Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months		For the Six Months
	Ended June 30,		Ended June 30,
	2023	2022	2023	2022
	(in millions, except per share amounts)
Revenues:
Electric utility	$799	$812	$1,567	$1,586
Gas utility	77	94	353	356
Other utility	13	13	25	23
Non-utility	23	24	45	47
Total revenues	912	943	1,990	2,012
Operating expenses:
Electric production fuel and purchased power	166	191	322	359
Electric transmission service	138	133	284	271
Cost of gas sold	33	48	215	216
Other operation and maintenance	163	166	338	320
Depreciation and amortization	167	166	333	332
Taxes other than income taxes	28	27	59	54
Total operating expenses	695	731	1,551	1,552
Operating income	217	212	439	460
Other (income) and deductions:
Interest expense	96	78	190	152
Equity income from unconsolidated investments, net	(14)	(16)	(31)	(32)
Allowance for funds used during construction	(24)	(13)	(43)	(24)
Other	(1)	—	2	1
Total other (income) and deductions	57	49	118	97
Income before income taxes	160	163	321	363
Income tax expense (benefit)	—	4	(2)	12




Net income attributable to Alliant Energy common shareowners	$160	$159	$323	$351
Weighted average number of common shares outstanding:
Basic	251.7	250.9	251.4	250.7
Diluted	251.9	251.1	251.6	251.0

Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)	$0.64	$0.63	$1.28	$1.40

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	June 30, 2023	December 31, 2022
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$13	$20
Accounts receivable, less allowance for expected credit losses	428	516

Production fuel, at weighted average cost	64	53
Gas stored underground, at weighted average cost	69	132
Materials and supplies, at weighted average cost	172	140
Regulatory assets	196	166

Other	196	223
Total current assets	1,138	1,250
Property, plant and equipment, net	16,306	16,247
Investments:
ATC Holdings	372	358
Other	212	201
Total investments	584	559
Other assets:
Regulatory assets	2,148	1,880
Deferred charges and other	207	227
Total other assets	2,355	2,107
Total assets	$20,383	$20,163


LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$409	$408
Commercial paper	391	642
Other short-term borrowings	50	—
Accounts payable	585	756

Regulatory liabilities	121	206
Other	337	351
Total current liabilities	1,893	2,363
Long-term debt, net (excluding current portion)	8,186	7,668
Other liabilities:
Deferred tax liabilities	1,969	1,943
Regulatory liabilities	1,087	1,118
Pension and other benefit obligations	262	277
Other	534	518
Total other liabilities	3,852	3,856
Commitments and contingencies (Note 1 3)
Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 252,719,092 and 251,134,966 shares outstanding	3	3
Additional paid-in capital	2,854	2,777
Retained earnings	3,606	3,509
Accumulated other comprehensive income	3	—
Shares in deferred compensation trust - 405,051 and 402,134 shares at a weighted average cost of $33.69 and $32.63 per share	(14)	(13)
Total Alliant Energy Corporation common equity	6,452	6,276



Total liabilities and equity	$20,383	$20,163

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Six Months
	Ended June 30,
	2023	2022
	(in millions)
Cash flows from operating activities:
Net income	$323	$351
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	333	332

Equity component of allowance for funds used during construction	(32)	(18)

Other	14	14
Other changes in assets and liabilities:
Accounts receivable	(186)	(283)
Gas stored underground	63	17
Derivative assets	86	(183)
Regulatory assets	(36)	(116)
Accounts payable	(84)	95
Derivative liabilities	18	86
Regulatory liabilities	(116)	74
Deferred income taxes	24	34

Other	(96)	(103)
Net cash flows from operating activities	311	300
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business	(758)	(550)
Other	(62)	(43)
Cash receipts on sold receivables	272	233
Proceeds from sales of partial ownership interest in West Riverside	120	—
Other	(54)	(10)
Net cash flows used for investing activities	(482)	(370)
Cash flows from financing activities:
Common stock dividends	(226)	(215)
Proceeds from issuance of common stock, net	76	13
Proceeds from issuance of long-term debt	862	650
Payments to retire long-term debt	(404)	(304)
Net change in commercial paper and other short-term borrowings	(146)	(116)
Contributions from noncontrolling interest	—	29

Other	(1)	(7)
Net cash flows from financing activities	161	50
Net decrease in cash, cash equivalents and restricted cash	(10)	(20)
Cash, cash equivalents and restricted cash at beginning of period	24	40
Cash, cash equivalents and restricted cash at end of period	$14	$20
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest	($179)	($146)
Income taxes, net	$3	($4)
Significant non-cash investing and financing activities:
Accrued capital expenditures	$300	$200
Beneficial interest obtained in exchange for securitized accounts receivable	$175	$244

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months		For the Six Months
	Ended June 30,		Ended June 30,
	2023	2022	2023	2022
	(in millions)
Revenues:
Electric utility	$431	$442	$819	$843
Gas utility	44	52	194	191
Steam and other	12	12	24	22
Total revenues	487	506	1,037	1,056
Operating expenses:
Electric production fuel and purchased power	66	83	113	150
Electric transmission service	96	91	201	188
Cost of gas sold	20	27	116	112
Other operation and maintenance	85	87	181	171
Depreciation and amortization	96	95	191	189
Taxes other than income taxes	14	14	29	28
Total operating expenses	377	397	831	838
Operating income	110	109	206	218
Other (income) and deductions:
Interest expense	37	37	74	74
Allowance for funds used during construction	(4)	(3)	(8)	(5)
Other	1	—	3	(1)
Total other (income) and deductions	34	34	69	68
Income before income taxes	76	75	137	150
Income tax benefit	(13)	(12)	(24)	(23)


Net income	$89	$87	$161	$173

Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of IPL’s common stock outstanding during the periods presented.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	June 30, 2023	December 31, 2022
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$9	$15
Accounts receivable, less allowance for expected credit losses	204	259

Production fuel, at weighted average cost	31	23
Gas stored underground, at weighted average cost	27	60
Materials and supplies, at weighted average cost	100	83
Regulatory assets	90	85
Other	78	93
Total current assets	539	618
Property, plant and equipment, net	7,923	8,046
Other assets:
Regulatory assets	1,558	1,301
Deferred charges and other	101	110
Total other assets	1,659	1,411
Total assets	$10,121	$10,075


LIABILITIES AND EQUITY
Current liabilities:


Accounts payable	$247	$239
Accounts payable to associated companies	40	28
Accrued taxes	51	52
Accrued interest	35	35
Regulatory liabilities	73	114
Other	97	113
Total current liabilities	543	581
Long-term debt, net	3,702	3,646
Other liabilities:
Deferred tax liabilities	1,061	1,047
Regulatory liabilities	603	640
Pension and other benefit obligations	60	62
Other	283	291
Total other liabilities	2,007	2,040
Commitments and contingencies (Note 1 3)
Equity:
Interstate Power and Light Company common equity:
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding	33	33
Additional paid-in capital	2,847	2,807
Retained earnings	989	968
Total Interstate Power and Light Company common equity	3,869	3,808


Total liabilities and equity	$10,121	$10,075

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Six Months
	Ended June 30,
	2023	2022
	(in millions)
Cash flows from operating activities:
Net income	$161	$173
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	191	189


Other	2	(9)
Other changes in assets and liabilities:
Accounts receivable	(216)	(256)

Gas stored underground	33	12
Derivative assets	43	(123)
Regulatory assets	(2)	(52)
Accounts payable	(32)	67
Derivative liabilities	(9)	63
Regulatory liabilities	(78)	53

Deferred income taxes	8	24

Other	(49)	(58)
Net cash flows from operating activities	52	83
Cash flows from (used for) investing activities:
Construction and acquisition expenditures	(251)	(172)
Cash receipts on sold receivables	272	233
Other	(36)	(1)
Net cash flows from (used for) investing activities	(15)	60
Cash flows used for financing activities:
Common stock dividends	(140)	(160)
Capital contributions from parent	40	—


Net change in commercial paper	55	—
Other	2	(4)
Net cash flows used for financing activities	(43)	(164)
Net decrease in cash, cash equivalents and restricted cash	(6)	(21)
Cash, cash equivalents and restricted cash at beginning of period	15	34
Cash, cash equivalents and restricted cash at end of period	$9	$13
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest	($74)	($74)
Income taxes, net	$25	$19
Significant non-cash investing and financing activities:
Accrued capital expenditures	$95	$45
Beneficial interest obtained in exchange for securitized accounts receivable	$175	$244

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months		For the Six Months
	Ended June 30,		Ended June 30,
	2023	2022	2023	2022
	(in millions)
Revenues:
Electric utility	$368	$370	$748	$743
Gas utility	33	42	159	165
Other	1	1	1	1
Total revenues	402	413	908	909
Operating expenses:
Electric production fuel and purchased power	99	108	209	209
Electric transmission service	42	41	83	83
Cost of gas sold	13	21	99	104
Other operation and maintenance	67	67	133	123
Depreciation and amortization	69	69	137	139
Taxes other than income taxes	13	12	27	24
Total operating expenses	303	318	688	682
Operating income	99	95	220	227
Other (income) and deductions:
Interest expense	36	28	72	55

Allowance for funds used during construction	(19)	(10)	(35)	(18)
Other	(4)	—	(3)	—
Total other (income) and deductions	13	18	34	37
Income before income taxes	86	77	186	190
Income tax expense	14	14	26	34
Net income	$72	$63	$160	$156

Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of WPL’s common stock outstanding during the periods presented.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	June 30, 2023	December 31, 2022
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$3	$5
Accounts receivable, less allowance for expected credit losses	210	244
Production fuel, at weighted average cost	33	29
Gas stored underground, at weighted average cost	42	73
Materials and supplies, at weighted average cost	70	54
Regulatory assets	106	81
Prepaid gross receipts tax	47	42
Other	47	60
Total current assets	558	588
Property, plant and equipment, net	7,882	7,722
Other assets:
Regulatory assets	590	579
Deferred charges and other	69	98
Total other assets	659	677
Total assets	$9,099	$8,987


LIABILITIES AND EQUITY
Current liabilities:

Commercial paper	$44	$290

Accounts payable	277	456

Regulatory liabilities	48	92
Other	140	111
Total current liabilities	509	949
Long-term debt, net	3,068	2,770
Other liabilities:
Deferred tax liabilities	785	789
Regulatory liabilities	484	478

Pension and other benefit obligations	127	140
Other	387	370
Total other liabilities	1,783	1,777
Commitments and contingencies (Note 1 3)
Equity:
Wisconsin Power and Light Company common equity:
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding	66	66
Additional paid-in capital	2,413	2,233
Retained earnings	1,260	1,192
Total Wisconsin Power and Light Company common equity	3,739	3,491


Total liabilities and equity	$9,099	$8,987

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Six Months
	Ended June 30,
	2023	2022
	(in millions)
Cash flows from operating activities:
Net income	$160	$156
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	137	139
Equity component of allowance for funds used during construction	(26)	(14)

Other	(4)	18
Other changes in assets and liabilities:
Accounts receivable	33	(17)
Gas stored underground	31	5
Derivative assets	47	(60)
Regulatory assets	(35)	(65)
Accounts payable	(54)	38
Derivative liabilities	27	23
Regulatory liabilities	(38)	20


Other	(10)	(45)
Net cash flows from operating activities	268	198
Cash flows used for investing activities:
Construction and acquisition expenditures	(507)	(378)
Proceeds from sales of partial ownership interest in West Riverside	120	—
Other	(15)	(6)
Net cash flows used for investing activities	(402)	(384)
Cash flows from financing activities:
Common stock dividends	(92)	(89)
Capital contributions from parent	180	265
Proceeds from issuance of long-term debt	297	—

Net change in commercial paper	(246)	(14)
Contributions from noncontrolling interest	—	29

Other	(7)	(3)
Net cash flows from financing activities	132	188
Net increase (decrease) in cash, cash equivalents and restricted cash	(2)	2
Cash, cash equivalents and restricted cash at beginning of period	5	2
Cash, cash equivalents and restricted cash at end of period	$3	$4
Supplemental cash flows information:
Cash paid during the period for:
Interest	($69)	($54)
Income taxes, net	($42)	($31)
Significant non-cash investing and financing activities:
Accrued capital expenditures	$196	$150

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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ALLIANT ENERGY CORPORATION

INTERSTATE POWER AND LIGHT COMPANY

WISCONSIN POWER AND LIGHT COMPANY

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. These Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the 2022 Form 10-K.

In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the six months ended June 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023.

A change in management’s estimates or assumptions could have a material impact on financial condition and results of operations during the period in which such change occurred. Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes.

NOTE 2. REGULATORY MATTERS

Regulatory Assets and Regulatory Liabilities -

Regulatory assets were comprised of the following items (in millions):


	Alliant Energy		IPL		WPL
	June 30, 2023	December 31, 2022	June 30, 2023	December 31, 2022	June 30, 2023	December 31, 2022
Tax-related	$957	$929	$868	$848	$89	$81
Pension and OPEB costs	378	392	190	197	188	195
Assets retired early	290	70	274	53	16	17
Asset retirement obligations	197	151	156	110	41	41
Commodity cost recovery	145	160	6	1	139	159
Derivatives	102	84	41	48	61	36
IPL’s Duane Arnold Energy Center PPA amendment	54	66	54	66	—	—
WPL’s Western Wisconsin gas distribution expansion investments	47	48	—	—	47	48

Other	174	146	59	63	115	83
	$2,344	$2,046	$1,648	$1,386	$696	$660

Assets retired early - In May 2023, IPL retired the coal-fired Lansing Generating Station and reclassified the remaining net book value of this EGU from property, plant and equipment to a regulatory asset on Alliant Energy’s and IPL’s balance sheets. The related regulatory asset balance as of June 30, 2023 was $226 million, which is currently included in IPL’s rate base and IPL is earning a return of and a return on the remaining balance. Continued recovery of the remaining net book value of Lansing is expected to be addressed in future IPL rate reviews.

Derivatives - Refer to Note 11 for discussion of changes in Alliant Energy’s, IPL’s and WPL’s derivative liabilities/assets during the six months ended June 30, 2023, which resulted in comparable changes to regulatory assets/liabilities on the balance sheets.

Regulatory liabilities were comprised of the following items (in millions):


	Alliant Energy		IPL		WPL
	June 30, 2023	December 31, 2022	June 30, 2023	December 31, 2022	June 30, 2023	December 31, 2022
Tax-related	$572	$579	$301	$303	$271	$276
Cost of removal obligations	405	398	260	259	145	139
Derivatives	90	210	48	115	42	95
Commodity cost recovery	39	40	15	38	24	2
Electric transmission cost recovery	19	20	14	10	5	10
WPL’s West Riverside liquidated damages	17	32	—	—	17	32



Other	66	45	38	29	28	16
	$1,208	$1,324	$676	$754	$532	$570


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WPL’s West Riverside liquidated damages - Pursuant to PSCW authorization, WPL’s amortization of liquidated damages related to West Riverside construction procurement contracts was used to offset increases in WPL’s retail electric 2022/2023 Test Period revenue requirement, which resulted in decreases in regulatory liabilities on Alliant Energy’s and WPL’s balance sheets and decreases in depreciation and amortization expenses in Alliant Energy’s and WPL’s income statements for the three and six months ended June 30, 2023.

NOTE 3. PROPERTY, PLANT AND EQUIPMENT

In March 2023 and June 2023, Madison Gas and Electric Company and WEC Energy Group, Inc., respectively, acquired partial ownership interests in West Riverside. The related proceeds are included in “Proceeds from sales of partial ownership interest in West Riverside” in investing activities in Alliant Energy’s and WPL’s cash flows statements for the six months ended June 30, 2023. As a result of these transactions, WPL’s undivided current ownership interest in West Riverside is 73.8%.

NOTE 4. RECEIVABLES

NOTE 4(a) - Accounts Receivable - For the three and six months ended June 30, 2023, Alliant Energy’s, IPL’s and WPL’s gross write-offs for accounts receivable were as follows (in millions):


	Originated in 2022		Originated in 2023
	Three Months	Six Months	Three Months	Six Months
Alliant Energy	$3	$8	$2	$2
IPL	2	5	1	1
WPL	1	3	1	1

NOTE 4(b) - Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. In March 2023, IPL amended and extended through March 2024 the purchase commitment from the third party to which it sells its receivables. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of June 30, 2023, IPL had $50 million of available capacity under its sales of accounts receivable program. IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three and six months ended June 30 were as follows (in millions):


	Three Months		Six Months
	2023	2022	2023	2022
Maximum outstanding aggregate cash proceeds	$110	$66	$110	$66
Average outstanding aggregate cash proceeds	101	18	79	11

The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):


	June 30, 2023	December 31, 2022
Customer accounts receivable	$148	$145
Unbilled utility revenues	100	132

Receivables sold to third party	248	277
Less: cash proceeds	60	80
Deferred proceeds	188	197
Less: allowance for expected credit losses	13	12
Fair value of deferred proceeds	$175	$185

As of June 30, 2023, outstanding receivables past due under the Receivables Agreement were $20 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three and six months ended June 30 were as follows (in millions):


	Three Months		Six Months
	2023	2022	2023	2022
Collections	$514	$500	$1,104	$1,061
Write-offs, net of recoveries	2	1	4	3


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NOTE 5. INVESTMENTS

Unconsolidated Equity Investments - Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three and six months ended June 30 was as follows (in millions):


	Three Months		Six Months
	2023	2022	2023	2022
ATC Holdings	($12)	($11)	($25)	($23)


Other	(2)	(5)	(6)	(9)
	($14)	($16)	($31)	($32)

NOTE 6. COMMON EQUITY

Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows:


Shares outstanding, January 1, 2023			251,134,966
At-the-market offering program			1,221,775

Shareowner Direct Plan			228,017
Equity-based compensation plans			134,334

Shares outstanding, June 30, 2023			252,719,092

At-the-Market Offering Program - In December 2022, Alliant Energy filed a prospectus supplement under which it may sell up to $225 million of its common stock through an at-the-market offering program. As of June 30, 2023, Alliant Energy issued 1,221,775 shares of common stock through this program and received cash proceeds of $64 million, net of $1 million in commissions and fees. Alliant Energy also had commitments not recognized on its balance sheet at June 30, 2023 to sell 172,701 shares of common stock under sales transactions executed through this program in late June 2023. Subsequent to June 30, 2023, Alliant Energy issued shares to settle these transactions in exchange for net cash proceeds of $9 million. The proceeds from the issuances of common stock were used for general corporate purposes.

Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions):


Alliant Energy	Total Alliant Energy Common Equity
				Accumulated	Shares in
		Additional		Other	Deferred
	Common	Paid-In	Retained	Comprehensive	Compensation	Noncontrolling	Total
	Stock	Capital	Earnings	Income (Loss)	Trust	Interest	Equity
Three Months Ended June 30, 2023
Beginning balance, March 31, 2023	$3	$2,780	$3,559	($1)	($13)	$—	$6,328
Net income attributable to Alliant Energy common shareowners			160				160
Common stock dividends ($0.4525 per share)			(113)				(113)
At-the-market offering program and Shareowner Direct Plan issuances		70					70
Equity-based compensation plans and other		4			(1)		3



Other comprehensive income, net of tax				4			4
Ending balance, June 30, 2023	$3	$2,854	$3,606	$3	($14)	$—	$6,452
Three Months Ended June 30, 2022
Beginning balance, March 31, 2022	$3	$2,750	$3,336	$—	($12)	$—	$6,077
Net income attributable to Alliant Energy common shareowners			159				159
Common stock dividends ($0.4275 per share)			(108)				(108)
Shareowner Direct Plan issuances		6					6
Equity-based compensation plans and other		3					3
Contributions from noncontrolling interest						29	29


Ending balance, June 30, 2022	$3	$2,759	$3,387	$—	($12)	$29	$6,166


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Alliant Energy	Total Alliant Energy Common Equity
				Accumulated	Shares in
		Additional		Other	Deferred
	Common	Paid-In	Retained	Comprehensive	Compensation	Noncontrolling	Total
	Stock	Capital	Earnings	Income (Loss)	Trust	Interest	Equity
Six Months Ended June 30, 2023
Beginning balance, December 31, 2022	$3	$2,777	$3,509	$—	($13)	$—	$6,276
Net income attributable to Alliant Energy common shareowners			323				323
Common stock dividends ($0.905 per share)			(226)				(226)
At-the-market offering program and Shareowner Direct Plan issuances		76					76
Equity-based compensation plans and other		1			(1)		—



Other comprehensive income, net of tax				3			3
Ending balance, June 30, 2023	$3	$2,854	$3,606	$3	($14)	$—	$6,452
Six Months Ended June 30, 2022
Beginning balance, December 31, 2021	$3	$2,749	$3,250	$—	($12)	$—	$5,990
Net income attributable to Alliant Energy common shareowners			351				351
Common stock dividends ($0.855 per share)			(215)				(215)
Shareowner Direct Plan issuances		13					13
Equity-based compensation plans and other		(3)	1				(2)
Contributions from noncontrolling interest						29	29


Ending balance, June 30, 2022	$3	$2,759	$3,387	$—	($12)	$29	$6,166



IPL		Additional		Total
	Common	Paid-In	Retained	Common
	Stock	Capital	Earnings	Equity
Three Months Ended June 30, 2023
Beginning balance, March 31, 2023	$33	$2,807	$970	$3,810
Net income			89	89
Common stock dividends			(70)	(70)
Capital contributions from parent		40		40
Ending balance, June 30, 2023	$33	$2,847	$989	$3,869
Three Months Ended June 30, 2022
Beginning balance, March 31, 2022	$33	$2,807	$935	$3,775
Net income			87	87
Common stock dividends			(80)	(80)

Ending balance, June 30, 2022	$33	$2,807	$942	$3,782




IPL		Additional		Total
	Common	Paid-In	Retained	Common
	Stock	Capital	Earnings	Equity
Six Months Ended June 30, 2023
Beginning balance, December 31, 2022	$33	$2,807	$968	$3,808
Net income			161	161
Common stock dividends			(140)	(140)
Capital contributions from parent		40		40
Ending balance, June 30, 2023	$33	$2,847	$989	$3,869
Six Months Ended June 30, 2022
Beginning balance, December 31, 2021	$33	$2,807	$929	$3,769
Net income			173	173
Common stock dividends			(160)	(160)

Ending balance, June 30, 2022	$33	$2,807	$942	$3,782


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WPL	Total WPL Common Equity
		Additional
	Common	Paid-In	Retained	Noncontrolling	Total
	Stock	Capital	Earnings	Interest	Equity
Three Months Ended June 30, 2023
Beginning balance, March 31, 2023	$66	$2,413	$1,234	$—	$3,713
Net income			72		72
Common stock dividends			(46)		(46)




Ending balance, June 30, 2023	$66	$2,413	$1,260	$—	$3,739
Three Months Ended June 30, 2022
Beginning balance, March 31, 2022	$66	$1,884	$1,101	$—	$3,051
Net income			63		63
Common stock dividends			(44)		(44)
Capital contributions from parent		85			85
Contributions from noncontrolling interest				29	29

Other		(1)			(1)
Ending balance, June 30, 2022	$66	$1,968	$1,120	$29	$3,183



WPL	Total WPL Common Equity
		Additional
	Common	Paid-In	Retained	Noncontrolling	Total
	Stock	Capital	Earnings	Interest	Equity
Six Months Ended June 30, 2023
Beginning balance, December 31, 2022	$66	$2,233	$1,192	$—	$3,491
Net income			160		160
Common stock dividends			(92)		(92)
Capital contributions from parent		180			180



Ending balance, June 30, 2023	$66	$2,413	$1,260	$—	$3,739
Six Months Ended June 30, 2022
Beginning balance, December 31, 2021	$66	$1,704	$1,053	$—	$2,823
Net income			156		156
Common stock dividends			(89)		(89)
Capital contributions from parent		265			265
Contributions from noncontrolling interest				29	29

Other		(1)			(1)
Ending balance, June 30, 2022	$66	$1,968	$1,120	$29	$3,183

NOTE 7. DEBT

NOTE 7(a) Short-term Debt - In March 2023, Alliant Energy, IPL and WPL extended their single credit facility agreement, which currently expires in December 2027, and reallocated credit facility capacity amounts to $450 million for Alliant Energy at the parent company level, $250 million for IPL and $300 million for WPL, within the $1 billion total commitment. Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper classified as short-term debt was as follows (dollars in millions):


June 30, 2023	Alliant Energy	IPL	WPL
Amount outstanding	$391	$—	$44
Weighted average interest rates	5.3%	—%	5.2%
Available credit facility capacity (a)	$554	$195	$256


	Alliant Energy		IPL		WPL
Three Months Ended June 30	2023	2022	2023	2022	2023	2022
Maximum amount outstanding (based on daily outstanding balances)	$391	$441	$70	$—	$91	$222
Average amount outstanding (based on daily outstanding balances)	$88	$337	$6	$—	$18	$166
Weighted average interest rates	5.3%	1.0%	5.3%	—%	5.2%	0.9%
Six Months Ended June 30
Maximum amount outstanding (based on daily outstanding balances)	$793	$577	$70	$—	$349	$252
Average amount outstanding (based on daily outstanding balances)	$330	$390	$3	$—	$160	$185
Weighted average interest rates	4.8%	0.6%	5.3%	—%	4.8%	0.5%

(a)Alliant Energy’s and IPL’s available credit facility capacities reflect outstanding commercial paper classified as both short- and long-term debt at June 30, 2023.


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In January 2023, AEF received $50 million of proceeds from its December 2022 term loan credit agreement, which was classified as “Other short-term borrowings” on Alliant Energy’s balance sheet as of June 30, 2023.

NOTE 7(b) Long-term Debt - In June 2023, AEF retired its $400 million 3.75% senior notes. In March 2023, WPL issued $300 million of 4.95% debentures due 2033. WPL’s debentures were issued as green bonds, and an amount equal to or in excess of the net proceeds will be allocated or disbursed for the development and acquisition of its solar EGUs.

As of June 30, 2023, $55 million of commercial paper was recorded in “Long-term debt, net” on Alliant Energy’s and IPL’s balance sheets due to the existence of the long-term single credit facility that back-stops this commercial paper balance, along with Alliant Energy’s and IPL’s intent and ability to refinance these balances on a long-term basis. As of June 30, 2023, this commercial paper balance had a 5% interest rate.

Convertible Senior Notes - In March 2023, Alliant Energy issued $575 million of 3.875% convertible senior notes (the Notes), which are senior unsecured obligations, and used the net proceeds from the issuance for general corporate purposes. The Notes will mature on March 15, 2026 unless earlier converted or repurchased, and no sinking fund is provided for the Notes. Alliant Energy may not redeem the Notes prior to the maturity date. Holders may convert their Notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2025 only under the following circumstances:

during any calendar quarter commencing after the calendar quarter ending on June 30, 2023 (and only during such calendar quarter), if the last reported sale price of Alliant Energy’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day during such period;
during the 5 business day period after any 10 consecutive trading day period (the “measurement period”) in which the trading price (as defined in the related Indenture) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Alliant Energy’s common stock and the conversion rate on each such trading day; or
upon the occurrence of specified corporate events.

On or after December 15, 2025 until the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, regardless of the foregoing circumstances. Upon conversion of the Notes, Alliant Energy will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted.

The initial conversion rate is 15.5461 shares of common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $64.32 per share of Alliant Energy’s common stock). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, Alliant Energy will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event.

If Alliant Energy undergoes a fundamental change (as defined in the related Indenture), then, subject to certain conditions, holders of the Notes may require Alliant Energy to repurchase for cash all or any portion of its Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

As of June 30, 2023, the conditions allowing holders of the Notes to convert their Notes were not met, and as a result, the Notes were classified as “Long-term debt, net” on Alliant Energy’s balance sheet. As of June 30, 2023, the net carrying amount of the Notes was $566 million, with unamortized debt issuance costs of $9 million, and the estimated fair value (Level 2) of the Notes was $573 million. As of June 30, 2023, there were no shares of Alliant Energy’s common stock related to the potential conversion of the Notes included in diluted EPS based on Alliant Energy’s average stock prices and the relevant terms of the Notes.


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NOTE 8. REVENUES

Disaggregation of revenues from contracts with customers, which correlates to revenues for each reportable segment, was as follows (in millions):


	Alliant Energy		IPL		WPL
Three Months Ended June 30	2023	2022	2023	2022	2023	2022
Electric Utility:
Retail - residential	$284	$289	$151	$158	$133	$131
Retail - commercial	201	196	129	127	72	69
Retail - industrial	245	244	130	136	115	108
Wholesale	49	54	14	16	35	38
Bulk power and other	20	29	7	5	13	24
Total Electric Utility	799	812	431	442	368	370
Gas Utility:
Retail - residential	42	51	24	28	18	23
Retail - commercial	22	27	12	14	10	13
Retail - industrial	3	3	2	2	1	1
Transportation/other	10	13	6	8	4	5
Total Gas Utility	77	94	44	52	33	42
Other Utility:
Steam	11	11	11	11	—	—
Other utility	2	2	1	1	1	1
Total Other Utility	13	13	12	12	1	1
Non-Utility and Other:
Travero and other	23	24	—	—	—	—

Total Non-Utility and Other	23	24	—	—	—	—
Total revenues	$912	$943	$487	$506	$402	$413



	Alliant Energy		IPL		WPL
Six Months Ended June 30	2023	2022	2023	2022	2023	2022
Electric Utility:
Retail - residential	$569	$581	$294	$308	$275	$273
Retail - commercial	385	386	241	246	144	140
Retail - industrial	460	453	236	246	224	207
Wholesale	95	101	26	31	69	70
Bulk power and other	58	65	22	12	36	53
Total Electric Utility	1,567	1,586	819	843	748	743
Gas Utility:
Retail - residential	210	210	117	113	93	97
Retail - commercial	110	109	56	54	54	55
Retail - industrial	9	11	6	7	3	4
Transportation/other	24	26	15	17	9	9
Total Gas Utility	353	356	194	191	159	165
Other Utility:
Steam	22	20	22	20	—	—
Other utility	3	3	2	2	1	1
Total Other Utility	25	23	24	22	1	1
Non-Utility and Other:
Travero and other	45	47	—	—	—	—

Total Non-Utility and Other	45	47	—	—	—	—
Total revenues	$1,990	$2,012	$1,037	$1,056	$908	$909

NOTE 9. INCOME TAXES

Income Tax Rates - Overall effective income tax rates, which were computed by dividing income tax expense (benefit) by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences.


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	Alliant Energy				IPL				WPL
	Three Months		Six Months		Three Months		Six Months		Three Months		Six Months
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
Overall income tax rate	—%	2%	(1%)	3%	(17%)	(16%)	(18%)	(15%)	16%	18%	14%	18%

Deferred Tax Assets and Liabilities -

Carryforwards - At June 30, 2023, the carryforwards and expiration dates were estimated as follows (in millions):


	Range of Expiration Dates	Alliant Energy	IPL	WPL

State net operating losses	2025-2043	$503	$8	$1
Federal tax credits	2030-2043	708	485	214

NOTE 10. BENEFIT PLANS

NOTE 10(a) Pension and OPEB Plans -

Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three and six months ended June 30 are included below (in millions). For IPL and WPL, amounts are for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans.


	Defined Benefit Pension Plans				OPEB Plans
	Three Months		Six Months		Three Months		Six Months
Alliant Energy	2023	2022	2023	2022	2023	2022	2023	2022
Service cost	$1	$2	$2	$4	$—	$1	$1	$2
Interest cost	12	9	23	18	2	2	4	3
Expected return on plan assets	(13)	(17)	(26)	(34)	(1)	(2)	(2)	(3)

Amortization of actuarial loss	7	8	14	16	1	—	1	1


	$7	$2	$13	$4	$2	$1	$4	$3


	Defined Benefit Pension Plans				OPEB Plans
	Three Months		Six Months		Three Months		Six Months
IPL	2023	2022	2023	2022	2023	2022	2023	2022
Service cost	$1	$1	$2	$3	$—	$1	$—	$1
Interest cost	5	4	10	8	1	—	2	1
Expected return on plan assets	(6)	(8)	(13)	(16)	(1)	(1)	(2)	(2)

Amortization of actuarial loss	3	4	6	7	1	—	1	—
	$3	$1	$5	$2	$1	$—	$1	$—


	Defined Benefit Pension Plans				OPEB Plans
	Three Months		Six Months		Three Months		Six Months
WPL	2023	2022	2023	2022	2023	2022	2023	2022
Service cost	$1	$1	$1	$2	$—	$—	$—	$—
Interest cost	5	4	10	8	1	—	2	1
Expected return on plan assets	(6)	(8)	(11)	(16)	—	—	—	—

Amortization of actuarial loss	4	4	7	8	—	1	—	1

	$4	$1	$7	$2	$1	$1	$2	$2

NOTE 10(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three and six months ended June 30 was as follows (in millions):


	Alliant Energy				IPL				WPL
	Three Months		Six Months		Three Months		Six Months		Three Months		Six Months
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
Compensation expense	$3	$3	$6	$7	$2	$1	$3	$4	$1	$1	$2	$3
Income tax benefits	1	1	2	2	—	—	1	1	—	—	1	1

As of June 30, 2023, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $15 million, $8 million and $6 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years.


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For the six months ended June 30, 2023, performance shares, performance restricted stock units and restricted stock units were granted to key employees under existing plans as follows. These shares and units will be paid out in shares of common stock, and are therefore accounted for as equity awards.


		Weighted Average
	Grants	Grant Date Fair Value
Performance shares	106,927	$55.68
Performance restricted stock units	122,178	52.77
Restricted stock units	104,849	52.81

As of June 30, 2023, 206,177 shares were included in the calculation of diluted EPS related to the nonvested equity awards.

NOTE 11. DERIVATIVE INSTRUMENTS

Commodity Derivatives -

Notional Amounts - As of June 30, 2023, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):


	Electricity		FTRs		Natural Gas		Coal
	MWhs	Years	MWhs	Years	Dths	Years	Tons	Years
Alliant Energy	1,171	2023-2025	24,874	2023-2024	192,421	2023-2032	466	2023
IPL	537	2023-2025	10,163	2023-2024	92,087	2023-2030	224	2023
WPL	634	2023-2025	14,711	2023-2024	100,334	2023-2032	242	2023

Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):


	Alliant Energy		IPL		WPL
	June 30, 2023	December 31, 2022	June 30, 2023	December 31, 2022	June 30, 2023	December 31, 2022
Current derivative assets	$86	$111	$61	$69	$25	$42
Non-current derivative assets	61	126	34	69	27	57
Current derivative liabilities	54	59	27	40	27	19
Non-current derivative liabilities	43	20	10	6	33	14

During the six months ended June 30, 2023, Alliant Energy’s, IPL’s and WPL’s derivative assets decreased primarily due to settlements of natural gas, FTR and electricity contracts and lower natural gas prices, partially offset by new FTRs resulting from the annual FTR auction in the second quarter of 2023 operated by MISO. Alliant Energy’s and WPL’s derivative liabilities increased primarily due to lower natural gas prices. Based on IPL’s and WPL’s cost recovery mechanisms, the changes in the fair value of derivative liabilities/assets resulted in comparable changes to regulatory assets/liabilities on the balance sheets.

Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At June 30, 2023 and December 31, 2022, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered.

Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, derivative assets and derivative liabilities related to commodity contracts would have been presented on the balance sheets as follows (in millions):


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	Alliant Energy		IPL		WPL
	Gross		Gross		Gross
	(as reported)	Net	(as reported)	Net	(as reported)	Net
June 30, 2023
Derivative assets	$147	$114	$95	$73	$52	$41
Derivative liabilities	97	64	37	15	60	49
December 31, 2022
Derivative assets	237	193	138	108	99	85
Derivative liabilities	79	35	46	16	33	19

Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement.

Interest Rate Derivative - In January 2023, AEF entered into a $300 million interest rate swap maturing in January 2026 to mitigate interest rate risk. Under the terms of the swap, AEF exchanged a variable interest rate for a fixed interest rate of 3.93% on a portion of its variable-rate term loan borrowings. The related interest rate derivative was valued based on quoted prices that utilize current market interest rate forecasts. As of June 30, 2023, $4 million of non-current interest rate derivative assets was recorded in “Deferred charges and other” on Alliant Energy’s balance sheet. This interest rate derivative was designated as a cash flow hedge, with changes in fair value recorded as other comprehensive income/loss. As of June 30, 2023, accumulated other comprehensive income included $3 million of income related to the interest rate swap. For the three and six months ended June 30, 2023, $1 million and $1 million, respectively, of reductions to interest expense were recorded in Alliant Energy’s income statement related to the interest rate swap.

NOTE 12. FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):


Alliant Energy	June 30, 2023					December 31, 2022
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Money market fund investments	$6	$6	$—	$—	$6	$10	$10	$—	$—	$10
Commodity derivatives	147	—	80	67	147	237	—	206	31	237
Interest rate derivatives	4	—	4	—	4	—	—	—	—	—
Deferred proceeds	175	—	—	175	175	185	—	—	185	185
Liabilities:
Commodity derivatives	97	—	84	13	97	79	—	67	12	79

Long-term debt (incl. current maturities)	8,595	—	7,950	1	7,951	8,076	—	7,338	1	7,339


IPL	June 30, 2023					December 31, 2022
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Money market fund investments	$6	$6	$—	$—	$6	$10	$10	$—	$—	$10
Commodity derivatives	95	—	44	51	95	138	—	111	27	138
Deferred proceeds	175	—	—	175	175	185	—	—	185	185
Liabilities:
Commodity derivatives	37	—	27	10	37	46	—	35	11	46
Long-term debt	3,702	—	3,321	—	3,321	3,646	—	3,228	—	3,228


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WPL	June 30, 2023					December 31, 2022
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:

Commodity derivatives	$52	$—	$36	$16	$52	$99	$—	$95	$4	$99
Liabilities:
Commodity derivatives	60	—	57	3	60	33	—	32	1	33
Long-term debt	3,068	—	2,875	—	2,875	2,770	—	2,542	—	2,542

Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):


Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended June 30	2023	2022	2023	2022
Beginning balance, April 1	($5)	$10	$153	$227
Total net losses included in changes in net assets (realized/unrealized)	(7)	(10)	—	—


Purchases	62	79	—	—
Sales	(1)	—	—	—
Settlements (a)	5	(7)	22	17
Ending balance, June 30	$54	$72	$175	$244
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at June 30	($7)	($10)	$—	$—



Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Six Months Ended June 30	2023	2022	2023	2022
Beginning balance, January 1	$19	$29	$185	$214
Total net losses included in changes in net assets (realized/unrealized)	(11)	(16)	—	—


Purchases	62	79	—	—
Sales	(1)	—	—	—
Settlements (a)	(15)	(20)	(10)	30
Ending balance, June 30	$54	$72	$175	$244
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at June 30	($11)	($16)	$—	$—


IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended June 30	2023	2022	2023	2022
Beginning balance, April 1	$—	$7	$153	$227
Total net losses included in changes in net assets (realized/unrealized)	(13)	(3)	—	—


Purchases	51	58	—	—
Sales	(1)	—	—	—
Settlements (a)	4	(4)	22	17
Ending balance, June 30	$41	$58	$175	$244
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at June 30	($13)	($3)	$—	$—


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IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Six Months Ended June 30	2023	2022	2023	2022
Beginning balance, January 1	$16	$18	$185	$214
Total net losses included in changes in net assets (realized/unrealized)	(12)	(7)	—	—


Purchases	51	58	—	—
Sales	(1)	—	—	—
Settlements (a)	(13)	(11)	(10)	30
Ending balance, June 30	$41	$58	$175	$244
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at June 30	($12)	($8)	$—	$—


WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Three Months Ended June 30	2023	2022
Beginning balance, April 1	($5)	$3
Total net gains (losses) included in changes in net assets (realized/unrealized)	6	(7)


Purchases	11	21

Settlements	1	(3)
Ending balance, June 30	$13	$14
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30	$6	($7)



WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Six Months Ended June 30	2023	2022
Beginning balance, January 1	$3	$11
Total net gains (losses) included in changes in net assets (realized/unrealized)	1	(9)


Purchases	11	21

Settlements	(2)	(9)
Ending balance, June 30	$13	$14
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30	$1	($8)

(a)Settlements related to deferred proceeds are due to the change in the carrying amount of receivables sold less the allowance for expected credit losses associated with the receivables sold and cash amounts received from the receivables sold.

Commodity Contracts - The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets (liabilities) as follows (in millions):


	Alliant Energy		IPL		WPL
	Excluding FTRs	FTRs	Excluding FTRs	FTRs	Excluding FTRs	FTRs
June 30, 2023	($8)	$62	($5)	$46	($3)	$16
December 31, 2022	(10)	29	(9)	25	(1)	4

NOTE 13. COMMITMENTS AND CONTINGENCIES

NOTE 13(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction projects, including IPL’s and WPL’s expansion of solar generation. At June 30, 2023, Alliant Energy’s, IPL’s and WPL’s minimum future commitments for these projects were $188 million, $87 million and $101 million, respectively.


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NOTE 13(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At June 30, 2023, related minimum future commitments were as follows (in millions):


	Alliant Energy	IPL	WPL
Natural gas	$1,083	$494	$589
Coal	163	79	84

Other (a)	106	51	25
	$1,352	$624	$698

(a)Includes individual commitments incurred during the normal course of business that exceeded $1 million at June 30, 2023.

NOTE 13(c) Guarantees and Indemnifications -

Whiting Petroleum - Whiting Petroleum is an independent oil and gas company. In 2004, Alliant Energy sold its remaining interest in Whiting Petroleum. Alliant Energy Resources, LLC, as the successor to a predecessor entity that owned Whiting Petroleum, and a wholly-owned subsidiary of AEF, continues to guarantee the partnership obligations of an affiliate of Whiting Petroleum under multiple general partnership agreements in the oil and gas industry. The guarantees do not include a maximum limit. Based on information made available to Alliant Energy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6% share in the partnerships, and currently known obligations include costs associated with the future abandonment of certain facilities owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC may need to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations.

As of June 30, 2023, the currently known partnership obligations for the abandonment obligations are estimated at $58 million, which represents Alliant Energy’s currently estimated maximum exposure under the guarantees. Alliant Energy estimates its expected loss to be a portion of the $58 million of known partnership abandonment obligations of the Whiting Petroleum affiliate and the other partners. Alliant Energy is not aware of any material liabilities related to these guarantees that it is probable that it will be obligated to pay; however, as of both June 30, 2023 and December 31, 2022, a liability of $5 million is recorded in “Other liabilities” on Alliant Energy’s balance sheets for expected credit losses related to the contingent obligations that are in the scope of these guarantees.

Whiting Petroleum completed a business combination with Oasis Petroleum Inc. in July 2022. The combined operations are now known as Chord Energy Corporation. The business combination is not expected to affect the scope of the Whiting Petroleum affiliate’s obligations to Alliant Energy or Alliant Energy’s related guarantees.

Non-utility Wind Farm in Oklahoma - In 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-utility wind farm located in Oklahoma. The wind farm provides electricity to a third party under a long-term PPA. Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and PPA. Alliant Energy’s obligations under the operating agreement were $59 million as of June 30, 2023 and will reduce annually until expiring in July 2047. Alliant Energy’s obligations under the PPA are subject to a maximum limit of $17 million and expire in December 2031, subject to potential extension. Alliant Energy is not aware of any material liabilities related to this guarantee that it is probable that it will be obligated to pay and therefore has not recognized any material liabilities related to this guarantee as of June 30, 2023 and December 31, 2022.

NOTE 13(d) Environmental Matters -

Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At June 30, 2023, estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, which are not discounted, were as follows (in millions):


	Alliant Energy			IPL			WPL
Range of estimated future costs	$9	-	$36	$5	-	$11	$4	-	$25
Current and non-current environmental liabilities	$18			$8			$10

IPL Consent Decree - In 2015, the U.S. District Court for the Northern District of Iowa approved a Consent Decree that IPL entered into with the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa, thereby resolving potential Clean Air Act issues associated with emissions from IPL’s coal-fired generating facilities in Iowa. IPL has completed various requirements under the Consent Decree. IPL’s remaining requirements include fuel switching or retiring Prairie Creek Units 1 and 3 by December 31, 2025. Alliant Energy and IPL currently expect to recover material costs incurred by IPL related to compliance with the terms of the Consent Decree from IPL’s electric customers.


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Other Environmental Contingencies - In addition to the environmental liabilities discussed above, various environmental rules are monitored that may have a significant impact on future operations. Several of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Given uncertainties regarding the outcome, timing and compliance plans for these environmental matters, the complete financial impact of each of these rules is not able to be determined; however, future capital investments and/or modifications to EGUs and electric and gas distribution systems to comply with certain of these rules could be significant. Specific current, proposed or potential environmental matters include, among others: Cross-State Air Pollution Rule, Effluent Limitation Guidelines, Coal Combustion Residuals Rule, and various legislation and EPA regulations to monitor and regulate the emission of greenhouse gases, including the Clean Air Act.

NOTE 13(e) MISO Transmission Owner Return on Equity Complaints - A group of stakeholders, including MISO cooperative and municipal utilities, previously filed complaints with the Federal Energy Regulatory Commission (FERC) requesting a reduction to the base return on equity authorized for MISO transmission owners, including ITC Midwest LLC and ATC. In 2019, FERC issued an order on the previously filed complaints and reduced the base return on equity authorized for the MISO transmission owners to 9.88% for November 12, 2013 through February 11, 2015, and subsequent to September 28, 2016. In 2020, FERC issued orders in response to various rehearing requests and increased the base return on equity authorized for the MISO transmission owners from 9.88% to 10.02% for November 12, 2013 through February 11, 2015, and subsequent to September 28, 2016. In August 2022, the U.S. Court of Appeals for the District of Columbia Circuit vacated FERC’s prior orders that established the base return on equity authorized for the MISO transmission owners and remanded the cases to FERC for further proceedings, which may result in additional changes to the base return on equity authorized for the MISO transmission owners. Any further changes in FERC’s decisions may have an impact on Alliant Energy’s share of ATC’s future earnings and customer costs.

NOTE 14. SEGMENTS OF BUSINESS

Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations.


Alliant Energy					ATC Holdings,	Alliant
	Utility				Non-Utility,	Energy
	Electric	Gas	Other	Total	Parent and Other	Consolidated
	(in millions)
Three Months Ended June 30, 2023
Revenues	$799	$77	$13	$889	$23	$912
Operating income	200	2	7	209	8	217
Net income (loss) attributable to Alliant Energy common shareowners				161	(1)	160
Three Months Ended June 30, 2022
Revenues	$812	$94	$13	$919	$24	$943
Operating income	195	8	1	204	8	212
Net income attributable to Alliant Energy common shareowners				150	9	159



Alliant Energy					ATC Holdings,	Alliant
	Utility				Non-Utility,	Energy
	Electric	Gas	Other	Total	Parent and Other	Consolidated
	(in millions)
Six Months Ended June 30, 2023
Revenues	$1,567	$353	$25	$1,945	$45	$1,990
Operating income	363	52	11	426	13	439
Net income attributable to Alliant Energy common shareowners				321	2	323
Six Months Ended June 30, 2022
Revenues	$1,586	$356	$23	$1,965	$47	$2,012
Operating income	376	65	4	445	15	460
Net income attributable to Alliant Energy common shareowners				329	22	351


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IPL	Electric	Gas	Other	Total
	(in millions)
Three Months Ended June 30, 2023
Revenues	$431	$44	$12	$487
Operating income	105	—	5	110
Net income				89
Three Months Ended June 30, 2022
Revenues	$442	$52	$12	$506
Operating income	104	4	1	109
Net income				87
Six Months Ended June 30, 2023
Revenues	$819	$194	$24	$1,037
Operating income	171	27	8	206
Net income				161
Six Months Ended June 30, 2022
Revenues	$843	$191	$22	$1,056
Operating income	179	36	3	218
Net income				173


WPL	Electric	Gas	Other	Total
	(in millions)
Three Months Ended June 30, 2023
Revenues	$368	$33	$1	$402
Operating income	95	2	2	99
Net income				72
Three Months Ended June 30, 2022
Revenues	$370	$42	$1	$413
Operating income	91	4	—	95
Net income				63
Six Months Ended June 30, 2023
Revenues	$748	$159	$1	$908
Operating income	192	25	3	220
Net income				160
Six Months Ended June 30, 2022
Revenues	$743	$165	$1	$909
Operating income	197	29	1	227
Net income				156

NOTE 15. RELATED PARTIES

Service Agreements - Pursuant to service agreements, IPL and WPL receive various administrative and general services from an affiliate, Corporate Services. These services are billed to IPL and WPL at cost based on expenses incurred by Corporate Services for the benefit of IPL and WPL, respectively. These costs consisted primarily of employee compensation and benefits, fees associated with various professional services, depreciation and amortization of property, plant and equipment, and a return on net assets. Corporate Services also acts as agent on behalf of IPL and WPL pursuant to the service agreements. As agent, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO. Corporate Services assigns such sales and purchases among IPL and WPL based on statements received from MISO. The amounts billed for services provided, sales credited and purchases for the three and six months ended June 30 were as follows (in millions):


	IPL				WPL
	Three Months		Six Months		Three Months		Six Months
	2023	2022	2023	2022	2023	2022	2023	2022
Corporate Services billings	$48	$51	$88	$91	$43	$42	$80	$78
Sales credited	1	—	8	—	10	13	22	31
Purchases billed	94	129	187	223	2	39	17	61


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Net intercompany payables to Corporate Services were as follows (in millions):


	IPL		WPL
	June 30, 2023	December 31, 2022	June 30, 2023	December 31, 2022
Net payables to Corporate Services	$116	$103	$73	$56

ATC - Pursuant to various agreements, WPL receives a range of transmission services from ATC. WPL provides operation, maintenance, and construction services to ATC. WPL and ATC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three and six months ended June 30 were as follows (in millions):


	Three Months		Six Months
	2023	2022	2023	2022
ATC billings to WPL	$44	$35	$78	$69
WPL billings to ATC	5	5	11	8

WPL owed ATC net amounts of $10 million as of June 30, 2023 and $10 million as of December 31, 2022.

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