Alliant Energy Reports Strategic Financial Actions
Alliant Energy Corp. (Madison, WI) announced that its board of directors has approved five strategic actions designed to maintain a strong credit profile, strengthen its balance sheet and position the company for improved long-term financial performance. The five strategic actions are realizing the value from the exit of certain non-regulated businesses; reducing the targeted annual common stock dividend from $2 to $1 per share; reducing anticipated capital expenditures in 2002 and 2003; planning to raise $200.0 to 300.0 million of common equity in 2003; and implementing additional cost-control measures.
"These actions signal a shift to less aggressive growth targets primarily driven by our utility operations," said Erroll Davis, Jr., chairman, president and chief executive officer of Alliant Energy. "We expect the steps we are taking to strengthen our balance sheet and assist us in maintaining strong credit ratings in the current environment of tighter capital and credit markets. We have made some difficult decisions, but believe these efforts will enable us to deliver sustainable, long-term value for our shareowners."