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    Joint settlement agreement filed with the Iowa Utilities Board today
    DES MOINES, Iowa – (Dec. 2, 2022) – Organizations representing energy customers in Iowa – the Office of Consumer Advocate and the Iowa Business Energy Coalition – have agreed to terms with MidAmerican Energy associated with its Wind PRIME project. A key highlight includes immediate cost savings to MidAmerican customers. The settlement agreement was jointly filed with the Iowa Utilities Board on December 2, 2022.
     
    “Wind PRIME gives us the ability to deliver savings to customers while also meeting our goal of reaching 100% renewable energy,” Kelcey Brown, president and CEO of MidAmerican, said. “That’s why we are so excited to have the support and partnership of the Office of Consumer Advocate and the Iowa Business Energy Coalition – two organizations representing customers large and small.”
     
    Wind PRIME, MidAmerican’s recently announced project to add 2,042 megawatts of wind energy and 50 megawatts of solar energy, will deliver renewable energy at no additional cost and provide an immediate savings for customers. Under terms of the settlement agreement – which must be approved by the Iowa Utilities Board – MidAmerican’s customers will receive significant benefits as a result of the project, including:
    • Immediate savings – upon approval, Iowa customers will realize a reduction in their cost of energy of up to $100 million in 2023.
    • Long-term rate stability – MidAmerican will share the benefits of Wind PRIME with customers to pay down the costs of existing generation assets, which also helps keep rates lower in the future.
    • 100% clean energy – the addition of Wind PRIME will allow MidAmerican to deliver renewable energy in an amount equal to 100% of its Iowa customers’ annual usage.
    • Performance guarantees – the agreement includes a Consumer Protection Plan with performance guarantees for the renewable projects that are part of Wind PRIME, ensuring customers receive the most efficient and cost-effective generation.
    “As a representative of and advocate for Iowa utility customers and the public generally, Office of Consumer Advocate is pleased to reach an agreement for Wind PRIME that provides significant energy cost savings and continued rate stability to MidAmerican’s customers while advancing the role of clean energy resources in Iowa. With this agreement, we can support Wind PRIME because it is expected to deliver important customer benefits for years to come,” Consumer Advocate Jennifer Easler commented.
     
    Wind PRIME builds on MidAmerican’s long tradition of serving its customers with increasingly renewable energy while maintaining some of the lowest rates in the nation – currently more than 30% below the national average. MidAmerican continues to look for opportunities to invest in renewables, as the zero-fuel cost energy provided by Iowa’s wind resource is a key driver in maintaining low rates for customers. As a result, MidAmerican is the largest owner in the U.S. of rate-regulated wind capacity – setting the energy company and its customers apart.
     
    To continue to build on the benefits that Wind PRIME and MidAmerican’s other renewable investments have delivered to customers, the company will join with stakeholders to undertake a Resource Evaluation Study in the future. The study, which is included in the agreement filed today, will provide participants an opportunity to engage in an assessment of the generation needed in the future to continue to deliver reliable, affordable and sustainable energy in a changing energy landscape.
     
    “IBEC is supportive of MidAmerican’s proposed Wind PRIME investments and this comprehensive settlement. Our members have publicly committed to significant renewable sustainability goals that will be better achieved with the addition of these assets,” Dustin Miller, executive director of the Iowa Business Energy Coalition, said. “We were also proud to partner in the creation of a consumer protection plan – a first in Iowa – ensuring the renewable energy projects are effective and efficient. Both large and small customers in Iowa will see short- and long-term benefits through this settlement.”
     
    Next Steps
    Under the Iowa Utilities Board’s administrative rules, all parties in the Wind PRIME proceeding will have an opportunity to comment on the proposed settlement, and the Iowa Utilities Board will then determine whether the settlement should be approved. That determination may involve a hearing before the Iowa Utilities Board to determine whether the settlement is reasonable in light of the whole record, consistent with law and in the public interest. Iowa Utilities Board action on the settlement is expected in early 2023.
     
    About MidAmerican Energy
    MidAmerican Energy, headquartered in Des Moines, Iowa, serves 795,000 electric customers in Iowa, Illinois and South Dakota, and 774,000 natural gas customers in Iowa, Illinois, Nebraska and South Dakota. Information about MidAmerican Energy is available at midamericanenergy.com and company social media channels.