By PETER HUSSMANN
The Iowa Utilities Board released a brief press release late this afternoon saying that Alliant Energy electric customers will not see the full rate increase proposed to be enacted for its Iowa customers by parent company Interstate Power and Light Company.
The release states that the IUB decided today that rates customers pay for electricity would not change from rates implemented last March.
The IUB said it adopted a rate design and other one-time steps that will hold the line on customer costs during "this difficult economic environment."
On March 17, 2009, Alliant/IPL filed a rate proposal to increase its annual revenue by approximately $171 million (about 17 percent). As permitted by Iowa law, a temporary rate increase of approximately 7 percent, or about $84 million, the release states, was implemented by the company, an action not requiring preapproval from the IUB.
"In this unprecedented time of economic crisis for so many people, this Board worked very hard to reduce cost impacts on ratepayers, balanced with the utility's need for recovery of necessary expenditures," said IUB Chair Rob Bernsten.
The release states Alliant/IPL will receive a 10.5 percent return on equity under the decision. Full and final details will be released in the IUB's written order to be issued by Jan. 19.
The Newton Independent wrote a previous article about the rate case that can viewed here. The story notes that Newton residents were part of an area that received an additional increase in costs as part of a previous rate case with the utility.
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