Alliant Energy proposes adjustment to Iowa electric and gas rates

Guided by its focus on serving customers, the company’s request reflects investments to continue building a more reliable, sustainable and secure energy future for customers.

CEDAR RAPIDS, Iowa (October 12, 2023) – Today, Alliant Energy’s Iowa utility company, Interstate Power and Light Company (IPL), filed a request with the Iowa Utilities Board (IUB) to adjust electric and natural gas rates, beginning in late 2024.

Alliant Energy’s request reflects investments to continue building a more reliable, sustainable and resilient energy future in Iowa. The company’s request includes:

Modernizing and strengthening the energy grid, including continuing to move power lines from overhead to underground to decrease the number of outages and length of outages. Over the last decade, as Alliant Energy has placed more lines underground, the frequency of outages and duration of outages have decreased approximately 30%. Currently, over 20% of the company’s lines in Iowa are underground.
Upgrading infrastructure to enhance and strengthen the energy system, including expanding the company’s fiber network to ensure reliable communications during emergencies.
Diversifying the company’s Iowa energy mix by adding renewable energy, which is cost-effective for customers long-term, creates jobs and tax revenues for communities, and contributes to a healthier environment. Alliant Energy’s plans include adding 400 megawatts of solar in the state and extending the life of the wind energy the company owns and operates in Franklin County.

“At Alliant Energy, customers are at the heart of everything we do. Guided by our purpose-driven strategy to serve customers and build stronger communities, we take great pride in our commitment to delivering safe and reliable service, 24/7 and 365 days a year,” said Mayuri Farlinger, Vice President – Customer and Community Engagement at Alliant Energy. “As an essential service in the communities we serve, we are acting now to best manage costs and investing to continue to meet customers’ energy supply needs for decades to come.”

Since the utility’s last rate increase request in 2019, Alliant Energy has managed costs and provided safe and reliable service throughout several challenges, including the COVID-19 pandemic, extreme weather events like the derecho in 2020, higher operational costs and other inflationary pressures. 

“Nobody, including us, wants to see bills increase,” said Farlinger. “However, there are more costs down the road if we do nothing or simply continue ‘business as usual.’ It’s why we’re planning ahead and acting on behalf of our customers to ensure we’re ready to manage the rapidly changing energy landscape.”

Prioritizing customer affordability, the utility proposes for new electric rates to be phased-in over approximately two years. 

The company is requesting a 7.7% (approximately $10 per month) increase to the average residential electric customer’s total bill beginning in October 2024 and a second phase increase of 5.7% (approximately $7 per month) to take effect beginning in October 2025. 

Including all electric customer classes, the proposal results in an approximately 9% increase to the average electric customer’s total bill in October 2024 and a second phase increase of approximately 7% beginning in October 2025. 

For gas customers, the company is requesting a 5% increase (approximately $3 per month) to the average residential gas customer’s total bill in October 2024. 

The overall impact on customer bills will vary, depending on actual energy used and final rates approved by the IUB. If approved, changes will not take effect until October 2024.

For more information on the proposed rate increase, including proposed rates for other customer classes, visit alliantenergy.com/iowarates

Alliant Energy Corporation (NASDAQ: LNT) provides regulated energy service to 1 million electric and 425,000 natural gas customers across Iowa and Wisconsin. Alliant Energy's mission is to deliver energy solutions and exceptional service customers and communities count on – safely, efficiently and responsibly. Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL) are Alliant Energy's two public energy companies. Alliant Energy is a component of Bloomberg’s Gender-Equality Index and the S&P 500. For more information, visit alliantenergy.com and follow Alliant Energy on LinkedIn, FacebookInstagram and X.

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