Tuesday, energy-services provider Alliant Energy Corp. (LNT) said the company's subsidiary Interstate Power and Light Company or IPL received an oral decision from the Iowa Utilities Board or IUB regarding its request to increase its annual electric retail revenues. The company also said that it expects to file an electric rate case in March 2010, in which it plans to seek to recover costs related to infrastructure investments.
The Madison, Wisconsin-based Alliant Energy said, the IUB approved no additional changes to interim rates implemented in March 2009, which boosted revenues by about $84 million or 8%. However, IUB approved increased funding for transmission costs, as well as recovery of Sutherland Generating Station Unit 4 cancellation costs.
The IUB agreed to offset a portion of the 2008 and 2009 transmission costs with funds from the sale of the company's transmission assets, rather than increase customer rates.
In addition, the IUB approved using funds from the Regulatory Liability account from the sale of the Duane Arnold Energy Center to offset the recovery of costs associated with the cancelled Sutherland Generating Station Unit 4 project. The IUB also deferred the proposal to implement an automatic adjustment to reflect future price changes.
The IUB established a return on common equity of 10.5% for all non-related Emery Generating Station capital, Alliant Energy said. The return on common equity for Emery Generating Station-related capital is 12.2 percent.
The company expects written decision by January 19. IPL expects final rates to become effective in the first quarter of 2010.
LNT rose $0.71 or 2.34% and closed Tuesday's regular trading at $31.06.
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