Press release
Customers to see benefits in proposed settlement of Alliant Energy's Iowa electric rate review
CEDAR RAPIDS, Iowa, Oct. 3, 2019 /PRNewswire/ -- Alliant Energy's Iowa energy company has filed a partial settlement agreement in its current electric rate
About this update from Alliant Energy Corporation
[{"type":"text","content":"CEDAR RAPIDS, Iowa, Oct. 3, 2019 /PRNewswire/ -- Alliant Energy's Iowa energy company has filed a partial settlement agreement in its current electric rate review. Customers would see lower than expected increases in electric bills in 2020. This non-unanimous settlement is subject to approval from the Iowa Utilities Board (IUB). \n\n \nThe proposed settlement addresses investments Alliant Energy has made to reduce long-term operating costs. These include new wind generation in Iowa, distribution system enhancements, and advanced customer meters. \n\"I want to thank the Iowa Office of Consumer Advocate, the Iowa Business Energy Coalition and the other parties to the settlement for coming together on these issues,\" said Terry Kouba, President of Alliant Energy's Iowa energy company. \"Our company continually looks for ways to better serve our customers, and we are excited about the new options we've proposed to advance renewable energy and drive economic development.\"\nOn March 1, 2019, Alliant Energy filed a request with the Iowa Utilities Board to increase annual retail electric revenues, with final rates starting January 1, 2020. An interim base rate increase went into effect April 1, 2019. \nThe settlement will result in a modest base rate increase from interim rates in 2020 – which would be smaller than the final rates originally requested. The company would also use one-time credits to lessen the overall impact to customers in that year. The final bill impact for each customer class will be decided through the rate review process.\nAlliant Energy's significant investments in wind generation will result in lower fuel costs, benefiting customers into the future. In addition, in 2021, customers will see additional savings from the early contract termination of a nuclear power contract.\nThe proposed settlement is supported by a broad coalition of groups representing customers, environmental interests, employees and other stakeholders. \nKey details of the proposed settlement:\nFinal annual retail electric revenue requirement increase of $127 million Billing credits for electric retail customers of approximately $35 million in 2020. These billing credits include approximately $27 million in credits resulting from the use of the remaining unprotected excess deferred income tax benefits and approximately $8 million in credits fr...