Alliant Energy Corporation (NYSE:LNT) Q4 2017 Earnings Conference Call - Final Transcript
Feb 23, 2018 • 10:00 am ET
2017, we initiated an advanced rate making principal docket for the second 500 megawatt. We expect a ruling on our quest for the second 500 megawatts in the coming weeks. Construction will soon begin at our Upland Prairie Wind Farm and we are making progress and acquiring additional wind sites to serve our Iowa customers. Of the 1,000 megawatts we plan to build, our current forecast assumes 300 megawatts will be in service in 2019 and the remaining 700 megawatts will be placed in service in 2020.
For our Wisconsin customers, we signed agreements with our neighboring utilities to purchase wind energies Forward Wind Energy Center. Customers and Investors should both benefit as we transfer this wind farm to an existing purchase power agreement to utility owned. This purchase has already been approved by the FERC and we anticipate closing the acquisition in the spring after receiving PSCW approval. This purchase is included in the capital expenditure plan we released in November, which calls for a total of 200 megawatt of additional wind investment for WPL.
We continue to analyze options to construct additional wind for Wisconsin customers. Our goal is to make the regulatory filing in the first half of 2018, we would expect approval by the end of the year. Our plan to add up to 1200 megawatts of new wind generation will more than double renewable energy for our customers. We forecast that approximately 30% of Alliant Energy's rated electric capacity will be from renewable sources by 2024.
We've taken major steps in the transformation on a historic past into a future with many new possibilities. We are closing Ash Pond at our coal plants and are starting turning those sites into beautiful ring gardens for productive pollinator habitats by incorporating native grasses and flowers. The largest sites have been designed to have solar panels installed on them in the future, and several of our retired coal plants have now been demolished so that the land can be restored and redeveloped for those communities.
One very exciting project in Wisconsin involves a BlackRock generating station and (inaudible) college has recently purchased it and is repurposing the decommissioned century-old coal plant into a state-of-the-art student center called the powerhouse. There will be a showcase of sustainable design and is illustration of the transformation from the early 20th century into the digital age.
As you are aware, we'll make decisions regarding the transition of our fuel sources, customer cost is always top of mind. We have seen the energy landscape change across the country where more cost renewables and cheaper and abundant natural gas had made some of the industries decades old traditional sources of energy uncompetitive. We find ourselves in that circumstance with the Duane Arnold nuclear plant in Iowa.
The purchase power agreement from DAEC expires at the end of 2025 and it appears that there will be more competitive options for our customers. So last month Nextera announced on their earnings call that they believed it