On June 20, 2024, Alliant Energy Corporation 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 (resulting in an after-tax charge of approximately $45 million, or approximately $0.17 per diluted share). The settlement agreement is subject to approval by the Iowa Utilities Board.