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Iowa regulators approve IPL rate settlement

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Iowa regulators approve IPL rate settlement

The Iowa Utilities Board on Feb. 2 issued an order approving a settlement related to Interstate Power & Light Co.'s request to increase rates.

The Alliant Energy Corp. subsidiary on April, 3, 2017, filed an application seeking to increase its annual retail electric revenues by $176 million, or 11.6%, premised upon a return on common equity of 10.3%. IPL implemented an interim rate increase of $102 million on April 13, 2017.

On Sept. 21, 2017, the settlement parties agreed on an overall increase of $130 million, based on a revenue requirement of $1.80 billion. In its ruling, the Iowa Utilities Board said that the settlement is "reasonable in light of the whole record, consistent with law, and in the public interest." The regulators' decision enables the company to utilize previously identified tax benefits to lower the overall impact for customers, Alliant said in a Feb. 2 company release.

The board also ruled that the temporary electric tariff implemented by the company would remain in effect until the board approves the compliance tariffs that the company will file. Alliant said the decision will allow IPL to implement lower cost time-of-day pricing and a lower cost "Second Nature" program. Also approved was the continuation of the transmission rider which adjusts customer rates based on transmission costs approved by federal regulators. Alliant said it will coordinate with the Utilities Board to provide additional benefits to customers to reflect the approved federal tax reform.

IPL said it is reviewing the decision of the board and it has 20 days to file its revised tariffs and request for a rehearing or a reconsideration.

(Docket No. RPU-2017-0001)