SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
X THE SECURITIES EXCHANGE ACT OF 1934
-----
For the quarterly period ended March 31, 1994
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
----- THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 0-337
-----
WISCONSIN POWER AND LIGHT COMPANY
(Exact name of registrant as specified in its Charter)
Wisconsin 39-0714890
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or organization) No.)
222 West Washington Avenue, Madison, Wisconsin 53703
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 608-252-3311
Indicate by check mark whether the registrant (1) has 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 registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES X NO
------ ------
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Outstanding at April 30, 1994: 13,236,601 shares
<PAGE>
CONTENTS
PAGE
PART I. Financial Information:
Consolidated Financial Statements of Wisconsin Power
and Light Company:
Consolidated Balance Sheets as of March 31, 1994
and 1993 and December 31, 1993...................... 2
Consolidated Statements of Income for the Three
Months Ended March 31, 1994 and 1993................ 4
Consolidated Statements of Cash Flows - Three
Months Ended March 31, 1994 and 1993................ 5
Notes to Consolidated Financial Statements........... 6
Management's Discussion and Analysis of Financial
Condition and Results of Operations................. 6
PART II. Other Information.................................... 11
Signatures.................................................... 12
<PAGE>
<TABLE>
WISCONSIN POWER AND LIGHT COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
<CAPTION>
March 31, March 31, December 31,
1994 1993 1993
(Thousands of dollars)
<S> <C> <C> <C>
ASSETS
UTILITY PLANT:
Plant in service--
Electric........................................................ $ 1,529,537 $ 1,453,273 $ 1,518,701
Gas............................................................. 194,319 182,480 194,283
Water........................................................... 20,848 19,690 20,437
Common.......................................................... 111,608 96,796 106,803
--------- --------- ---------
1,856,312 1,752,239 1,840,224
Dedicated decommissioning funds................................... 51,541 40,995 49,803
--------- --------- ---------
1,907,853 1,793,234 1,890,027
Less: Accumulated provision for depreciation...................... 776,483 730,560 763,027
--------- --------- ---------
1,131,370 1,062,674 1,127,000
Construction work in progress..................................... 69,546 59,311 75,732
Nuclear fuel, net................................................. 16,926 16,071 18,000
--------- --------- ---------
Total utility plant............................................. 1,217,842 1,138,056 1,220,732
--------- --------- ---------
OTHER PROPERTY AND EQUIPMENT, net................................... 650 626 652
--------- --------- ---------
INVESTMENTS, at cost................................................ 12,636 13,512 12,537
--------- --------- ---------
CURRENT ASSETS:
Cash and equivalents.............................................. 6,081 2,520 5,930
Net accounts receivable and unbilled revenue,
less allowance for doubtful accounts of $159,
$247, and $273, respectively.................................... 15,072 13,871 30,572
Accounts receivable from parent for income taxes.................. 2,117 - 2,117
Coal, at average cost............................................. 12,633 13,783 16,042
Materials and supplies, at average cost........................... 22,272 22,943 21,679
Gas in storage, at average cost................................... 1,846 197 8,754
Prepayments and other............................................. 16,670 18,117 21,677
--------- --------- ---------
Total current assets............................................ 76,691 71,431 106,771
--------- --------- ---------
ENVIRONMENTAL REMEDIATION COSTS..................................... 82,330 82,584 82,380
--------- --------- ---------
DEFFERRED CHARGES AND OTHER......................................... 111,562 102,168 127,585
--------- --------- ---------
TOTAL ASSETS........................................................ $ 1,501,711 $ 1,408,377 $ 1,550,657
========= ========= =========
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
<PAGE>
<TABLE>
WISCONSIN POWER AND LIGHT COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
<CAPTION>
March 31, March 31, December 31,
1994 1993 1993
(Thousands of dollars)
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
COMMON SHAREOWNER'S INVESTMENT:
Common stock, $5 par value, authorized--
18,000,000 shares; issued and
outstanding--13,236,601 shares.................................. $ 66,183 $ 66,183 $ 66,183
Premium on capital stock and capital surplus...................... 193,237 132,961 189,520
Reinvested earnings............................................... 279,487 266,397 267,000
--------- --------- ---------
538,907 465,541 522,703
PREFERRED STOCK WITHOUT MANDATORY
REDEMPTION:
Cumulative, without par value, $100 stated value, authorized
3,750,000 shares, maximum aggregate stated
value $150,000,000; 449,765, 599,630 and 449,765 shares,
respectively, outstanding....................................... 44,977 59,963 44,977
Cumulative, without par value, $25 stated value, 599,460,
0 and 599,460 shares, respectively, outstanding................ 14,986 -- 14,986
--------- --------- ---------
Total preferred stock........................................... 59,963 59,963 59,963
FIRST MORTGAGE BONDS, NET........................................... 336,492 336,432 336,477
--------- --------- ---------
Total capitalization............................................ 935,362 861,936 919,143
--------- --------- ---------
CURRENT LIABILITIES:
Variable rate demand bonds........................................ 56,975 57,075 56,975
Short-term debt................................................... 7,000 20,500 59,000
Accounts payable.................................................. 57,796 54,750 72,430
Accrued payroll and vacation...................................... 11,871 11,090 12,092
Accrued taxes..................................................... 16,465 6,584 804
Accrued interest.................................................. 5,773 5,976 7,695
Other............................................................. 24,203 19,106 16,431
--------- --------- ---------
Total current liabilities....................................... 180,083 175,081 225,427
--------- --------- ---------
OTHER CREDITS:
Accumulated deferred income taxes ................................ 212,284 191,866 210,762
Accumulated deferred investment tax credits....................... 42,203 44,164 42,684
Accrued environmental remediation costs........................... 80,480 81,342 80,973
Other............................................................. 51,299 53,988 71,668
--------- --------- ---------
Total other credits............................................. 386,266 371,360 406,087
--------- --------- ---------
TOTAL CAPITALIZATION AND LIABILITIES................................ $ 1,501,711 $ 1,408,377 $ 1,550,657
========= ========= =========
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
<PAGE>
<TABLE>
WISCONSIN POWER AND LIGHT COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
<CAPTION>
Three Months Ended
March 31,
1994 1993
(Thousands of Dollars)
<S> <C> <C>
OPERATING REVENUES:
Electric.......................................................... $ 137,197 $ 125,610
Gas............................................................... 63,135 55,499
Water............................................................. 977 914
-------- --------
201,309 182,023
-------- --------
OPERATING EXPENSES:
Electric production fuels......................................... 32,286 32,553
Purchased power................................................... 9,487 5,983
Purchased gas..................................................... 41,745 37,339
Other operation................................................... 34,610 36,661
Maintenance....................................................... 9,372 10,871
Depreciation...................................................... 19,496 15,745
Taxes --
Current federal income.......................................... 11,527 6,726
Deferred income taxes........................................... 1,781 1,262
Investment tax credit (restored)................................ (481) (487)
Current state income............................................ 2,787 2,044
Property, payroll & other....................................... 7,015 6,921
-------- --------
169,625 155,618
-------- --------
NET OPERATING INCOME................................................ 31,684 26,405
-------- --------
OTHER INCOME AND (DEDUCTIONS):
Allowance for equity funds used during
construction.................................................... 449 248
Other, net........................................................ 5,276 606
Current income tax................................................ (2,485) 163
Deferred income tax............................................... 102 (543)
-------- --------
3,342 474
-------- --------
INCOME BEFORE INTEREST EXPENSE...................................... 35,026 26,879
-------- --------
INTEREST EXPENSE:
Interest on bonds................................................. 7,174 7,117
Allowance for borrowed funds used during
construction (credit)........................................... (189) (156)
Other............................................................. 580 1,225
-------- --------
7,565 8,186
-------- --------
NET INCOME.......................................................... 27,461 18,693
PREFERRED STOCK DIVIDENDS........................................... 828 953
-------- --------
NET INCOME AFTER PREFERRED STOCK DIVIDENDS.......................... $ 26,633 $ 17,740
======== ========
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
<PAGE>
<TABLE>
WISCONSIN POWER AND LIGHT COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
<CAPTION>
Three Months Ended
March 31,
1994 1993
(Thousands of Dollars)
<S> <C> <C>
Cash flows from (used for) operating activities:
Net income...................................................... $ 27,461 $ 18,693
Adjustments to reconcile net income to net cash
from operating activities:
Depreciation.................................................. 19,496 15,745
Amortization of nuclear fuel.................................. 1,825 1,527
Investment tax credit restored................................ (481) (487)
Allowance for equity funds used during construction........... (449) (248)
Other......................................................... 1,773 5,394
Changes in assets and liabilities:
Net accounts receivable and unbilled revenues................. 15,500 23,383
Coal.......................................................... 3,409 5,202
Materials and supplies........................................ (593) (1,270)
Gas in storage................................................ 6,908 4,094
Prepayments and other......................................... 5,007 3,177
Accounts payable and accruals................................. (14,634) (12,146)
Accrued taxes................................................. 15,661 5,242
Other......................................................... 714 3,680
-------- --------
Net cash generated from (used for) operating activities. 81,597 71,986
-------- --------
Cash flows generated from (used for) financing activities:
Common stock cash dividends..................................... (14,026) (13,575)
Preferred stock dividends....................................... (828) (953)
Preferred stock issuance expense................................ (120) -
Net change in short term debt................................... (52,000) (30,500)
Equity contribution from parent................................. 3,717 4,840
-------- --------
Net cash generated from (used for)
financing activities...................................... (63,257) (40,188)
-------- --------
Cash flows from (used for) investing activities:
Additions to utility plant, excluding AFUDC..................... (17,263) (26,627)
Allowance for borrowed funds used during construction........... (189) (156)
Dedicated decommissioning funds................................. (1,738) (618)
Other........................................................... 1,001 (2,258)
-------- --------
Net cash (used for) investing activities...................... (18,189) (29,659)
-------- --------
Net increase (decrease) in cash and equivalents................... 151 2,139
Cash and equivalents at beginning of period....................... 5,930 381
-------- --------
Cash and equivalents at end of period............................. $ 6,081 $ 2,520
======== ========
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest - debt............................................... $ 9,676 $ 10,031
Income taxes.................................................. $ 1,745 $ 1,052
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
<PAGE>
The consolidated financial statements included herein have been
prepared by Wisconsin Power and Light Company (the "Company"), without
audit, pursuant to the rules and regulations of the Securities and
Exchange Commission. Accordingly, certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted. The consolidated financial statements include the
Company and its wholly owned consolidated subsidiaries. The Company is a
wholly-owned subsidiary of WPL Holdings, Inc. These financial statements
should be read in conjunction with the financial statements and the notes
thereto included in the Company's latest annual report on Form 10-K.
In the opinion of the Company, the consolidated interim financial
statements reflect all adjustments necessary to fairly state the results
of operations for the interim periods presented. However, because of the
seasonal nature of the Company's operations, the results shown for
portions of a year are not indicative of annual results.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. In November 1989, the Public Service Commission of Wisconsin
("PSCW") concluded that the Company did not properly administer a
coal contract, resulting in an assessment to compensate
ratepayers for excess fuel costs having been incurred. As a
result, the Company recorded a reserve in 1989 which had an
after-tax affect of reducing 1989 net income by $4.9 million.
The PSCW decision was found to represent unlawful retroactive
ratemaking by both the Dane County Circuit Court and the
Wisconsin Court of Appeals. The case was then appealed to the
Wisconsin Supreme Court. In February 1994, the Wisconsin Supreme
Court affirmed the decisions of the Dane County Circuit Court and
Wisconsin Court of Appeals. In management's judgement, all
avenues for appeal have been exercised.
As a result, the Company reversed the unrefunded portion of the
assessment represented by a reserve which related to amounts due
to Wisconsin Public Service Corporation and Madison Gas and
Electric Company. This represented an increase in net income of
$2.9 million . As to the portion of the assessment which was
refunded to the Company's ratepayers, a proposed plan for
recollection was submitted to the PSCW on February 15, 1994 and
is pending approval. Once a plan is approved, the Company's
management will be able to evaluate the collectibility of this
portion of the assessment and estimate its financial impact.
2. The Company's share of the decommissioning costs related to its
joint ownership in the Kewaunee Nuclear Power Plant is estimated
to be $149.3 million in 1993 dollars. The undiscounted amount
of decommissioning costs is approximately $1.02 billion (assuming
a 6.5% rate of inflation). The estimates assume operation of the
plant through 2013 and the use of the immediate dismantlement
method. As of March 31, 1994, the Company has accrued $53.9
million of this cost in accumulated depreciation. The provision
for this accrual is included in depreciation expense. The funded
status of this liability as of March 31, 1994 totalled $51.5
million in assets. The earnings on these assets are included in
"Other, net" in the Consolidated Statements of Income.
Currently, the Company expects to continue to recover and fund
the remaining decommissioning liability through electric rates
and has assumed a 6.1% rate of return on assets in estimating
such future funding requirements.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1994 VS. MARCH 31, 1993:
OVERVIEW
Wisconsin Power and Light Company and subsidiaries (the "Company")
reported consolidated first-quarter net income of $26.6 million compared
to $17.7 million for the same period in 1993. The principle factors
leading to increased earnings include colder winter weather which yielded
higher electric margins ($5.0 million) and gas margins ($2.0 million) for
the Company. Additionally, net income benefitted from decreased other
operation expense due to the Company's cost management efforts ($1.2
million) and maintenance expense which decreased from the timing of the
maintenance shutdown at the Kewaunee Nuclear Power Plant ($1.0 million).
Also, first-quarter 1994 net income increased $2.9 million through the
reversal of a reserve representing a penalty assessment by the PSCW
relating to the Company's administration of a coal contract.
Offsetting the above was an increase in depreciation expense which was
attributable to increased investment in plant and increased
decommissioning costs which reduced net income by $2.2 million.
Electric Operations
<TABLE>
<CAPTION>
Revenues &
Costs Per
kWhs Sold, kWh Sold
Revenues % Generated % Generated Customers at
and Costs Change and Purchased Change & Purch. End of Quarter
----------------------------------------------------------------------------------------------
1994 1993 1994 1993 1994 1993 1994 1993
---- ---- ---- ---- ---- ---- ---- ----
(In Thousands) (In Thousands)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Residential and farm $ 54,555 $ 48,702 12% 786,866 742,805 6% $.069 $.066 316,870 310,702
Industrial 32,212 31,088 4 867,043 822,397 5 .037 .038 714 727
Commercial 25,550 23,599 8 427,983 401,053 7 .060 .059 42,884 42,287
Wholesale and Class A 22,362 19,072 17 706,117 585,549 21 .032 .033 39 39
Other 2,518 3,149 (20) 16,783 13,850 21 .150 .227 1,236 950
-------- -------- --------- --------- ------- -------
Total 137,197 125,610 9 2,804,792 2,565,654 9 .049 .049 361,743 354,705
========== ========= ======= =======
Elec. production fuels 32,286 32,553 .1 2,453,010 2,281,197 8 .0132 .0143
Purchased power 9,487 5,983 59 430,781 351,079 23 .0220 .0170
-------- --------
Margin $ 95,424 $ 87,074 10
======== ========
</TABLE>
The Company's electric margin increased during the first-quarter
1994 compared with the same period in 1993 due to increased demand for
electricity brought on by colder winter weather. Class A sales increased
because of plant maintenance shutdowns by other utilities in the region
creating a demand for WP&L's excess bulk power. These increases were
coupled with declining electric production fuel costs per kWh from the
Company's aggressive pursuit of additional spot coal purchase
opportunities as its longer term contracts continue to expire.
Additionally, a highly competitive rail transportation environment has
significantly reduced the cost of transporting the coal. The additional
operating availability due to the timing of annual maintenance of the
more cost-effective Kewaunee Nuclear Power Plant in the first quarter of
1994 versus the first quarter of 1993 also reduced fuel cost per kWh.
Gas Operations
<TABLE>
<CAPTION>
Revenues &
Revenues % Therms Sold % Costs per Therms Customers at
and Costs Change & Purchased Change Sold & Purch. End of Quarter
-------------------------------------------------------------------------------------------------
1994 1993 1994 1993 1994 1993 1994 1993
---- ---- ---- ---- ---- ---- ---- ----
(In Thousands) (In Thousands)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Residential $ 34,753 $ 30,790 13% 60,245 55,227 9% $.58 $.56 120,829 116,642
Firm 20,130 17,315 16 44,067 38,628 14 .46 .45 15,088 14,656
Interruptible 2,845 4,862 (41) 6,994 10,696 (35) .41 .45 261 262
Transportation 4,961 2,934 69 25,064 23,903 5 .20 .12 85 109
Other 446 (402) 211 1,158 479 142 .38 (.84) - -
-------- -------- ------- ------- ------- -------
Total 63,135 55,499 14 137,528 128,933 7 .46 .43 136,263 131,669
======= ======= ======= =======
Purchased gas 41,745 37,339 12 117,114 94,805 20 .29 .31
-------- --------
Margin $ 21,390 $ 18,160 18
======== ========
</TABLE>
The Company's gas margin, increased during the first-quarter
1994 compared with the same period in 1993 due to increased demand for
natural gas brought on by colder winter weather. As an offset, the
extremely cold weather during the first two months of 1994 led to market
shortages of supplemental supplies of gas, forced the Company to interrupt
certain of its large commercial and industrial natural gas customers.
Other Operation Expense
Other operation expense decreased as a result of the Company's
cost management efforts. These decreases were offset somewhat by
increases in the Company's conservation program expenditures.
Maintenance and Depreciation
Maintenance expense decreased for the first-quarter of 1994
compared with the same period in 1993, primarily due to the timing of
scheduled maintenance at the Kewaunee Nuclear Power Plant. The plant was
shut down for its annual scheduled maintenance and refueling outage on
March 28, 1994. This outage is scheduled to last until mid-May. During
1993 the scheduled outage occurred from March 7 through mid-April.
Depreciation expense increased, principally reflecting increased property
additions.
Other, Net
Other, net increased for the first-quarter of 1994 compared
with the same period in 1993, primarily from the reversal of the reserve
discussed in Note 1 of the Notes to Consolidated Financial Statements.
Income Taxes
Income taxes increased between periods, primarily due to higher
taxable income.
LIQUIDITY AND CAPITAL RESOURCES
Rates and Regulatory Matters
See Part II -- Other Information, Item 1. Legal Proceedings.
Electric Sales Outlook
To deal with competitive pressures arising from regulatory
changes, the Company is forecasting to hold retail electric rates flat
through 1996. The National Energy Policy Act contains a provision calling
for "open transmission access". The Company anticipates that retail
wheeling will become a reality within a few years. In order to meet these
new competitive challenges and maintain a low cost pricing advantage, the
Company's objective is to manage costs to maintain profitability while
limiting any rate changes until 1997. These forecasts are subject to a
number of assumptions, including the economy and weather. The Company
anticipates that its customer base will remain strong in the electric
sectors. Growth in customers' demand for electric service will require
capacity additions. Capacity requirements will be met through increased
generating capacity (two combustion-turbines in mid-1994), continuation of
existing long-term contracts for purchase of capacity, increased
efficiency at existing power plants from capital improvements and
continued emphasis on cost effective demand-side management programs such
as direct load control rate options including interruptible rates and
conservation programs.
Financing and Capital Structure
The level of short-term borrowings fluctuates based on seasonal
corporate needs, the timing of long-term financing and capital market
conditions. To maintain flexibility in its capital structure and to take
advantage of favorable short-term rates, the Company also uses proceeds
from the sales of accounts receivable and unbilled revenues to finance a
portion of its long-term cash needs.
The Company's capitalization at March 31, 1994, including the
current maturities of long-term debt, variable rate demand bonds and
short-term debt, consisted of 54 percent common equity, 6 percent
preferred stock and 40 percent long-term debt. The common equity to total
capitalization ratio at March 31, 1994 increased to 54 percent from 50.5
percent at December 31, 1993 due to increased earnings and the receipt of
$3.7 million of capital contributions from WPL Holdings, Inc. during the
first quarter of 1994.
In addition, the PSCW ordered that no dividend payments in
excess of those forecasted in the projected test year ($56.8 million) may
be paid prior to the end of the latest test year (July 31, 1994). At the
end of the test year, dividends may be paid in excess of forecasted
dividends if the additional payment does not reduce the average test year
common equity ratio below 50.31 percent.
Construction.
The Company's liquidity is primarily determined by the level of
cash generated from operations and the funding requirements of its ongoing
construction and maintenance programs. Cash flows from operating
activities after dividends paid provided approximately $66.8 million and
$57.4 million for the three months ended March 31, 1994 and 1993,
respectively. One of the Company's objectives is to finance construction
expenditures through internally generated funds supplemented, when
required, by outside financing including equity investments from the
Company's parent, WPL Holdings, Inc.
The estimated construction expenditures for the remainder of
1994 are $102 million. The Company forecasts to finance approximately 65%
of these expenditures through internally generated funds. Included in the
construction expenditure estimates, in addition to the recurring additions
and improvements to the distribution and transmission systems, are the
following: expenditures for managing and controlling electric line losses
and enhancing interconnection capability with other utilities;
expenditures related to environmental compliance issues including the
installation of additional emissions monitoring equipment and coal
handling equipment; and expenditures associated with the construction of
two 86-megawatt combustion-turbine generators expected to become
operational in 1994 through 1996. Construction expenditures, similar to
the utility operations, are seasonal in nature, with greater expenditures
usually occurring between April and September.
The expenditures for the decommissioning of the Kewaunee
Nuclear Power Plant are estimated to begin in 2014. It is anticipated
that expenditures related to the actual decommissioning of the plant will
occur between 2014 and 2021 of which the Company's share approximates $581
million. A remaining $435 million relates to the storage of spent nuclear
fuel on site and other maintenance of the site that will likely occur from
2022 to 2050. By 2013, the Company currently expects to have the cost
collected through electric rates and funded in an external trust.
Therefore, such expenditures will not have a direct impact on liquidity or
the availability of capital resources.
<PAGE>
PART II--OTHER INFORMATION
Item 1. Legal Proceedings
On February 4, 1994, the Company filed its annual retail rate
application with the PSCW requesting no change in electric rates and a
slight increase in natural gas and water rates. The application filed
with the PSCW requests an overall increase of $3.6 million, or 2.7 percent
for natural gas and a nominal water rate increase. If approved the new
rates become effective January 1, 1995 and would remain in effect for two
years. The requested rate increase in natural gas rates is needed to
cover construction expenditures, regulatory compliance and rising
operational costs, while the requested water increases are needed for
system upgrades and general construction related maintenance.
In February, 1994, a State Supreme Court decision reversed a
PSCW penalty assessment relating to the administration of a coal contract.
See Note 1 in the "Notes to Consolidated Financial Statements" for further
discussion of this event.
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
1. Exhibits: None.
2. Reports on Form 8-K: None
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Wisconsin Power and Light Company
---------------------------------
(Registrant)
Date 05/10/94 /s/ Daniel A. Doyle
---------------------------------
Daniel A. Doyle, Controller and
Treasurer (principal financial and
accounting officer and officer
authorized to sign on
behalf of the registrant.)
