Alliant Energy second quarter profit surges as summer heat drives power use
Hotter temperatures between April and June drove up use of cooling appliances such as air conditioners and refrigerators, boosting power demand for utilities like Alliant.
The Madison, Wisconsin-based company said heating degree days — a measure of energy needs for space heating — increased across its service areas in Iowa and Wisconsin.
Revenue from its electric utility business rose to $851 million in the second quarter, up from $789 million a year earlier. Revenue from the gas segment climbed 10%.
Alliant supplies electricity to about 1 million customers and natural gas to 427,000 customers in the two states.
Lower operating expenses also helped the company, with costs falling more than 3% to $738 million.
The company said its net income attributable to shareholders rose to $174 million, or 68 cents per share, in the quarter ended June 30, from $87 million or 34 cents per share a year earlier.
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The Guardian
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Daily Mail
an hour ago
- Daily Mail
Elite island builds micro neighborhood to tackle 'airbnb squeeze' that sparked catastrophic housing crisis
Martha's Vineyard, the tiny summer enclave beloved by billionaires, presidents, and celebrities, is in the grips of a year-round housing crisis - and it's only getting worse. But now, island officials and housing advocates are fighting back with a major new development aimed at reversing the so-called ' Airbnb squeeze,' which has gutted the island's rental stock and pushed working families to the brink. The $50 million project, Tackenash Knoll, broke ground last week in Oak Bluffs and will bring 60 income-restricted apartments to a 7.8-acre lot near the Martha's Vineyard Ice Arena. It's the largest affordable housing effort in island history - and a lifeline for those who call the Vineyard home year-round. 'This represents the largest neighborhood of year-round affordable housing to be built on Martha's Vineyard,' Philippe Jordi, CEO of Island Housing Trust, told the Daily Mail. 'It's going to provide housing stability for close to 200 island residents and families.' Island Housing Trust, in partnership with Affirmative Investments, is spearheading the project, which will be made up of 12 buildings - all 100 percent electric, solar-powered, and built to Passive House energy standards. 'We build for the long term,' Jordi said. 'These are super-insulated homes that are airtight and energy efficient, using air source heat pumps and solar to achieve near net-zero energy usage. They're not just affordable to rent - they're affordable to live in.' The units will be made available to households earning between 30 and 120 percent of the area median income, with rents ranging from roughly $1,100 to $3,000 depending on size and income level. Applications will open in fall 2025, and residents are expected to move in by early 2026. Philippe Jordi, CEO of Island Housing Trust, said the project will help reverse the island's 'Airbnb squeeze' and provide stability for nearly 200 year-round residents But demand is expected to be overwhelming. 'Typically we see a ratio of 10 to 1 — 10 applicants for every one apartment,' Jordi said. 'Sometimes it's even more.' Jordi said the island's housing crisis is fueled by a 'ubiquitous' surge in short-term rentals. 'People who used to be able to rent year-round or seasonally have been squeezed out of the market because of all the Airbnb-type platforms,' he said. 'It just doesn't allow for many opportunities.' Homeownership is even more out of reach. 'The median sale price for a home on the Vineyard is about $1.5 million,' Jordi said. 'There's an affordability gap of close to $600,000 even for middle-income families earning $160,000 to $200,000 a year.' Tackenash Knoll is strategically located across from the high school and near public bus routes, the YMCA, and community amenities. Jordi said the development was designed to blend into the surrounding neighborhood and reflect the island's character. 'We live here. We know the island,' he said. 'We try and make these neighborhoods fit into the towns they're located in. In many cases, you wouldn't even know it's affordable housing. It doesn't stand out.' Unlike other projects that face stiff community resistance, Jordi said Oak Bluffs residents largely embraced Tackenash Knoll. 'The town spent years preparing for this,' he explained. 'They voted on the funding, allocated the land, and worked with our architects to make it a reality. By the time we presented our design, it was very well received.' Still, the financing process was a major hurdle. 'It's fairly complicated,' Jordi said. 'It involves federal and state low-income housing tax credits, investment from banks like Rockland Trust, funding from MassHousing, and $1.2 million in private donations we raised ourselves. The town also stepped up with $700,000.' In the 2023 Martha's Vineyard Commission report, the year-round population for Martha's Vineyard was 20,530 - an increase from 16,460 in 2010. However the summer population sees it swell to more than 200,000 people each year. The Massachusetts island sits in the Atlantic just south of Cape Cod and is a favorite place to visit for the rich and famous over the years including Reese Witherspoon, Bill Murray, Meg Ryan, and the late Princess Diana. Former President Barack Obama and former First Lady Michelle Obama purchased the sprawling 28-acre vacation home on Martha's Vineyard for $11.75 million in 2020. Although Tackenash Knoll is the largest project of its kind on the island, Jordi says it won't be the last. Island Housing Trust is currently working on smaller developments - including the Vineyard's first veteran housing, employee housing for school staff, and a handful of ownership homes near the ferry in Vineyard Haven. 'There's such a need at all income levels here on the island,' Jordi said. 'We're a scrappy little nonprofit, but we've found innovative ways to partner with towns and scale up our efforts.' For now, Tackenash Knoll represents a rare win in a long, uphill fight to keep Martha's Vineyard livable for the people who make it run - even after the summer tourists go home.
