Alliant Energy Rate Hike for 2024

  • June 22, 2023
870 450 Tom Content

Alliant Rate Case Highlights

Iin April 2023, Alliant Energy (Wisconsin Power & Light) filed a general rate case to increase rates in 2024-25.

In PSC case 6680-UR-124, Alliant is seeking:

Electric rate increase:

    • 2024: $110.9 million, or 8.4%
        •  
    • 2025: $71 million, or 5.4%
    • Total increase, 2024-25: $181.9 million, or 13.8%
        • Residential customers: 19.2%
        • Small businesses: 8.7%

Natural gas rate increase:

    • 2024: $16.5 million, or 6.3%
        • Residential: 7.5%
        • Small Business: 5.8%

Focus on profits

    • Alliant is proposing to keep its profit rate, or return on equity, at 10%.
    • But that rate is still higher than the national average and is more than is needed to attract capital on Wall Street
    • But it’s also proposing a backend way of increasing profit dollars by modifying its capital structure change!

Profits too high

    • Alliant’s Wisconsin utility reported 2022 profit of $350 million in 2022, and another $88 million so far this year.
    • Customers across the country are overpaying by billions from profit rates that have remained far too high for far too long.

The cost of the energy transition

    • Major drivers of Alliant’s electric rate case include items related to the company’s approach to the clean energy transition.
    • $2.32 Billion in new solar, battery storage, and natural gas investments either already approved or pending before the PSC will be hitting rates.

Other proposals

    • Rooftop Solar: Alliant is proposing the Renewable Power Partnership to replace current rates for customers with solar with a mechanism that aims to reflect the benefits of solar and actual costs to the utility, without overcharging customers without solar.
    • Affordability: Alliant is proposing an $80 per year Energy Care Credit to encourage low-income customers to apply for state energy assistance.
    • Dead Coal Costs: The PSC will review alternatives to save customers money for costs customers will have to bear after Alliant’s Edgewater coal plant shuts down.

Timeline

    • Ongoing: PSC Audit, Analysis
    • Aug/Sept: CUB experts, PSC staff weigh in
    • Sept. 13: Public Hearing
    • Nov/Dec: PSC Decision

Find out more

Have your say

    • Attend the public hearing at 1 or 6 p.m. Wednesday, Sept. 13 at the Public Service Commission, Hearing Room S105, 4822 Madison Yards Way, Madison. Attend via Zoom at https://us02web.zoom.us/my/pschearings, or by telephone at 1 312 626 6799, using Meeting ID: 809 513 2930
    • Submit a written comment to the PSC here.

 

You might also like