MADISON, Wis., March 31, 2016 /PRNewswire/ -- Alliant Energy's Wisconsin utility received verbal approval today to build its Riverside Energy Center expansion located near Beloit, Wis. The Public Service Commission of Wisconsin agreed that moving ahead with the 700-megawatt natural gas-fired facility is in the best interest of customers.
"This is a major step forward as the Riverside project is a critical part of our mission to provide reliable, cost-effective energy to our customers for many years to come," said Patricia Kampling, Alliant Energy Chairman, President and CEO. "This highly efficient generating station will modernize our generating operations and further our transition to cleaner energy sources."
The project is scheduled to break ground this fall, with construction ramping up in the spring of 2017. It is expected to create more than 1,000 construction jobs and will support local suppliers and businesses throughout the state and region. The approximately $700 million investment will be one of the largest economic development projects in Wisconsin.
The Riverside Energy Center expansion was first announced in late 2014; it quickly gained widespread support in the Beloit area, Rock County and throughout Wisconsin. It will be built near Alliant Energy's existing 675-megawatt, natural gas-fired generating station. When completed, the Riverside expansion will be capable of powering more than 535,000 homes.
Alliant Energy Corporation's Wisconsin utility subsidiary, Wisconsin Power and Light Company (WPL), utilizes the trade name of Alliant Energy. The Wisconsin utility is based in Madison, Wis., and provides electric service to 463,000 customers and natural gas service to 185,000 customers across central and southern Wisconsin. The employees of Alliant Energy focus on delivering the energy and exceptional service their customers and communities expect – safely, efficiently, and responsibly. Visit alliantenergy.com or call 1-800-ALLIANT for more information. Alliant Energy Corporation is traded on the New York Stock Exchange under the symbol LNT.
Summary of Key Elements of the Verbal Decision
The verbal decision contains the following provisions:
- The estimated project cost of $700 million excludes transmission and AFUDC and it is expected to be in service by early 2020.
- The Riverside expansion will replace approximately 640 megawatts of older, less-efficient Wisconsin coal and gas units for which retirement has or will occur by 2020.
- PSCW approval is conditional on Alliant Energy obtaining other state and federal permitting approvals necessary to construct, operate, and connect the Riverside Expansion to the transmission system.
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SOURCE Alliant Energy Corporation