In October of last year, the Iowa Utilities Board (IUB), a governmental board that regulates utilities, approved MidAmerican Energy’s request to raise electric and gas rates. The increase in rates will help to cover rising costs and increase revenue over three years. The proposed increase will phase in over a three year period starting on August 15th, 2013. Each customer would pay on average $2.73 more through 2014, $2.75 more through 2015, and $2.68 more through 2016. These average base rates would then drop after 2017 due to the recent announcement from MidAmerican Energy, Gov. Terry Branstad, and Lt. Gov. Kim Reynolds to expand wind generation capacity by up to 1,050 megawatts with 656 new wind turbines by the end of 2015.
Over the past 16 years, MEC has had rate stability; averaging 6 cents/kWh. That average rate is a whopping 40% below the national average for investor-owned utilities. The rate stability has allowed for more revenue sharing with its customers, increased renewable energy production, and approved energy efficiency programs to be established. The increased rate changes will not only help cover rising costs, but continue to perfect and provide further energy efficiency and renewable energy programs.
The Iowa Utilities Board requires major investor owned utility companies to provide energy efficiency programs to its customers. About 3.5% of every MidAmerican Energy bill goes towards these required energy efficiency and renewable energy programs. MidAmerican has created a new interactive website, Powering Iowa’s Future, to show customers everything from results of efficiency programs, to news of future energy investments. The largest utility provider in Iowa is number one in the nation in wind-powered generation capacity among rate-regulated utilities while only charging the 7th lowest electric rates during the 16 year rate freeze.
Explore Powering Iowa’s Future and “learn how MidAmerican Energy Company is keeping Iowa at the forefront of energy development”!