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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
  ACT OF 1934
  For the quarterly period ended March 31, 2004
   
or
   
[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
  ACT OF 1934
  For the transition period from _______ to _______

Commission Name of Registrant, State of Incorporation, IRS Employer
File Number Address of Principal Executive Offices and Telephone Number Identification Number
1-9894 ALLIANT ENERGY CORPORATION 39-1380265
  (a Wisconsin corporation)
  4902 N. Biltmore Lane
  Madison, Wisconsin 53718
  Telephone (608)458-3311
 
0-4117-1 INTERSTATE POWER AND LIGHT COMPANY 42-0331370
  (an Iowa corporation)
  Alliant Energy Tower
  Cedar Rapids, Iowa 52401
  Telephone (319)786-4411
 
0-337 WISCONSIN POWER AND LIGHT COMPANY 39-0714890
  (a Wisconsin corporation)
  4902 N. Biltmore Lane
  Madison, Wisconsin 53718
  Telephone (608)458-3311

This combined Form 10-Q is separately filed by Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company. Information contained in the Form 10-Q relating to Interstate Power and Light Company and Wisconsin Power and Light Company is filed by such registrant on its own behalf. Each of Interstate Power and Light Company and Wisconsin Power and Light Company makes no representation as to information relating to registrants other than itself.

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes [ X ] No [     ]

Indicate by check mark whether the registrants are accelerated filers (as defined in Rule 12b-2 of the Exchange Act).
Alliant Energy Corporation Yes [ X ] No [     ]
Interstate Power and Light Company Yes [     ] No [ X ]
Wisconsin Power and Light Company Yes [     ] No [ X ]

Number of shares outstanding of each class of common stock as of April 30, 2004:
Alliant Energy Corporation Common stock, $0.01 par value, 111,338,153 shares outstanding
 
Interstate Power and Light Company Common stock, $2.50 par value, 13,370,788 shares outstanding (all of which
  are owned beneficially and of record by Alliant Energy Corporation)
 
Wisconsin Power and Light Company Common stock, $5 par value, 13,236,601 shares outstanding (all of which are
  owned beneficially and of record by Alliant Energy Corporation)

TABLE OF CONTENTS
    Page
Part I. Financial Information  2
 Item 1. Condensed Consolidated Financial Statements (Unaudited)  2
  Alliant Energy Corporation:
   Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2004 and 2003  2
   Condensed Consolidated Balance Sheets as of March 31, 2004 and December 31, 2003  3
   Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2004 and 2003  5
   Notes to Condensed Consolidated Financial Statements  6
  Interstate Power and Light Company:
   Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2004 and 2003 14
   Condensed Consolidated Balance Sheets as of March 31, 2004 and December 31, 2003 15
   Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2004 and 2003 17
   Notes to Condensed Consolidated Financial Statements 18
  Wisconsin Power and Light Company:
   Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2004 and 2003 20
   Condensed Consolidated Balance Sheets as of March 31, 2004 and December 31, 2003 21
   Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2004 and 2003 23
   Notes to Condensed Consolidated Financial Statements 24
 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26
 Item 3. Quantitative and Qualitative Disclosures About Market Risk 35
 Item 4. Controls and Procedures 35
Part II. Other Information 35
 Item 1. Legal Proceedings 35
 Item 6. Exhibits and Reports on Form 8-K 36
  Signatures 37

DEFINITIONS
Certain abbreviations or acronyms used in the text and notes of this combined Form 10-Q are defined below:
Abbreviation or Acronym Definition
Alliant Energy Alliant Energy Corporation
ATC American Transmission Company LLC
Corporate Services Alliant Energy Corporate Services, Inc.
Dth Dekatherm
EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization
EITF Emerging Issues Task Force
Emery Emery Generating Station
EPS Earnings Per Average Common Share
FIN Financial Accounting Standards Board Interpretation No.
FIN 46 Consolidation of Variable Interest Entities
GAAP Accounting Principles Generally Accepted in the U.S.
IP&L Interstate Power and Light Company
IUB Iowa Utilities Board
Kewaunee Kewaunee Nuclear Power Plant
MD&A Management's Discussion and Analysis of Financial Condition and Results of Operations
MPUC Minnesota Public Utilities Commission
MW Megawatt
MWh Megawatt-hour
N/A Not Applicable
PSCW Public Service Commission of Wisconsin
PUHCA Public Utility Holding Company Act of 1935
Resources Alliant Energy Resources, Inc.
SEC Securities and Exchange Commission
SFAS Statement of Financial Accounting Standards
SFAS 143 Accounting for Asset Retirement Obligations
South Beloit South Beloit Water, Gas and Electric Company
TBD To Be Determined
U.S. United States of America
WP&L Wisconsin Power and Light Company
WPC Whiting Petroleum Corporation

1

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

  For the Three Months Ended March 31,
  2004 2003
  (in thousands, except per share amounts)
Operating revenues:
  Domestic utility:
    Electric   $467,906   $443,025  
    Gas  248,869   257,881  
    Other  19,378   23,299  
  Non-regulated  154,853   184,025  
 
   891,006   908,230  
 
Operating expenses:  
  Domestic utility: 
    Electric production fuel and purchased power  198,051   196,239  
    Cost of gas sold  184,715   188,325  
    Other operation and maintenance  180,412   173,218  
  Non-regulated operation and maintenance  139,430   169,551  
  Depreciation and amortization  83,258   77,878  
  Taxes other than income taxes  26,301   26,076  
 
   812,167   831,287  
 
Operating income   78,839   76,943  
 
Interest expense and other:  
  Interest expense  43,368   54,365  
  Loss on early extinguishment of debt  5,392   -  
  Equity (income) loss from unconsolidated investments  (16,627 ) 4,254  
  Allowance for funds used during construction  (7,061 ) (3,861 )
  Preferred dividend requirements of subsidiaries  4,678   4,158  
  Interest income and other  (143 ) (4,788 )
 
   29,607   54,128  
 
Income from continuing operations before income taxes   49,232   22,815  
 
Income taxes   15,165   8,176  
 
Income from continuing operations   34,067   14,639  
 
Loss from discontinued operations, net of tax (Note 7)   -   (9,134 )
 
Income before cumulative effect of changes in accounting principles   34,067   5,505  
 
Cumulative effect of changes in accounting principles, net of tax   -   (5,983 )
 
Net income (loss)   $34,067   ($478 )
 
Average number of common shares outstanding (basic)   111,153   92,511  
 
Average number of common shares outstanding (diluted)   111,579   92,538  
 
Earnings per average common share (basic and diluted):  
   Income from continuing operations  $0.31   $0.16  
   Loss from discontinued operations  -   (0.10 )
   Cumulative effect of changes in accounting principles  -   (0.07 )
 
   Net income (loss)  $0.31   ($0.01 )
 
Dividends declared per common share   $0.25   $0.25  
 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

2

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

  March 31, December 31,
ASSETS 2004 2003
  (in thousands)
Property, plant and equipment:
  Domestic utility:
    Electric plant in service   $5,769,017   $5,707,478  
    Gas plant in service  653,912   646,439  
    Other plant in service  539,610   538,340  
    Accumulated depreciation  (3,046,010 ) (2,985,285 )
 
      Net plant  3,916,529   3,906,972  
    Construction work in progress: 
      Emery generating facility  323,432   304,332  
      Other  170,978   152,684  
    Other, less accumulated depreciation (accum. depr.) of $3,302 and $3,242  66,858   68,611  
 
          Total domestic utility  4,477,797   4,432,599  
 
  Non-regulated and other: 
    Non-regulated Generation, less accum. depr. of $4,281 and $3,380  205,555   204,480  
    International, less accum. depr. of $36,799 and $33,708  196,967   198,875  
    Other Investments, less accum. depr. of $28,850 and $26,179  61,408   53,819  
    Integrated Services, less accum. depr. of $34,628 and $32,903  59,330   60,617  
    Corporate Services and other, less accum. depr. of $29,609 and $25,283  68,349   68,415  
 
          Total non-regulated and other  591,609   586,206  
 
   5,069,406   5,018,805  
 
Current assets:  
  Cash and temporary cash investments  196,432   242,281  
  Restricted cash  8,453   11,418  
  Accounts receivable: 
    Customer, less allowance for doubtful accounts of $5,302 and $5,522  168,886   80,664  
    Unbilled utility revenues  94,140   83,385  
    Other, less allowance for doubtful accounts of $874 and $786  62,898   94,733  
  Income tax refunds receivable  44,237   20,878  
  Production fuel, at average cost  46,359   54,148  
  Materials and supplies, at average cost  62,236   60,518  
  Gas stored underground, at average cost  15,912   90,964  
  Regulatory assets  43,285   61,777  
  Other  64,624   82,137  
 
   807,462   882,903  
 
Investments:  
  Investments in unconsolidated foreign entities  503,485   481,525  
  Nuclear decommissioning trust funds  395,774   381,524  
  Investment in ATC and other  267,494   260,511  
 
   1,166,753   1,123,560  
 
Other assets:  
  Regulatory assets  329,742   339,261  
  Deferred charges and other  393,525   410,917  
 
   723,267   750,178  
 
Total assets   $7,766,888   $7,775,446  
 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

3

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Continued)

  March 31, December 31,
CAPITALIZATION AND LIABILITIES 2004 2003
  (in thousands, except share amounts)
Capitalization:      
  Common stock - $0.01 par value - authorized 200,000,000 shares; 
    outstanding 111,321,380 and 110,962,910 shares  $1,113   $1,110  
  Additional paid-in capital  1,653,113   1,643,572  
  Retained earnings  846,788   840,417  
  Accumulated other comprehensive loss  (100,661 ) (106,415 )
  Shares in deferred compensation trust - 268,485 and 264,673 shares 
    at an average cost of $27.54 and $27.84 per share  (7,395 ) (7,370 )
 
       Total common equity  2,392,958   2,371,314  
 
 
  Cumulative preferred stock of subsidiaries, net  243,803   243,803  
  Long-term debt, net (excluding current portion)  2,104,908   2,123,298  
 
   4,741,669   4,738,415  
 
Current liabilities:  
  Current maturities and sinking funds  69,346   69,281  
  Variable rate demand bonds  55,100   55,100  
  Commercial paper  122,500   107,500  
  Other short-term borrowings  16,717   21,495  
  Accounts payable  276,622   309,816  
  Accrued interest  45,180   43,962  
  Accrued taxes  55,927   70,835  
  Other  159,432   176,120  
 
   800,824   854,109  
 
Other long-term liabilities and deferred credits:  
  Accumulated deferred income taxes  719,135   702,648  
  Accumulated deferred investment tax credits  47,817   49,085  
  Regulatory liabilities  641,648   632,230  
  Asset retirement obligations  351,491   345,680  
  Pension and other benefit obligations  196,041   188,324  
  Other  210,607   212,413  
 
   2,166,739   2,130,380  
 
Minority interest   57,656   52,542  
 
Total capitalization and liabilities   $7,766,888   $7,775,446  
 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

4

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

  For the Three Months Ended March 31,
  2004 2003
  (in thousands)
Cash flows from operating activities:      
  Net income (loss)  $34,067   ($478 )
  Adjustments to reconcile net income (loss) to net cash flows from operating activities:
    Loss from discontinued operations, net of tax  -   9,134  
    Depreciation and amortization  83,258   77,878  
    Other amortizations  17,046   16,510  
    Deferred tax expense and investment tax credits  14,065   10,830  
    Equity (income) loss from unconsolidated investments, net  (16,627 ) 4,254  
    Distributions from equity method investments  6,863   2,969  
    Cumulative effect of changes in accounting principles, net of tax  -   5,983  
    Other  (6,256 ) (7,301 )
  Other changes in assets and liabilities:  
    Accounts receivable  7,858   (83,197 )
    Sale of utility accounts receivable  (75,000 ) 25,000  
    Income tax refunds receivable  (23,359 ) (22,129 )
    Gas stored underground  75,052   55,330  
    Accounts payable  (15,173 ) 44,791  
    Adjustment clause balances  19,583   (22,299 )
    Other  1,628   49,368  
 
       Net cash flows from operating activities  123,005   166,643  
 
Cash flows from (used for) financing activities:  
    Common stock dividends  (27,696 ) (23,033 )
    Proceeds from issuance of common stock  7,691   6,854  
    Proceeds from issuance of long-term debt  -   60,000  
    Reductions in long-term debt  (20,895 ) (670 )
    Net change in commercial paper and other short-term borrowings  10,222   119,616  
    Net change in loans with discontinued operations  -   (17,501 )
    Other  1,417   (14,629 )
 
       Net cash flows from (used for) financing activities  (29,261 ) 130,637  
 
Cash flows used for investing activities:  
    Construction and acquisition expenditures: 
       Domestic utility business  (112,117 ) (103,457 )