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Alliant Energy seeks cost recovery for its investments in Minnesota's clean energy future

Mon, May 3rd, 2010
Posted in Business Announcements

Albert Lea, Minnesota - May 3, 2010 - Interstate Power and Light Company (IPL), a subsidiary of Alliant Energy Corporation (NYSE: LNT), will file later this week a request with the Minnesota Public Utilities Commission (MPUC) to increase its Minnesota retail electric rates. IPL's request seeks to increase annual revenues by approximately $15 million, or 22 percent. The impact of the proposed change in electric rates will vary depending on customer class.

"Over the past five years, our company has invested more than $1 billion to lessen our impact on the environment and further the safety and reliability of the energy service we proudly provide our Minnesota customers with each day," says Tom Aller, President-IPL. "We are committed to helping Minnesota pursue a cleaner energy future with our investments in the Whispering Willow-East Wind Farm and power plant emission reduction controls. Also, we recognize the important role safe and reliable electric service plays in our customers' daily lives and communities' ability to pursue economic development opportunities."

Customer impact

The company expects the proposed change in electric rates to impact customers' electric bills in two stages - interim and final rates.

Interim rates

The MPUC has sixty days after IPL's filing to issue a decision on the company's request to implement interim rates. IPL anticipates implementing interim rates, if approved, in July 2010. IPL expects interim rates to increase annual electric revenues by approximately $14 million, or 21 percent.

For residential customers, IPL expects interim rates to increase the typical monthly electric bill by approximately $14.96 or 21.85 percent. The impact is based on a monthly energy usage of about 714 kilowatt-hours for residential customers.

Final rates

Interim rates will remain in effect until the MPUC issues a final decision on the company's electric rate request, expected in the second quarter of 2011. If the final electric revenues approved by the MPUC are lower than the interim revenue levels, IPL will issue refunds equal to the difference between the interim and final rate levels, plus interest.

"We recognize that economic conditions are difficult at this time and we continue to seek ways to manage our costs while continuing to provide safe, reliable and clean energy service," adds Aller. "While our investments in renewables and emission reduction controls benefit our environment, there are cost impacts on our customers. We are committed to balancing the need to provide safe and reliable service to customers with the costs of transitioning to a cleaner energy future."

Energy efficiency programs

Customers can also manage their energy costs through a variety of energy efficiency actions and programs. Both no-cost and low-cost options for customers to improve their energy efficiency include:

Replace bulbs in your five most-used fixtures with compact fluorescent bulbs, which could save approximately $60 per year.

Reduce your energy bill by getting rid of your older, less efficient, refrigerator or freezer could potentially lower your energy bills by more than $100.

Learn more about cash-back rewards and tax incentives at alliantenergy.com/rewards or call 1-866-255-4268.

Calculate energy savings opportunities at the company's www.powerthinkers.com.

Additional information for customers on the rate case and energy-saving ways to reduce the impact of the proposed rate changes is available at www.alliantenergy.com/minnesotarates. Documents relating to this filing can be found on the MPUC's Web site at www.puc.state.mn.us/PUC.

About Alliant Energy

Alliant Energy is an energy-services provider with subsidiaries serving approximately 1 million electric and 412,000 natural gas customers. Providing its customers in the Midwest with regulated electric and natural gas service is the company's primary focus. Interstate Power and Light, the company's Iowa and Minnesota utility subsidiary, serves approximately 527,000 electric and 234,000 natural gas customers. Alliant Energy is a Fortune 1000 company traded on the New York Stock Exchange under the symbol LNT. For more information, visit the company's Web site at www.alliantenergy.com.

Alliant Energy Forward-Looking Statement

This press release includes forward-looking statements. These forward-looking statements can be identified as such because the statements include words such as "proposed," "expected," "anticipates," "believes" or other words of similar import. Similarly, statements that describe expected outcomes in the rate case filed with the MPUC are forward-looking. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Actual results could be affected by the following factors, among others:

-- state regulatory or governmental actions, and future regulatory proceedings, including regulatory decisions regarding IPL's proposed rate increase;

-- IPL's ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of operating costs, capital expenditures and deferred expenditures, the earning of reasonable rates of return and the payment of expected levels of dividends;

-- economic and political conditions in IPL's service territory; and

-- the impact fuel and fuel-related prices and the effectiveness of continued cost control efforts and operating efficiencies.

These factors should be considered when evaluating the forward-looking statements and undue reliance should not be placed on such statements. The forward-looking statements included herein are made as of the date hereof and Alliant Energy and IPL undertake no obligation to update publicly such statements to reflect subsequent events or circumstances.

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