Alliant Energy leaders are upbeat during annual meeting

Alliant Energy leaders told shareholders at the company's annual meeting that the company has no plans for nuclear power, and it will spend $800 million upgrading five of its largest coal-burning generating station to reduce emissions and increase efficiency.

The Wisconsin-based parent company of Interstate Power & Light and the CRANDIC Railroad held its first shareholders meeting in Cedar Rapids since 2009. The company's message was mostly upbeat, following a year in which the company's stock price rose 22 percent, adjusted earnings per share rose to $2.75, and the dividend was raised from $1.58 to $1.70 per share.

Utility profits were up because of rate increases in both Iowa and Wisconsin.

“One could look at 2010 as a year in which we began a recovery from natural disasters and a recession,” Chairman and CEO William Harvey told about 100 shareholders at the Hotel at Kirkwood Center.

In response to shareholder questions, Harvey said the utility supports development of more nuclear power and of “green power” transmission lines to take wind energy to market.

“The reality is we have to find a way to make use of that resource (nuclear) as a part of our energy profile,” Harvey said, adding that Alliant has no nuclear development or investment plans. “Just because a company of our size isn't proposing to do it does not mean it's not the right thing to do for our country.”

Alliant President Patricia Kampling said Alliant currently must purchase more wholesale power than it would like. She said the company will look to natural gas and wind power as it considers future expansion plans.

Kampling said Alliant has made no decisions about additional investments at its Prairie Creek Generating Station in Cedar Rapids for environmental compliance, because it is focusing on the largest plants.

A section of the meeting was devoted to the company's CRANDIC short-line railroad, based in Cedar Rapids. Harvey praised the performance of the railroad, noting its enviable record of awards and honors. He said CRANDIC is expected to move 100,000 rail cars of freight this year.