Thank you for holding, ladies and gentlemen, and welcome to the Alliant Energy’s Second Quarter 2011 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, Susan Gille, Manager of Investor Relations at Alliant Energy. Please go ahead.

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 and Chief Executive Officer, Pat Kampling, President and Chief Operating Officer and Tom Hanson, Chief Financial Officer as well as other members of the senior management team. Following prepared remarks by Bill and Tom we’ll have time to take questions from the investment community. We issued a news release this morning announcing Alliant Energy’s second quarter 2011 earnings. The release and supplemental slides for today’s call are available on the Investor page of our website at www.alliantenergy.com. Before we begin I need to remind you 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. In addition, this presentation contains non-GAAP financial measures. The reconciliation between the non-GAAP and GAAP measures are provided in our earnings release and supplemental slides, which are available on our website, at www.alliantenergy.com. At this point, I’ll turn the call over to Bill.

Thank you, Sue and good morning everyone. My comments today will provide some detail on major capital projects both current and planned. Later in the call Tom will discuss second quarter results and important financial and regulatory matters. Our industry is facing a multitude of new EPA regulations, including new rules to reduce the emissions of SO2 and NOx and mercury. New rules to control coal ash handling and disposal and new rules to regulate water usage and discharge from power plants. Compliance with these new rules and the desire to have a more diversified generation portfolio are the major drivers behind our plants to transform our generation fleet. The Cross-State Air Pollution Rule which will regulate SO2 and NOx emissions was issued in July. We have various options to achieve compliance including fuel switching, reducing coal-fired generation and installation of emission control equipment. Use of the emission allowances is also available, but in our view is a tool to use on the margin, not as a permanent means of compliance. Well our planning has anticipated such regulations, we are still in the midst of understanding the implications of this rule on our fleet. Today, I will outline for you the decisions we have made thus far in a nutshell we plan to rely on all four compliance mechanisms. First, we will rely on fuel switching we are in the process of switching fuel sources at two of our generating units. This fall we plan to convert the Dubuque, Iowa Generating Station to gas. And at the Nelson Dewey Generating Station in Cassville, Wisconsin. We plan to eliminate the use of petroleum coke as a Kicker Coal. In the longer-term, we may pursue more switching, but this is what certain right now. Second, we will reduce our reliance on coal-fired…

Thanks, Bill and good morning to everyone. My remarks this morning will recap the second quarter results affirm our 2011 earnings guidance and provide details of our financing and regulatory plans. Let’s start with a recap of second quarter results. We released earnings this morning with our GAAP earnings from continuing operations of $0.46 per share. However, adjusting for items we typically exclude from the guidance second quarter 2011 adjusted or non-GAAP earnings were $0.44 per share which matches second quarter 2010 non-GAAP earnings. Comparisons between second quarter 2011 and 2010 earnings per share are detailed on supplemental slides two, three and four. The second quarter 2011 adjustments include tax benefits from Wisconsin tax legislation, regulatory related charges and credits from IPL’s Minnesota electric retail rate case decision a cash balance plan pension plan, charge and regulatory asset impairments. The biggest drivers of the second quarter 2011 adjusted utility results compared to those of 2010 were higher revenues due to implementation of new base rates at WPL, the effective tax rate adjustments at parent, and lower capacity payments due to a scheduled outage at Kewaunee. These positive EPS drivers were offset by higher depreciation and operating expenses for the Bent Tree wind project and accounting for IPL’s tax benefit writer which gives rise to a considerable quarter-over-quarter variation in EPS but is not expected to have a material impact on 2011 total year earnings. On supplemental slide five, we have provided an estimate of the reduction of revenues and increased in tax benefits for each quarter in 2011 then looking at the full year the tax benefit writer also referred to as the customer cost management plan is not expected to have a material impact to earnings. Looking at the economy for our service territory overall retail electric sales increased…

Thank you. 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 one-hour timeframe for this morning’s call. (Operator Instructions). And we’ll take our first question from Brian Russo with Ladenburg Thalmann. Brian Russo – Ladenburg Thalmann: Hi. Good morning.

Good morning Brian.

Good morning Brian. Brian Russo – Ladenburg Thalmann: I apologize because I got on the call a little bit late, but could you just reiterate the comments you made earlier. I think about the Duane Arnold’s nuclear contract and then the timing of a potential CCGT?

Sure, the what I said Brian is that we currently think it is unlikely that we will be able to re-negotiate and extension of the Duane Arnold PPA with NextEra and if we factor the absence of that PPA together with currently anticipated retirements of coal-fired capacity at IP&L we envisioned a need for incremental generating resource of about 700 megawatts in the 2016 or later timeframe. One of the alternatives that we are considering for fulfilling that need is the construction of a new combined cycle facility at IP&L and what I’ve indicated was that would costs between $650 million and $750 million it would not go into service earlier than 2016 and if we elect to proceed with that alternative we would make regulatory filings in Iowa in the middle part of 2012. Brian Russo – Ladenburg Thalmann: Okay. It’s my understanding that the Duane Arnold PPA that expires in ‘14. So why don’t you need the, to make up that capacity until ‘16?

We have experienced an economic recession which did have, did have an impact on our load profiles in the State of Iowa, that’s certainly contributes to a sliding backwards in terms of requirements plus the actual timing of retirements is ambiguous and uncertain. At this point in time all of that said Brian the physical reality is that it would be a very unlikely that you could get a combined cycle facility through the regulatory process and constructed before 2013 as well. So ‘16, 2016 as well. So all of those variables leads to that signaled timing. Brian Russo – Ladenburg Thalmann: Okay, and then on the tax benefit rider, is this kind of a – is this just the 2011 event or is this something that we’re going to experience in ‘12 and ‘13?

Yeah Brian that’s part of the rate case in Iowa. The expectation is that we would have benefits that would crew back to the rate peers in Iowa in ‘11, ‘12 and ‘13. and the estimate for 2011 is $61 million and if you take a look at bottom of slide, supplemental slide 5, we’ve tried to identify the impact by quarter. Brian Russo – Ladenburg Thalmann: Right, okay. And on the Vestas turbine redeployment as an unreg asset what type of returns on your investment do you expect from that?

Well it will depend on the nature of the off-take, the arrangements that are put in place. We can’t really estimate that with any meaningful certainty. At this juncture, obviously we’re going to capture as good and consistent the return as we can on that investment. But, it would be facetious of me to suggest that we know what it is today without having the off-take arrangements in place. Brian Russo – Ladenburg Thalmann: When would you expect off-takes and when do you think that plan would be operational?

Well it should be operational in end of 2012. We want to get it in service, so that we capture all of the tax benefits. Brian Russo – Ladenburg Thalmann: That’s right.

In fact we want to get it in service so that we can exploit the wonderful wind regime and transmission environment that exists at that site as I indicated in the remarks. We are seeing capacity factors out of Whispering Willow, East approaching 40% that’s pretty cosmic. Brian Russo – Ladenburg Thalmann: And then lastly, I think correct me if I’m wrong but there is no equity needed through 2013 and that’s compares to your previous guidance of no equity through 2012?

That’s correct. Brian Russo – Ladenburg Thalmann: Okay. Thank you very much.

And we’ll take our next question from Jay Dobson with Wunderlich Securities. James Dobson – Wunderlich Securities: Hey, good morning Bill.

Good morning, Jay. James Dobson – Wunderlich Securities: Question for you continuing on the Vestas turbine decision. Could you give us a little background I know in the first quarter call you sort of said you’re looking at a number of options one you chose obviously building at yourself and selling the assets or the turbine that might require rate down. I’m just wondering how you came about the decision to just sort of go forward with this on your own. It certainly gives us the uncertainty you mentioned in a moment ago?

Sure, happy to give you a sort of abbreviated color on that decision making process. It starts off – if we had our overwhelming preference obviously we’d be deploying these turbines as a utility asset at either IP&L or WP&L. That sort of goes without saying because we’re regulated utility business but the reality is that we’ve got sufficient positions in place to meet our renewable portfolio standards in Wisconsin and we have sufficient positions in place to meet existing renewable portfolio standards in Iowa. And I think it’s fair to say that the cost of the economic situation that pervades in nation today there is an increased sensitivity to the cost of renewable energy and the impact that those cost could have on customer rates. And so I guess not deploying them as strictly utility-owned assets is heavily influenced by those two variables. We did consider selling the turbines outright, but rejected that as an alternative because we like the technology, we have the technology deployed throughout our owned wind farm portfolio. And so we like to deploy that turbine in our projects. And finally four better ways we think for better. We own rights to develop incremental wind generation capacity in and around the Whispering Willow East site. And the reality is number one it’s a great wind site, wonderful wind regime. Number two because of the construction of Whispering Willow East. The transmission infrastructure necessary to liberates sales from that area is either completed or near completion. And the reality is if anybody reads the trade press today one of the greatest constraints to the development of more wind resource in this country is transmission. And we’ve got a great site with good transmission. And frankly we’re covered this, we want to use that site up before developments in the rest of the system and area create new current transmission constraints which would make it difficult to take energy out of that wonderful wind sites. So we want to take advantage of it and capture the access from that site to the market place while it’s still exist that really is the in a nutshell the decision making process we went through. James Dobson – Wunderlich Securities: Got you. That’s very, very helpful but in light of the regulatory constraints you mentioned is not make a contract either of your owned utilities somewhat less likely so that you will be looking as you mentioned for sort of a third-party contract?

Yes, no I don’t think so Jay and the reason I say that is contracts don’t have to be 10 years long or 20 years long or 30 years long they can be three years long, they can be five years long. And it is not at all illogical to need to see the energy from this wonderful wind site fit very nicely into the energy supply portfolio of either of our utilities because as you know both of our utilities are energy short. James Dobson – Wunderlich Securities: Got it. That’s helpful.

Okay. James Dobson – Wunderlich Securities: And RMT would have an inside track on hoping you build this too. So there is a I believe in the family. Bill with the 235 you mentioned as total costs include the 115 so the additional capital we’re talking about like 120 or there is apples and oranges?

Yes, you are correct it includes the 115. James Dobson – Wunderlich Securities: Got you. So incremental capital you will need to spend as Alliant Energy will be a 120 on top of that excluding any capitalized interest costs?

That’s correct. James Dobson – Wunderlich Securities: Okay. Great.

That’s correct. James Dobson – Wunderlich Securities: Thank you very much. I appreciate the insights.

You are welcome.

And we’ll go next to Jim Bellessa with D.A. Davidson. Jim Bellessa – D.A. Davidson: Hey, good morning guys.

Good morning Jim. Jim Bellessa – D.A. Davidson: Most of my questions have been answered. This is actually Mike here for Jim by the way. I got curious about the additional land you have near the Whispering Willow-East location. How much more could you support at that site in addition to that?

The total site capability is 500 megawatts Mike. We already have 200 there. This would be an incremental 100, so there is an extra 200 megawatts of developed siting capability at Whispering Willow East. We also have additional developed siting capability at the Bent Tree site too is a 500 megawatt – 400megawatt site I’m being corrected – correctly so. That’s a 400 megawatt site that we have 200 megawatts constructed upon already. So we’ve got undeveloped – developed capacity at both of those sites. Jim Bellessa – D.A. Davidson: All right. Thank you very much.

We’ll go next to Alex Kania with Bank of America. Alex Kania – Bank of America: Hey. Good morning.

Good morning.

Good morning. Alex Kania – Bank of America: I got a couple questions, the first is the follow-up on the wind. Have you guys figured it out what type of tax stream you want to use for that asset? I am just thinking that you have – pretty recently you’ve done a lot of work on kind of reducing your federal cash tax obligations, so I’m wondering if maybe the convertible ITC or ITC grant would be profitable to the TTC.

Yeah, this time we are most likely going to pursue the grant option. Alex Kania – Bank of America: The grant, okay, TTC great. And then you talked about the Duane Arnold I mean I guess not likelihood of signing a long term contract there, how you – what you’re really speaking on Kewaunee in Wisconsin, is it – do you feel like you have an opportunity to extend that contract with Dominion or do you think you’d also want to let that one expire and look at the market?

We very much like to reach an agreement with Dominion that we think is good for our customers. I would say that I’m more optimistic certainly about the prospects of doing that at Kewaunee than I am about Duane Arnold. That said Kewaunee remains a work in progress. Alex Kania – Bank of America: Great.

We continue to discuss. Alex Kania – Bank of America: Great. And last question is just little bit more clarity on the comments you had on guidance. It sounded like so far in Q3 with getting some pretty good weather that you’re running I guess ahead of what’s the midpoint of your guidance range, but you’re kind of waiting to see towards the end of the quarter to see if those trends continued before you make any changes with respect to guidance?

I think that’s right. Obviously, for us and for most of the country, July was a doozy. It’s been very hot and as Tom indicated we currently estimate earnings in excess of those associated with normal weather of would I say $0.11 to $0.13...

Yeah.

Or $0.12 to $0.14 or even want to understate it, but yet obviously at substantial and so far in August it’s the heat has continued but to Tom’s point we are a third quarter company and Lord knows we could end up having the balance of August and September through the expiration of our seasonal rates. It could get cold. Who knows and they are drifting on more fairly conservative lot and we don’t want to bank the third quarter yet just because of the extraordinarily hot weather in July. We want to wait and see the way the quarter plays out. Alex Kania – Bank of America: Great. And then last question is just you talked about updating your or giving a kind of an update on CapEx I guess into ‘14 by the end of the year would it be fair to assume that you’d give a kind of a look on 2012 at that time as well.

That is correct. Alex Kania – Bank of America: Okay, great. Thanks very much guys.

Thank you.

(Operator Instructions). We’ll go next to John Alley with Decade Capital. John Alley – Decade Capital: Good morning.

Good morning, John.

Good morning. John Alley – Decade Capital: Just a quick question, if you could elaborate a little bit more on why you don’t think you could come to another PPA with NextEra or Duane Arnold because I joined the call later I don’t know if you already hit that?

No, no. no it’s okay, I think the pricing for both sites have attacked the issue in the very best of faith. We harbor no negative feelings as it relates to NextEra at all. The reality is an extension of the PPA relating to Duane Arnold is a commercial and economic and financial negotiation. And I don’t think the parties were able to get into the same ballpark in the conversation and at some point in time you have to fisher, cut bait and move on to make sure that we take whatever steps are necessary to meet our obligations to customers. And that really in a nutshell is where we are and what happened. John Alley – Decade Capital: Great. And as far as the new wind project goes I know your preference is do it within the utility, but how open are you, do you keeping those merchant?

Keeping those what. John Alley – Decade Capital: Merchant.

As a merchant.

As a merchant. John Alley – Decade Capital: Merchant facility.

It will all depend upon what happens in the marketplace number one, number two what kind of optic arrangements we’re able to put in place. Concerning the power produced by the facility. If that yields something that is attractive to us we’d be completely opened to keeping these resources as unregulated assets for a very long time. It is all about economics and frankly all about exploiting the value of that tremendous win site. John Alley – Decade Capital: Excellent. Thank you very much.

And we’ll go next to Brian Russo with Ladenburg Thalmann. Brian Russo – Ladenburg Thalmann: Hi, just a follow-up on the CapEx update that we’re expecting, based on your most recent CapEx disclosures, would you say that the updated CapEx is going to be more or less on the multiyear basis relative to what you previously laid out?

It’s probably going to be a little higher Brian, but it’s not going to be significantly different from what the existing guidance is out there. Brian Russo – Ladenburg Thalmann: Okay. Thank you.

And then Brian, as we said before, we will be showing that later in the year in terms of our CapEx plan for the next several years and then the corresponding financing plan to achieve that CapEx expenditure profile. Brian Russo – Ladenburg Thalmann: Thank you.

And there are no other questions at this time. I’d like to turn the conference back to our speakers for any closing remarks.

With no more questions, this concludes our call. A replay will be available through August 11, 2011, at 888-203-1112 for U.S. and Canada, or 719-457-0820 for international. Callers should reference pass code 8244179. In addition, an archive of our conference call and a script of the prepared remarks made on the call will be available on the Investors section of the company’s website later today. We thank you for your continued support of Alliant Energy and feel free to contact me with any follow-up questions.

Thank you everyone. That does conclude today’s conference. We thank you for your participation.