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Alliant Energy Furthers Green Plans, Partners EDF Renewables

By Zacks Investment ResearchStock MarketsJun 14, 2018 11:18PM ET
www.investing.com/analysis/alliant-energy-furthers-green-plans-partners-edf-renewables-200325331
Alliant Energy Furthers Green Plans, Partners EDF Renewables
By Zacks Investment Research   |  Jun 14, 2018 11:18PM ET
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Alliant Energy (NYSE:LNT) announced that it has signed an agreement with EDF (PA:EDF) Renewables, per which the latter will develop and construct up to 200 megawatts (MW) of its Golden Plains Wind Project. Alliant’s focus on increasing electricity generation from renewable sources is undeniable and the company received an approval from the Iowa Utilities Board to add 1,000 MW of new wind energy to its existing portfolio.

Construction is already underway at the Upland Prairie Wind Farm. By the end of this year, Alliant Energy expects to begin construction at the English Farm. These two projects will come online by the end of 2019 and add 470 MW to its existing portfolio.

Alliant Energy’s Green Plans

Alliant Energy has been gradually lowering its carbon footprint through regular investments in its existing generation portfolio. Since 2010, Alliant Energy has retired or repowered its coal-fired generation. It converted almost 40% of 2010 level coal-fired generation. In addition, the company will retire nearly 75% of its oil and diesel-fired generation capacity by the end of this year.

Alliant Energy is consistently investing in renewable and natural gas-based electricity generation, and gradually lowering its coal-based generation assets. The combined contribution from natural gas and renewable was 42% in 2005, which is expected to increase to 72% in 2024, eating coal’s share in electricity production.

Alliant Energy has plans to invest nearly $5.4 billion during the 2018-2021 time frame. Post 2021, within the 2022-2026-time frame, the company plans to invest nearly $5 billion to strengthen its electric and natural gas distribution, and generation portfolio. The company is successfully completing major construction projects on time and at or below budget.

The assistance of EDF Renewables will help Alliant Energy meet its target of constructing the 1,000 MW wind project within 2020.

Price Movement

In the past three months, shares of Alliant Energy have declined 1.2%, narrower than its industry’s fall of 2.9%.



Zacks Rank and Other Key Picks

Alliant Energy currently has a Zacks Rank #2 (Buy). Other top-ranked stocks from the same space are NRG Energy Inc. (NYSE:NRG) and TerraForm Power Inc. (NASDAQ:TERP) , both sporting a Zacks Rank #1 (Strong Buy), whereas IDACORP, Inc. (NYSE:IDA) carries the same rank as Alliant. You can see the complete list of today’s Zacks #1 Rank stocks here.

NRG Energy posted an average positive earnings surprise of 507.93% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings has moved up 10.4% to $3.29 in the past 90 days.

TerraForm Power delivered an average positive earnings surprise of 114.71% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings has risen 76 cents in the past 60 days.

IDACORP posted an average positive earnings surprise of 4.98% in the trailing four quarters. The Zacks Consensus Estimate for 2018 earnings has inched up 0.23% to $4.19 over the past 60 days.

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IDACORP, Inc. (IDA): Free Stock Analysis Report

NRG Energy, Inc. (NRG): Free Stock Analysis Report

Alliant Energy Corporation (LNT): Free Stock Analysis Report

TerraForm Power, Inc. (TERP): Free Stock Analysis Report

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Alliant Energy Furthers Green Plans, Partners EDF Renewables
 

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Alliant Energy Furthers Green Plans, Partners EDF Renewables

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