MidAmerican’s Wind XI expansion approved, return rate set at 11 percent

The Iowa Utilities Board on Friday approved MidAmerican Energy Co.’s $3.6 billion Wind XI project, which will add up to 2,000 megawatts of wind power. The board said the project will help the utility cut its coal and gas use and will make it more likely the company can meet environmental regulations. The allowable return on the common equity portion of the project was set at 11 percent, and the cost cap is $1.79 million per megawatt. MidAmerican said it is still arranging for several sites for the turbines, which will be erected from 2017 to 2019. The company will pay $1.2 billion in landowner easement and property tax payments over the next 40 years.