Iowa Nuclear Plant Nearly Sold

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). Interstate Power and Light Company, a subsidiary of Alliant Energy Corporation (NYSE:LNT) (Madison, Wisconsin), has come one step closer to the sale of 70% of its Duane Arnold Energy Center (Palo, Iowa) to Florida Power & Light (NYSE:FPL)(Miami, Florida) for $380 million. Central Iowa Power Cooperatives and Corn Belt Power Cooperatives are selling the remaining 30% interest to FPL for $165 million.

Federal Regulators have recently approved the sale. State regulators, which are expected to make an approval decision within a month, have been pounded by opposition from advocates representing the state of Iowa. According to advocates, the sale of this plant to a Florida-based company will largely increase local customer rates, due to less efficient alternatives for producing power in the area. Plant records reveal that the Duane Arnold Energy Center is running efficiently and has a low cost of operation.

FPL plans to relicense the plant for another 20 years when the current license expires in 2014. Pending state approval, the transactions are scheduled to close during the first quarter of 2006.

Alliant had just completed a re-fueling project for this 598-megawatt nuclear power plant and had made some BOP (Balance of Plant) modifications to the GE turbine and boiler. Upgrades and the next re-fueling will be due in the spring of 2007.

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View Project Report - 29000825

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