Thank you for holding, ladies and gentlemen, and welcome to Alliant Energy’s Third Quarter 2011 Earnings and 2012 Guidance Conference Call. At this time, all lines are in a listen-only mode. Today’s conference is being recorded. I would now like to turn the call over to your host, Susan Gille, Manager of Investor Relations at 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 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 will have time to take questions from the investment community. We issued a news release this morning announcing Alliant Energy’s third quarter 2011 earnings and 2012 earnings guidance and five year capital expenditure plan. This release, as well as supplemental slides that will be referenced during today’s call, are available on the investor’s 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. In addition, this presentation contains non-GAAP financial measures. The reconciliations between the non-GAAP and GAAP measures are provided in the 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. We want to be efficient with your time. So my comments will first focus briefly on our 2011 results thus far. And then I will provide details on the drivers behind the 2012 financial guidance and five-year capital expenditure plan we announced this morning. Later in the call, Tom will discuss third quarter results in more detail as well as important financial and regulatory matters. As noted in our press release, we posted supplemental slides on our website to assist in your 2012 guidance and third quarter 2011 earnings analysis. You may want to have these slides available for reference during our remarks. Before addressing 2012 guidance, let me comment briefly on the quarter and year-to-date results. But for the third quarter loss at RMT, those results are in line with our expectations. Our utilities continue to provide safe, reliable service to our customers, and are delivering earnings in line with guidance issued earlier this year. At the parent and IPL, the accounting for the tax benefit rider causes considerable quarter-over-quarter variation in earnings per share which will even out by year’s end. In the third quarter, $0.10 of the underperformance at the parent level is attributable to this necessary accounting variability. Tom will cover this in greater detail. In our non-regulated businesses, transportation and non-regulated generation continue to produce solid financial results. The negative performance at RMT, driven largely by a subcontractor performance failure on a solar project in New Jersey, resulted in a $0.13 loss for the quarter. This loss exceeds the $0.09 estimate previously announced. We’ve reduced our non-regulated and parent guidance for the year to reflect this circumstance. The New Jersey solar project will be completed this month and we will put this difficult experience behind us. So let’s…

Thanks Bill and good morning to everyone. Let’s start with a recap of third quarter results. We released earnings this morning with our GAAP earnings from continuing operations of $1.10 per share. However, adjusting for items we typically exclude from the guidance, third quarter 2011 adjusted or non-GAAP earnings were $1.12 per share. The third quarter 2011 adjustment relates to charges for a small portion of IPL’s forward emission allowance contracts. Comparisons between third quarter 2011 and 2010 earnings per share are detailed on supplemental Slides 7, 8 and 9. The utilities generated GAAP earnings of $1.35 per share in the third quarter of 2011 compared to $1.32 per share in the third quarter of 2010. The biggest drivers of the increase in utility results include higher earnings due to IPL’s tax benefit rider, a retail base rate increase at WPL, warmer weather and lower capacity payments due to Kewaunee’s PPA. These positive EPS drivers were offset by income tax benefits from the completion of a tax audit in the third quarter of 2010, higher depreciation and operating expenses for the Bent Tree wind project, under recovery of WPL retail fuel expenses and lower residential weather-normalized electric sales. The non-regulated and parent businesses generated GAAP losses from continuing operations of $0.25 per share in the third quarter of 2011 compared to income of $0.05 per share in the third quarter of 2010. The biggest drivers of the decrease in non-regulated and parent results include losses related to the solar subcontractor issue at RMT and the impact of the IPL tax benefit rider at the parent. As we discussed in the second quarter earnings call, the accounting for IPL’s tax benefit rider has given rise to considerable quarter-over-quarter variation in earnings per share at both IPL and the parent for 2011,…

Thank you, Mr. Hanson. 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 time frame for this morning’s call. Our first question comes from Brian Russo with Ladenburg Thalmann. Brian Russo – Ladenburg Thalmann: Hi, good morning.

Hey Brian.

Good morning Brian.

Just on the 2012 drivers, it looks like reduction in O&M expense of positive $0.15 is a fairly big driver. I know you guys have done a pretty good job over the last couple of years of controlling O&M. Could you just provide a little bit more insight as to your confidence level in achieving that $0.15 of growth?

The confidence level is extraordinarily high. We will achieve it. There’s no question in my mind that we will achieve it. A lot of it is just continuous improvement that occurs in the business, but there’s an awful lot going on in the industry today, and certainly a lot ongoing in our company today, as well. But an illustration of the kinds of things that are creating those cost savings opportunities relate to a Tier 2 plan in Dubuque, Iowa. It’s concurred, it’s already been converted from coal to natural gas. And that substantially reduces the operating cost of the facility. So while it seems like a big number, our confidence in realizing it is driven by inherent confidence in our ability throughout the organization. But in addition, there are quite noteworthy changes like the one I have just mentioned that are affecting our O&M profile as well, Brian.

And also does the mid-point of your ’12 guidance assume zero impact for pension expense?

Yes. [inaudible] pension expense.

So if there is some expense incurred, it’s not going to move the mid-point of your guidance, that might just bring it to the lower end and/or the higher end, correct?

That’s correct.

Then also on the Riverside acquisition, it seems that it’s been accelerated by about six months. So we should expect a full year of earning return on that in ’13 versus a partial year now?

That’s correct.

Okay great. And what are the drivers of the revised load expectations in Iowa and Wisconsin for ’12?

The predominant change that we have seen is a modest decline in the level of residential sales that’s occurring. It’s not just IPL, it’s WPL as well. So a little more pronounced at IPL, but I think consistent with the experience being had by so many companies in this economy. We are beginning to see the economy impact the electric consumption habits of the residential customer. That’s not a good thing for us or for anybody. I guess, the happy side of the equation is that we continue to see growth on the industrial side, which we hope is more of a leading versus a lagging indicator of what’s going on in our economies. But we’ve got soft residential sales. That’s the single biggest variable by a wide margin, Brian.

Okay, and then just lastly, any progress on the Merchant Wind Farm.

It’s underway, but we have not had any setbacks at all in terms of its development. So we are optimistic that it will remain on schedule and get built at or below the costs that we have estimated.

I guess you are still looking to sign a PPA. Is that correct?

Yes we are. And there is nothing to report on that front, although there is robust activity going on and we hope to have something to report on that, if not by the year-end, certainly by the time we issue year-end results.

Okay, great, thanks a lot.

Our next question comes from Jay Dobson with Wunderlich Securities. Jay Dobson – Wunderlich Securities: Hey good morning.

Hi Jay.

Good morning Jay. Jay Dobson – Wunderlich Securities: Bill, I was hoping to revisit the last comment you had in your prepared remarks. You used the word re-assess on RMT. Could you maybe elaborate on sort of what you are thinking there? I know you’ve always said it’s non-core, and you and I have had a number of conversations about this business. What exactly is sort of contemplating or at least considering there?

As you would expect, a wide spectrum of possibilities. Number one, we continue to own and operate the business and capitalize on the re-engineering work that’s been accomplished in the business and give the new leadership a chance to prove itself which were optimistic that it can do. Alternatively, we could look to partner with someone else in the business to get the business to a greater level of scale in the marketplace than it is today that would have the effect of reducing the risk of having a single project, have a dramatic impact on the financial performance of the enterprise. And of course the third alternative is, we could sell the business. So we are going to be looking at all of those options. Jay Dobson – Wunderlich Securities: And similar to an earlier question, your confidence level in the $0.04, understanding it’s been a difficult environment for RMT’s business over the last couple of years, I feel like we’ve been talking about $0.04 for a number of years and haven’t got quite gotten there. So -- ?

Yes, our records not very good in the last couple of years, is it? Our confidence is good, if we execute efficiently on projects, we are to be able to produce $0.04 of earnings in the business. That said, you never execute perfectly. But the book of business that’s in place going into next year is good. It is all wind. There are no solar projects in the booked book to business so far for RMT next year. Although there are abundant opportunities for there to be solar projects, we’ve not booked any of them today. So our confidence is, I will call it good, but certainly shaken by the experience of the last couple of years. Jay Dobson – Wunderlich Securities: Fair enough. What’s causing the acceleration in the Riverside acquisition? I thought that was pretty well sort of lined out in the call option you had. What’s allowing you to call that earlier?

It is, frankly we’d like to own the property sooner rather than later. We’d like to be financing the acquisition of the property in the interest rate environment that seems to be prevailing in the world today. It’s variables like that that auger us to accelerate the acquisition of the asset and those discussions with Calpine are ongoing. And we are optimistic that we are going to be able to reach agreement with them to accelerate the purchase of the facility. We, of course, have to respect the needs of the Wisconsin Public Service Commission in terms of reviewing our request to purchase the asset. We are hopeful that the Commission will find a way to deal with that request expeditiously. But those are nothing more intriguing than that driving the acceleration in [inaudible] purchase. Jay Dobson – Wunderlich Securities: Is the price changing, Bill?

I beg your pardon. Jay Dobson – Wunderlich Securities: Does the price change?

No. Does not. Jay Dobson – Wunderlich Securities: Okay fair enough. And then on equity, Tom, you sort of accelerated, I think it was previously – no need through the end of ’13, now you are saying in ’13. Would pension contribution you are talking about for in this year, early next, impact that? And sort of how would that from a sensitivity perspective drive timing?

With the rebounding of the market here recently, and the anticipated pension contribution in 2011 will not have any impact on our future equity needs. With respect to the timing of the equity, what we want to do is tie it really to the larger projects, whether it be the likes of a Riverside or the Iowa Gas Plant, recognizing that’s dependent on certain regulatory activity. So the schedule might slide a little bit. We thought it was better to try to target equity needs to those events as opposed to maybe just an artificial date. Jay Dobson – Wunderlich Securities: No perfect. Again, considering that you will be adding those things to rate base, you ought to pretty quickly get recovery of that equity.

That is correct. Jay Dobson – Wunderlich Securities: Got you. And then last detail Tom, the tax rate at 17% was sort of maybe 200 basis points lower than I expected. But you mentioned PTCs, which I assume are associated with the commercial operation of Franklin County. Is that sort of the impact? 200-ish basis point? Or maybe sort of true us up, I know you said back at 18% and I sort of assumed that went higher in ’12 and instead it’s bit lower.

Yes, we are going to have additional production tax credits in 2012 above what we had anticipated in 2011. That’s certainly one of the primary drivers. Jay Dobson – Wunderlich Securities: And that’s Franklin or that’s existing assets plus Franklin or all going there?

No, this would be principally Bent Tree. Keep in mind the Franklin project is going to be constructed in ’12. And we do not anticipate that’s going to be available then until 2013. Jay Dobson – Wunderlich Securities: Okay, fair enough. Perfect. Thanks so much.

You are welcome.

Our next question comes from Alex Kania with Bank of America. Alex Kania – Bank of America: Hi good morning. Just a follow-up off of Jay’s question on the Franklin County Wind. I think that previously you’d suggested that you would be taking an ITC grant on that. Is that – do you have any kind of gain on that in 2012 or do you expect that benefit to be in 2013?

Yes our plan is to take the grant, and the expectation is that we will be recognizing in 2013, moving forward. Alex Kania – Bank of America: And I guess when you are talking about equity and tying with new assets -- I guess investments, can you just talk a little bit about just your thoughts on balance sheet, kind of what do you – any ratios that you are targeting in particular, just to get kind of some sense of how big this would end up being?

When we look at each of the utilities, we certainly have a desire to maintain the equity levels consistent with what we have in rates currently. Recognizing in both jurisdictions will be adding a fair amount of CapEx. Some of that will be funded with debt. But we need to recognize, certainly desires to continue to keep those equity levels consistent with what we are experiencing now. Alex Kania – Bank of America: Okay, great. Thanks very much.

You are welcome.

We have a follow-up question from Brian Russo with Ladenburg Thalmann. Brian Russo – Ladenburg Thalmann: Just, sorry for missing this earlier, but in 2012, the $0.15 to $0.25, can you break that down between the transportation, Sheb and RMT and then parent?

You bet Brian. Transportation about $0.12, RMT $0.04, Sheboygan Falls, the unregulated generation assets $0.06; Franklin County $0.01, and the parent costs us $0.02. Brian Russo – Ladenburg Thalmann: So you are assuming $0.01 for the Franklin County Wind Farm contribution?

Yes. Excuse me. That will be the capitalized interest during the construction period that we are recognizing in 2012. Brian Russo – Ladenburg Thalmann: Okay, understood. Thanks for that. And then, is there anything ongoing on the tax planning side or with bonus, depreciation that might kind of push out the potential need for equity in ’13 or have you guys done everything you can?

Yes, we have captured for the most part everything that’s available to us. Brian Russo – Ladenburg Thalmann: Okay, thanks a lot.

(Operator Instructions). Our next question comes from John Alley with Decade Capital. John Alley – Decade Capital: Good morning. Two questions for you guys. I am sorry if I missed this. Could you explain why the tax rate was more than 2011 or the PTCs were greater than in 2011? I wasn’t sure I understood that.

Yes, we do have at Bent Tree some transmission limiting factors. And we continue to see improvement in that situation. So we would expect that there would be additional output in 2012 that will result in an additional production tax credits that we will be able to capture in 2012. John Alley – Decade Capital: And will these benefits be ongoing post rate freeze or is this only benefit the shareholder for the next couple of years?

No, that should be ongoing. Certainly that’s our expectation. John Alley – Decade Capital: But presumably they would calculate that in the revenue requirement in the next rate case?

Yes. John Alley – Decade Capital: I just want to ensure that. Thank you. And that was it. Thank you.

Thank you.

Our next question comes from Eric McCarthy with Praesidis Asset Management. Eric McCarthy – Praesidis Asset Management: Hi good morning.

Hey Eric good morning. Eric McCarthy – Praesidis Asset Management: And I apologize if I missed some of this. But as a follow-up to Brian’s question that he just asked, could you provide a breakdown of the non-regulated business in ’11 somewhere to how you just gave it for – how you are forecasting it for ’12?

Sure. Transportation business will earn about $0.12, RMT is going to lose $0.12, the Sheboygan Falls, unregulated generating asset will earn $0.06, the parent will cost $0.01. Eric McCarthy – Praesidis Asset Management: Again, I am sorry if you went over this as well. But the O&M cut that you provided in the guidance for next year, what’s the split of that between Wisconsin and Iowa?

I can’t answer that right now. Can we follow up with you on that? I just don’t have the answer here Tom, do you have it? We don’t have it. We don’t have that answer here, Eric, but we will be sure to get it to you. I apologize for that. Eric McCarthy – Praesidis Asset Management: Okay, great.

And we have a follow-up question from Jay Dobson with Wunderlich Securities. Jay Dobson – Wunderlich Securities: Hey Tom, just following up on that question, the [inaudible] costs $0.01. I assume that excludes the holding company debt, so that’s just a pure sort of O&M or SG&A?

No that includes it, Jay. Jay Dobson – Wunderlich Securities: That includes it? Okay, great. Thank you.

Ms. Gille, there are no further questions at this time.

With no more questions, this concludes our call. A replay will be available through November 10, 2011 at 888-203-1112, for US and Canada, or 719-457-0820 for international. Callers should reference conference ID 8244179. In addition, an archive of the conference call and a script of the prepared remarks made on the call will be available on the investor’s section in the company’s web site later today. We 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. Thank you for your participation.