INTERSTATE POWER & LIGHT CO
2008 MGMT INCENTIVE COMP PLAN SUMMARY
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<TYPE>EX-10.1
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<DESCRIPTION>2008 MGMT INCENTIVE COMP PLAN SUMMARY
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit 10.1</U> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008 MANAGEMENT
INCENTIVE COMPENSATION PLAN SUMMARY </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alliant Energy Corporation (the
&#147;Company&#148;) maintains the Management Incentive Compensation Plan (MICP), which
provides eligible employees with a cash incentive payment (&#147;bonus&#148;) if corporate and individual goals are met.
The following is a summary of the material terms of the MICP applicable to named executive
officers of the Company for 2008. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Alliant Energy Corporate
Performance</U>:</B> The table below outlines the 2008 goals against which corporate
performance will be measured and the funding associated with each level of achievement.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008 CORPORATE
PERFORMANCE MEASURES <BR>For Purposes of
Determining the Short-Term Incentive Pool </FONT></H1>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70% align=center>
<TR VALIGN=Bottom>
     <TH colspan=2><FONT FACE="Times New Roman" SIZE=2>Earnings Per Share (EPS) (1)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <th></th>
     <TH colspan=2><FONT FACE="Times New Roman" SIZE=2>Cash Flow (2)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2>Level</FONT><HR align=right WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2>Funding</FONT><HR align=left WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <td></td>
     <TH><FONT FACE="Times New Roman" SIZE=2>Level</FONT><HR align=right WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2>Funding</FONT><HR align=left WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2> </FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2> </FONT></TD>
     <td width=10%></td>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Maximum</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>150%</FONT></TD>
     <td></td>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Target</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>100%</FONT></TD>
     <td></td>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Target ($502M)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>100%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Threshold (3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>20%</FONT></TD>
     <td></td>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>($2.33)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
</TABLE>
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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70% ALIGN=CENTER>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Weighting of EPS in<BR>
final Corporate Performance</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Weighting of Cash Flow in<BR>
final Corporate Performance</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=45% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>85%</FONT></TD>
    <TD WIDTH=10%></TD>
     <TD WIDTH=45% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>15%</FONT></TD></TR>
</TABLE>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Earnings
per share (EPS) amounts used for purposes of determining short-term incentive pool will
be based on utility earnings from continuing operations only.  </FONT></TD>
</TR>
</TABLE>


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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash flow amounts used for purposes of determining short-term incentive pool funding will be based on utility and Alliant
Energy Corporate Services, Inc. (SERVCO) cash flows from operations only. If
cash flow amounts do not meet the target amount, the short term incentive pool will only
be funded at 85% of the funding level achieved by EPS.  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the Threshold EPS level, which is the mid-point of utilities earnings per share guidance
issued in December 20, 2007, is not met, there will be no payouts under the 2008 MICP.  </FONT></TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>MICP Target Incentives</U>:</B> Achievement
of the target level goals and objectives may result in a payout of 100% of the incentive
opportunity. However, a participant&#146;s final award may range anywhere from 0 to 200%
of that target based on an individual&#146;s achievement of performance goals and the level of funding in the short-term
incentive pool. Incentive
opportunity is expressed as a percentage of eligible earnings for the plan year.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Individual Performance Goals</U>:</B> For
2008, there are financial, execution and corporate well-being goals for the CEO and other
executive officers. Financial Goals are weighted at 50%. The 2008 annual financial goals
are to achieve Alliant Energy Corporation consolidated EPS from continuing operations of $2.65 for the CEO, CFO and
Senior Vice President, and Utility EPS from continuing operations of $2.33
for the other named executive officers. All officers have a target to achieve cash
flows from operations of $502 million at utilities and SERVCO. Execution Goals
weighted at 30% include various accomplishments for the WPL Baseload Plant; IPL Baseload
Plant; IPL Wind; WPL Wind; WPL Retail Rate Case; Customer Service and Reliability standards;
Clean Air Compliance Plan; Environmental; Succession Planning; and Lean Six Sigma goals. Corporate Well Being
Goals weighted at 20% include various accomplishments for employee diversity metrics and
safety goals.  </FONT></P>


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