Source: United States House of Representatives – Representative Bryan Steil (Wisconsin-1)
BELOIT, WI—Congressman Bryan Steil (WI-01) and the U.S. Department of Energy Secretary, Chris Wright, announced a $5.1 billion loan package to Alliant Energy to lower electricity costs, expand firm power generation, and strengthen grid reliability. The investments will add more than 2.6 gigawatts (GW) of new or upgraded power generation capacity and deliver more than $1 billion in electricity cost savings for American families.
“Affordable, reliable energy infrastructure for products like natural gas increases supply and lowers costs for Wisconsin families,” said Steil. “This investment will unleash American energy to pass along nearly $1 billion in energy savings directly to Wisconsin families through lower energy bills. Thank you to Secretary Wright, and the Department of Energy, for helping lower costs for Wisconsin families.”
Rep. Steil and Secretary Wright at Alliant Energy’s West Riverside Energy Center in Beloit, WI
The projects will add enough electricity to power the equivalent of nearly 2 million homes—lowering costs and strengthening grid reliability in Iowa and Wisconsin. The investments will support new natural gas-fired power plants, energy storage systems, and upgrades to existing generation facilities, create hundreds of construction-related jobs, and deliver affordable, reliable energy for American families and businesses.
Background:
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The Department of Energy (DOE) is providing a fixed-interest, long-term (30-year) loan of $5.1 billion to Alliant Energy for facilities in Wisconsin and Iowa, including its West Riverside Energy Center (WREC) in Beloit.
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H.R. 1 expanded EDF’s authority to support energy infrastructure, regardless of energy source.
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DOE is providing a fixed-interest, long-term (30-year) loan of $5.1 billion to Alliant Energy for facilities in Wisconsin and Iowa, including its West Riverside Energy Center (WREC) in Beloit.
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The loan will support LNG infrastructure and increase Alliant’s LNG storage capacity, helping Wisconsin families save on energy costs.
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WREC currently provides enough energy to power over 550,000 homes.
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The EDF program requires that projects demonstrate they will pass savings directly on to local communities.
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Without the changes made in H.R. 1, this investment would not have been possible.
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This is because the previous EIR program did not allow for affordable energy sources like natural gas to qualify for loan funding.
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An all-of-the-above energy approach helps deliver savings for Wisconsin families.
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