Printer Friendly

MIDWEST POWER FILES APPLICATION WITH IOWA UTILITIES BOARD

 DES MOINES, Iowa, Sept. 13 /PRNewswire/ -- Midwest Power today filed an application with the Iowa Utilities Board (IUB) to recover costs associated with one of its two energy efficiency plans.
 Midwest Power seeks to recover nearly $35.4 million in energy efficiency and related costs incurred between July 1, 1990 and Dec. 31, 1992. The recovery would be spread over a four-year period, beginning in 1994, resulting in a 2.6 percent overall increase in electric rates on an annual basis.
 Energy efficiency plans are designed to help customers use energy more efficiently and to hold down growth in peak electric demand so that expensive investments in generating plants can be avoided or delayed. In the application to the IUB, Midwest Power said energy efficiency plans reduced its peak electric demand in 1992 by more than 62,000 kilowatts. That nearly equals the energy that can be produced by the two turbine generators at Midwest Power's Pleasant Hill Energy Center.
 In the first two and a half years of the energy efficiency plan, more than 23,000 Midwest Power customers participated in at least one of the 20 programs designed for residential, commercial and industrial customers. The programs are marketed under the name, "Power Options."
 The cost recovery application is in accordance with Iowa legislation passed in 1990 that requires electric utilities to spend at least 2 percent of annual revenues on energy efficiency plans. Today's filing is Midwest Power's first application for cost recovery under that law.
 The cost recovery covers only the 259,000 Midwest Power customers formerly served by Iowa Power. A separate energy efficiency plan covers customers formerly served by IPS Electric. A separate cost recovery filing for this plan is expected in 1994. Midwest Power is the successor utility to Iowa Power and IPS Electric.
 The IUB will conduct a contested case proceeding to review Midwest Power's application and will determine final rates for the affected customers.
 Midwest Power is the electric service division of Midwest Power Systems Inc., and serves 417,000 customers in Iowa and South Dakota. Midwest Power Systems is a subsidiary of Midwest Resources Inc. (NYSE: MWR), a Des Moines-based utility holding company.
 -0- 9/13/93
 /CONTACT: John McCarroll of Midwest Power, 515-281-2785/
 (MWR)


CO: Midwest Power; Iowa Utilities Board ST: Iowa IN: UTI SU:

MC -- DV007 -- 1431 09/13/93 16:07 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 13, 1993
Words:394
Previous Article:SALOMON INC INSTRUCTS STANDARD & POOR'S TO CHANGE NAME OF DEBT SECURITIES FROM GENERAL TERM NOTES TO RETAIL MTNs
Next Article:MEDGROUP ANNOUNCES JOINT VENTURE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters