Ticker: March 10
Iowa’s seasonally adjusted unemployment rate rose slightly to 6.6 percent in January, from a revised December rate of 6.5 percent, Iowa Workforce Development announced this morning. The state’s jobless rate was 5.2 percent for the same month one year ago. Meanwhile, the U.S. unemployment rate took an unexpected turn for the better in January, dipping to 9.7 percent. Iowa’s pool of unemployed workers increased to 111,000 in January from 109,800 in December. The estimate of unemployed persons was reported at 86,900 for January 2009.
The Iowa Senate on Tuesday approved, 37-13, a bill that would allow MidAmerican Energy Co. to increase rates by $15 million to pay for studies on the siting of a nuclear power plant in the state, IowaPolitics.com reported. House File 2399 now goes to Gov. Chet Culver for his signature. The bill also allows MidAmerican and Alliant Energy Corp. to enter into rate-making to pay for investments that would lead to lower carbon emissions. That could include converting a coal plant into a gas plant, adding carbon capture and storage to a coal plant, adding gas to a coal plant or adding biomass to a coal plant.
Interstate Power and Light Co. (IPL), a subsidiary of Alliant Energy Corp., announced it will file a proposal today with the Iowa Utilities Board to increase its Iowa retail electric rates by approximately $163 million, or 14 percent. The request is primarily driven by of higher transmission costs and recovery of costs incurred for environmental equipment on its Lansing generating station, as well as the Whispering Willow – East wind project and other capital investments to improve reliability, the company said. IPL is also requesting approval of a customer cost management plan that would reduce billings to customers by $90 million in 2011.
The Des Moines City Council has made a one-time $150,000 investment in the Des Moines Area Regional Transit Authority (DART) in an effort to help soften the blow of what would have been $700,000 in service reductions, said Gunnar Olson, DART’s public information officer. The additional finances came from revenues from one of the city’s parking garages, which must be used for transit purposes. The investment allowed the DART commission to avoid changes in service to routes 6 and 7 and make only minimal changes to route 3. The remaining $550,000 in service reductions are still planned to go into effect on April 25. The organization has whittled its budget shortfall down from $2.3 million.
Sen. Tom Harkin will travel across the state this weekend to host a series of education roundtables with U.S. Secretary of Education Arne Duncan. Harkin, who chairs the Senate committee on Health, Education, Labor and Pensions, said the meetings will be used to provide educators, parents, students and business and community leaders a chance to share ideas for the revised Elementary and Secondary Education Act, which the committee began hearings on this week. Harkin and Duncan will be in Des Moines on Sunday at 3 p.m. at Morris Elementary School, 1401 Geil Ave.
The U.S. Small Business Administration (SBA) will offer the Emerging 200 (e200) Initiative for a third year in Des Moines and will widen its geographic area to the entire city, the agency announced. For the last two years, Des Moines has been selected as one of a number of metro areas to participate in nationwide small business training programs geared toward high-potential inner-city businesses. Companies with $400,000 or more in gross revenues that have been in business for at least three years are eligible to apply. Entrepreneurs interested in participating in this year’s program may attend a networking reception on March 23 at the offices of Neighborhood Development Corp. 210 Des Moines St. in Des Moines. For more information and to reserve a place at the reception, contact the SBA in Des Moines at 284-4522 or by e-mail at thomas.lentell@sba.gov.