Thank you for holding ladies and gentlemen and welcome to Alliant Energy's 2009 second quarter earnings conference call. At this time, all lines are in a listen-only mode. Today's conference will be recorded. I would now like to turn the call over to your host, Sue Gille, Manager of Investor Relations at Alliant Energy. Please go ahead.

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 second quarter earnings. This release, as well as supplemental slides that will be referenced during today's call, are available on the Investor 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 risk that could cause actual results to be materially different. Those risks include among others, matters discussed Alliant Energy's press release issued this morning and in our filings with the Securities and Exchange Commission. We disclaim any obligation to update those forward-looking statements. At this point, I'll turn the call over to Bill.

Thank you, Sue, and welcome to our Investor Relations team. I want to take a moment and thank Jamie Freeman for representing our company during the past two years. Jamie's efforts are greatly appreciated by both the company and we think the investment community. My comments today will focus on three areas. First, our second quarter results, second, changes in our 2009 guidance and the variables giving rise to that change, third, a recap of our position on Waxman-Markey. Pat will follow with a discussion of some key financial matters, a status report on our two critical pending rate cases and an update on various strategic projects. Then we will welcome your questions. Before addressing my three identified areas, I will take this opportunity to put 2009 in context, at least as we see it. Our guidance issued in December included challenges arising out of a couple of circumstances. Notably, our rate case outcome in Wisconsin that did not take into account how sales were impacted by a recessed economy and increased pension and transmission costs in Iowa, which would not be recovered until interim rates went into effect at the end of the first quarter. With our first quarter results, we announced that cost cutting measures were being implemented to offset an expected further decline in industrial sales. Unfortunately, since that time we have experienced incremental weakness in the economy and the coldest July in recorded history in our service territories. These external events compel us to lower the outlook for the year. We do not believe that prudent cost controls can overcome the negative effects of the ongoing deterioration of economy-dependent sales and the extraordinarily cool summer we've experienced to date. At the same time the utilities were experiencing negative weather and economic impacts on sales, the wind…

I would like to begin by updating you on the company's liquidity position. In July both IPL and WPL issued a total of $550 million of long-term debt. We are very pleased with a strong interest from investors on the attractive yields we received. Just this week we made a planned $50 million contribution to our pension plans and paid off the $135 million of debt maturing at IPL. Currently we have approximately $400 million of cash and marketable securities and approximately $600 million of availability under our credit facilities for a total liquidity position of around $1 billion. Our liquidity position remains strong and we are well positioned to finance our significant investments and renewable energy, environmental control projects and advanced metering infrastructure. We were hopeful that our various utility wind projects would be able to take advantage of the Treasury grants offered by the American Recovery and Reinvestment act. We viewed this option as a unique opportunity to provide immediate relief to customers through a reduction to rate base and to reduce our own financing needs. However, based on initial comments from the U.S. Treasury we believe that the grant would be subject to normalization rules which would require us to float the grant benefits to our customers over the book life of the investment versus an immediate reduction in revenue requirements. As a result, unlike many merchant generators that are choosing the cash grant to improve their upfront cash flow by reducing the need for a partner with taxable appetite, our regulated utility customers will benefit more through the election of production tax credits. One final note on financing matters, as we have previously communicated we do not expect to issue any new common equity through 2010. We now expect to be able to extend this timeline…

(Operator Instructions). Our first question comes from Brian Russo – Landenburg Thalmann. Brian Russo – Landenburg Thalmann: You mentioned you expect WPL to earn an ROE of about 6% this year. Can you possibly quantify for us the EPS impact of earning 6% versus your allowed ROE?

You know, Brian, we haven't broken it up that granularly. That 6% does not include the returns we would receive on ETC. So if you subtract the ETC earnings for the year, you could probably back into it. Brian Russo – Landenburg Thalmann: And then in terms of IPL, it looks like the revised sales forecast does not match up with what you filed for. And I guess if you're going to file for 2010 rate relief, will there still be regulatory lag assuming interim rates go into effect at the end of March?

Yes. There should be some minor regulatory language. We'd file the case beginning of 2010 and rates would go into effect 10 days later. Brian Russo – Landenburg Thalmann: Okay, so when do you think the timing of interim rates will go into effect?

You know, we'd be filing the case probably late in the first quarter, just like we did this year. Brian Russo – Landenburg Thalmann: Right. Okay.

Just like we did this year. And the rates go into effect 10 days later. Brian Russo – Landenburg Thalmann: Okay. And in terms of wind RMT, what gives you confidence that the wind market rebounds in 2010?

Brian, as we look at the sales funnel of opportunities predominantly in the wind area, but increasingly in the solar development area as well, we simply have to believe that with the tremendous public policy push promotive of the development of renewable energy that the current stagnant nature of that development marketplace simply cannot persist. We do not believe that that stagnation is related to the paucity of transmission. We believe it is related to the difficulty of financing, and we think that's going to change certainly in part because of government stimulus activity, but in part simply because the capital markets seem to be normalizing and recovering. Brian Russo – Landenburg Thalmann: Okay. And in terms of RMT, can you comment on what you have in the pipeline or what projects you guys are developing for the remainder of 2009?

No we haven't – Brian, we haven't commented on specific projects. I can tell you that they are currently very active in the construction of three very large wind projects. There is a fourth that is under contract and there is a large solar project that is under contract as well. But neither of those two have completed their financing phase yet. Brian Russo – Landenburg Thalmann: Okay. So just to be clear, you've revised your RMT earnings guidance to $0.03 for the year?

Yes. Brian Russo – Landenburg Thalmann: Okay, so are any of these projects you just mentioned, are you generating revenues from that yet? Or is this something that we should see pickup in 2010, based on what's in your pipeline?

From the three that are actually in progress, they are generating revenue. The two that are under contract but not financed are not. We would expect the actual booked portfolio of business going into 2010 and in 2010 to be considerably more robust than what I've just described.

Our next question comes from Steve Fleishman – Catapult Capital Management. Steve Fleishman – Catapult Capital Management: Hi. Just a question first on the Wisconsin rate case, with the updated sales forecast and any other changes that you filed, could you give us kind of the updated revenue increase and percent increase versus what it was before?

Sure. The testimony that we just filed a few weeks ago increased the revenue requirement by $17 million, which would put the rate increase, the overall electric rate increase of slightly over 10%, where before it was in the low nines. Steve Fleishman – Catapult Capital Management: And then could you, on this whole issue on the weather hedges because that was kind of unexpected, are you – what is the strategy now going forward on doing the weather hedging, given the change and now this outcome? What are you going to do in the future so we can kind of be prepared for that?

Yes. I think it's reasonable for you to assume on a going forward basis, Steve, that we will not be hedging summer weather, but that we will continue our practice of hedging winter weather. As I indicated in my remarks, the market was just very inefficient this year. I can't explain why it was, but the reality is that it was and the volume of insurance against weather that could be acquired was very low and the premium was very high, so it just didn't make any sense for us to do it. We would have been able to acquire very little earnings protection in the marketplace. Steve Fleishman – Catapult Capital Management: Well, maybe the insurers had a very good weather forecast. I don't know.

They didn't see a cooler weather – a cooler summer coming. I doubt if they saw it this cool.

Our next question comes from Chris Basset – Decade Capital. Chris Bassett – Decade Capital: So, with utility guidance dropping about $0.30, I understand $0.12 of this was due to the July weather and some of that was due to the newly reduced industrial load, but were there any other drivers that you guys haven't talked about yet?

Really, if you think of it as a pie chart, 40-40-20, if you will, 40% of that reduction in guidance was the horrible weather in July, 40% of it is associated with declining sales, worse than what we had expected. And the balance is an menagerie of variables that we think are going to adversely affect earnings, the most significant of which is an anticipated higher effective tax rate than what we envisioned going into the year. Chris Bassett – Decade Capital: Okay. And then I didn't hear whether you still expected to get the cost saving that you announced on the Q1 call, as well as those announced on the guidance call. Can you comment on that?

The answer is, "Yes, we do". Chris Bassett – Decade Capital: And then, anyway you could estimate the margin impact of the lost sales this year, both at IPL and WPL?

Due to sales decline or including the July weather? Chris Bassett – Decade Capital: I guess if you have it ex-weather, otherwise with the weather.

You know, the weather is about $0.12 and we're saying this decline in margins is about another $0.12. Chris Bassett – Decade Capital: And that is at both utilities?

Yes. Chris Bassett – Decade Capital: And then, finally, how should I think about the sustainability of this year's O&M cuts going into 2010?

Obviously, you never know, Chris, exactly what your ability to sustain them is, but we have, I think as a company, demonstrated an ability to sustain spending cuts over time. So I would anticipate going into fiscal 2010 that we would sustain the bulk of the O&M cuts made this year. Certainly the reduced employee and employee-related expenses associated with our reduction in forces will be sustainable going into next year.

(Operator Instructions) Our next question comes from Oliver King – Zimmer Lucas. Oliver King – Zimmer Lucas: Just wanted to clarify on the rate cases and the updated sales forecast. It seems like in Wisconsin, you updated the sales forecast already and in Iowa you will be filing again and have interim rates so that the impact in 2010 is actually quite minimal. Am I understanding that correctly?

Yes. In Wisconsin, we revised the forecast just a few weeks ago for 2010. And in Iowa, because of the way it's not weather normalized, you are absolutely correct. Oliver King – Zimmer Lucas: And then, just moving on to the RMT, the two projects you talked about that are not generating revenues yet, are there additional projects you expected beyond those two in 2010? And just in terms of the contracting phase, how many months in advance do you usually enter into contracts before you get something nailed down?

Let me deal with the first part of your question first. The answer to do we expect that going into 2010 we will have booked more contracts than the ones I referred to, the answer is absolutely. We expect the contracting activity in the second half of this year to be fairly robust. In terms of how far ahead of the generation of revenues do we execute contracts? That used to be a relatively short period of time between signing agreements and cash beginning to flow. That period has become somewhat protracted in this marketplace. Oliver King – Zimmer Lucas: No, that was helpful. Thank you.

Thank you very much. And we have no further questions at this time. I will turn it back over to Ms. Gille.

Thank you for your continued support of Alliant Energy and feel free to contact me with any follow-up questions.

Once again, we would like to thank everyone for their participation in today's conference. That does conclude our program.