Ladies and gentlemen, welcome to this Alliant Energy first quarter 2009 earnings call. This conference is being recorded. At this time, all lines are in a listen-only mode. I would now like to turn the conference over to your host, Jamie Freeman, Head of Investor Relations at Alliant Energy. Please go ahead.

Thank you. Good morning. I'd 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 Pat Kampling, our Chief Financial Officer, as well as other members of the senior management team. Following prepared remarks by Bill and Pat, we will have time to take questions from the investment community. We issued a news release this morning announcing Alliant Energy's 2009 first quarter earnings. This release, as well as supplemental slides that will be referenced during today's call, are available on the Investors page of our website at www.alliantenergy.com. Before we begin, I need to remind you that the remarks made 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. At this point, I'll turn the call over to Bill.

Thank you, Jamie. Good morning, everyone. My comments today will review our first quarter results and provide an update of our wind program and capital expenditure forecast. Later in the call, Pat will discuss our recent rate case filings and other financial matters. While our GAAP first quarter earnings were up from the same period last year, the results include $0.36 per share benefit for non-recurring, non-cash state income tax items. Pat will touch on this topic later in her remarks. Excluding the non-recurring tax items, our 2009 first quarter utility earnings were down $0.20 per share from the same period last year. However, many of the drivers, which are summarized on the second slide of the materials posted on our website, were anticipated when we issued guidance last December. Let me begin, however, with a discussion of the economy. As shown on Slide 3 of the materials posted to our website, first quarter retail electric sales were down 4% versus the same period last year. Residential sales were flat and commercial sales were actually up 2%. That was slightly better than our expectations. The industrial class, however, was down 11%, which was significantly lower than our forecast. The economic downturn is most evident in the industrial class in Wisconsin, which was down 15% versus the first quarter last year. While industrial sales were impacted by automotive and paper production plant closures that occurred in 2008, more Wisconsin companies continue to announce significant reductions in production as well as plant closures. Recent announcements have come from large companies that are directly tied to the national residential and commercial construction market and the recreational boat market. Layoffs at some of our larger industrial customers have impacted thousands of workers and plant closures have impacted thousands more. As shown on Slide 4,…

Thank you, Bill, and good morning to everyone. Bill covered our first quarter drivers, but I would like to further explain the impacts to us Wisconsin's combined reporting and the tax opportunities available under the American Recovery and Reinvestment Act. The remainder of my remarks this morning will focus on our anticipated financing plans, liquidity, and various regulatory matters. Wisconsin Senate Bill 62 was passed in February of 2009 and was retroactive back to January 1, 2009. It effectively required all Alliant Energy companies that are greater than 50% owned to file as part of the Wisconsin unitary return. In addition, WPL will register to do business in Iowa and will accordingly file as a member of the 2009 Iowa consolidated tax return. The impact is that IPL and WPL can better leverage resources and facilities, a development that is positive for our day-to-day operations. In the first quarter, several non-cash and non-recurring tax adjustments were recorded to reflect the impacts of SB 62 and the fact that WPL will now file as a member of the Iowa consolidated return. For the utilities, we adjusted for state deferred tax liabilities to reflect these changes, which resulted in a benefit of $0.32 per share. In addition to the changes at the utilities, the new law makes it unlikely that we will be able to use a majority of our non-regulated Wisconsin net operating loss carryforwards. This resulted in an increase in tax expense of $6 million. Our 10-Q, which we expect to file shortly, will provide a comprehensive overview of Senate Bill 62 and the many related impacts. For investors, there are two important takeaways. First, our quarterly results include non-recurring impacts of $0.32 benefit at the utilities, $0.05 loss at non-regulated and $0.09 benefit at the parent. And second, on…

(Operator Instructions). We'll go to our first question from [Danielle Seth]. Please go ahead.

Thank you. I was wondering if the recovery of flood cost could be securitized and segregated from the overall case or it is too late and not being considered.

This is Pat. No, we are not planning to securitize the costs from the Iowa floods from last summer. The amounts of these costs, as you are well aware, some of them are covered by the insurance proceeds and some of them are being requested in the current rate case.

(Operator Instructions). Mr. Freeman, there are no further questions at this time.

With no more questions, this concludes our call. A replay will be available through May 7, 2009 at 888-203-1112 for US and Canada, or 719-457-0820 for international. Callers should reference conference ID number 8241179. In addition, an archive of the conference call and a script of prepared remarks made on the call will be available on the Investors section of the 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 call. Thank you for your participation.