The US Department of Energy (DOE) has announced a $5.1 billion loan to Alliant Energy to expand power generation and improve the grid at plants in Iowa and Wisconsin. The DOE said the loan will support new gas-fired power plants, energy storage systems, and upgrades to existing generation plants.

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The DOE said that the loan will enable the creation of an additional 2.6 GW power generation capacity. It added that any reduction in electricity costs could take many years to feed through.

Gregory Beard, Loan Office Director for the DOE, said: “By bringing new, dependable power online, we are strengthening our nation’s energy security and lowering energy costs for families and businesses across Iowa and Wisconsin.”