Saturday, May 02, 2009

Alliant Energy Reports Poor Earnings

Alliant Energy has reported earnings for the first quarter are lower than last year.

From KCRG...
The flooding last June dealt Alliant Energy a big blow. The utility, with 1,500 workers in Iowa, ended up with a $260-million dollar damage repair bill. The company's Cedar Rapids headquarters building, the Alliant Tower, still isn't fully fixed. But that flood damage was nothing compared to the impact of a souring economy.

Ryan Stensland, an Alliant Energy spokesperson, said "while the flood may have had an indirect impact on our bottom line right now, it's just the general economy and we're hoping for it to rebound like everyone else sooner rather than later."

Less demand for power means less money coming in. And Alliant will have to start cutting.
This is probably another reason Alliant decided to drop plans on building a new coal-fired power plant in Marshalltown.

No comments: