Q4 2022 Alliant Energy Corp Earnings Call
Good morning, and welcome to Alliant Energy's conference call for fourth quarter and year I'm trying to tell me to resolve.
This call is being recorded for rebroadcast at this time all lines are in listen only mode.
I would now like to turn the call over to your house.
And Gil Investor Relations manager at Alliant energy.
Good morning, I'd like to thank all of you on the call and the webcast for joining US today. We appreciate your participation.
Joining me on this call are John Larsen Chair, President and CEO , and Robert Durian, Executive Vice President and CFO .
Following prepared remarks by John and Robert we'll have time to take questions from the investment community.
We issued a news release last night announcing Alliant Energy's fourth quarter and year end 2022 financial results and affirmed our 2023 earnings guidance. This release as well as an earnings presentation, which will be referenced during today's call are available on the investor page of our website.
At Www Dot Alliant energy Dot com.
Before we begin I need to remind you the remarks, we make on this call and our answers to your questions include forward looking statements. These forward looking statements are subject to risks that could cause actual results to be materially different. Those risks include among others matters discussed in Alliant Energy's press release.
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We disclaim any obligation to update these forward looking statements.
In addition, this presentation contains references to non-GAAP financial measures.
Conciliation between non-GAAP and GAAP measures are provided in the earnings release, which is available on our website.
At this point I'll turn the call over to John .
Thank you Susan Hello, everyone and thank you for joining us.
2022 was another successful year of solid operations and financial performance.
This was our 13th straight year of delivering results in our 5% to 7% adjusted EPS growth range.
And the 20th year, two decades straight up.
Of consecutive dividend increases we.
We had one of our best reliability years on record with top tier performance.
Our wind generation produced the most wind energy in our history, providing approximately $160 million of fuel cost savings for our customers.
We continued our progress towards net zero decreasing carbon dioxide by nearly 40% off of 2005 levels and we capped off 2022 with very strong economic development in both Iowa, and Wisconsin with over 100 megawatts of announced load that will bring new jobs and new investments.
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As I reflect on the past year, what makes me most proud of Alliant energy is the continued dedication and service from our employees as they strengthen our connection with the customers and communities we proudly serve.
In 2023, we will be celebrating alliant energy's 25th year.
I'm proud to be part of Alliant energy I'm proud of our team and I'm inspired by our purpose to serve customers and build stronger communities.
Our employees focus on this purpose has enabled us to once again deliver the results you have come to expect from Alliant energy.
Our purpose continues to be the source of our strength and guy just through the ever changing dynamics within our economy and our industry.
I'll highlight a few areas of progress and then turn it over to Robert to recap financial results and provide an update on regulatory proceedings.
In 2022, we continue to execute on our clean energy blueprint by adding renewables in the states, where our customers live.
Which allows us to invest in the communities, we serve and add skilled union jobs in local revenues.
This is another example of how our purpose is at the center of our strategy.
We added 250 megawatts of solar at our Bear Creek, North Rock and Wood County, Wisconsin sites positioning us as the largest owner operator of solar generation in Wisconsin.
We are on track to bring into service, an additional 850 megawatts of utility scale solar by the first half of 'twenty 'twenty, four and Wisconsin.
We continue to progress our clean energy blueprint in Iowa, advancing renewables in our efforts to place electric lines underground improving the reliability of our system.
And while we are not yet at the conclusion of the advanced ratemaking process in Iowa for our solar and storage projects. We continue to follow the well defined steps within the regulatory and procedural process to demonstrate that these projects are cost effective and reasonable we remain confident these projects are in the best interest of our customers and will supply the energy.
<unk> reliability and resilience that our customers depend on.
Another great success story is the advancement of solar Gardens, we are building one near Cedar Rapids, Iowa with Transamerican Aegon is our main customers and.
And we're partnering with Mercury Marine in Wisconsin to build a similar solar facility.
These projects help advance the sustainability objectives of our customers.
And we also use these local investments to advance our focus on the social part of ESG, providing some of the solar energy to partners like habitat for humanity.
This continued focus on economic development and our customers were contributing factors in being named a top utility and economic development by site selection magazine for the fourth year in a row.
And I'm proud to say that this work also contributed to the recently being awarded the Chairman's Award for workforce development leadership, which is the center for energy workforce developments highest honor.
While we were proud to receive many recognitions this past year for the work that we do in our communities. The recognition I. Most proud of focuses on our employee experience.
For the fifth year in a row, we were named by the Human Rights campaign Foundation as a best place to work and for the fifth year in a row to Forbes list of America's Best midsize employers.
And speaking with many of you one of the things I'm reminded of is our strong core investment thesis that is why you choose to invest in our company.
Simply put we delivered consistent results.
Our well executed forward thinking and flexible strategy, coupled with constructive regulatory jurisdictions has been a major part of our success, we not only deliver near term results, but continue to take steps to help reduce future risks and provide the stability investors have come to expect from our company.
A well executed strategy has positioned us as a leader on the path to a clean reliable and affordable energy future we have.
We're well positioned to quickly adapt to a dynamic economic environment and weather challenges, while delivering on investor and customer expectations.
2022 was a clear example of this our efforts to move lines underground continue the advancement of solar projects and strong operations in the face of weather events, while delivering solid results for our investors and reliable service for our customers underscores the flexibility of our strategy and the dedication.
On the team I am privileged to lead.
And speaking of dedication I want to pass on my appreciation to our employees that have worked through difficult conditions and the recent weather event to safely restore power to our customers.
As we move forward in 2023, you can have confidence that we will continue to take the required action that is needed to meet our customers' needs. We think each one of you for continuing to be engaged in our journey and we look forward to connecting with you throughout 2023.
At this time I will now turn the call over to Robert.
Thanks, John Good morning, everyone.
Yesterday, we announced 2020 to GAAP earnings of $2 73 per share compared to $2 63 per share in 2021.
On an adjusted basis, which excludes the impacts of temperatures and nonrecurring adjustments our earnings per share increased 6% from 'twenty to 'twenty one.
Looking year over year, the increase in 2022 was driven by higher earnings.
From capital investments at our Wisconsin utility and higher electric and gas margins. These favorable drivers were partially offset by higher financing and depreciation expenses.
Our diverse retail customer base supported the higher electric and gas margins in 2022.
Residential temperature normalized electric sales increased by almost 1% largely due to strong customer growth.
We also saw higher than expected sales from commercial customers with continued recovery from Covid for several business sectors in our service territory.
These were offset by lower industrial sales, primarily due to temporary plant shutdowns at some of our larger customers.
In 2022, we also saw better than expected temperature normalized natural gas sales enabled by solid customer growth.
The 2022 results. We are sharing today are result of our consistent efforts to manage through and mitigate ongoing inflationary pressures.
We're extremely proud that we kept 2022 utility operating expenses inline with 2021.
And we were able to manage through and offset the negative impacts on earnings from rising interest in fuel costs.
Our work in 2022 accelerated strategic initiatives that will set us up for many years to come.
We invested in economic development and electrification that will enable future sales growth.
We updated our resource planning to maximize inflation reduction act benefits and meet the new MISO seasonal reliability requirements.
And we accelerated technology and automation investments to improve efficiency.
As we look to 2023, we anticipate operating and maintenance expenses will be lower than 2022.
And our trend of flat to declining O&M to enable cost savings for our customers.
We recorded a few nonrecurring adjustments in 2022.
These included three cents per share related to the Iowa state income tax rate change.
<unk> per share related to retirement plan settlement losses at the end of 2022.
And two cents per share related to a reserve adjustment for American transmission company as base Roe changes.
Turning to 2023, we are positioned for another year of consistent 5% to 7% earnings per share growth.
We are affirming our 2023 earnings guidance range with a midpoint of $2 89 per share representing a 6% increase over 2022 adjusted earnings.
Our 2023 earnings drivers include earnings on customer investments in our core utility business and our continued efforts to reduce costs to increase customer value.
Higher depreciation and financing expenses associated with these investments will partially offset these positive drivers.
Our efforts to support customer value through making smart investments in our future support our ability to consistently deliver strong financial results.
Other key assumptions for 2023 include growing sales by approximately one half of 1% led by higher sales to our commercial and industrial customers.
And we estimate a consolidated effective tax rate of 1%.
With substantial production tax credits generated by our large wind portfolio and growing solar portfolio.
Helping us maintain low effective tax rates for the upcoming year and several more years to come.
The benefits from these production tax credits are passed onto our electric customers to help them manage their bills and therefore are largely earnings neutral.
Our financing plans for 2023 include a mix of new debt supplemented with modest new common equity to finance our investments in renewable projects and to support refinancing of $400 million debt maturity in 2023.
In December we launched an aftermarket or ATM program as our intended approach for raising up to $225 million of new common equity throughout 2023.
Which is in addition to the $25 million of common equity that we expect to raise under our drip plan.
And in January we entered into an interest rate swap to help reduce the risk of rising interest rates related to a portion of our variable rate debt.
The 2023 financing plan is driven by robust capital expenditure plans and supports our objective to maintain the capital structures at our two utilities consistent with our most recent regulatory decisions.
Next I'll highlight this year's key regulatory initiatives.
Last month, we provided additional testimony and evidence to the Iowa utilities Board and Ipl's advanced rate, making proceeding.
This testimony and evidenced further demonstrates that I feel is taking prudent action to meet its customers' need for capacity by advancing Iowa based solar and storage projects that represent cost effective solutions compared to alternative options available in the market.
We also informed the idea would be that we have identified our self developed Kristen and Weaver projects as the second 200 megawatts of solar projects. In addition to the 200 megawatts of build transfer solar projects at the Duane Arnold site.
To date, we have provided all the information requested by the IU be demonstrating that these projects are in the best interest of our customers.
Yeah. He based decision this week to pause the advanced rate, making processes procedural we.
We are working through both the regulatory and judicial processes in parallel and following the well defined process to move these projects forward.
Next we expect the <unk> to file a response with the district court in early March.
We are confident these projects will provide considerable customer benefits, including reliability and resiliency.
And remain committed to executing these projects, while we await the <unk> final ruling.
In Wisconsin, we are awaiting a decision from the PSC W. On work energy purchase of a portion of our west Riverside natural gas generating facility.
We are also anticipating decision from the PSC that'll be in 2023, and WPS requests for 274 megawatts of battery storage.
175 megawatts of these battery projects would complement to of WPS solar projects.
In 99 megawatts of the battery projects will be located by our Edgewater generating station to take advantage of the existing infrastructure and transmission rates at that location.
Finally, we plan on filing our normal biennial electric and gas rate review in Wisconsin for test years, 2024, and 2025 in the second quarter.
In both states. We are also anticipating making filings to support additional resources for growing dispatch will generation capacity needed to improve seasonal reliability and meet customer energy needs.
As always we continue to move forward proposing energy investments that support both sustainability and resiliency.
And our customers needs top of mind.
I will conclude with a recap of the prominent legislation enacted this past year that has set us up for a solid future financial success.
While providing significant customer cost benefits.
A lot of energy has a strong beneficiary of the inflation reduction Act.
A directly supports our strategic plans to advance a cleaner energy for our customers, while providing significant customer and investor benefits.
The IRA enables additional rate base opportunities, while also lowering customer cost with a shift from tax equity to full ownership for our planned solar and battery projects.
In our November 2022 refresh capital expenditure plan, we incorporated the benefits of the IRA along with the changes from the MISO seasonal construct which provides visibility into our planned 8% rate base growth through 2026.
Another key element of the IRA improves our cash flows.
So the ability to transfer our renewable tax credits starting with those generated in 2023.
With a large portion of wind and solar projects, we anticipate that we'll be able to transfer up to approximately $150 million of 2023 tax credits.
As we continue to add more solar and battery projects over the next few years the amount of annual transferable credits will continue to grow.
We expect this to positively impact our credit metrics through acceleration of cash and reduction in future external financing needs.
And to lower customer costs by reducing carrying costs on tax credit carryforwards.
The IRA will provide significant benefits for our customers and investors with no. Notable downsides as we expect to remain exempt from the alternative minimum tax for the foreseeable future.
And finally, we also expect to benefit from new state tax legislation enacted in Iowa in 2022.
Which is lowering state corporate tax rates, enabling us to paas millions of dollars of annual savings onto our customers in Iowa for decades into the future.
We appreciate your continued support of our company and look forward to meeting with many of you in the coming months at this time I'll turn the call back over to the operator to facilitate the question and answer session.
Thank you Mr. Joanne.
The company will open the call to questions from members of Bloom Beckman.
So do you have a question. Please press the star followed by the number one on your Touchtone phone. If you would like to withdraw your request. Please press star followed by the number.
If you are using a speaker phone please lift the handset before pressing you on this one.
One moment. Please for your first question.
Your first question comes from the line of Shar <unk> from Guggenheim Partners. Please go ahead.
Hey, good morning, guys.
Good morning Shar.
Good morning, So just two quick ones here I guess the first one is as we kind of look at look ahead to the rate case filing in Wisconsin, you guys built up a substantial field deferral last year at WPS, how should we be thinking about I guess your regulatory pathways to spread this out in more broad.
I guess, how should we be thinking about the total rate increases you're targeting I E is there a double digit guardrail here. Thanks.
Yeah. Thanks Shar this is Robert.
Think of those will be separate proceedings. So we'll go through the process with the 2022 field costs validating the prudency of those costs and then most likely starting maybe even later this year the recovery process of those costs.
Regarding the the rate cases in Wisconsin and think of that as a separate process. Most likely we'll file that sometime in early second quarter, and we will be identifying what those recoveries.
Our recoveries for really what I would say is very transparent rate base additions that we've been signaling to the commission for some time.
That rate cases, largely gonna be centered around the solar projects 1100 megawatts. So we've been talking about.
Especially moving from tax equity to full ownership so that on top of the battery projects that I mentioned in my prepared remarks are going to be the key rate based drivers and so that is going to be well transparent with the with the commission and we think that'll go over pretty well as far as the the increases for customers bills.
We're targeting single digit percentages for 24 and 25 when you factor in all of those pieces, including what we see is some nice benefits as far as fuel cost reductions from those solar projects will be put into the service as well as the tax benefits.
Okay perfect. The last point was what I was trying to get at thank you for that.
And then just I guess, maybe a familiar question at this point, but any sort of incremental clarity or thoughts on how we should be thinking about the equity needs post 'twenty three as you work through the cash flow impacts of the IRI.
Are you still targeting roughly $100 million to $200 million of cash flow benefits from the ITC ptc's.
Yes, I think you've got the number right shar on the on the IRI benefits. So I think thats it really hasnt changed a whole lot I mean, one thing I'd add is given our.
Continued focus on solar and renewables, we we do think will be one of the early adopters and beneficiaries of the IRR with the projects we have in flight right now.
Okay, perfect that was it nice and simple I appreciate it guys.
Thanks sure.
Thank you. Your next question comes from the line of Julianna. Good morning, Smith from Bank of America. Please go ahead.
Hey, good morning, Tim how are you guys are well. Thank you for the time appreciate it.
Perhaps just picking up where Sean left off just a little bit further if I can.
Think of it.
On Colombia, and the fuel situation there how are you managing that impact.
Wisconsin repairs and perhaps more specifically how are you managing coal supplies today, considering the backdrop, just sort of where do we stand today I mean are we largely through some of these issues there what's the latest if you will.
Yes, maybe I'll take the coal supply part we've done a lot of work on a number of fronts in 2022, Shar and even a bit ahead of that on the coal supply. So we feel.
In very good shape as we go forward on the coal supply and maybe I'll, let Robert if you want to talk a little bit about more on the fuel part.
Yes, Julian I think of it we're looking at a bunch of different options right now as far as spreading those field cost recoveries over multiple years are really to help as I indicated before manage that customer bills to reasonable levels as far as increases over the next couple of years.
Got it Okay fair enough.
I appreciate it and on that front, and then separately and related here.
Can we talk a little bit about the advanced ratemaking I mean, just.
Talk to us a little bit about the court challenge the decision to create kind of a parallel pathway here and in pursuing.
The degree of uncertainty on that construct if you will just the strength of the strategy.
We see these kinds of more nuanced issues continue to remain within the confines of.
You know regulatory processes, maybe that's the way I'd frame it.
Yeah, when we think about.
How we're approaching that.
Maybe talk a little bit about the procedures that we've been through since the last time, we talked in the in the third quarter call. So in December of 2022, the <unk> did grant us the authority to move basically reconsider the 200 megawatts of solar at the Duane Arnold sites, but they did not allow us to reconsider the second 200 megawatts of solar.
Really what they were looking for there is some more specific details on the location of the projects that haven't been identified yet.
And so when we took the opportunity then in January to do is provide all the information the IEP was requesting including evidence now demonstrates.
Pretty comprehensive record that shows that our projects are the most cost effective and reasonable solutions for the customers. When you compare them to some of the other alternative sources of supply that are available.
As part of that process. So we really didn't have a pathway forward for the second 200 megawatts of solar or 75 megawatts of battery. So we've filed the judicial review.
To allow us to move that forward and continue to progress that as far as the opportunity for the advanced rate making principles.
So as part of kind of the most recent developments would that earlier this week the IEP issued an order.
Really pausing the decision to let the judicial process to move forward and we expect the <unk> will be making a filing or filings of information with the courts, most likely by the first part of March.
After which then will most likely be making some also some filings on that and I can't even think of these as old procedural steps to really allow us to continue to move forward the process to be able to get those advanced banking principles I think it's really important for us to highlight that we remain committed to these projects, we think theyre great projects for our customers.
They are very cost effective and so we're confident in our ability to move forward with them, but we'd have to go through these procedural steps to.
Really allow us the opportunity to have those events very green parcels.
Awesome Alright. Thank you guys very much and then just quickly add next rate case, and I would just how does it fit in here, if you will or if theres any consideration around it.
Yes.
Julian we signaled.
By the first half of 'twenty, four but think of it as the timing with the next rate case is going to be about our next capex that we have and Robert talked about that was solar right now the current schedule of those solar projects are in service by end of 2024. So if you think of those as tied together, but we will take now.
That timeframe is as the year progresses.
Excellent guys. Thank you good luck alright, thank you for the time.
Thanks Julien.
Thank you. Your next question comes from the line of Nicholas Campanella from Credit Suisse. Please go ahead.
Hey, everyone. Good morning, Thanks for taking my question Happy Friday.
So can you just I just wanted to tie off.
The calendar here can you just give us a sense of how long did judicial process.
Before.
The advanced Ratemaking docket.
We'll presume essentially.
Yeah. Nick this is Robert so theres no definitive timeframe regarding the judicial process, but we have asked for expert expedited review is how I'd characterize it largely because as we continue to move forward with these projects like a lot of the other utilities, we are seeing cost continued to increase.
We have a desire to try and get these in as soon as possible to them to make them as cost effective as possible for our customers.
But there is no definitive timeframe, but we'll be continuing to work closely with both the <unk> as well as the judicial process to try and get these done as quickly as possible.
Got it and obviously you have a long history of these RP use providing.
Solid returns for your renewables investments I guess, just if you were to kind of pursue a plan and where you're moving.
Some of these new investments more into that retail base rate than a traditional in a more kind of traditional rate filing.
The midpoint of your long term guidance of 6% still achievable on that strategy just trying to understand if it's a headwind or not thank you.
Yes, Nick John .
Here and we're still very confident in our 5% to 7% and midpoint.
Great and then just one last one for me is just you know.
With all the attention on deferred fuel.
As we kind of progress through recovery have you quantified how much of a drag that is on your credit currently and what the improvement could be.
Yes, Nick when we when we look at our I'll say AUC as a as an entire company specifically at the <unk> to debt metric, we are slightly below the targeted level.
For AC largely because of the timing of those fuel cost recoveries as well as some additional solar construction costs.
We incurred financing on in 2022 as a result of pivoting away from a tax equity partnership to full ownership.
We expect those credit metrics to improve materially when you look out about 12 months as we begin to recover those fuel costs as well as we get to the next rate case in Wisconsin, where we will start recovering those additional solar costs as well. So so feel very confident about the ability like I said within the next 12 month window to be able to improve those metrics were also cause.
Especially optimistic that as early as 2023, we might be able to start.
Realizing the benefits of our tax credits available to be sold now into the market as a result of the iras. So a lot of positive developments, we see over the next 12 months when it comes to those credits.
Thanks for the time today.
Thank you. Your next question comes from the line of Andrew Weisel from Scotia Bank. Please go ahead.
Hey, good morning, everybody.
Andrew.
No.
Just one more a timing question on the solar in Iowa.
I know you need to when you want the capacity in service next year when wood construction needs to begin and.
How does that factor into the unknown Roe.
In other words might you start construction before the events ratemaking process is done.
So can the ROE would be modified during or after construction or would be construction not beginning until that's resolved.
Yeah, Andrew I would think of it is so we will continue to work the process with the advanced ratemaking principles.
Over the next few months, we still have a little bit of time, I would characterize to be able to get through that process and not need to start those construction projects, but once we get to the second half of this year I would expect it will be it will be starting the construction and.
Hopefully we will have all of the ARPA you process steps completed in to get an answer from the IEP to support them.
Okay, I guess, what about the part about.
ROE we need to be locked in before construction or can that.
Can be uncertainty continue during construction.
We would expect that we'll be locking in the row, even before construction starts.
Like I said follow those procedural steps to make that happen but.
I don't think that will start in that construction until we have better clarity on that.
Yeah.
Okay very good then switching to Wisconsin, I know you're going to file in the next couple of months second quarter of this year. Obviously your neighbors saw some bumps in the road with their rate case last year. My question is are you able to share any lessons learned from that or any changes to your approach and do you think a settlement might be possible or is that off the table.
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Yeah, Andrew I would say we're.
Really feel well positioned for the filing that we have so it really isn't a change for us we've used what we call our clean energy blueprint process to be very transparent.
On the projects that we will have and in fact, many of them have already been in front of the commission or vetted.
And very strong cost management, so we understand the balance with affordability as far as settlement. It's certainly always a possibility as we think about filing we're certainly well positioned if we will go through the entire process, but also see the opportunity for potential settlement along the way.
Very good thank you so much.
Yeah.
Thank you. Your next question comes from the line of Alex <unk> from Mizuho. Please go ahead.
Hi, good morning, Thank you very much.
So I know you mentioned the <unk>.
Transfer of about $150 million of tax credits in 'twenty, three and then eventually having that grow to somewhere around 200, I'm just curious what the growth trajectory of that looks like if that's a 'twenty four 'twenty five story or if there's sort of a later date that your yellow Panther 200 number four.
Yeah. Alex this is Robert so think of that $100 million to $200 million was identified as the 2023 number which we picked the midpoint there of $150 million as we complete the construction of the 1100 megawatts of solar in Wisconsin, We continue to add up to 350 megawatts of new battery projects.
Those tax credits actually get probably closer to $3 million to $400 million on an annual basis and think of that over probably once you get to the 25 timeframe youll see those types of levels. So.
So thats what gives us a lot of optimism about future cash flow opportunities when it comes to the transferability of these tax credits.
Okay wonderful and then.
You mentioned the <unk> to debt target I'm, just what is the what is the amount you're targeting for that and then some.
When there what's the timeline you're looking at.
Getting there with with all of the talent is provided from the IRA.
There are enough for AUC, our consolidated group think of that in that 14% to 15% range and we expect to be at that point like I said in the next 12 months in that 'twenty 'twenty four time frame.
Okay. Thank you very much.
Thank you.
Next question comes from the line of Mr. From duration. Please go ahead.
Hi, I think from my question has been answered, but if I can just summarize it.
So by the time, we come and hopefully I'm sure you will be able to do it but if I can just put it in my notebook.
By the time, we come to the second quarter call in.
End of July early August .
We're expecting some kind of resolution by the courts and I'll be on the advanced rate, making process because that is when I guess you need to start construction.
Is that a fair kind of like the timeline by which this issue has to be resolved by.
I think thats, a reasonable estimation of the time line when we think about the second half of 2023 and the startup construction, we're looking for the opportunity to get through all of the <unk> images of reuse by that point in time, we don't.
Have complete control over that but again, we're going to.
Petitioned the fact that our expeditious review of this will really help support our customers and bring it in those cost effective solutions for them quicker.
So I think Youre Timeframes generally speaking are good ones.
Okay, and then if I am right just I know I hope, we don't get into the situation, but I think so you have said that if in case it doesn't go our way.
You can then substitute that capex with some things pretty quickly something else.
In its place a for the rate base growth and the earnings growth do not get Tom from the delay in the project or the cancellation of the project because that kind of is that the correct assumption as well.
Yeah, I would say there is a strong need for capacity.
Capacity when you think about as we project out and as part of our resource planning with.
With the retirement of our Lansing coal plants here in the first half of 2023, we know we need additional resources. We think these are the best resource options for us.
But if they are not supported.
The process that we're going through we do have other potential avenues for capacity resources, they will need to put into place.
Okay and my last thing if I may I.
I thought I heard it properly so what is the likely timing of the next rate case.
Yes, what I had.
Shared was we've communicated by the first half of 2024 and again as we noted that's going to be tied to the.
The final timing of our solar projects within IPO.
Thank you.
So much.
Yes.
Thank you there are no further questions at this time I would now turn the call back over to MS. Susan Gill for closing remarks.
This concludes alliant Energy's fourth quarter and year end earnings call. Thank you for your continued support of Alliant energy and feel free to contact me with any follow up questions.
Yeah.
Thank you ladies and gentlemen. This concludes your conference call for today, we thank you for participating and ask that you. Please disconnect your lines have a lovely Paul.