CONSISTENTLY STRONG FINANCIAL PERFORMANCE: CIPCO continues its trend of strong financial performance, as evidenced by Fitch-calculated debt service coverage (DSC) of 1.
The CIPCO members, in turn, provide power through a 300 mile service territory that spans diagonally across central and southern Iowa.
More specifically, CIPCO receives approximately 85% of its total power supply from its ownership interests in the nuclear DAEC and the Walter Scott #3 and #4 and Louisa coal-fired units, all of which have a recent history of relatively low-cost and solid operation.
With the addition of several new agreements to purchase wind capacity and plans to construct new gas-fired capacity over the intermediate term, CIPCO portfolio of resources is becoming increasingly more diverse and less reliant on coal-fired generation.
This step in becoming a formal APM Member is an essential element in the execution of our overall business strategy," said Dennis Murdock, CIPCO
Executive Vice President and CEO.
A renewal would extend the DAEC operating license by 20 years to February 2034 and would provide CIPCO
with a long-term, base-load generating resource that is 'carbon-free' well into the future.
is headquartered in Cedar Rapids, Iowa with locations in Wilton, Montpelier, Creston and Des Moines.
benefits by reducing its concentration of revenue (14% of 2005 total) and single customer risk, as well as its exposure to purchase power.
The new plant would be an attribute to the CIPCO
system and help support the increased need for more energy to bolster the robust economic growth throughout our member cooperative service areas," said CIPCO
executive vice president and chief executive officer, Dennis Murdock.
During the approval process, CIPCO
and Corn Belt, as borrowers from the United States Department of Agriculture's (USDA) Rural Utilities Service (RUS), will need to obtain approval from the RUS for the sale of their DAEC ownership interests.
On October 2, 1997, the Contractor Management Committee of CIPCO
unanimously approved its 1998 budget of $59.
Chiura brings 20 years of international drilling and management experience to CIPCO