Interstate Power and Light (IP&L) got the bright idea of providing electricity and has hit the road to make it happen. The company, incorporated in 1925, provides energy in a tri-state portion of the Midwest. The Alliant Energy utility subsidiary serves more than 525,000 electricity customers and more than 233,800 natural gas customers. In addition, IP&L has nearly 3,000 MW of generating capacity from fossil-fueled and nuclear power plants; it provides steam to certain customers in Cedar Rapids; and it offers other energy-related services across its service area.
In 2007 to raise cash for future investments, Alliant Energy sold IP&L's transmission assets in Illinois, Iowa, and Minnesota, to ITC Holdings for $783 million. That year IP&L also sold its 70% stake in the Duane Arnold Energy Center (DAEC), a 598 MW Iowa-based nuclear power generating facility, to a subsidiary of FPL Group (now NextEra Energy); as part of the agreement, IP&L purchased energy produced at DAEC.
In 2008 it reached a deal with Prairie Lands Bio-Products Inc. to develop some renewable fuel sources for power generation at a proposed coal plant in Marshalltown, Iowa. However, in 2009 the company canceled it plans to build the $1.8 billion coal-fired plant, citing a poor economy and resistance to new coal plants from influential parties in the state.
IP&L was founded in 1925 in Iowa as Iowa Railway and Light Corporation.
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