Interstate Power and Light (IP&L) got the bright idea of providing electricity and has hit the road to make it happen. The company provides energy in a tri-state area of the Midwest (portions of Minnesota, Iowa, and Wisconsin). The Alliant Energy utility subsidiary serves more than 526,840 electricity customers and more than 233,800 natural gas customers in more than 700 communities. In addition, IP&L has nearly 2,370 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.
IP&L serves customers in Minnesota, Iowa, and Wisconsin.
In 2012 the company’s revenues declined by 5% primarily due to a decrease in electric revenues, as milder weather conditions crimped demand. IP&L's net income grew by 8% in 2012 thanks to lower operating expenses.
The company's strategic plan aims at developing a balanced supply of energy resources, while providing safe and reliable service and keeping costs down. It plans to invest more than $1 billion to upgrade its electric generation facilities by 2017.
IP&L is a subsidiary of Alliant Energy.
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.
▲ Show Less▼ Show Full Description