MADISON, Wis, April 5, 2012 /PRNewswire/ -- Wisconsin Power and Light Company (WPL), a subsidiary of Alliant Energy Corporation (NYSE:LNT), has received approval from the Public Service Commission of Wisconsin (PSCW) to purchase the Riverside Energy Center from Riverside Energy Center, LLC, (Riverside) a subsidiary of Calpine Corporation, for approximately $392 million.
The Riverside Energy Center is a 600MW combined cycle natural gas-fired electric generating facility located in Beloit, Wisconsin. It began operation in 2004. WPL currently has a purchase power agreement with Riverside for approximately 500MW. Under the purchase power agreement, WPL has the option to purchase Riverside if it exercises the option on or before May 31, 2012.
"We believe purchasing the Riverside Energy Center will allow us to better manage our generation fleet to reduce our reliance on market purchases, manage costs for our customers and remain flexible for the future," explains John Larsen, President – WPL.
WPL is still evaluating the potential purchase and the PSCW order. WPL will make a decision whether to exercise its option to purchase Riverside on or before May 31, 2012. If WPL does exercise its option, closing is expected to occur by December 31, 2012.
Wisconsin Power and Light Company (WPL), based in Madison, Wis., provides electric service to approximately 459,000 customers and natural gas service to approximately 180,000 customers in more than 600 communities across central and southern Wisconsin. WPL is committed to providing the energy and exceptional service its customers and communities expect – safely, reliably, and affordably. WPL is a subsidiary of Alliant Energy Corporation, for more information, visit alliantenergy.com or call 1-800-ALLIANT (800-255-4268).