Alliant Energy Announces Third Quarter 2024 Results
-
Third quarter GAAP earnings per share was
$1.15 in 2024, compared to$1.02 in 2023 -
2024 earnings guidance narrowed to a range of
$2.99 -$3.06 per share -
Provided 2025 earnings guidance range of
$3.15 -$3.25 per share and 2025 annual common stock dividend target of$2.03 -
Forecasted 2025 - 2028 capital expenditures of
$11 billion in aggregate
|
GAAP EPS |
|
Non-GAAP EPS |
||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Utilities and Corporate Services |
|
|
|
|
|
|
|
|
|
|
|
|
0.04 |
|
|
0.03 |
|
|
0.04 |
|
|
0.03 |
|
Non-utility and Parent |
(0.09 |
) |
|
(0.12 |
) |
|
(0.09 |
) |
|
(0.09 |
) |
Alliant Energy Consolidated |
|
|
|
|
|
|
|
|
|
|
|
“We continue to deliver solid financial and operational results while executing our customer-focused strategy,” said
Utilities and Corporate Services - Alliant Energy’s Utilities and
Earnings Adjustments - Non-GAAP EPS for the three months ended
Estimated Temperature Impacts - Temperatures had a minimal impact on Alliant Energy’s retail electric and gas sales in the third quarter of 2024. Temperatures resulted in an increase of
Details regarding GAAP EPS variances between the third quarters of 2024 and 2023 for
|
Variance |
|
Revenue requirements from capital investments at WPL |
|
|
Higher depreciation expense |
(0.05 |
) |
Higher financing expense |
(0.04 |
) |
|
0.03 |
|
Timing of income tax expense |
0.02 |
|
Estimated temperature impacts on retail electric and gas sales - 2023 |
(0.02 |
) |
Other |
0.02 |
|
Total |
|
|
Revenue requirements from capital investments at WPL - In
Timing of income taxes - Income tax expense is recorded each quarter based on an estimated annual effective tax rate and the proportion of full year earnings generated each quarter, which causes fluctuations in the amount of tax expense quarter-over-quarter. The income tax expense timing resulted in higher earnings of
2024 Earnings Guidance
|
Revised |
|
Previous |
Alliant Energy Consolidated |
|
|
|
Drivers for Alliant Energy’s 2024 EPS guidance include, but are not limited to:
- Ability of IPL and WPL to earn their authorized rates of return
- Normal temperatures in its utility service territories
- Constructive and timely regulatory outcomes from regulatory proceedings
- Stable economy and resulting implications on utility sales
- Execution of capital expenditure and financing plans
- Execution of cost controls
- Consolidated effective tax rate of (15%)
The 2024 earnings guidance does not include any recorded or future material, nonrecurring adjustments to earnings such as the impacts of any material non-cash valuation adjustments (such as the asset retirement obligation charge for steam assets at IPL of
2025 Earnings Guidance
- Ability of IPL and WPL to earn their authorized rates of return
- Normal temperatures in its utility service territories
- Stable economy and resulting implications on utility sales
- Successful execution, including achievement of in-service dates, of capital expenditure plans, including renewable energy and battery storage projects
- Successful execution of cost controls and financing plans
- Consolidated effective tax rate of (28%)
The 2025 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from valuation allowances including further corporate tax rate changes in
“We will continue to execute on our purpose-driven strategy in 2025, continuing to invest in reliable, resilient, affordable and cleaner energy resources as we transform the generation fleet, meet the growing demand for energy and adapt to evolving energy market conditions. Our 15 year track record of 5% to 7% long-term growth continues with our 2025 earnings guidance of
2025 Annual Common Stock Dividend Target
Projected Capital Expenditures
|
2024 |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
Generation: |
|
|
|
|
|
|
|
|
|
Renewables and battery storage projects |
|
|
|
|
|
|
|
|
|
Gas projects |
90 |
|
390 |
|
570 |
|
780 |
|
655 |
Other |
120 |
|
130 |
|
120 |
|
55 |
|
55 |
Distribution: |
|
|
|
|
|
|
|
|
|
Electric systems |
615 |
|
585 |
|
570 |
|
560 |
|
580 |
Gas systems |
80 |
|
80 |
|
85 |
|
85 |
|
85 |
Other |
205 |
|
220 |
|
220 |
|
215 |
|
245 |
Total Capital Expenditures |
|
|
|
|
|
|
|
|
|
Earnings Conference Call
A conference call to review the third quarter 2024 results is scheduled for
About
Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements can be identified by words such as “forecast,” “expect,” “guidance,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others:
- IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, capacity costs, deferred expenditures, deferred tax assets, tax expense, interest expense, capital expenditures, marginal costs to service new customers, and remaining costs related to electric generating units (EGUs) that have been or may be permanently closed and certain other retired assets, environmental remediation costs, and decreases in sales volumes, as well as earning their authorized rates of return, payments to their parent of expected levels of dividends, and the impact of rate design on current and potential customers and demand for energy in their service territories;
- weather effects on utility sales volumes and operations;
- the impact of IPL’s retail electric base rate moratorium;
- IPL’s and WPL’s ability to obtain rate relief to allow for the return on costs of solar generation projects that exceed initial cost estimates;
-
the direct or indirect effects resulting from cybersecurity incidents or attacks on
Alliant Energy , IPL, WPL, or their suppliers, contractors and partners, or responses to such incidents; - the impact of customer- and third party-owned generation, including alternative electric suppliers, in IPL’s and WPL’s service territories on system reliability, operating expenses and customers’ demand for electricity;
- economic conditions and the impact of business or facility closures in IPL’s and WPL’s service territories;
- the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and operating income;
- the impact that price changes may have on IPL’s and WPL’s customers’ demand for electric, gas and steam services and their ability to pay their bills;
-
changes in the price of delivered natural gas, transmission, purchased electric energy, purchased electric capacity, and delivered coal, particularly during elevated market prices, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and
Midcontinent Independent System Operator , Inc.’s (MISO’s) seasonal resource adequacy process; - the ability to obtain regulatory approval for construction projects with acceptable conditions;
-
the ability to complete construction of renewable generation and storage projects by planned in-service dates and within the cost targets set by regulators due to cost increases of and access to materials, equipment and commodities, which could result from tariffs, duties or other assessments, such as any additional tariffs resulting from
U.S. Department of Commerce investigations into and any decisions made regarding the sourcing of solar project materials and equipment from certain countries, labor issues or supply shortages, the ability to successfully resolve warranty issues or contract disputes; - the ability to achieve the expected level of tax benefits based on tax guidelines, timely in-service dates, project costs and the level of electricity output generated by qualifying generating facilities, and the ability to efficiently utilize the renewable generation and storage project tax benefits to achieve IPL’s authorized rate of return and for the benefit of IPL’s and WPL’s customers;
- the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, and changes impacting the availability of and ability to transfer renewable tax credits;
- the ability to utilize tax credits generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing;
-
the ability to provide sufficient generation and the ability of
ITC Midwest LLC andATC LLC to provide sufficient transmission capacity for potential load growth; - the ability of potential large load growth customers to timely construct new facilities;
- disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to construct capital projects, which may result from geopolitical issues, supplier manufacturing constraints, regulatory requirements, labor issues or transportation issues, and thus affect the ability to meet capacity requirements and result in increased capacity expense;
- inflation and higher interest rates;
- the future development of technologies related to electrification, and the ability to reliably store and manage electricity;
- federal and state regulatory or governmental actions, including the impact of legislation, and regulatory agency orders and changes in public policy, including the potential repeal of the Inflation Reduction Act of 2022;
- employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;
- disruptions in the supply and delivery of natural gas, purchased electricity and coal;
-
changes to the creditworthiness of, or performance of obligations by, counterparties with which
Alliant Energy , IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters; - the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;
- impacts that terrorist attacks may have on Alliant Energy’s, IPL’s and WPL’s operations and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;
- any material post-closing payments related to any past asset divestitures, including the transfer of renewable tax credits, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;
- continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;
- changes to MISO’s resource adequacy process establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new and existing generating facilities, including IPL’s and WPL’s additional solar generation, may be accredited with energy capacity, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO’s process, or procure capacity in the market whereby such costs might not be recovered in rates;
- issues associated with environmental remediation and environmental compliance, including compliance with all current environmental and emissions laws, regulations and permits and future changes in environmental laws and regulations, including the Coal Combustion Residuals Rule, Cross-State Air Pollution Rule and federal, state or local regulations for greenhouse gases emissions reductions from new and existing fossil-fueled EGUs under the Clean Air Act, and litigation associated with environmental requirements;
- increased pressure from customers, investors and other stakeholders to more rapidly reduce greenhouse gases emissions;
-
the ability to defend against environmental claims brought by state and federal agencies, such as the
U.S. Environmental Protection Agency and state natural resources agencies, or third parties, such as theSierra Club , and the impact on operating expenses of defending and resolving such claims; -
the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems, disruptions in telecommunications, technological problems, and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the
Pipeline and Hazardous Materials Safety Administration ; - issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, availability of warranty coverage and successful resolution of warranty issues or contract disputes for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, fuel-related and capital costs through rates;
- impacts that excessive heat, excessive cold, storms, wildfires, or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and construction activities, and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;
- Alliant Energy’s ability to sustain its dividend payout ratio goal;
- changes to costs of providing benefits and related funding requirements of pension and other postretirement benefits plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics;
- material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans;
- risks associated with operation and ownership of non-utility holdings;
- changes in technology that alter the channels through which customers buy or utilize Alliant Energy’s, IPL’s or WPL’s products and services;
- impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC LLC’s authorized return on equity;
-
impacts of IPL’s future tax benefits from
Iowa rate-making practices, including deductions for repairs expenditures, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods; - current or future litigation, regulatory investigations, proceedings or inquiries;
- reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions;
- the direct or indirect effects resulting from pandemics;
- the effect of accounting standards issued periodically by standard-setting bodies;
- the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and
- other factors listed in the “2024 Earnings Guidance” and “2025 Earnings Guidance” sections of this press release.
For more information about potential factors that could affect Alliant Energy’s business and financial results, refer to Alliant Energy’s most recent Annual Report on
Form 10-K
and Quarterly Report on
Form 10-Q
filed with the
Without limitation, the expectations with respect to 2024 and 2025 earnings guidance, 2025 annual common stock dividend target, and 2024-2028 capital expenditures guidance in this press release are forward-looking statements and are based in part on certain assumptions made by
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding Alliant Energy’s financial results, this press release includes reference to certain non-GAAP financial measures. These measures include income and EPS for the three and nine months ended 2023 excluding charges related to the
In addition,
Reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures are included in the earnings summaries that follow.
Note: Unless otherwise noted, all “per share” references in this release refer to earnings per diluted share.
EARNINGS SUMMARY (Unaudited)
The following tables provide a summary of Alliant Energy’s results for the three months ended |
|||||||||||||||
EPS: |
GAAP EPS |
|
Adjustments |
|
Non-GAAP EPS |
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 |
|
2024 |
|
|
2023 |
|
IPL |
|
|
|
|
|
|
$— |
|
$— |
|
|
|
|
|
|
WPL |
0.44 |
|
|
0.42 |
|
|
— |
|
— |
|
0.44 |
|
|
0.42 |
|
Corporate Services |
0.02 |
|
|
0.02 |
|
|
— |
|
— |
|
0.02 |
|
|
0.02 |
|
Subtotal for Utilities and Corporate Services |
1.20 |
|
|
1.11 |
|
|
— |
|
— |
|
1.20 |
|
|
1.11 |
|
|
0.04 |
|
|
0.03 |
|
|
— |
|
— |
|
0.04 |
|
|
0.03 |
|
Non-utility and Parent |
(0.09 |
) |
|
(0.12 |
) |
|
— |
|
0.03 |
|
(0.09 |
) |
|
(0.09 |
) |
Alliant Energy Consolidated |
|
|
|
|
|
|
$— |
|
|
|
|
|
|
|
|
Earnings (in millions): |
GAAP Income (Loss) |
|
Adjustments |
|
Non-GAAP Income (Loss) |
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 |
|
2024 |
|
|
2023 |
|
IPL |
|
|
|
|
|
|
$— |
|
$— |
|
|
|
|
|
|
WPL |
114 |
|
|
107 |
|
|
— |
|
— |
|
114 |
|
|
107 |
|
Corporate Services |
4 |
|
|
4 |
|
|
— |
|
— |
|
4 |
|
|
4 |
|
Subtotal for Utilities and Corporate Services |
308 |
|
|
281 |
|
|
— |
|
— |
|
308 |
|
|
281 |
|
|
9 |
|
|
9 |
|
|
— |
|
— |
|
9 |
|
|
9 |
|
Non-utility and Parent |
(22 |
) |
|
(31 |
) |
|
— |
|
8 |
|
(22 |
) |
|
(23 |
) |
Alliant Energy Consolidated |
|
|
|
|
|
|
$— |
|
|
|
|
|
|
|
|
Adjusted, or non-GAAP, earnings for the three months ended |
|||||||
|
Non-GAAP Income |
|
Non-GAAP |
||||
|
Adjustments (in millions) |
|
EPS Adjustments |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Non-utility and Parent: |
|
|
|
|
|
|
|
Remeasurement of deferred tax assets due to |
$— |
|
|
|
$— |
|
|
The following tables provide a summary of Alliant Energy’s results for the nine months ended |
|||||||||||||||
EPS: |
GAAP EPS |
|
Adjustments |
|
Non-GAAP EPS |
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 |
|
2024 |
|
|
2023 |
|
IPL |
|
|
|
|
|
|
|
|
$— |
|
|
|
|
|
|
WPL |
1.05 |
|
|
1.06 |
|
|
— |
|
— |
|
1.05 |
|
|
1.06 |
|
Corporate Services |
0.04 |
|
|
0.04 |
|
|
— |
|
— |
|
0.04 |
|
|
0.04 |
|
Subtotal for Utilities and Corporate Services |
2.15 |
|
|
2.41 |
|
|
0.23 |
|
— |
|
2.38 |
|
|
2.41 |
|
|
0.11 |
|
|
0.10 |
|
|
— |
|
— |
|
0.11 |
|
|
0.10 |
|
Non-utility and Parent |
(0.16 |
) |
|
(0.20 |
) |
|
— |
|
0.03 |
|
(0.16 |
) |
|
(0.17 |
) |
Alliant Energy Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (in millions): |
GAAP Income (Loss) |
|
Adjustments |
|
Non-GAAP Income (Loss) |
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 |
|
2024 |
|
|
2023 |
|
IPL |
|
|
|
|
|
|
|
|
$— |
|
|
|
|
|
|
WPL |
270 |
|
|
267 |
|
|
— |
|
— |
|
270 |
|
|
267 |
|
Corporate Services |
10 |
|
|
10 |
|
|
— |
|
— |
|
10 |
|
|
10 |
|
Subtotal for Utilities and Corporate Services |
552 |
|
|
608 |
|
|
59 |
|
— |
|
611 |
|
|
608 |
|
|
27 |
|
|
26 |
|
|
— |
|
— |
|
27 |
|
|
26 |
|
Non-utility and Parent |
(39 |
) |
|
(52 |
) |
|
— |
|
8 |
|
(39 |
) |
|
(44 |
) |
Alliant Energy Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted, or non-GAAP, earnings for the nine months ended |
|||||||
|
Non-GAAP Income |
|
Non-GAAP |
||||
|
Adjustments (in millions) |
|
EPS Adjustments |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Utilities and Corporate Services: |
|
|
|
|
|
|
|
Asset valuation charge related to IPL’s |
|
|
$— |
|
|
|
$— |
Asset retirement obligation charge for steam assets at IPL, net of tax impacts of |
15 |
|
— |
|
0.06 |
|
— |
Non-utility and Parent: |
|
|
|
|
|
|
|
Remeasurement of deferred tax assets due to |
— |
|
8 |
|
— |
|
0.03 |
Total Alliant Energy Consolidated |
|
|
|
|
|
|
|
|
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
|||||||||||
|
|
|
|
||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(in millions, except per share amounts) |
||||||||||
Revenues: |
|
|
|
|
|
|
|
||||
Electric utility |
|
|
|
|
|
|
|
|
|
|
|
Gas utility |
49 |
|
|
47 |
|
|
322 |
|
|
400 |
|
Other utility |
12 |
|
|
13 |
|
|
36 |
|
|
38 |
|
Non-utility |
21 |
|
|
22 |
|
|
68 |
|
|
66 |
|
|
1,081 |
|
|
1,077 |
|
|
3,005 |
|
|
3,066 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||
Electric production fuel and purchased power |
192 |
|
|
231 |
|
|
493 |
|
|
553 |
|
Electric transmission service |
165 |
|
|
154 |
|
|
464 |
|
|
438 |
|
Cost of gas sold |
13 |
|
|
12 |
|
|
152 |
|
|
226 |
|
Other operation and maintenance: |
|
|
|
|
|
|
|
||||
Energy efficiency costs |
11 |
|
|
13 |
|
|
34 |
|
|
46 |
|
Non-utility |
15 |
|
|
15 |
|
|
48 |
|
|
47 |
|
Asset valuation charge for IPL’s |
— |
|
|
— |
|
|
60 |
|
|
— |
|
Asset retirement obligation charge for steam assets at IPL |
— |
|
|
— |
|
|
20 |
|
|
— |
|
Other |
148 |
|
|
132 |
|
|
408 |
|
|
406 |
|
Depreciation and amortization |
195 |
|
|
170 |
|
|
571 |
|
|
503 |
|
Taxes other than income taxes |
29 |
|
|
28 |
|
|
90 |
|
|
87 |
|
|
768 |
|
|
755 |
|
|
2,340 |
|
|
2,306 |
|
Operating income |
313 |
|
|
322 |
|
|
665 |
|
|
760 |
|
Other (income) and deductions: |
|
|
|
|
|
|
|
||||
Interest expense |
114 |
|
|
99 |
|
|
329 |
|
|
289 |
|
Equity income from unconsolidated investments, net |
(14 |
) |
|
(14 |
) |
|
(44 |
) |
|
(45 |
) |
Allowance for funds used during construction |
(20 |
) |
|
(28 |
) |
|
(58 |
) |
|
(71 |
) |
Other |
— |
|
|
1 |
|
|
2 |
|
|
2 |
|
|
80 |
|
|
58 |
|
|
229 |
|
|
175 |
|
Income before income taxes |
233 |
|
|
264 |
|
|
436 |
|
|
585 |
|
Income tax expense (benefit) |
(62 |
) |
|
5 |
|
|
(104 |
) |
|
3 |
|
Net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||
Basic |
256.6 |
|
|
253.5 |
|
|
256.4 |
|
|
252.1 |
|
Diluted |
256.9 |
|
|
253.8 |
|
|
256.7 |
|
|
252.4 |
|
Earnings per weighted average common share attributable to |
|
|
|
|
|
|
|
||||
Basic |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||
|
|
|
|
|
|
|
|
|
(in millions) |
||
ASSETS: |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
|
|
|
Other current assets |
1,141 |
|
1,210 |
Property, plant and equipment, net |
17,936 |
|
17,157 |
Investments |
633 |
|
602 |
Other assets |
2,292 |
|
2,206 |
Total assets |
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
Current liabilities: |
|
|
|
Current maturities of long-term debt |
|
|
|
Commercial paper |
330 |
|
475 |
Other current liabilities |
854 |
|
1,020 |
Long-term debt, net (excluding current portion) |
9,245 |
|
8,225 |
Other liabilities |
4,328 |
|
3,931 |
|
6,968 |
|
6,777 |
Total liabilities and equity |
|
|
|
|
|||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||
|
|
|
|
||
|
Nine Months Ended |
||||
|
2024 |
|
|
2023 |
|
|
(in millions) |
||||
Cash flows from operating activities: |
|
|
|
||
Cash flows from operating activities excluding accounts receivable sold to a third party |
|
|
|
|
|
Accounts receivable sold to a third party |
(395 |
) |
|
(357 |
) |
Net cash flows from operating activities |
913 |
|
|
622 |
|
Cash flows used for investing activities: |
|
|
|
||
Construction and acquisition expenditures: |
|
|
|
||
Utility business |
(1,280 |
) |
|
(1,201 |
) |
Other |
(154 |
) |
|
(92 |
) |
Cash receipts on sold receivables |
399 |
|
|
306 |
|
Proceeds from sales of partial ownership interests in West Riverside |
123 |
|
|
120 |
|
Other |
(28 |
) |
|
(85 |
) |
Net cash flows used for investing activities |
(940 |
) |
|
(952 |
) |
Cash flows from financing activities: |
|
|
|
||
Common stock dividends |
(369 |
) |
|
(341 |
) |
Proceeds from issuance of common stock, net |
18 |
|
|
201 |
|
Proceeds from issuance of long-term debt |
1,613 |
|
|
1,158 |
|
Payments to retire long-term debt |
(305 |
) |
|
(404 |
) |
Net change in commercial paper and other short-term borrowings |
(145 |
) |
|
(141 |
) |
Other |
(18 |
) |
|
42 |
|
Net cash flows from financing activities |
794 |
|
|
515 |
|
Net increase in cash, cash equivalents and restricted cash |
767 |
|
|
185 |
|
Cash, cash equivalents and restricted cash at beginning of period |
63 |
|
|
24 |
|
Cash, cash equivalents and restricted cash at end of period |
|
|
|
|
|
KEY FINANCIAL AND OPERATING STATISTICS |
|||
|
|
|
|
Common shares outstanding (000s) |
256,599 |
|
255,179 |
Book value per share |
|
|
|
Quarterly common dividend rate per share |
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Utility electric sales (000s of megawatt-hours) |
|
|
|
|
|
|
|
||||
Residential |
2,071 |
|
|
2,100 |
|
|
5,455 |
|
|
5,525 |
|
Commercial |
1,728 |
|
|
1,727 |
|
|
4,748 |
|
|
4,782 |
|
Industrial |
2,730 |
|
|
2,789 |
|
|
7,895 |
|
|
7,948 |
|
Industrial - co-generation customers |
168 |
|
|
205 |
|
|
535 |
|
|
750 |
|
Retail subtotal |
6,697 |
|
|
6,821 |
|
|
18,633 |
|
|
19,005 |
|
Sales for resale: |
|
|
|
|
|
|
|
||||
Wholesale |
782 |
|
|
795 |
|
|
2,115 |
|
|
2,172 |
|
Bulk power and other |
1,363 |
|
|
1,409 |
|
|
4,120 |
|
|
3,756 |
|
Other |
14 |
|
|
14 |
|
|
43 |
|
|
43 |
|
Total |
8,856 |
|
|
9,039 |
|
|
24,911 |
|
|
24,976 |
|
Utility retail electric customers (at |
|
|
|
|
|
|
|
||||
Residential |
851,352 |
|
|
844,056 |
|
|
|
|
|
||
Commercial |
146,131 |
|
|
145,542 |
|
|
|
|
|
||
Industrial |
2,410 |
|
|
2,410 |
|
|
|
|
|
||
Total |
999,893 |
|
|
992,008 |
|
|
|
|
|
||
Utility gas sold and transported (000s of dekatherms) |
|
|
|
|
|
|
|
||||
Residential |
1,276 |
|
|
1,277 |
|
|
15,938 |
|
|
17,540 |
|
Commercial |
1,556 |
|
|
1,634 |
|
|
11,557 |
|
|
12,774 |
|
Industrial |
449 |
|
|
372 |
|
|
1,633 |
|
|
1,583 |
|
Retail subtotal |
3,281 |
|
|
3,283 |
|
|
29,128 |
|
|
31,897 |
|
Transportation / other |
30,239 |
|
|
29,776 |
|
|
93,248 |
|
|
88,167 |
|
Total |
33,520 |
|
|
33,059 |
|
|
122,376 |
|
|
120,064 |
|
Utility retail gas customers (at |
|
|
|
|
|
|
|
||||
Residential |
382,438 |
|
|
380,114 |
|
|
|
|
|
||
Commercial |
44,794 |
|
|
44,609 |
|
|
|
|
|
||
Industrial |
316 |
|
|
326 |
|
|
|
|
|
||
Total |
427,548 |
|
|
425,049 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||||
Estimated operating income increases (decreases) from impacts of temperatures (in millions) - |
|||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Electric |
|
|
|
|
|
|
( |
) |
|
|
|
Gas |
(2 |
) |
|
(1 |
) |
|
(15 |
) |
|
(8 |
) |
Total temperature impact |
( |
) |
|
|
|
|
( |
) |
|
( |
) |
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
2024 |
|
2023 |
|
Normal |
|
2024 |
|
2023 |
|
Normal |
Heating degree days (HDDs) (a) |
|
|
|
|
|
|
|
|
|
|
|
|
52 |
|
28 |
|
117 |
|
3,401 |
|
3,751 |
|
4,272 |
|
60 |
|
70 |
|
140 |
|
3,636 |
|
3,990 |
|
4,504 |
Cooling degree days (CDDs) (a) |
|
|
|
|
|
|
|
|
|
|
|
|
576 |
|
659 |
|
554 |
|
866 |
|
933 |
|
806 |
|
516 |
|
548 |
|
499 |
|
726 |
|
755 |
|
696 |
(a) |
HDDs and CDDs are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDDs and CDDs. |
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