CEDAR RAPIDS, Iowa, July 27, 2016 /PRNewswire/ -- Iowans will soon see a significant increase in clean, economical wind generation from Alliant Energy.
Earlier today, Alliant Energy CEO Patricia Kampling and Gov. Terry Branstad announced the utility will invest approximately $1 billion to expand its wind energy operations in the state.
"Our customers expect low-cost, clean energy, which is exactly what this project will bring to the communities we serve," said Doug Kopp, president of Alliant Energy's Iowa utility. "Wind has no fuel costs and zero emissions, making it a win-win for Iowans and the Iowa economy."
Alliant Energy's Iowa utility is seeking regulatory approval to expand its Whispering Willow Wind Farm in Franklin County and possibly develop wind energy in other areas of the state. The five-year project will add up to 500 megawatts of clean energy to economically meet customer needs. The company is seeking approval now to maximize the value of renewable energy tax credits to benefit its customers.
The new wind project is part of Alliant Energy's vision for a clean energy future. From 2005 to 2030, Alliant Energy is targeting a 40% reduction in carbon dioxide emissions. In addition, the project will generate tens of millions of dollars in property taxes, and result in more than 1,500 jobs at the height of construction – boosting Iowa's economy while supporting customers seeking to use more renewable energy.
In June, Alliant Energy released a request for proposals for more wind generation.
Alliant Energy's Iowa utility (Interstate Power and Light) filed an application for advanced ratemaking principles on the expansion of Whispering Willow and other potential locations.
If the advanced ratemaking principles filing is approved, Alliant Energy would expect to reprioritize, and in some cases delay, certain components of its current 2016-2019 construction expenditure plan to incorporate this investment.
Investment estimate includes allowance for funds used during construction, but excludes transmission.
Requesting 11.5% return on equity.
Proposing a renewable energy rider.
Alliant Energy Corporation's Iowa utility subsidiary, Interstate Power and Light Company (IPL), utilizes the trade name of Alliant Energy. The Iowa utility is based in Cedar Rapids, Iowa, and provides electric service to 487,000 customers and natural gas service to 226,000 customers in over 600 communities. The employees of Alliant Energy focus on delivering the energy solutions and exceptional service their customers and communities expect – safely, efficiently and responsibly. Visit alliantenergy.com or call 1-800-ALLIANT (800-255-4268) for more information. Alliant Energy Corporation, a component of the S&P 500, is traded on the New York Stock Exchange under the symbol LNT.
This press release includes forward-looking statements. These forward-looking statements can be identified because they describe future wind generation plans, regulatory approvals, costs and emissions. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Actual results could be affected by such factors as: state regulatory actions which delay, prevent or alter the proposed plans, including rate recovery levels, returns on equity; the inability to obtain all necessary approvals; unsuccessful negotiations for the purchase of equipment and real estate to develop wind farms; increased costs of equipment, commodities used in equipment, and real estate; unanticipated construction issues, delays or expenditures; failure of equipment and technology to perform as expected; current or future litigation, regulatory investigations, proceedings or inquiries that could impede the implementation of Alliant Energy's plans; political conditions in Alliant Energy's service territories; changes to Alliant Energy's access to capital markets; and economic conditions in Alliant Energy's service territory. These factors should be considered when evaluating the forward-looking statements and undue reliance should not be placed on such statements. The forward-looking statements included herein are made as of the date hereof and Alliant Energy and Interstate Power and Light Company undertake no obligation to update publicly such statements to reflect subsequent events or circumstances.