|By PR Newswire||
|March 25, 2014 05:00 PM EDT||
CEDAR RAPIDS, Iowa, March 25, 2014 /PRNewswire/ -- Customers of Alliant Energy's Iowa electric utility will see no increase in their base electric rates through 2016. Credits will also be included in customer bills based on the three-year agreement filed with the Iowa Utilities Board (IUB) today.
The agreement is a collective effort by Alliant Energy, the Office of Consumer Advocate, Iowa Consumer Coalition, and the Large Energy Group. It will become effective when approved by the IUB.
The customer credits will be $70 million in 2014, $25 million in 2015 and $10 million in 2016. These credits will appear in the energy cost portion of customers' bills.
The agreement will extend the electric base rate freeze that has been in effect since 2011.
Between 2011 and 2014, Alliant Energy will have invested about $750 million in Iowa's electric system to improve electric reliability and the emissions profile of its generating stations. This agreement offsets the cost of these investments with savings from the new nuclear purchased power agreement that began in February 2014.
"The base rate freeze and bill credits will continue to support the competitiveness of our Iowa customers and communities," said Tom Aller, President of Alliant Energy's Iowa utility. "We are pleased that through the collective efforts of our stakeholders, we can propose the unanimous agreement to the IUB, and appreciate their consideration of this proposal."
Alliant Energy continues to invest in the Iowa electric system to:
- Improve the environmental profile of our electric generation by continuing our support of renewable energy and reducing emissions at our existing generation stations.
- Construct the natural gas fired Marshalltown Generating Station, which will add additional flexible and reliable electric generation to our portfolio when completed in 2017.
- Improve customer reliability by investing in the electric distribution system, which has helped significantly reduce outage length and duration since 2010.
Summary of Key Financial Elements of Retail Electric Settlement Agreement
The settlement agreement contains the following provisions:
- Electric base rate moratorium through 2016
- Continuation of the energy adjustment clause
- Continuation of the regional transmission service cost recovery rider
- Electric Tax Benefit Rider credits continue through at least 2016
- Force majeure provision to allow IPL to seek rate relief if a significant event occurs
- Show cause action could be brought by OCA if IPL ROE exceeds 11%
IPL has based its settlement on the assumptions that the current authorized return on equity and common equity component of the capital structure remains unchanged, and the settlement allows for a return on and of 2014 year-end Iowa electric rate base of approximately $3.1 billion.
This settlement must be approved by the IUB before it becomes effective.
The filed settlement is available on the IUB's electronic filing system. The filing is under Docket No. RPU-2014-0001.
Alliant Energy Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements can be identified as such because the statements include words such "approximately," "expected," "believe," or other words of similar import. Similarly, statements that describe expected outcomes in the rate case settlement filed with the IUB, including the effects of the proposed settlement, are forward-looking. 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 the following factors, among others:
-- Whether the IUB approves the settlement, the timing of any such approval and any conditions or modifications imposed by the IUB in connection with any such approval;
-- other state regulatory or governmental actions, and future regulatory proceedings, including regulatory decisions regarding IPL's proposed settlement;
-- IPL's ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of operating costs, capital expenditures, the earning of reasonable rates of return and the payment of expected levels of dividends;
-- economic conditions in IPL's service territory;
-- future modifications to IPL's energy adjustment clause or regional transmission service cost recovery riders; and
-- force majeure or other significant changes contemplated in the settlement agreement, that could allow IPL or other parties to seek changes in base rates during the base rate freeze.
For more information about potential factors that could affect Alliant Energy's and IPL's businesses and financial results, please review "Risk Factors" in the companies' Annual Report on Form 10-K for the fiscal year ended December 31, 2013 filed with the Securities and Exchange Commission and in the companies' other filings with the SEC. 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, except as required by law, Alliant Energy and IPL undertake no obligation to update publicly such statements to reflect subsequent events or circumstances.
About Alliant Energy
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 525,000 customers and natural gas service to 233,000 customers in more than 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.
SOURCE Alliant Energy Corporation
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
Dec. 5, 2016 04:30 AM EST Reads: 5,202
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Dec. 5, 2016 04:15 AM EST Reads: 1,609
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Dec. 5, 2016 04:00 AM EST Reads: 4,683
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Dec. 5, 2016 04:00 AM EST Reads: 5,402
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Dec. 5, 2016 04:00 AM EST Reads: 5,099
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 5, 2016 03:30 AM EST Reads: 624
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 5, 2016 03:30 AM EST Reads: 934
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 5, 2016 01:30 AM EST Reads: 747
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection. In his session at 18th Cloud Expo, Bradley Holt, a Developer Advocate with IBM Cloud Data Services, discussed...
Dec. 5, 2016 01:00 AM EST Reads: 3,326
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 5, 2016 12:45 AM EST Reads: 1,569
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Dec. 5, 2016 12:45 AM EST Reads: 1,806
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Dec. 5, 2016 12:30 AM EST Reads: 6,084
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Dec. 5, 2016 12:15 AM EST Reads: 3,817
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Dec. 5, 2016 12:15 AM EST Reads: 1,160
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 11:45 PM EST Reads: 922