This MDA includes information relating to Alliant Energy, and IPL and WPL (collectively, the Utilities), as well as ATC Holdings, AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and the Notes included in this report, as well as the financial statements, notes and MDA included in the 2020 Form 10-K . Unless otherwise noted, all "per share" references in MDA refer to earnings per diluted share.



                                2021 HIGHLIGHTS

Key highlights since the filing of the 2020 Form 10-K include the following:



Customer Investments (refer to "  Customer Investments  " for details):
•In March 2021, WPL filed its second Certificate of Authority with the PSCW for
approval to acquire, construct, own, and operate up to 414 MW of new solar
generation in various Wisconsin counties.
•In June 2021, WPL received an order from the PSCW for its first Certificate of
Authority authorizing WPL to acquire, own and operate 675 MW of new solar
generation in various Wisconsin counties.
•In November 2021, IPL filed for advance rate-making principles with the IUB for
up to 400 MW of new solar generation and up to 75 MW of new battery storage.

Rate Matters:
•In May 2021, WPL filed a proposed settlement with the PSCW for annual base rate
increases of $70 million and $15 million for WPL's retail electric and gas
customers, respectively, covering the 2022/2023 forward-looking Test Period,
which was based on a stipulated agreement between WPL and certain intervenor
groups. In November 2021, WPL filed updated information with the PSCW to reflect
anticipated increases in retail fuel-related costs in 2022. As a result, annual
rates for WPL's retail electric customers are currently expected to increase by
an additional $45 million in 2022, for a total of $115 million. The key drivers
for the proposed annual base rate increases include lower excess deferred income
tax benefits in 2022 and 2023 and revenue requirement impacts of increasing
electric and gas rate base, including investments in solar generation. In
addition, the settlement proposes WPL maintain its current authorized return on
common equity of 10%, implement a 54% common equity component of regulatory
capital structure, as well as receive a recovery of and a return on the
remaining net book value of Edgewater Unit 5, which is currently expected to be
retired by the end of 2022. WPL currently expects any rate changes granted from
this request to be effective on January 1, 2022 and extend through the end of
2023.
•In June 2021, the IUB adopted new rules that establish minimum filing
requirements for rate reviews using a forward-looking test period, and the
related subsequent proceeding review after the close of the forward-looking test
period. The rules provide that in the subsequent proceeding review, a utility's
actual costs and revenues shall be presumed to be reasonably consistent with the
forward-looking test period if the utility's actual return on common equity
falls within a standard of reasonableness of 50 basis points above to 50 basis
points below the authorized return on common equity. If the utility's actual
return on common equity is outside of this range, future rates could be
adjusted.
•In August 2021, the IUB issued an order for IPL's 2020 forward-looking Test
Period gas subsequent proceeding, authorizing IPL to maintain its current retail
gas rates.
•In November 2021, the IUB issued an order for IPL's 2020 forward-looking Test
Period electric subsequent proceeding, authorizing IPL to maintain its current
retail electric rates.

Legislative Matters: •In March 2021, the American Rescue Plan Act of 2021 (Act) was enacted. The most significant provision of the Act for Alliant Energy is reduced minimum pension plan funding requirements, which Alliant Energy adopted in August 2021. The Act also provides additional funding to the Low Income Home Energy Assistance Program, which assists certain of Alliant Energy's customers with managing their energy costs, as well as provides financial support for certain of Alliant Energy's residential, small business and non-profit customers. •In April 2021, legislation was enacted in Iowa prohibiting counties and cities from regulating the sale of natural gas and propane, which supports IPL's ability to provide gas utility service to a diversified base of retail customers and industries.



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  Table of Contents
Financings and Common Stock Dividends:
•In September 2021, WPL issued $300 million of 1.95% debentures due 2031. The
debentures were issued as green bonds, and an amount equal to or in excess of
the net proceeds will be disbursed for the construction and development of WPL's
wind and solar EGUs.
•Refer to "  Results     of Operations  " for discussion of expected issuances
of common stock dividends and expected future issuances and retirements of
long-term debt by the end of 2022.

                             RESULTS OF OPERATIONS

Results of operations include financial information prepared in accordance with GAAP as well as utility electric margins and utility gas margins, which are not measures of financial performance under GAAP. Utility electric margins are defined as electric revenues less electric production fuel, purchased power and electric transmission service expenses. Utility gas margins are defined as gas revenues less cost of gas sold. Utility electric margins and utility gas margins are non-GAAP financial measures because they exclude other utility and non-utility revenues, other operation and maintenance expenses, depreciation and amortization expenses, and taxes other than income tax expense.

Management believes that utility electric and gas margins provide a meaningful basis for evaluating and managing utility operations since electric production fuel, purchased power and electric transmission service expenses and cost of gas sold are generally passed through to customers, and therefore, result in changes to electric and gas revenues that are comparable to changes in such expenses. The presentation of utility electric and gas margins herein is intended to provide supplemental information for investors regarding operating performance. These utility electric and gas margins may not be comparable to how other entities define utility electric and gas margin. Furthermore, these measures are not intended to replace operating income as determined in accordance with GAAP as an indicator of operating performance.

Additionally, the table below includes EPS for Utilities and Corporate Services, ATC Holdings, and Non-utility and Parent, which are non-GAAP financial measures. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy's operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.

Financial Results Overview - Alliant Energy's net income and EPS attributable to Alliant Energy common shareowners for the three months ended September 30 were as follows (dollars in millions, except per share amounts):

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