Mild weather hits Alliant Energy profit

Mild weather in the April-through-June quarter reduced Alliant Energy's net profit, but revenues increased during the period, topping analysts' estimates.

The Madison, Wis.-based utility holding company reported net income of $61.8 million, or 56 cents per share, for the quarter that ended on June 30, down from $65.3 million, or 59 cents per share, in the same period last year. Revenue rose to $750.3 million in the most recent three-month period from $718 million in the second quarter of 2013.

Earnings from non-regulated businesses were down 1 cent per share, while lower electric sales due to mild weather accounted for most of the remainder of the decline.

Alliant Energy CEO Patricia Kampling said the company expects a decision from the Iowa Utilities Board in the current quarter on its motion for approval of a rate settlement agreement to extend its Iowa retail electric base rate freeze through 2016. The company's Interstate Power and Light Iowa utility subsidiary began crediting customer bills in May.

Alliant Energy reaffirmed its full-year earnings guidance, projecting a net profit of $3.25 to $3.55 per share.

Kampling said Alliant Energy is on track to upgrade emission control equipment at its Tier I and Tier II power plants. It has spent $20 million this year and plans an additional $30 million of upgrades next year.

Kampling said a principal construction contractor and turbine supplier have been selected for the company's new natural gas-fired generating station in Marshalltown. The $700 million, 650-megawatt power plant is projected to begin generating power in 2017.