CEDAR RAPIDS, Iowa, Aug. 3, 2017 /PRNewswire/ -- Alliant Energy's Iowa energy company is pursuing another major wind investment that will help solidify Iowa's national leadership in renewable energy.
"The customers and communities we serve will benefit from this cost effective clean energy," said Doug Kopp, president of Alliant Energy's Iowa energy company. "Our wind projects will help keep energy costs stable over the long-term for customers."
Alliant Energy is seeking approval from the Iowa Utilities Board to add up to 500 megawatts of wind energy in Iowa. A decision is expected in early 2018.
The company received approval in 2016 for a similar expansion. The combined projects would represent a $1.8 billion investment and add up to 1,000 megawatts of new wind generation in Iowa. That's enough to power up to 430,000 Iowa homes a year. As a result, wind is expected to be more than one-third of the company's Iowa energy mix in 2020.
"Iowa has seen tremendous benefits from the expansion of the wind energy industry in our state. We appreciate Alliant Energy continuing to invest in wind and other renewable energy sources to power our state," said Bill Northey, Iowa Secretary of Agriculture.
Alliant Energy's wind expansion projects are expected to create hundreds of construction and other jobs while generating tens of millions of dollars in additional property taxes and payments to landowners.
- Alliant Energy's Iowa energy company (Interstate Power and Light) filed an application for advance rate-making principles on August 3, 2017 (RPU-2017-0002). The key principles requested in the application include:
- Cost cap of $1,780/kilowatt, including allowance for funds used during construction (AFUDC) and transmission costs
- 11.0% return on common equity (ROE)
- 40 year depreciable life
- 10% AFUDC ROE used for modeling that allows for the higher of 10% or the 2016 test year base rate review result
- In service by end of 2020
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 490,000 retail customers and natural gas service to 220,000 retail customers. The employees of Alliant Energy focus on delivering the energy solutions and exceptional service their customers and communities expect – safely, efficiently and responsibly. Alliant Energy Corporation is traded on the New York Stock Exchange under the symbol LNT and is a component of the S&P 500. For more information, visit alliantenergy.com.
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.
SOURCE Alliant Energy Corporation