Thank you for holding, ladies and gentlemen, and welcome to Alliant Energy's Second Quarter 2016 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.

Good morning. I would like to thank all of you on the call and the webcast for joining us today. We appreciate your participation. With me here today are Pat Kampling, Chairman, President and Chief Executive Officer and Robert Durian, Vice President, Chief Accounting Officer and Treasurer; as well as other members of the Senior Management Team. Following prepared remarks by Pat and Robert, we will have time to take questions from the investment community. Tom is not on the call today, since he is on vacation with this family this week. We issued a news release last night announcing Alliant Energy's second quarter 2016 earnings, and reaffirmed 2016 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 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 last night and in our filings with the Securities and Exchange Commission. We disclaim any obligation to update these forward-looking statements. At this point I'll turn the call over to Pat.

Good morning and thank you for joining us for our second quarter 2016 earnings call. As Susan mentioned, Tom Hanson is of vacationing with his children and grandchildren. So, Robert Durian and I will handle today's call. I will begin with an overview of our second quarter performance, then review the progress made and advance in cleaner energy and creating a smarter energy infrastructure for our customers. I will then turn the call over to Robert to provide details on our second quarter financial results, as well as the review the regulatory calendar. Earnings from continuing operations for second quarter of 2016 when compared to 2015 increased by $0.03 per share which include the $0.02 positive margin impact from temperatures, remaining difference was primarily result of higher allowance refunds used during construction related to the Marshalltown Generating Station. We shared some exciting news last week as Governor Branstad and I announced our proposed $1 billion investment for additional wind generation in Iowa. As you recall, we had originally forecasted additional renewal investments in the second five years of our 10-year capital plan. This plan accelerates this investment in order to take advantage of the full benefit of the production tax credit extension. This means that the expected in-service dates of the new wind project will now be in 2019 and 2020. With this announcement, IPL filed an advanced rate-making principles application for RPU with the Iowa Utilities Board for fast approval to add owned and operated wind resources of up to 500 megawatts. A portion of the wind will likely be located near our existing Whispering Willow site in Franklin County, Iowa. We are also pursuing additional land options. We have requested a return on equity of 11.5%. Details of the filings maybe found on Slide 2. As part of…

: A summary of the quarter-over-quarter earnings drivers may be found on Slide 3, 4 and 5. Consistent with the growth assumed in our 2016 earnings guidance, retail electric temperature normalized sales for Iowa and Wisconsin increased approximately 1% between the first half of 2015 and the first half of 2016 excluding Minnesota. The commercial and industry segment continue to be the largest sales growth drivers year-over-year. The second quarter 2016 result's included adjustments to our ATC earnings to reflect and anticipated decision related to the second complaint filed regarding the return on equity level charged by transmission owners and MISO. We reserved $0.01 per share in the second quarter of 2016 reflecting and anticipated all-in ROE of 10.2%, a reduction of 200 basis points from ATC's current authorized ROE of 12.2%. This reserve was triggered by the FERC Administrative Law Judges initial decision on the second complaint issued in June 2016. We are expecting a FERC decision by the end of this year for the first complaint, and within the first quarter of 2017 for the second complaint. Now let's briefly review our 2016 guidance. In November, we issued our consolidated 2016 earnings guidance range of $1.80 to $1.95 per share on a full stock split basis. The key drivers for the 5% growth in earnings relate to infrastructure investment such as the emission control equipment at Edgewater 5 and Lansing, and higher AFUDC related to the construction of the Marshalltown generating station. The earing guidance is based upon the impacts of IPLs and WPLs previously announced retail electric base rate settlements. In 2016, IPL expects to cut its customer's bill by approximately $10 million. By comparison, the billing credits in 2015 were $24 million. IPL also expects to provide tax benefit rider billing credits to electric and gas…

Thank you Mr. Durian. At this time the company will open up the call to questions for 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. [Operator Instructions] We'll take our first question from Andrew Weisel with Macquarie Capital.

Hey good morning everyone. I didn't know Tom take vacation. I actually thought he was in the office.

We're not sure if this is a real vacation for him with all the little kids he's with right now, just to be honest.

First question, a quick one, on Franklin I believe you said it's the lower of cost to market, so that would likely result in a charge in the next quarter. Are you able to give what the book value is, your expectation of the sell price, and is there any precedent of a transfer like that in Iowa going from an unregulated subsidiary to a regulated one within the same Parent company?

You asked a lot of questions there. Let me take them in order, and Robert chime in, when need be. We actually have on the investment deck on Slide 29 where we have the renewable energy win slide and we've put on that the book value of Franklin County and this was at year end, approximately $130 million Andrew. So, at the time of the transfer would be completed, want to probably check the impairment. So, we're looking into not receiving full approval into early next year, so that's something we'll be evaluating over the next several months. You asked about precedent. You know, again, you are familiar that we've done this on the Wisconsin side of the house already, so we've been working with the parties in Iowa to make sure they understand exactly what we'll be asking for at that point. So, I don't expect to have any large issue with this, and again the rules of that transferred at the lower cost of market, so we'll be following those rules absolutely as well.

Great. That's helpful. Next on the new wind project, your neighbors at [indiscernible] obviously also announced a pretty major investment in wind in the state. Have the two of you talked about working together, or do you know are regulators considering the proposal, similarly, competitively, independently, how should we think about those two projects going in tandem?

They are two separate dockets as you are well aware. MidAm is a little bit ahead of us, so I would consider them two separate dockets. As you are well aware though, we are partners with MidAm and several other joint coal units that we have a great relationship with them. But working with the state, as you can tell from our announcement, the state is very excited about both our investment and virtuous investment, so we're working with the state jointly to make sure that all these wind projects are delivered on time for our customers. So there is a very cooperative step between the two of us, but it is -- they are two different dockets.

Got it. Is there any concern about lack of enough resources whether it's equipment or labor or lands?

No not at all. Again, before we made the filing, use issued the RFP to the vendors just to make sure that we still have supply out there. We haven't received the bids back yet, but the discussion with the vendor is going very, very well. As you are aware, we actually have the land around Franklin County already. So, we're actually talking to the towns people, and they are very excited for us to be putting more wind around their county. So, we don't anticipate with either utility having any issues with land in Iowa or resources getting these large projects completed.

Very good. Then my last one. You mentioned that you are not expecting any chances of long-summer earning power. I'm a little surprised by that just because if this is going to be lowering your O&Ms and avoiding some purchase power, I would think that would create some headroom. I know customer bill affordability is your, if not top concern, one of your top concerns. Shouldn't that create some headroom for at least some incremental CapEx flow with your prior guidance?

No. This is really too early to be upfront to answer that. We really need to step back and look at our multi-year plan Andrew and our rate case planning. But right now we're targeting our capital plan over the next few years. So we really target that 5% to 7%.

Okay. Great. Thank you for all the details.

Our next question comes from Brian Russo with Ladenburg Thalmann

Good Morning. Can you just tell us what the Franklin County wind farm EPS contribution is in your 2016 guidance?

I'll turn it over to Robert.

Right now, we've expect about a $0.02 to $0.03 loss for 2016 which is pretty consistent with what we've seen over the past few years for Franklin County.

Okay great. And I realize you guys are looking to maintain the five year capital budget, but could there potentially be changes in the annual spend, albeit coming up with same total five year budgeted amount?

The think we have to -- once we get the bids back from the winds vendors, we will expect a CapEx in the year of 2018 and 2019 to be increased from what we currently have. So that's what's we are really working through right now. Brian, it's too early to give you an indication of what those annual numbers are going to be, and we'll share that with you on our third quarter call mostly at EEI. But that's what we're going to -- right now to make sure we understand the capital and the financing plan that goes behind the capital plan.

Then would you expect similar interveners in your Iowa wind filing similar to the interveners in MidAm's filing and those that were part of the settlement agreement?

That's a good question. We've been very transparent on this filing in Iowa as you can talk from all the attention we've gotten on it. We just filed last week. It's really too early to tell exactly what other parties are going to be part of it. We'll monitor that and like we've done in other cases, we'll make sure we are very transparent and collaborative with anybody that wants more information on the case.

Let me ask you maybe a different way. You have large industrial customers that are supportive of kind of a greener overall footprint in their operations.

Absolutely. Most of our large customers want to book with us on their sustainability goals as well. So, we've done a lot of outreach trying before we estimate this filing with our large industrial customers. So, I would expect that the case would not have a lot of controversy. But it's too early to say, since we just filed it last week.

Got it. Thank you.

Our next question comes from Scott Senchak with Cannon.

Hi, thanks. Good morning. On Franklin, have you -- is there a potential opportunity down the line for repowering there, or is this just more just to bring in rate base and take it out from where it is now?

It's really just a transfer between the utilities. But I think all of us that have on the wind farms are looking down over that repowering opportunities, but that's way down the road, not initially. I mean this wind farm is only a couple of years old and is performing very well.

Got you. And then, do you guys have any other PPAs for wind currently where you would potentially look at repowering given the IRS guidelines and would you bring them in-house?

I would tell you that, first we're focusing on our own new build and the ones that we currently own. We are supplementing as we've done historically. We're going to have another existing 770 megawatts of additional PPAs. We actually like the balance of owned wind and PPA wind. That should help stabilize cost for our customers. But we're not looking at any of that at this point, but there is definitely an opportunity down the road to look at that.

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

With no more questions, this concludes our call. A replay will be available through August 9, 2016 at 888-203-1112 for U.S. & Canada or 719-457-0820 for international. Callers should reference conference ID 8244179. In addition, an archive of the conference call and a script prepared remarks made on the call will be available on the Investor sections of the company's website later today. Thank you for your continued support of Alliant Energy and feel free to contact me with any follow-up questions.

Thank you. And that does conclude today's conference. We thank you for your participation.