MW of battery storage projects, including transferring the future tax credits from such projects to other corporate taxpayers and opting to retain full ownership of such projects instead of financing a portion of the projects with tax equity partners. Compared to previous plans to utilize tax equity financing, the impact of these changes is expected to result in lower costs for IPL's and WPL's customers, higher rate base amounts, additional financing needs expected to be satisfied with additional long-term debt and common stock issuances, and improvements in long-term cash flows over the life of the solar and battery storage projects.

Financings and Common Stock Dividends:

• Refer to “Results of Operations” for discussion of expected future issuances of common stock and common stock dividends, and expected future issuances and retirements of long-term debt, by the end of 2023.

RESULTS OF OPERATIONS

Results of operations include financial information prepared in accordance with GAAP as well as utility electric margins and utility gas margins, which are not measures of financial performance under GAAP. Utility electric margins are defined as electric revenues less electric production fuel, purchased power and electric transmission service expenses. Utility gas margins are defined as gas revenues less cost of gas sold. Utility electric margins and utility gas margins are non-GAAP financial measures because they exclude other utility and non-utility revenues, other operation and maintenance expenses, depreciation and amortization expenses, and taxes other than income tax expense.

Management believes that utility electric and gas margins provide a meaningful basis for evaluating and managing utility operations since electric production fuel, purchased power and electric transmission service expenses and cost of gas sold are generally passed through to customers, and therefore, result in changes to electric and gas revenues that are comparable to changes in such expenses. The presentation of utility electric and gas margins herein is intended to provide supplemental information for investors regarding operating performance. These utility electric and gas margins may not be comparable to how other entities define utility electric and gas margin. Furthermore, these measures are not intended to replace operating income as determined in accordance with GAAP as an indicator of operating performance.

Additionally, the table below includes EPS for Utilities and Corporate Services, ATC Holdings, and Non-utility and Parent, which are non-GAAP financial measures. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.

Financial Results Overview - Alliant Energy’s net income and EPS attributable to Alliant Energy common shareowners for the three months ended September 30 were as follows (dollars in millions, except per share amounts):

			2022												2021
			Income (Loss)						EPS						Income (Loss)						EPS
Utilities and Corporate Services			$249						$0.99						$254						$1.01
ATC Holdings			5						0.02						8						0.03
Non-utility and Parent			(27)						(0.11)						(6)						(0.02)
Alliant Energy Consolidated			$227						$0.90						$256						$1.02

Alliant Energy’s Utilities and Corporate Services net income decreased by $5 million for the three-month period, primarily due to higher interest expense and the timing of income taxes.

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Alliant Energy’s Non-utility and Parent net income decreased by $21 million for the three-month period, primarily due to higher interest expense, the timing of income taxes and the impact of the Iowa corporate income tax rate change.

For the three and nine months ended September 30, operating income and a reconciliation of utility electric and gas margins to the most directly comparable GAAP measure, operating income, was as follows (in millions):

			Alliant Energy												IPL												WPL
Three Months			2022						2021						2022						2021						2022						2021
Operating income			$309						$289						$171						$180						$131						$100
Electric utility revenues			$1,039						$939						$596						$555						$443						$384
Electric production fuel and purchased power expenses			(274)						(207)						(140)						(101)						(134)						(105)
Electric transmission service expense			(157)						(148)						(115)						(103)						(42)						(44)
Utility Electric Margin (non-GAAP)			608						584						341						351						267						235
Gas utility revenues			62						50						33						31						29						19
Cost of gas sold			(26)						(18)						(14)						(12)						(13)						(6)
Utility Gas Margin (non-GAAP)			36						32						19						19						16						13
Other utility revenues			11						13						11						13						—						—
Non-utility revenues			23						22						—						—						—						—
Other operation and maintenance expenses			(172)						(171)						(90)						(95)						(70)						(66)
Depreciation and amortization expenses			(169)						(165)						(95)						(94)						(71)						(70)
Taxes other than income tax expense			(28)						(26)						(15)						(14)						(11)						(12)
Operating income			$309						$289						$171						$180						$131						$100

			Alliant Energy												IPL												WPL
Nine Months			2022						2021						2022						2021						2022						2021
Operating income			$769						$663						$389						$394						$357						$245
Electric utility revenues			$2,624						$2,357						$1,438						$1,343						$1,186						$1,014
Electric production fuel and purchased power expenses			(633)						(478)						(290)						(215)						(343)						(263)
Electric transmission service expense			(428)						(403)						(303)						(274)						(125)						(128)
Utility Electric Margin (non-GAAP)			1,563						1,476						845						854						718						623
Gas utility revenues			418						289						224						165						194						124
Cost of gas sold			(242)						(149)						(126)						(84)						(117)						(65)
Utility Gas Margin (non-GAAP)			176						140						98						81						77						59
Other utility revenues			35						36						34						35						1						1
Non-utility revenues			70						60						—						—						—						—
Other operation and maintenance expenses			(492)						(477)						(260)						(253)						(193)						(194)
Depreciation and amortization expenses			(501)						(494)						(285)						(281)						(211)						(209)
Taxes other than income tax expense			(82)						(78)						(43)						(42)						(35)						(35)
Operating income			$769						$663						$389						$394						$357						$245

Operating Income Variances - Variances between periods in operating income for the three and nine months ended September 30, 2022 compared to the same periods in 2021 were as follows (in millions):

			Three Months																		Nine Months
			Alliant Energy						IPL						WPL						Alliant Energy						IPL						WPL
Total higher (lower) utility electric margin variance (Refer to details below)			$24						($10)						$32						$87						($9)						$95
Total higher utility gas margin variance (Refer to details below)			4						—						3						36						17						18
Total (higher) lower other operation and maintenance expenses variance (Refer to details below)			(1)						5						(4)						(15)						(7)						1
Total higher depreciation and amortization expense			(4)						(1)						(1)						(7)						(4)						(2)
Other			(3)						(3)						1						5						(2)						—
			$20						($9)						$31						$106						($5)						$112

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Electric and Gas Revenues and Sales Summary - Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), for the three and nine months ended September 30 were as follows:

Alliant Energy			Electric																								Gas
			Revenues												MWhs Sold												Revenues												Dths Sold
			2022						2021						2022						2021						2022						2021						2022						2021
Three Months
Retail			$908						$845						6,788						7,031						$50						$40						3,584						3,264
Sales for resale			115						78						1,759						1,853						N/A						N/A						N/A						N/A
Transportation/Other			16						16						16						18						12						10						30,982						26,365
			$1,039						$939						8,563						8,902						$62						$50						34,566						29,629
Nine Months
Retail			$2,327						$2,124						19,304						19,262						$379						$258						37,284						33,299
Sales for resale			251						181						5,161						4,411						N/A						N/A						N/A						N/A
Transportation/Other			46						52						46						53						39						31						83,241						74,111
			$2,624						$2,357						24,511						23,726						$418						$289						120,525						107,410

IPL			Electric																								Gas
			Revenues												MWhs Sold												Revenues												Dths Sold
			2022						2021						2022						2021						2022						2021						2022						2021
Three Months
Retail			$559						$525						3,736						3,914						$25						$25						1,739						1,702
Sales for resale			28						21						581						487						N/A						N/A						N/A						N/A
Transportation/Other			9						9						9						9						8						6						9,743						9,308
			$596						$555						4,326						4,410						$33						$31						11,482						11,010
Nine Months
Retail			$1,358						$1,259						10,821						10,810						$199						$145						19,118						17,268
Sales for resale			53						49						1,600						1,160						N/A						N/A						N/A						N/A
Transportation/Other			27						35						25						26						25						20						31,917						29,727
			$1,438						$1,343						12,446						11,996						$224						$165						51,035						46,995

WPL			Electric																								Gas
			Revenues												MWhs Sold												Revenues												Dths Sold
			2022						2021						2022						2021						2022						2021						2022						2021
Three Months
Retail			$349						$320						3,052						3,117						$25						$15						1,845						1,562
Sales for resale			87						57						1,178						1,366						N/A						N/A						N/A						N/A
Transportation/Other			7						7						7						9						4						4						21,239						17,057
			$443						$384						4,237						4,492						$29						$19						23,084						18,619
Nine Months
Retail			$969						$865						8,483						8,452						$180						$113						18,166						16,031
Sales for resale			198						132						3,561						3,251						N/A						N/A						N/A						N/A
Transportation/Other			19						17						21						27						14						11						51,324						44,384
			$1,186						$1,014						12,065						11,730						$194						$124						69,490						60,415

Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreased 3% and were unchanged for the three and nine months ended September 30, 2022 compared to the same periods in 2021, respectively, primarily due to changes in sales volumes of commercial and industrial customers due to standby service customers that can use other generation, as well as maintenance outages at certain large customers. Alliant Energy’s retail gas sales volumes increased 10% and 12% for the three and nine months ended September 30, 2022 compared to the same periods in 2021, respectively, primarily due to changes in temperatures and increases in the number of retail customers.

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Estimated increases (decreases) to electric and gas margins from the impacts of temperatures for the three and nine months ended September 30 were as follows (in millions):

			Electric Margins																																				Gas Margins
			Three Months																		Nine Months																		Three Months																		Nine Months
			2022						2021						Change						2022						2021						Change						2022						2021						Change						2022						2021						Change
IPL			$4						$5						($1)						$15						$16						($1)						$—						($1)						$1						$4						$1						$3
WPL			—						—						—						10						9						1						—						—						—						2						—						2
Total Alliant Energy			$4						$5						($1)						$25						$25						$—						$—						($1)						$1						$6						$1						$5

Electric Sales for Resale - Electric sales for resale volume changes were largely due to changes in sales in the wholesale energy markets operated by MISO. These changes are impacted by several factors, including the availability and dispatch of Alliant Energy’s EGUs and electricity demand within these wholesale energy markets. Changes in sales for resale revenues were largely offset by changes in fuel-related costs, and therefore, did not have a significant impact on electric margins.

Gas Transportation/Other - Gas transportation/other sales volume changes were largely due to changes in the gas volumes supplied to Alliant Energy’s natural gas-fired EGUs caused by the availability and dispatch of such EGUs. Changes in these transportation/other revenues did not have a significant impact on gas margins.

Utility Electric Margin Variances - The following items contributed to increased (decreased) utility electric margins for the three and nine months ended September 30, 2022 compared to the same periods in 2021 as follows (in millions):

			Three Months																		Nine Months
			Alliant Energy						IPL						WPL						Alliant Energy						IPL						WPL
Higher revenue requirements at WPL due to increasing rate base (a)			$32						$—						$32						$85						$—						$85
Higher revenues at IPL due to changes in credits on customers’ bills related to excess deferred income tax benefits amortization through the tax benefit rider (offset by changes in income tax)			—						—						—						11						11						—
Lower revenues at IPL due to changes in the renewable energy rider (mostly offset by changes in income tax)			(4)						(4)						—						(23)						(23)						—
Other			(4)						(6)						—						14						3						10
			$24						($10)						$32						$87						($9)						$95

(a)In December 2021, the PSCW issued an order authorizing annual base rate increases of $114 million and $15 million for WPL’s retail electric and gas customers, respectively, covering the 2022/2023 forward-looking Test Period, which was based on a stipulated agreement between WPL and certain stakeholders. The key drivers for the annual base rate increases include higher retail fuel-related costs in 2022, lower excess deferred income tax benefits in 2022 and 2023 compared to 2021, and revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation. Retail electric rate changes were effective on January 1, 2022 and extend through the end of 2023. Retail gas rate changes were effective on January 1, 2022 and extend through the end of 2022. The higher fuel expense costs are recognized in electric margin and the lower amount of excess deferred income tax benefits is recognized as a reduction in income tax.

Utility Gas Margin Variances - The following items contributed to increased (decreased) utility gas margins for the three and nine months ended September 30, 2022 compared to the same periods in 2021 as follows (in millions):

			Three Months																		Nine Months
			Alliant Energy						IPL						WPL						Alliant Energy						IPL						WPL
Higher revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense)			$1						$1						$—						$12						$12						$—
Higher revenue requirements at WPL due to increasing rate base (refer to (a) above)			1						—						1						10						—						10
Other (includes higher sales in 2022)			2						(1)						2						14						5						8
			$4						$—						$3						$36						$17						$18

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Other Operation and Maintenance Expenses Variances - The following items contributed to (increased) decreased other operation and maintenance expenses for the three and nine months ended September 30, 2022 compared to the same periods in 2021 as follows (in millions):

			Three Months																		Nine Months
			Alliant Energy						IPL						WPL						Alliant Energy						IPL						WPL
Higher energy efficiency expense at IPL (mostly offset by higher revenues)			$—						$—						$—						($8)						($8)						$—
Non-utility Travero (mostly offset by higher revenues)			(2)						—						—						(9)						—						—
Other			1						5						(4)						2						1						1
			($1)						$5						($4)						($15)						($7)						$1

Other Income and Deductions Variances - The following items contributed to (increased) decreased other income and deductions for the three and nine months ended September 30, 2022 compared to the same periods in 2021 as follows (in millions):

			Three Months																		Nine Months
			Alliant Energy						IPL						WPL						Alliant Energy						IPL						WPL
Higher interest expense primarily due to financings completed in 2022 and 2021 and higher interest rates			($15)						($3)						($6)						($29)						($8)						($9)
(Lower) higher equity income from unconsolidated investments, net (refer to Note 5 for details)			(8)						—						—						(10)						—						1
Higher AFUDC primarily due to changes in construction work in progress balances related to WPL’s solar generation			3						1						2						18						1						17
Other			3						1						2						7						4						2
			($17)						($1)						($2)						($14)						($3)						$11

Income Taxes - Refer to Note 9 for details of effective income tax rates.

Preferred Dividend Requirements of IPL - Alliant Energy’s and IPL’s preferred dividend requirements decreased for the three and nine months ended September 30, 2022 compared to the same periods in 2021 due to the redemption of IPL’s 5.1% cumulative preferred stock in December 2021.

Other Future Considerations - In addition to items discussed in this report, the following key items could impact Alliant Energy’s, IPL’s and WPL’s future financial condition or results of operations:

• Financing Plans - Alliant Energy currently expects to issue up to $250 million of common stock in 2023 through one or more offerings and its Shareowner Direct Plan. IPL, WPL (subject to regulatory approval) and AEF currently expect to issue up to $300 million, $300 million, and $450 million of long-term debt, respectively, by the end of 2023. WPL and AEF have $250 million and $400 million of long-term debt maturing in 2022 and 2023, respectively.

• Common Stock Dividends - Alliant Energy announced a 6% increase in its targeted 2023 annual common stock dividend to $1.81 per share, which is equivalent to a quarterly rate of $0.4525 per share, beginning with the February 2023 dividend payment. The timing and amount of future dividends is subject to an approved dividend declaration from Alliant Energy’s Board of Directors, and is dependent upon earnings expectations, capital requirements, and general financial business conditions, among other factors.

• Higher Earnings on Increasing Rate Base - Alliant Energy and WPL currently expect an increase in earnings in 2023 compared to 2022 due to impacts from increasing revenue requirements related to investments in the utility business, including WPL’s solar investments.

• Other Operation and Maintenance Expenses - Alliant Energy, IPL and WPL currently expect a decrease in other operation and maintenance expenses in 2023 compared to 2022 largely due to cost reductions resulting from operating efficiencies.

• Interest Expense - Alliant Energy, IPL and WPL currently expect an increase in interest expense in 2023 compared to 2022 due to financings completed in 2022 and planned by the end of 2023 as discussed above, as well as expected higher interest rates.

LIQUIDITY AND CAPITAL RESOURCES

The liquidity and capital resources summary included in the 2021 Form 10-K has not changed materially, except as described below.

Liquidity Position - At September 30, 2022, Alliant Energy had $344 million of cash and cash equivalents, $617 million ($67 million at the parent company, $250 million at IPL and $300 million at WPL) of available capacity under the single revolving credit facility and $109 million of available capacity at IPL under its sales of accounts receivable program.

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Capital Structure - Capital structures at September 30, 2022 were as follows (Long-term Debt (including current maturities) (LD); Short-term Debt (SD); Common Equity (CE)):

Cash Flows - Selected information from the cash flows statements was as follows (in millions):

			Alliant Energy												IPL												WPL
			2022						2021						2022						2021						2022						2021
Cash, cash equivalents and restricted cash, January 1			$40						$56						$34						$50						$2						$3
Cash flows from (used for):
Operating activities			485						477						166						95						279						349
Investing activities			(599)						(452)						84						122						(612)						(510)
Financing activities			421						(57)						(239)						(254)						630						162
Net increase (decrease)			307						(32)						11						(37)						297						1
Cash, cash equivalents and restricted cash, September 30			$347						$24						$45						$13						$299						$4

Operating Activities - The following items contributed to increased (decreased) operating activity cash flows for the nine months ended September 30, 2022 compared to the same period in 2021 (in millions):

			Alliant Energy						IPL						WPL
Higher collections from WPL’s retail electric and gas base rate increases			$95						$—						$95
Lower contributions to qualified defined benefit pension plans			37						17						18
Natural gas cost payments from extreme temperatures in February 2021 resulting in under-recovered natural gas costs at IPL in 2021			15						15						—
Credits issued to IPL’s retail electric customers in 2021 through its transmission cost rider for refunds received in 2020 for MISO transmission owner return on equity complaints			14						14						—
Timing of WPL’s fuel-related cost recoveries from customers			(71)						—						(71)
Changes in levels of gas stored underground and prepaid gas costs			(35)						(13)						(22)
Changes in interest payments			(23)						(5)						(6)
Changes in income taxes paid/refunded			(6)						5						(27)
Other (primarily due to other changes in working capital)			(18)						38						(57)
			$8						$71						($70)

As discussed in “2022 Highlights,” the Inflation Reduction Act of 2022 provides the right to transfer future renewable tax credits to other corporate taxpayers, which is expected to result in future cash flows from operating activities for Alliant Energy, IPL and WPL.

Investing Activities - The following items contributed to increased (decreased) investing activity cash flows for the nine months ended September 30, 2022 compared to the same period in 2021 (in millions):

			Alliant Energy						IPL						WPL
(Higher) lower utility construction and acquisition expenditures (a)			($101)						$16						($117)
Changes in the amount of cash receipts on sold receivables			(65)						(65)						—
Other			19						11						15
			($147)						($38)						($102)

(a)Largely due to higher expenditures for WPL’s solar generation, partially offset by lower expenditures for IPL’s and WPL’s electric and gas distribution systems.

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Construction and Acquisition Expenditures - Construction and acquisition expenditures and financing plans are reviewed, approved and updated as part of the strategic planning process. Changes may result from a number of reasons, including regulatory requirements, changing legislation, not obtaining favorable and acceptable regulatory approval on certain projects, improvements in technology, and improvements to ensure reliability of the electric and gas distribution systems. Construction and acquisition expenditures for 2022 through 2026 are currently anticipated as follows (in millions), which are focused on the transition to cleaner energy and strengthening the resiliency and reliability of IPL’s and WPL’s electric grid. Cost estimates represent Alliant Energy’s, IPL’s and WPL’s portion of construction expenditures and exclude AFUDC and capitalized interest, if applicable.

			Alliant Energy																		IPL																		WPL
			2022			2023			2024			2025			2026						2022			2023			2024			2025			2026						2022			2023			2024			2025			2026
Generation:
Renewables and battery storage			$775			$900			$1,205			$725			$1,060						$40			$325			$625			$260			$670						$735			$575			$580			$465			$390
Other			80			100			315			490			335						40			55			55			70			100						40			45			260			420			235
Distribution:
Electric systems			465			550			595			545			535						250			320			360			300			280						215			230			235			245			255
Gas systems			75			80			85			85			85						35			35			40			40			40						40			45			45			45			45
Other			145			220			210			175			180						25			45			40			45			45						20			35			30			30			30
			$1,540			$1,850			$2,410			$2,020			$2,195						$390			$780			$1,120			$715			$1,135						$1,050			$930			$1,150			$1,205			$955

New MISO Seasonal Capacity Construct - As discussed in “2022 Highlights,” in August 2022, FERC approved MISO’s proposal to change its methodology for procuring capacity in the energy market effective with the 2023/2024 MISO Planning Year. IPL and WPL currently plan to construct and/or acquire additional renewable, battery and natural gas resources to comply with the requirements of this new methodology and have reflected the estimated capital expenditures for these projects in the "Renewables and battery storage" and "Other” Generation lines in the construction and acquisition table above.

Renewables and Battery Storage - Alliant Energy, IPL and WPL continue to evaluate potential impacts from cost pressures prevalent in the solar generation and battery storage markets and the pending U.S. Department of Commerce investigation on the timing and estimated costs for IPL’s and WPL’s planned development and acquisition of additional renewable energy, which could impact their anticipated future construction and acquisition expenditures. Refer to “2022 Highlights” for further discussion of the U.S. Department of Commerce investigation and regulatory filings with the IUB and PSCW related to future renewable and battery storage projects, including recent filings by IPL and WPL announcing plans to shift away from tax equity partnerships to traditional ownership for future renewable and battery storage projects following the enactment of the Inflation Reduction Act of 2022.

Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for the nine months ended September 30, 2022 compared to the same period in 2021 (in millions):

			Alliant Energy						IPL						WPL
Higher net proceeds from issuance of long-term debt			$938						$—						$288
Capital contributions from noncontrolling interest			29						—						29
Higher payments to retire long-term debt			(375)						—						—
Net changes in the amount of commercial paper outstanding			(59)						—						18
Distributions to noncontrolling interest			(29)						—						(29)
(Higher) lower common stock dividends			(18)						61						(7)
Higher (lower) capital contributions from IPL’s and WPL’s parent company, Alliant Energy			—						(50)						175
Other			(8)						4						(6)
			$478						$15						$468

IPL and WPL Solar Project Tax Equity Financing - As discussed in Note 1(c) and “2022 Highlights,” with the August 2022 enactment of the Inflation Reduction Act of 2022, IPL and WPL currently expect to retain full ownership of their planned solar generation projects instead of financing a portion of the construction costs with capital from tax equity partners.

Common Stock Issuances and Common Stock Dividends - Refer to Note 6 for discussion of common stock issuances by Alliant Energy in 2022. Refer to “Results of Operations” for discussion of expected issuances of common stock and common stock dividends in 2023.

Long-term Debt - Refer to Note 7(b) for discussion of AEF’s and WPL’s issuance of long-term debt and Corporate Services’ retirement of long-term debt in 2022. AEF’s current term loan credit agreement that expires in March 2024 includes an option to increase the amount outstanding up to $400 million in aggregate with the same maturity, subject to bank approval, and includes substantially the same financial covenants that are included in Alliant Energy’s credit facility agreement. Refer to “Results of Operations” for discussion of expected future issuances and retirements of long-term debt by the end of 2023.

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Impact of Credit Ratings on Liquidity and Collateral Obligations -

Ratings Triggers - In June 2022, Standard & Poor’s Ratings Services changed WPL’s outlook from stable to negative. This outlook change is not expected to have a material impact on Alliant Energy and WPL’s liquidity or collateral obligations.

Off-Balance Sheet Arrangements and Certain Financial Commitments - A summary of Alliant Energy’s and IPL’s off-balance sheet arrangements and Alliant Energy’s, IPL’s and WPL’s contractual obligations is included in the 2021 Form 10-K and has not changed materially from the items reported in the 2021 Form 10-K, except for the items described in Notes 4, 7 and 13.