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Investor Relations: Jamie Freeman (608) 458-3274
Company reflects on challenging 2008 and looks optimistically to the future
CEDAR RAPIDS, IA – May 14, 2009 – Alliant Energy Corporation (NYSE: LNT) Chairman, President and CEO Bill Harvey reflected on challenges faced in 2008, while also stressing the strong financial position moving forward for the company as he addressed the 2009 Annual Meeting of Shareowners today at the Kirkwood Center for Continuing Education in Cedar Rapids.
“As with many businesses and organizations, 2008 proved to be a challenging year for Alliant Energy,” Harvey told shareowners. “It was a nearly unprecedented year in which the economy, regulatory decisions and Mother Nature directly impacted our operations and financial performance. However, despite the challenges we faced, we believe our company remains financially strong and we believe we are poised to move into a successful future.”
Harvey also discussed cost-cutting measures and regulatory filings that will lay the foundation for improved earnings. “Alliant Energy will do what is necessary to remain financially strong and improve earnings,” he explained. “We have pared back capital spending and have taken aggressive measures to control and reduce other spending. Alliant Energy’s utilities are also pursuing rate relief, and while we realize these requests are most unwelcome in these times, we need to maintain our financial health and trust the regulatory process will treat us fairly,” Harvey added.
He further elaborated about the importance of continuing to follow the company’s strategic plan, emphasizing the commitment to renewable energy and wind power development. “Our wind projects are moving full speed ahead and by the end of 2009, we expect to get over 10 percent of our retail energy supply from wind. In addition, we have over 500 megawatts of available capacity at our existing wind sites to meet any increased future renewable energy requirements,” Harvey said.
Alliant Energy’s commitment to the environment extends beyond renewable energy and also includes modernizing existing power plants to make them cleaner and operational for years to come and committing to the new smart grid and energy efficiency. Upcoming environmental projects are projected to cut emissions such as mercury, nitrogen oxide and sulfur dioxide by as much as 85 percent at power plants. “We plan to deploy advanced metering infrastructure technology across our entire service territory by 2012, which will serve as a platform for tomorrow’s smart grid,” Harvey said. “We will also build upon our award-winning efforts to help customer’s reduce energy usage, including a planned $400 million commitment to Iowa energy efficiency.”
Harvey also took time to praise the heroic efforts of employees and customers during the extensive flooding that took place last summer throughout the company’s service territory in Iowa, Wisconsin and Minnesota.
