Thank you for holding ladies and gentlemen, and welcome to Alliant Energy's Third Quarter 2008 Earnings Conference Call. Today's call is being recorded. At this time all lines are in a listen-only mode I would now like to turn the call over to your host, Jamie Freeman, Manager of Investor Relations of Alliant Energy.

Good morning. I would like to thank all of you on the call and on the webcast for joining us today. We appreciate your participation. With me here today are Bill Harvey, Chairman, President and Chief Executive Officer; and Eliot Protsch, our Chief Financial Officer; as well as other members of the senior management team. Following prepared remarks by Bill and Eliot, we will have time to take questions from the investment community. We issued a news release this morning announcing Alliant Energy's 2008 third quarter earnings. This release is available on the investors page of our website at www.alliantenergy.com. Before we begin, I need to remind you that 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 issued this morning and in our filings with the Securities and Exchange Commission. We disclaim any obligation to update these forward-looking statements. I'll turn the call over to Bill.

Good morning and thanks for your continued interest in our company. While our third quarter earnings per share from continuing operations were down a little over 5% versus the same period last year, there were no surprises in the results. At the utilities earnings were negatively impacted by very cool summer weather, the continued restoration activities that are related to the June flooding in Iowa and the foreseeing consequences of the sale of our IP&L transmission assets. These items were partially offset by lower operating expenses and increased allowances for funds used during construction resulting from Wind projects under development in both Iowa and Wisconsin. On the non-regulated side, we saw a continued strong performance at RMT and WindConnect, which is constructing among other projects the 400 megawatt Fowler Ridge Wind Farm in Indiana which will be the largest wind site in the country when it goes into commercial operation next year. Overall non-regulated results were down slightly, primarily due to taxes and the new PPA for the Nina energy facility. For the full-year, the mid point of our earning guidance remains unchanged although we are narrowing the utility range now that what is typically our largest utility earning quarter is behind us. Before covering the various regulatory proceeding related to our strategic plan, I will address what the recent turmoil in the financial markets means to us. We understand that capital is likely to be more constrained and more expensive going forward and that every company should be reevaluating their capital spending plans. At this point in time as markets are still adjusting to these new realities we have no firm plans to delay our generation, environmental retrofit or AMI projects. We do however have substantial flexibility to modify our course going forward and certainly will if the availability…

Thanks, Bill and thanks to all of you for joining us today. Our third quarter continuing operations results came in $0.06 lower than the same period in 2007. While our earnings release contains an overview of the various earnings drivers, I would like to comment on four items. First, earnings were reduced by $0.11 as a result of the flooding that occurred in Iowa earlier this year. The $0.11 was primarily driven by lost sale in July and August, the rental cost to standby generation for reliability in Cedar Rapids area and various restoration expenses that are not covered by our insurance policy. Through the end of the third quarter, we have incurred flood related losses of $0.18. Our electric load is now over 99% of pre-flood levels and the standby generators are no longer required, thus the only earnings impact we expect to incur for the remainder of 2008 is modest non-reimbursable O&M restoration cost of about $0.02per share. However we anticipate lingering earnings impacts into next year from spending at our two generating stations in Cedar Rapids that were impacted by the flood. Second item I wanted to mention is weather. As a reminder, we traditionally hedge the impacts of weather variations on our electric and gas margin during the winter and summer months. We had a hedge in place this summer because cooling degree days were markedly lower than average. We experienced an earnings loss of $0.04 due to lower weather related sales. Had we not hedged our weather related earnings decline for the quarter, would have been $0.07. Third, while our sales are down for both the quarter and year-to-date, primary drivers are weather and the impacts of this summer's flooding. In terms of our industrial base the agri-business focus customers at IPL continued to show…

Thank Mr. Protsch. At this time the company will open up the call to questions from members of the investment community. Alliant Energy's management will take as many questions as they can within the 1 hour time frame for this morning's call. [Operator Instructions]. We'll go first to Michael Gresens with Robert W. Baird.

The current turbine market for wind generation, wondering if you guys are seeing any opportunities in there with developers ramping or dialing back on their new build plans and is there any opportunity for you guys to build in and hopefully get improved turbine pricing?

Michael, thanks for the question. We haven't seen that yet. Understand our positions in the wind business are number one to build the requisite alternative energy resources that are required to meet our various state RPS requirements. We really are not looking for other opportunities in the utility side of our business as it relates to wind. However RMT is obviously a major constructor of wind development projects and I would certainly expect that they would be affected positively or negatively by what happens to the full money into projects in that space. I don't know if that responsive to your question or not Michael, if it isn't please... re-ask it.

No it is. As in the second question you didn't... you did not mention any of your emissions controls project. Are there any updates on those projects including I guess the... that one or two projects that you've proposed?

No there are no new developments.

Okay.

There we have eight Clean Air Compliance Program projects that were part of our planned capital expenditure program this year; they are all on time, on budget. And we have not altered our plans at all with respect to Clean Air Compliance Program projects going forward. The recent overturn or vacature, I guess, is the word we are using; of the care requirements will not have any noticeable impact on our planned capital programs with respect to Clean Air Compliance efforts.

Okay, thank you.

And Michael there will be some references to any updates that have occurred in the 10-Q filing in that regard.

All right, thank you gentlemen.

[Operator Instructions]. We will go next to Eric McCarthy, Praesidis Asset Management.

Good morning.

Good morning.

You mentioned earlier that two of your 10 largest customers --

Eric, could you speak up little bit.

Sorry. Is this better?

Yes.

Okay. You mentioned earlier that two of your 10 largest customers will be out of load in 2009, how many more of your large customers are then tied to either GM or Chrysler or any other customers that might be experiencing future difficulty?

I don't believe any of our, what we'll use the ubiquitous term large customers other than the ones referenced are, I would... I wouldn't consider them ancillary or collateral to the automobile industry.

Okay. And just as a quick question on pension funding. It looked like the pension plan was relatively well funded at the end of 2007 although with a credit lend towards equities, could you discuss if you plan on making any extraordinary contribution for that plan in 2009?

Well we do expect pension expense to go up next year as you might imagine given what has happened with the capital markets. We will not know the effect of that until the measurement process is complete. I would point out that pension expense is a factor in the pending WPL rate case and we are looking forward to having that be appropriately addressed in that ultimate order, and filings in Iowa will likely occur next year where we will reflect what those latest cost estimates are in our filing and hence in interim rates. I don't know if that's totally responsive but as you would imagine, we're going to see a little pressure on pension cost in earnings and will offer greater clarity for that when we get to our December guidance.

Okay. But no plans for large cash contribution needed?

I really don't think we should comment about that right now but as I sit here today, I'd say the answer to that is no.

Okay good. I look forward to seeing you guys out in Phoenix.

Indeed.

Thank you.

[Operator Instructions]. And Mr. Freeman, there are no further questions in the queue at this time.

With no more questions, this concludes our call. A replay will be available through November 7, 2008 at 888-203-1112 for US and Canada or 719-457-0820 for international. Callers should reference conference ID number 462-3087. In addition, an archive of the conference call and a script of the prepared remarks made on the call will be available on the investors section of our company's website later today. Thank you for your continued support of Alliant Energy and feel free to contact me with any follow-up questions.

This concludes today's conference. We appreciate your participation. You may now disconnect. .