Alliant Energy Extends Ownership Options for Riverside Gas Modernization Project, Wisconsin
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Alliant Energy’s Wisconsin utility has negotiated agreements with neighboring utilities and electric cooperatives that provide partial ownership options for its proposed Riverside Energy Center modernization project near Beloit, Wis. The options represent an opportunity for Alliant Energy’s partners to benefit from this cost-effective, advanced-performing natural gas facility.
The company has extended partial ownership options to wholesale customers, including Adams-Columbia Electric Cooperative and Rock Energy Cooperative. The electric cooperatives’ ownership interests would be tied to wholesale power-supply agreements with Alliant Energy extending out to at least 2026. These agreements would allow the cooperatives to buy in during the construction phase of the project in an aggregate, maximum amount of 55 megawatts, with each required to make an election by September 2016.
“We are excited by the opportunity to have an ownership interest in Alliant Energy’s Riverside modernization project. We’ve enjoyed the customer relationship with Alliant Energy for decades. This option both strengthens that arrangement and provides direct benefits to our members,” said Martin Hillert, Jr., CEO and general manager of Adams-Columbia Electric Cooperative.
The company has an agreement with Wisconsin Public Service Corp. that would allow WPS to acquire up to 200 megawatts of the facility over the course of four years, with no more than 100 megawatts available in the first two years. Recently, Alliant Energy reached an agreement with Madison Gas & Electric Co. under which MGE may acquire up to 50 megawatts of the Riverside modernization in the first five years of its operation, with no more than 25 megawatts available in the first two years.
“The Riverside modernization project will help control energy costs and offer benefits to our customers and other utility customers across the state. We are pleased that our neighbor utilities realize the benefits of our proposed facility and want to be involved in this exciting and innovative project,” said Patricia Kampling, Alliant Energy chairman, president and CEO.
Recent construction proposals received by Alliant Energy indicate that the Riverside modernization project will be able to achieve greater output than previously expected, boosting the likely capacity from 650 megawatts to approximately 700 megawatts without increasing the $700 million project cost estimate (which excludes AFUDC and transmission costs). This development has created more opportunity for potential joint ownership.
The Public Service Commission of Wisconsin is reviewing the proposed Riverside modernization project. A final decision is expected this spring. If approved, the start of construction is planned for early 2017, with project completion by early 2020.
About Alliant Energy
Alliant Energy Corporation’s Wisconsin utility subsidiary, Wisconsin Power and Light Company (WPL), utilizes the trade name of Alliant Energy. The Wisconsin utility is based in Madison, Wis., and provides electric service to 465,000 customers and natural gas service to approximately 185,000 customers in more than 600 communities across central and southern Wisconsin. The employees of Alliant Energy focus on delivering the energy and exceptional service their customers and communities expect – safely, efficiently, and responsibly.
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