Thank you for holding, ladies and gentlemen, and welcome to the Alliant Energy's fourth quarter 2012 earnings 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. 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 Pat Kampling, Chairman, President and Chief Executive Officer; Tom Hanson, Vice President and CFO; and Robert Durian, Controller and Chief Accounting Officer as well as other members of the senior management team. Following prepared remarks by Pat and Tom, we will have time to take questions from the investment community. We issued a news release this morning announcing Alliant Energy's year end 2012 earnings, and affirmed 2013 earnings guidance. 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 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 Pat.

Good morning and thank you for joining us today to review the year end 2012 results. I am pleased to report that 2012 was a year that Alliant Energy employees should be proud of and investors should be pleased with. Not only that we deliver solid financial results but we also make noteworthy improvements in reliability, customer service, generation availability and safety. Nothing is more important than the safety of our employees and 2012 was our safest year on record. Reportable injuries decreased 39% and loss-time accidents decreased 36%. I am very proud of our collective focus and commitment to make sure our employees go home safely each and every day. Let’s start with our financial results. As we have previously discussed the hot summer weather certainly contributed to higher earnings in 2012. However excluding the impact of weather our non-GAAP 2012 earnings were 5% higher than the same measure for 2011 and the midpoint of our 2013 earnings guidance is forecasted to result in a weather normalized growth of 6% of a calendar year 2012. This is consistent with our five year, 5% to 7% weather-normalized long term earnings growth objective. We are updating our base year for our long term growth to the 2013 non-GAAP weather-normalized earnings of $2.93 per share. We also increased our common dividend to $1.88 per share annually which is the 4% increase over the 2012 dividend rate. Our long term objective is to maintain the targeted dividend in the rage of 60% to 70% of consolidated earnings. 2012 was also one of the largest capital deployment years in the company history totaling $1.2 billion. Included in this capital was the acquisition of the Riverside Energy Center, completion of the Franklin County wind farm, the installation of the SCR Edgewater Unit 5 and the…

Good morning, everyone. Today we released our 2012 non-GAAP earnings from continuing operations of $3.05 per share, which is a $0.10 per share increase over 2011 non-GAAP results. The growth in non-GAAP earnings is primarily a result of income taxes at IPL due to tax planning strategies, lower operations and maintenance expenses. Higher WPL retail fuel recoveries and higher AFUDC related to emission control projects. The positive EPS drivers were partially offset by higher depreciation expense, higher capacity charges for nuclear purchase power agreements and record warm weather in the first quarter negatively impacting electric gas sales. 2012 weather resulted in positive earnings of $0.12 per share, $0.04 lower than 2011, weather impact of $0.16 per share. Comparisons between 2012 and 2011 earnings per share are detailed on supplemental slides 2, 3 and 4. The 2012 results reflect no material changes in weather normalized sales over 2011 and in 2013 we are forecasting no material changes in weather normalized sales or 2012. Sales trends between 2011 and 2012 weather normalized actual and 2013 estimate are illustrated on supplemental slide 5. The electric tax benefit rider resulted in no earnings impact for 2012, just like it had no earnings impact in 2011. The actual quarterly earnings impact of the 2012 electric tax benefit rider as well as the projected quarterly earnings impact of the 2013 electric and gas tax benefit riders are provided in supplemental slide 6. Turning to our financing plan, cash flows from operations are expected to stay strong since we do not expect to make any material federal income tax payments until 2015, and the 2013 cash flows will be impacted partially due to the credits to customer billed in accordance with IPLs tax benefit riders. Due to our current net operating loss position the extension of bonus…

Good morning, everyone. Today we released our 2012 non-GAAP earnings from continuing operations of $3.05 per share, which is a $0.10 per share increase over 2011 non-GAAP results. The growth in non-GAAP earnings is primarily a result of income taxes at IPL due to tax planning strategies, lower operations and maintenance expenses. Higher WPL retail fuel recoveries and higher AFUDC related to emission control projects. The positive EPS drivers were partially offset by higher depreciation expense, higher capacity charges for nuclear purchase power agreements and record warm weather in the first quarter negatively impacting electric gas sales. 2012 weather resulted in positive earnings of $0.12 per share, $0.04 lower than 2011, weather impact of $0.16 per share. Comparisons between 2012 and 2011 earnings per share are detailed on supplemental slides 2, 3 and 4. The 2012 results reflect no material changes in weather normalized sales over 2011 and in 2013 we are forecasting no material changes in weather normalized sales or 2012. Sales trends between 2011 and 2012 weather normalized actual and 2013 estimate are illustrated on supplemental slide 5. The electric tax benefit rider resulted in no earnings impact for 2012, just like it had no earnings impact in 2011. The actual quarterly earnings impact of the 2012 electric tax benefit rider as well as the projected quarterly earnings impact of the 2013 electric and gas tax benefit riders are provided in supplemental slide 6. Turning to our financing plan, cash flows from operations are expected to stay strong since we do not expect to make any material federal income tax payments until 2015, and the 2013 cash flows will be impacted partially due to the credits to customer billed in accordance with IPLs tax benefit riders. Due to our current net operating loss position the extension of bonus…

I was wondering your CAGR is 5 to 7%, what is the new base and how many years of that expand you.

Sure at the beginning of the call we mentioned that the new base of the 2012 non-GAAP revised earnings so that number is $2.93 per share and we should go out five years and its five years.

Brian Russo with Ladenburg Thalmann.

I apologize but if you could just run through the impacts of bonus depreciation again at the two utilities that would be helpful.

Yes, Brian we are going to see the cash benefit in 2015 and that's because of our annual NOL. However we will see a rate base reduction in 2014 and 2015 of 20 and $60 million. So if we would just look at that in isolation that's what we would see In terms of the rate base reduction compared to the information we've previously shared.

But the cash for the tax benefit of about $150 million.

We will be receiving that in 2015.

So $150 million of cash benefit in the cash flow statement in 2015 and then the $20 and $60 million in '14, '15 rate base adjustments are split evenly between the two utilities?

That is correct.

So, when we look at your total rate base of 5.6 billion or so this bonus depreciation seems to be fairly immaterial.

That is correct.

The Marshalltown review approval process, can you just comment on the RFP process that I think has concluded?

There is two RFPs processes so I apologize if I go back in history a little bit. We recently did an RFP process to see if there was a better alternative to the market Marshalltown facility and that's when the DAAC proposal was put on the table as well. There is another RFP process going on right now for the construction of the facility and that's still underway.

Okay, so do we have any details on the outcome of the first RFP on other alternatives?

Yes and that's part of the - that'll be part of the case.

Okay so it's not public yet?

No.

Okay, got you. And then lastly just the IPO rate stabilization plan that you're working on, any idea on the timing of when we might see a filing?

Brian, I wish I could give you timing at this point but we really can't. We'll be working with all the interested parties and make sure that we get to conclusion on this, but I don’t want to commit some time frame at this point.

Okay, so maybe second half of '13 type of filing?

We can't speculate at this point.

(Operator Instructions) We'll go next to Andy Bischoff with Morningstar.

Actually just kind of a clarifying question. Could you walk through again, your plans for redeeming the preferreds and the debt plans?

In IPL as I mentioned we did release a press release last week indicating that we were going to redeem all of the 150 million of outstanding preferreds and our financing plan at IPL includes an anticipated issuance, it's up to $500 million of long-term debt and or preferred stock in 2013. And at WPL we've issued the press release stating that we are redeeming that 60 million of preferred stock and is not our plan to replace the preferred stock at WPL.

We'll go next to Andrew Weisel with Macquarie.

My first question is, I just want to make sure I understood the comments around the potential rate cases. I understand you'd like to extend the rate freeze until Marshalltown comes into service, but that you may need to file a rate case about a year from now if things don’t work the way you're hoping. Did I hear you say that you also might need additional rate cases between those two or would it be one or the other?

We would need to file a case a year from now and then likely file another case before 2017. So we would want to…

Is it possible to have a multiyear plan instead of possibly three rate cases over 4 years?

That's why we considered a rate stabilization plan. Yes that's definitely our preference because we do not like the volatility on our customer's base rates.

Okay, remind me the timing of when you would have an idea about that?

Yes, we'll be working on that this year. Again, Brian had the same question, I really can’t commit to any time frame but we will need to get this done before, before February of 2014, but our goal would be to get something done this year. I just can’t commit to a time frame at this point.

Okay, fair enough, and then my only other question you mentioned no equity needs in 2013 in light of the 150 million of cash that you're expecting two years later, any thoughts on the longer term outlook for equity needs. I know it’ll depend on approvals for Edge 5 and Marshalltown, but maybe some of the best case and worst case scenarios.

Certainly the bonus depreciation will help in that respect but as we get until we get the order from the public service commission here within Wisconsin relating to Edge 5 and the Marshalltown approval, it's premature at this time to be stating any specifics in terms of those future equity needs. But the point is the bonus depreciation certainly will help in that regard and as said, as we get those two orders which were expected this year we'll be able to add more clarity in terms of those potential future needs.

We go next to Eli Kraicer with Millennium Partners.

Just had a question regarding the regulatory approval process for the CCGT, are there hearings coming in May regarding that, is that correct.

Yes, the testimony will be filed today and the hearing's on, if you look at schedule 9 in the attached slides hearing's on May 21st.

Okay and how shall we think, is there any interrelation between the regulatory process regarding the approval for the rating parameters for the plan and how you will ultimately deal or discuss the post 2013 rates for IPL or the two issues at all related or how should we think about that.

Yes, you know Steve, we actually consider this our strategy so we are relating the issues, however we stated that the rate stabilization plan would like to go through on the date when the Marshalltown plant will be in service. So it will not be including a rate stabilization due to this facility itself, but up to that point.

Okay, maybe I’ll follow up offline on that.

Okay but we would expect to have to file a rate case in 2017 for the Marshalltown gas plant.

We'll go next to Andy Levi with Avon Capital.

Just back on the rate stabilization plan, I think you had discussed your desire to possibly work out a settlement on this first going through a full proceeding, can you give us an update on whether talks have begun and kind of what’s the status of that is at this point? I know it’s early, but any information would be great?

The information that I can provide is that the interested parties are well aware of our intentions here and the goal is to stabilize rates for our customers. I really cannot say much more than that at this point.

And the next is Brian Russo with Ladenburg Thalmann

Can you remind us of the amount and the timing of when that parent debt matures in 2014, the (inaudible) related?

Yes, it’s October 2014.

Okay, and what’s the interest, what’s the rate on that?

4%.

And how much is it?

250 million.

Okay, and where does that, kind of flow through the income statement. Is it in the other non-rank and parent classification?

Yes-yes.

There are no further questions at this time.

With no more questions, that concludes our call. A replay will be available through February 21, 2013 at 888-203-1112 for U.S. and Canada, or 719-457-0820 for international. Caller should reference conference ID 8244179. 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. We thank you for your continued support of Alliant Energy and feel free to contact me with any follow-up questions.

That does conclude today's presentation. We thank you for your participation.