Alliant Energy's Iowa retail electric customer current base rates extended through 2016

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Sep 24, 2014, 04:29 ET

CEDAR RAPIDS, Iowa, Sept. 24, 2014 /PRNewswire/ -- Customers of Alliant Energy's Iowa retail electric utility will continue to see reliable power and unchanged base rates for that energy through 2016. The Iowa Utilities Board (IUB) has approved a rate plan that continues a three-year base rate freeze and includes customer credits.

Alliant Energy filed the plan jointly with the Office of Consumer Advocate, Iowa Consumer Coalition, and Large Energy Group.

"This plan benefits our customers, and we are pleased the IUB approved the joint proposal," said Patricia Kampling, Alliant Energy Chairman, President and CEO. "Rate stability is important for our customers, and we're proud that we've been able to keep our base rates stable since 2011."

The rate plan includes $105 million in customer credits, which began May 1. In total, customers will receive credits of $70 million in 2014, $25 million in 2015 and $10 million in 2016.

Other portions of the bill will continue to adjust based upon actual costs incurred for fuel to generate power and transmission costs.

From 2011 through 2014, Alliant Energy's investment in Iowa's electric system will be more than $700 million.

These investments will:

Reduce emissions from our power plants and support renewable energy.
Increase electricity generation in the state with the construction of a natural gas-fired generation source, Marshalltown Generating Station. Construction is expected to be completed in 2017.
Improve customer reliability. Since 2010, Alliant Energy's investments in the electric system have helped reduce outages by 22 percent.

This approved plan offsets the cost of these investments with savings from the nuclear purchased power agreement that began in February 2014.

Customers can find more information at alliantenergy.com/iowarates.

The order approving the settlement is available on the IUB's electric filing system under Docket No. SPU-2005-0015 and TF-2014-0001. The filed settlement is available on the IUB's electronic filing system under Docket No. RPU-2014-0001.

Alliant Energy Corporation's Iowa and Minnesota utility subsidiary, Interstate Power and Light Company (IPL), utilizes the trade name of Alliant Energy. The Iowa and Minnesota utility is based in Cedar Rapids, Iowa, and provides electric service to 530,000 customers and natural gas service to 235,000 customers in over 700 communities. 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 (800-255-4268) for more information. Alliant Energy Corporation is traded on the New York Stock Exchange under the symbol LNT.

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SOURCE Alliant Energy Corporation