Press Release

Alliant Energy announces First Quarter 2010 result

MADISON, Wis. – May 4, 2010 – Alliant Energy Corporation (NYSE: LNT) today announced first quarter consolidated earnings as follows:

Alliant Energy’s 2010 first quarter non-GAAP EPS were $0.45 per share, which was $0.15 per share higher than the first quarter of 2009. Earnings for Alliant Energy’s utility business were positively impacted by retail rate increases, weather and lower capacity costs. The positive EPS drivers were partially offset by higher depreciation and interest expense as a result of capital expenditures, an under-recovery of fuel-related costs at WPL and lower allowance for funds used during construction (AFUDC) due to lower wind construction work in progress balances.

"Our first quarter operating results were in line with our expectations” said Bill Harvey, Alliant Energy Chairman, President, and CEO. “Our focus for the remainder of 2010 includes continued cost controls to allow the utilities to earn authorized returns; work with various stakeholders in Wisconsin, Iowa and Minnesota to achieve fair and balanced regulatory outcomes; and continued strategic investment in wind, energy efficiency, and environmental controls while providing safe and reliable utility service.”

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Earnings per share (EPS) for the utility, non-regulated, and parent were impacted by a total of $0.06 per share of charges in the first quarter of 2010 and $0.36 per share of income in the first quarter of 2009 for various non-recurring, non-cash income tax items.

Media Contact: Scott Reigstad, (608) 458-3145
Investor Relations: Susan Gille, (608) 458-3956

This press release includes forward-looking statements. These forward-looking statements can be identified as such because the statements include words such as “expect” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Actual results could be affected by the following factors, among others:

• federal and state regulatory or governmental actions, including the impact of energy, tax and health care legislation, and of regulatory agency orders;
• IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of operating costs, fuel costs, deferred expenditures and capital expenditures, including any construction costs incurred over the predetermined level included in the advanced rate making principles for IPL’s Whispering Willow - East wind project, costs related to generating units that may be permanently closed, the earning of reasonable rates of return, and the payment of expected levels of dividends;
• the state of the economy in IPL’s and WPL’s service territories and resulting implications on sales, margins and ability to collect unpaid bills;
• weather effects on results of operations;
• developments that adversely impact the ability to implement strategic plans including unanticipated issues in connection with construction and operation of IPL’s and WPL’s new wind generating facilities, WPL’s potential purchases of the Riverside Energy Center and Wisconsin Electric Power Company’s 25% interest in the Edgewater Generating Station Unit 5, and unfavorable regulatory outcomes;
• successful resolution of the pending challenge to the approval by the Public Service Commission of Wisconsin (PSCW) of WPL’s Bent Tree - Phase I wind project;
• issues related to the availability of generating facilities and the supply and delivery of fuel and purchased electricity and price thereof, including the ability to recover and to retain the recovery of purchased power, fuel and fuel-related costs through rates in a timely manner;
• the impact that fuel and fuel-related prices and other economic conditions may have on IPL’s and WPL’s customers’ demand for utility services;
• impacts that storms or natural disasters in IPL’s and WPL’s service territories may have on their operations and recovery of and rate relief for costs associated with restoration activities;
• issues associated with environmental remediation efforts and with environmental compliance generally, including changing environmental laws and regulations, the ability to defend against environmental claims brought by state and federal agencies, such as the U.S. Environmental Protection Agency, or third parties, such as the Sierra Club, and the ability to recover through rates all environmental compliance costs, including costs for projects put on hold due to uncertainty of future environmental laws and regulations;
• the ability to continue cost controls and operational efficiencies;
• potential impacts of any future laws or regulations regarding global climate change or carbon emissions reductions, including those that contain a proposed greenhouse gas cap-and-trade program;
• continued access to the capital markets on competitive terms and rates;
• inflation and interest rates;
• financial impacts of risk hedging strategies, including the impact of weather hedges or the absence of weather hedges on earnings;
• sales and project execution for RMT, the level of growth in the wind and solar development market and the impact of the American Recovery and Reinvestment Act of 2009, and pending legislation;
• issues related to electric transmission, including operating in Regional Transmission Organization (RTO) energy and ancillary services markets, the impacts of potential future billing adjustments from RTOs and recovery of costs incurred;
• unplanned outages, transmission constraints or operational issues impacting fossil or renewable generating facilities and risks related to recovery of resulting incremental costs through rates;
• Alliant Energy’s ability to successfully defend against, and any liabilities arising out of, the purported shareowner derivative complaint stemming from the Exchangeable Senior Notes due 2030;
• Alliant Energy’s ability to successfully defend against, and any liabilities arising out of, the alleged violation of the Employee Retirement Income Security Act of 1974 by Alliant Energy’s Cash Balance Pension Plan;
• current or future litigation, regulatory investigations, proceedings or inquiries;
• Alliant Energy’s ability to sustain its dividend payout ratio goal;
• employee workforce factors, including changes in key executives, collective bargaining agreements and negotiations, work stoppages or additional restructurings;
• access to technological developments;
• any material post-closing adjustments related to any past asset divestitures;
• increased retirement and benefit plan costs;
• the impact of necessary accruals for the terms of incentive compensation plans;
• the effect of accounting pronouncements issued periodically by standard-setting bodies;
• any difficulties arising out of implementation of the enterprise resource planning software at RMT;
• the ability to utilize tax capital losses, tax credits and net operating losses generated to date, and those that may be
  generated in the future, before they expire;
• the ability to successfully complete ongoing tax audits and appeals with no material impact on earnings and cash flows;
• the direct or indirect effects resulting from terrorist incidents or responses to such incidents; and
• factors listed in the “2010 Earnings Guidance” section of this press release.

Without limitation, the expectations with respect to 2010 Earnings Guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy’s ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.

Note: Unless otherwise noted, all “per share” references in this release refer to earnings per diluted share.