Notice of proposed electric rate increase

Alliant Energy’s Iowa utility, Interstate Power and Light Company, is submitting a proposal to the Iowa Utilities Board on October 12, 2023 to adjust customers’ electric rates in late 2024.

The drivers of our proposed electric rate increase include our investments to build a more reliable, sustainable and resilient energy future to benefit our customers and the communities we serve in Iowa. We are investing to diversify our generation resources, expand economic opportunities, replace and upgrade aging infrastructure and create a healthier environment that benefits all Iowans. By building cost-effective projects and modernizing the energy grid, we’ll be improving security, reliability and resilience. At the same time, we are continuing to meet all customers’ energy needs in light of rising costs that have impacted all industries.

The overall impact on customer bills will vary, depending on actual energy used and final rates approved by the Iowa Utilities Board. The Iowa Utilities Board will review our request within 10 months and establish final rates, which may be different than the rates we’re proposing. We’re requesting the rates become effective in October 2024. However, the Iowa Utilities Board will determine if and when any changes in final rates become effective.

The rates under review by the Iowa Utilities Board are called base rates and only account for a portion of your bill. Base rates include capital costs, operation and maintenance costs, a return on investment and taxes. The estimated average monthly bill shown in the chart on the next page includes all costs included for a typical customer’s bill, including estimated rate case expense. The estimated average monthly bill is based on projections and may be impacted by other factors, such as fuel costs and weather. The new rates are proposed to be phased in over approximately two years with increases in October 2024 and October 2025. If the Iowa Utilities Board decides that the proposed rates will be implemented in a different time period, the increase may vary from what is shown in the chart.

Did you know? Your bill consists of two primary elements – the cost of energy and the amount of energy you use. To learn about ways you can reduce the amount of energy you use and save on your bill, visit alliantenergy.com/waystosave. You can also learn about resources available to help manage your bill by visiting alliantenergy.com/energyassistance.