Alliant Energy‘s Iowa energy company is pursuing another major wind investment that will help solidify Iowa’s national leadership in renewable energy.
Alliant Energy is seeking approval from the Iowa Utilities Board to add up to 500 MW of wind energy. Similar to a previous expansion, the combined projects would represent a $1.8 billion investment and add up to 1,000 MW of new wind generation in Iowa.
“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 MW 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 MW 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,”said Bill Northey, Iowa Secretary of Agriculture. “We appreciate Alliant Energy continuing to invest in wind and other renewable energy sources to power our state.”
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.
Financial information
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/kW, 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 Iowautility 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.
Filed Under: Financing, News, Projects
