ALLIANT ENERGY CORP (LNT): restructuring charge — Alliant Energy records $60M pre-tax impairment on Lansing coal plant regulatory asset

ALLIANT ENERGY CORP

Non-cash pre-tax charge of ~$60M ($45M after-tax, $0.17/diluted share) for Q2 2024.
Impairment related to IPL's Lansing Generating Station regulatory asset, no longer probable to earn return.
Charge triggered by non-unanimous settlement agreement in IPL retail electric rate review with Iowa OCA and IBC.
Settlement agreement subject to Iowa Utilities Board approval; final rates expected later in 2024.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ALLIANT ENERGY CORP announced a impairment with charges of approximately $60 million affecting regulatory asset for IPL’s retired coal-fired Lansing Generating Station.

Type: impairment
Charge: approximately $60 million
Affected area: regulatory asset for IPL’s retired coal-fired Lansing Generating Station

Exact text from the filing

On June 20, 2024, Alliant Energy Corporation (Alliant Energy) and Interstate Power and Light Company (IPL), a wholly-owned subsidiary of Alliant Energy, concluded they will incur a one-time charge for the three and six months ending June 30, 2024, related to the non-unanimous settlement agreement reached with the Office of Consumer Advocate and the Iowa Business Energy Coalition for IPL’s retail electric rate review. As a result of the settlement agreement, IPL concluded that it is no longer probable that it will earn a return on the regulatory asset for IPL’s retired coal-fired Lansing Generating Station from its retail customers when final rates are expected to be implemented later in 2024. The amount of the non-cash pre-tax charge is approximately $60 million

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Source: SEC EDGAR

accession 0000352541-24-000072

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