Welcome to the Alliant Energy's First Quarter 2014 Earnings Conference Call. (Operator Instructions). 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 Pat Kampling, Chairman, President and Chief Executive Officer; Tom Hanson, Senior 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 first quarter 2014 earnings and reaffirming 2014 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 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 yesterday 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 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. The first quarter certainly goes down as one of the most memorable for those of us within, in the middle of the Polar Vortex. I must thank our men and women, who tucked it out and go to work each and every day and never lost focus on providing exceptional customer service. I'm pleased to report that our first quarter earnings that we are discussing today are the highest in company history. Driven mostly by the reduction nuclear capacity payments and realizing increased electricity and gas sales from both economic growth in our service territory and the weather. Tom will provide more details on the financials, but in summary those three items alone increased earnings by $0.31 per share over the first quarter of last year. However, we do recognize that this winter was typical for some of our customers. Especially in dealing the entire utility bill. Earlier this year, we contributed $3 million to the Hometown Care Energy Fund to help our income eligible customers with their utility bills. We have also expanded our customer outreach efforts and are working with customers to help them other funds of the systems and payment plan options. On a positive note, we are trying to continue to improve in our service territory, unemployment rates are below the national average, with Iowa's rate now at 4.5% and Wisconsin's at 5.9% five year both for the State. Some of the trends we are experiencing include our modest increase of number of retail, electric and gas customers. Continued expansion by our industrial customers and a slight increase in the used per customers. This is certainly encouraging and we will continue to monitor sales and determine if the weather normalized sales growth experienced in the last quarter…

Good morning, everyone. We announced 2014 earnings last evening, with our GAAP earnings from continuing operations of $0. 79 per share, these earnings are a $0.25 per share increase over non-GAAP earnings of $0.72 per share in the first quarter 2013. Our non-GAAP earnings adjustments in first quarter 2013 related to the preferred stock redemptions at both utilities. Comparisons between 2014 and 2013 first quarter earnings per share are detailed on Slides 2, 3 and 4. First quarter 2014 earnings were higher than first quarter 2013 primarily due to the estimated weather impact on electric and gas sales and lower capacity payments related to the expiration of purchase power contracts associated with the Duane Arnold Energy Center and the Kewaunee Nuclear Power Plant resulting in a cost reduction of approximately $32 million. Those expiring capacity payments will allow us to earn a return on and off rate base increases at both utilities of keeping retail electric customer base rate stable. We experienced weather normalized sales growth in the first quarter 2014. Forecasted retail sales trends between weather normalized 2014 and 2013 are illustrated on Slide 5. Weather normalized sales grew as result of an increase in number of customers, use per customer and we believed customers utilized space heater, due to coping cost increases in shortages. In addition, several industry customers expanded their operations which increased weather normalized sales at both utilizes. Industrial segment experiencing electric sales growth due to planned or production expansion include chemical, health services and manufacturing. In November, we issued our consolidated 2014 earnings guidance of $3.25 to $3.55 earnings per share. The 2014 guidance assumes normal weather and modest sales growth. Due to the strong first quarter earnings resulting from the higher than expected sales, we currently anticipate full year 2014 earnings will be toward…

Thank you, Mr. Hanson. (Operator Instructions) We'll take our first question from Andrew Weisel with Macquarie Capital. Andrew Weisel – Macquarie Capital: My first question is, after the rate settlement in both states, what is – is there any impact to the rate base outlook? You haven't confirmed them in the slide but are there any big or small changes to the growth outlook.

No, Andrew the slides were provided in IR deck are still the latest. Andrew Weisel – Macquarie Capital: Okay and that's consistent with the settlements?

Yes, it is absolutely yes. Andrew Weisel – Macquarie Capital: Then next question is, if I heard you right Tom I think you said that you're going to accelerate some O&M. thanks to the strong winter, is that stuff mostly from the next few quarters or is it more structural program that might have a long-term impact?

Well, first of all we certainly have flexibility in terms of looking at the expenditures. Some of those could be expenses that we were originally planning for next year could be pulled into this year. Andrew Weisel – Macquarie Capital: Okay, great and then my last question. I think your commentary on the equity need was unchanged. Is there any opportunity that if, the rest of the year has normal weather and you're able to sort of keep the benefit from the strong first quarter, any chance to postpone that or is that sort of independent of the near-term trends?

Certainly, we will continue to evaluate that the exit that we are forecasting is more driven because of the incremental CapEx but certainly with the level, we will have stronger cash flows. So that will be so the input as we continue to assess the equity needs.

We will go next to Brian Russo with Ladenburg Thalmann. Brian Russo – Ladenburg Thalmann & Co. Inc: I'm sorry, if I missed this earlier but could you just elaborate on the weather normalized sales growth forecast that we should be using for 2014 and beyond?

Yes, Pat said right now we're targeting approximately 1.7% in both jurisdictions recognizing that we did have a strong fourth quarter and strong first quarter, but we want to be careful that there were few events in both of those quarters that might suggest that sustainable maybe not be at those two levels. So certainly, we are very pleased with the growth recognizing that we are seeing this across all sectors in both states, but until we really have more insights with second quarter. We will continue to certainly focus on the sales, but as Pat and I highlighted in the script. We are seeing additional customers as well as additional usage and with the industrial sector expansion as well as list additional needs. We are certainly encouraged by that. Brian Russo – Ladenburg Thalmann & Co. Inc: Okay, great and can you comment maybe on the O&M expense trends that you're seeing to kind of put prospective with your sales growth?

If you can go back and look at our O&M, it's been fairly flat, we have been able to manage that with one exception you'll note that with the energy conservation in Wisconsin that does fluctuate a little bit, so you'll see that moving but in terms of as we look on a going forward basis. You should expect kind of similar profile of O&M from what we've seen in the past. So what we are looking at in terms of potential bringing into 2014 would be nothing that I would characterize is being as unusual. Brian Russo – Ladenburg Thalmann & Co. Inc: Okay and then lastly could you just comment on the $0.03 positive impact on the optimization of gas capacity contracts at IPL?

Sure, first of all we've had this program in place for many, many years. if I say, we – it's the other utilities in Iowa, as well it allows us to optimize our gas utility assets and just given the significant in terms of market volatility and the opportunities presented to us. We were able to capture additional benefits in the first quarter of 2014 and in fact that represents about almost twice of what we captured calendar last year. So it was $0.03, the other thing it's important. This is also an opportunity to continue to help our gas customers and they get the benefit of this program as well. Brian Russo – Ladenburg Thalmann & Co. Inc: Okay and one more question, at the high end of your guidance. Do you break through any of your sharing bands or now?

Well, we'll be close but recognizing as you know Brian third quarter is the big quarter for us. So until we get to that level, it's probably premature but certainly our forecast assuming weather normal, would suggest that we are close to the top end.

We will go next to Steve Fleishman with Wolfe Research. Steve Fleishman – Wolfe Research: So, just generally on your rate proposal or your settlements. Do you expect that you'll be able to earn the allowed returns under each of these?

Yes, absolutely Steve again that's assuming the rate base assumption, I'm giving you in the IR deck. Steve Fleishman – Wolfe Research: Okay and is there something that would indicate that those rate base assumptions are going to change?

Not materially in the two-year capital expenditure profile that we re-provided. These are well-known projects with pre-approvals so that should remain basically within those ranges. Steve Fleishman – Wolfe Research: And then I believe in Wisconsin the equity ratio is higher than it had been in this current proposal, is that correct?

Just slightly, though. Steve Fleishman – Wolfe Research: Okay, so that doesn't really change your kind of overall plan, in terms of putting more equity in there in terms of your financing plan?

No, it doesn't change.

We will go next to Andrew Levi with Avon Capital Advisors. Andrew Levi – Avon Capital Advisors: Just a couple of questions, first; can we just go a little bit more in detail over the Iowa settlement relative to Duane Arnold and kind of have the numbers, kind of work as far as the capacity savings?

Sure, I mean Susan can give you more details with you, on this if you like but the real takeaway for this settlement is that, we are giving customer credits back over the next job of years. When the customer credits decline and that's what's helping us achieve the increase in returning on our rate base because the rate base is going up? So keep in mind, the 2014 the customer billing credit is $70 million. [Duane] $25 million in 2015 and [indiscernible] $10 million in 2016. Andrew Levi – Avon Capital Advisors: So, they're the basically – they're replacing what would be rate increases without obviously effecting the customer but benefitting the bottom line, is that currently how you look at it?

The base rate is getting frozen and the credits are going through the fuel clog. Andrew Levi – Avon Capital Advisors: That's great, then I guess as I kind of work through the numbers. Well actually let me just step back, so as you look at 2014 you're saying you're at the top of the range. Obviously there was weather included in that but at the same time. You're accelerating O&M from 2015, so I guess absent even the weather there was a good chance. You were going to be at top end of the range, based on what you're seeing thus far again assuming normal weather. Is that a fair statement?

Andy, just to be clear. You know with the weather that we saw in the first quarter. It's definitely pushing us through the top end of the range and Tom's statement is that we actually have flexibility to move some O&M projects from future years. If necessary depending on how the rest of the year plays out. Andrew Levi – Avon Capital Advisors: Okay, but I guess what I'm saying, if you assume normal weather and you're going to move the O&M already and there was what $0.12 of weather I think, I'm not mistaken, there's normal. You probably would have been at the top end of your range, regardless?

Yes, it was a very large impact in the first quarter on weather. Andrew Levi – Avon Capital Advisors: And again, I know you don't have and giving guidance for 2015 or 2016 and that's going to come towards the end of this year as you always do, but seems to me looking at kind of consensus estimate for 2015, 2016 they're probably about $0.10 to low. So the question I have is, if you end up coming in at the top end of your range. It's kind of normal earnings, not caused by weather of course would that be kind of the base that we would grow off of?

You know, I think we'll have to wait till the end of the year to make that decision. Right now, we are looking at whether normalized from last year as our base. This year has started out to be little unusual and we'll just have to evaluate that as we go throughout the year. Andrew Levi – Avon Capital Advisors: Okay and then another question, I have is if bonus depreciation works ended at the end of the year. How would that affect your need to issue equity?

As I said, currently we are not forecasting to be a federal taxpayer until the first quarter, 2016. So obviously we have some impact and as I said at the equity needs are for calendar year 2015, 2016. Andrew Levi – Avon Capital Advisors: Right, but if bonus depreciation was extended. I would assume that your construction program would benefit from that and I guess the question is, would it possibly lessen the amount of equity that will need to be issued in 2015 and 2016.

Well certainly it will be a key consideration, as we continue to analyze the need. So rest assured that, if the extenders get approved that you will be analyzing the impact of the equity needs. Andrew Levi – Avon Capital Advisors: Okay, I mean I guess you guys are going to be at this comp so I can go over some now, longer term numbers with you, but it seems to me that the earnings [indiscernible], the company and again you're going to get these settlements kind of done and sealed. But it seems that are there are these other companies probably lot greater than the people, who are forecasting right now, but I guess they'll be patient and wait for the year and kind of finish out first.

Thank you.

Appreciate that. Thank you, Andy.

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

With no more questions, this concludes our call. A replay will be available through May 9, 2014, at (888) 203-1112(888) 203-1112 for US and Canada or (719) 457-0820(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 Investors section of the company's website later today. We thank you for your continued support of Alliant Energy, and feel free to call me with any follow-up questions.