Interstate Power and Light Company, a subsidiary of Alliant Energy Corporation, has inked an 11-year deal to buy power from the Duane Arnold Energy Center in Palo beginning in 2014.
IPL says that after a bidding process, they decided to buy their power from DAEC. The move is part of IPL's long term plan.
"This agreement not only saves our customers money over the long term, but it provides them a reliable, local source of clean energy," Tom Aller, President of IPL, said in a written statement. "It's also significant for the hundreds of local workers at the Palo facility."
The Iowa Utilities Board, who approved the agreement with DAEC owner NextEra Energy, still needs to rule on IPL's plan to construct a new natural gas-fired generating station in Marshalltown. That ruling is expected later this year.
"The DAEC agreement is an important step to successfully executing our long-term strategy. We are committed to working with customers, stakeholders and regulators to implement the remaining components of our long-term plan. We are optimistic about Iowa's future, and we are committed to supporting economic growth with reliable power at a competitive price," Aller said.
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