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1:12 pm
Tue June 4, 2013

MidAmerican Energy concludes feasibility study; says no new plant for Iowa

Credit John Marshall / Flikr

MidAmerican Energy says it will not build a nuclear power plant in Iowa, based on results of a ratepayer-funded feasibility study completed months earlier than expected.  

Based on results of the study, MidAmerican Energy announced it would not pursue building a large-scale power plant until nearer the end of the decade; it will decide then what kind of plant will be built.

MidAmerican’s vice president of regulatory affairs, Dean Crist, says there were two main reasons to decide against a nuclear facility; the uncertainty of carbon regulations and unapproved plant designs.

"The new nuclear designs have not received certification yet from the new regulatory commission, and that takes several years to go through that process,” Crist said on a conference call for media this morning.

MidAmerican customers will see their utility rates lowered in July as the 1/2-percent surcharge to fund the study is lifted. The company says it will also begin to refund to customers the unspent $8.8 million collected by that surcharge.

Last year, the Iowa legislature rejected a bill that would have allowed MidAmerican to charge customers for the plant before it was built.