What Alliant Energy Corporation told the SEC could break it.

A 2023 DOC ruling found solar cells/modules from Cambodia, Malaysia, Thailand and Vietnam (using Chinese components) circumvented AD/CVD duties on China, raising the cost/availability of solar panels for Alliant's planned solar generation.

“Retroactive Tariffs on Solar Cells and Modules - In August 2023, the U.S. Department of Commerce (DOC) issued a final ruling that found solar cells and modules produced in certain Southeast Asian countries, including Cambodia, Malaysia, Thailand and Vietnam, using parts and components produced in China, were circumventing pre-existing antidumping and countervailing duties on China.”

Alliant relies on IRA provisions to enhance tax benefits from its Iowa/Wisconsin wind, solar and storage projects, transferring $285M of renewable tax credits to other taxpayers in 2025 ($216M/$98M in 2024/2023); changes to the IRA would reduce these benefits.

“Alliant Energy, IPL and WPL have utilized, and expect to continue to utilize, various provisions of the Inflation Reduction Act of 2022 to enhance tax benefits provided to customers that are expected from wind, solar and energy storage projects in Iowa and Wisconsin, including transferring certain future tax credits from such projects to other corporate taxpayers. Refer to Note 1(c) for discussion of $285 million, $216 million and $98 million of proceeds from renewable tax credits transferred to other corporate taxpayers in 2025, 2024 and 2023, respectively.”

IPL/WPL rely on natural gas and coal supply and transportation contracts to generate electricity and may not be able to fully recover commodity-related costs (though retail gas costs are largely tariff-passed-through).

“We may not be able to fully recover costs related to commodity prices - We have natural gas and coal supply and transportation contracts in place for some of the natural gas and coal we require to generate electricity.”