SECURITIES AND EXCHANGE COMMISSION

                     Washington, D.C. 20549

                           FORM 10-Q

         QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF

              THE SECURITIES EXCHANGE ACT OF 1934

(Mark one)
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)  OF  THE
     SECURITIES EXCHANGE  ACT OF 1934

For  the quarterly period ended               March  31, 1995

                              OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF  THE
     SECURITIES EXCHANGE ACT OF 1934

For the transition period from         to
Commission file number               0-4117-1


                       IES UTILITIES INC.
    (Exact name of registrant as specified in its charter)

          Iowa                                       42-0331370
(State or other jurisdiction of                   (I.R.S. Employer
 incorporation or organization)                    Identification No.)

IES Tower, Cedar Rapids, Iowa                           52401
(Address of principal executive offices)              (Zip Code)

Registrant's telephone number, including area code   (319) 398-4411


Indicate  by check mark whether the registrant (1)  has  filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or  for  such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes  X    No

Indicate  the  number of shares outstanding  of  each  of  the
issuer's classes of common stock, as of the latest practicable
date.


    Class                               Outstanding at April 30, 1995
Common Stock, $2.50 par value               13,370,788 shares


                      IES UTILITIES INC.

                             INDEX


                                                               Page No.


Part I.  Financial Information.



Item 1.   Consolidated Financial Statements.

     Consolidated Balance Sheets -
       March 31, 1995 and December 31, 1994                     3 - 4

     Consolidated Statements of Income -
       Three and Twelve Months Ended
       March 31, 1995 and 1994                                    5

     Consolidated Statements of Cash Flows -
       Three and Twelve Months Ended
       March 31, 1995 and 1994                                    6

      Notes to Consolidated Financial Statements                7 - 14

Item 2.   Management's Discussion and Analysis of the
          Results of Operations and Financial Condition.       15 - 30



Part II.  Other Information.                                   31 - 33



Signatures.                                                      34


 
                               PART 1. - FINANCIAL INFORMATION
ITEM 1. - CONSOLIDATED FINANCIAL STATEMENTS
                                 CONSOLIDATED BALANCE SHEETS

                                                    March 31,
                                                      1995        December 31,
ASSETS                                            (Unaudited)         1994
                                                         (in thousands)

Property, plant and equipment, at original cost:
 Utility -
    Plant in service -
        Electric                                   $ 1,809,917     $ 1,798,059
        Gas                                            158,512         158,115
        Other                                           86,382          86,005
                                                     2,054,811       2,042,179
    Less - Accumulated depreciation                    903,302         880,888
                                                     1,151,509       1,161,291
    Leased nuclear fuel, net of amortization            48,292          49,731
    Construction work in progress                       87,847          73,339
                                                     1,287,648       1,284,361
 Other                                                   2,145           1,824
                                                     1,289,793       1,286,185


Current assets:
   Cash and temporary cash investments                   2,490           2,135
   Accounts receivable -
      Customer, less reserve                               577          12,051
      Other                                             11,111           9,763
   Income tax refunds receivable                         2,635           3,450
   Production fuel, at average cost                     14,132          13,988
   Materials and supplies, at average cost              26,421          26,699
   Adjustment clause balances                                0           1,433
   Regulatory assets                                    20,702          20,145
   Prepayments and other                                22,250          29,546
                                                       100,318         119,210


Investments:
   Nuclear decommissioning trust funds                  36,783          33,779
   Cash surrender value of life insurance policies       3,049           2,915
   Other                                                 1,317           1,085
                                                        41,149          37,779


Other assets:
   Regulatory assets                                   194,199         192,955
   Deferred charges and other                            8,175           9,239
                                                       202,374         202,194
                                                   $ 1,633,634     $ 1,645,368



                       CONSOLIDATED BALANCE SHEETS (CONTINUED)

                                                     March 31,
                                                      1995        December 31,
CAPITALIZATION AND LIABILITIES                      (Unaudited)       1994
                                                          (in thousands)
Capitalization:
    Common stock - par value $2.50 per share - 
      authorized 24,000,000 shares; 13,370,788
      shares outstanding                           $    33,427     $    33,427
    Paid-in surplus                                    279,042         279,042
    Retained earnings ($18,209,000 restricted
      as to payment of cash dividends)                 190,090         197,158
          Total common equity                          502,559         509,627
    Cumulative preferred stock - par value $50
      per share - authorized 466,406 shares; 
      366,406 shares outstanding                        18,320          18,320
    Long-term debt                                     430,454         380,404
                                                       951,333         908,351


Current liabilities:
    Notes payable to associated companies               15,544          18,495
    Short-term borrowings                               28,000          37,000
    Capital lease obligations                           16,175          14,385
    Maturities and sinking funds                        50,140         100,140
    Accounts payable                                    61,403          70,354
    Accrued interest                                    10,876           9,438
    Accrued taxes                                       52,590          47,188
    Accumulated refueling outage provision               6,668          15,196
    Adjustment clause balances                           2,802               0
    Provision for rate refund liability                  8,000               0
    Environmental liabilities                            5,303           5,428
    Other                                               20,320          18,324
                                                       277,821         335,948


Long-term liabilities:
    Capital lease obligations                           32,117          35,346
    Environmental liabilities                           37,265          37,853
    Other                                               47,188          46,724
                                                       116,570         119,923


Deferred credits:
    Accumulated deferred income taxes                  248,782         241,345
    Accumulated deferred investment tax credits         39,128          39,801
                                                       287,910         281,146


Commitments and contingencies (Note 5)


                                                   $ 1,633,634     $ 1,645,368

The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.


                  CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


                                      For the Three           For the Twelve
                                      Months Ended             Months Ended
                                         March 31                March 31
                                     1995        1994        1995        1994
                                                (in thousands)

Operating revenues:
    Electric                     $ 116,577   $ 123,918   $ 529,987   $ 547,812
    Gas                             53,175      65,134     127,074     155,117
    Other                            3,087       2,961       9,131       9,049
                                   172,839     192,013     666,192     711,978


Operating expenses:
    Fuel for production             19,443      22,344      83,051      85,506
    Purchased power                 16,314      13,602      71,506      84,944
    Gas purchased for resale        38,133      49,116      84,356     110,010
    Other operating expenses        34,411      30,982     135,711     126,409
    Maintenance                     11,679      10,895      50,326      46,735
    Depreciation and amortization   20,589      19,160      76,744      71,045
    Taxes other than income taxes   12,374      11,666      43,258      42,726
                                   152,943     157,765     544,952     567,375


Operating income                    19,896      34,248     121,240     144,603


Interest expense and other:
   Interest expense                 10,458      10,530      41,502      40,041
   Allowance for  funds used 
     during construction            -1,115        -877      -4,148      -2,444
   Miscellaneous, net                    8        -268        -970        -678
                                     9,351       9,385      36,384      36,919


Income before income taxes          10,545      24,863      84,856     107,684


Income taxes:
   Current                          -1,985       9,673      26,717      28,380
   Deferred                          7,041         908       8,369      15,640
   Amortization of investment 
     tax credits                      -672        -662      -2,657      -4,827
                                     4,384       9,919      32,429      39,193



Net income                           6,161      14,944      52,427      68,491
Preferred dividend requirements        229         229         914         914
Net income available for 
  common stock                   $   5,932   $  14,715   $  51,513   $  67,577

The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.



                 -5-



              CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


                                                                               For the Three              For the Twelve
                                                                               Months Ended                Months Ended
                                                                                 March 31                    March 31
                                                                            1995          1994          1995         1994
                                                                           (in thousands)
                                                                                                        
  Cash flows from operating activities:
    Net income                                                          $   6,161     $  14,944     $  52,427     $  68,491
    Adjustments to reconcile net income to net cash
     flows from operating activities -
       Depreciation and amortization                                       20,589        19,160        76,744        71,045
       Principal payments under capital lease obligations                   2,556         4,427        14,375        12,439
       Deferred taxes and investment tax credits                            6,369           246         5,712        10,813
       Refueling outage provision                                          -8,528         3,137           871        -4,747
       Allowance for equity funds used during construction                   -282          -540        -2,040        -1,250
       Other                                                                1,075           661         3,717         1,838
    Other changes in assets and liabilities -
       Accounts receivable                                                    126         3,652         6,869         4,234
       Production fuel, materials and supplies                                -52         2,774        -2,678         2,464
       Accounts payable                                                    -4,239        -5,299        21,504        -2,869
       Accrued taxes                                                        6,217         2,544        10,730        -6,748
       Provision for rate refunds                                           8,000           415        -1,085        -1,536
       Adjustment clause balances                                           4,235         4,724        -7,071          -405
       Gas in storage                                                       7,375        10,090          -796        -4,199
       Other                                                                6,417          -434        10,919         3,851
         Net cash flows from operating activities                          56,019        60,501       190,198       153,421


  Cash flows from financing activities:
    Dividends declared on common stock                                    -13,000        -7,000       -58,000       -28,300
    Dividends declared on preferred stock                                    -229          -229          -914          -914
    Dividends payable                                                           0        -5,000             0             0
    Proceeds from issuance of long-term debt                               50,000             0        50,000       119,400
    Reductions in long-term debt and preferred stock                      -50,000             0       -50,224       -79,624
    Net change in short-term borrowings                                   -11,951       -24,000        43,544       -25,960
    Principal payments under capital lease obligations                     -3,662        -3,720       -16,246       -11,429
    Sale of utility accounts receivable                                    10,000             0        10,800        17,700
      Net cash flows from financing activities                            -18,842       -39,949       -21,040        -9,127


  Cash flows from investing activities:
    Construction and acquisition expenditures                             -28,216       -18,992      -157,327      -115,328
    Nuclear decommissioning trust funds                                    -1,383        -1,383        -5,532        -5,532
    Deferred energy efficiency costs                                       -3,537        -3,399       -16,295       -11,961
    Other                                                                  -3,686        -2,351          -254          -359
      Net cash flows from investing activities                            -36,822       -26,125      -179,408      -133,180


  Net increase (decrease) in cash and temporary cash investments              355        -5,573       -10,250        11,114


  Cash and temporary cash investments at beginning of period                2,135        18,313        12,740         1,626


  Cash and temporary cash investments at end of period                  $   2,490     $  12,740     $   2,490     $  12,740


  Supplemental cash flow information:
    Cash paid during the period for -
      Interest                                                          $   8,254     $   7,979     $  40,281     $  36,514
      Income taxes                                                      $   2,850     $     -39     $  37,368     $  36,308

    Noncash investing and financing activities -
      Capital lease obligations incurred                                $   1,116     $     196     $  15,217     $   4,308


The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.



    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

                        March 31, 1995


(1)  GENERAL:

      The  interim Consolidated Financial Statements have been
prepared   by   IES   Utilities  Inc.  (Utilities)   and   its
consolidated subsidiaries (collectively the Company),  without
audit, pursuant to the rules and regulations of the Securities
and   Exchange   Commission.   Utilities  is  a   wholly-owned
subsidiary  of  IES Industries Inc. (Industries).   Utilities'
wholly-owned subsidiary is IES Ventures Inc. (Ventures), which
is  a  holding  company for unregulated investments.   Certain
information  and  footnote disclosures  normally  included  in
financial  statements  prepared in accordance  with  generally
accepted accounting principles have been condensed or  omitted
pursuant  to such rules and regulations, although the  Company
believes  that  the  disclosures  are  adequate  to  make  the
information presented not misleading.  In the opinion  of  the
Company,  the  Consolidated Financial Statements  include  all
adjustments,  which  are  normal  and  recurring  in   nature,
necessary  for  the  fair  presentation  of  the  results   of
operations  and  financial  position.  Certain  prior   period
amounts have been reclassified on a basis consistent with  the
1995 presentation.

       It  is  suggested  that  these  Consolidated  Financial
Statements  be  read  in  conjunction  with  the  Consolidated
Financial  Statements and the notes thereto  included  in  the
Company's Form 10-K for the year ended December 31, 1994.  The
accounting  and financial policies relative to  the  following
items have been described in those notes and have been omitted
herein  because they have not changed materially  through  the
date of this report:

     Summary of significant accounting policies
     Acquisition of Iowa service territory of Union Electric Company (UE)
     Leases
     Utility accounts receivable (other than discussed in Note 3)
     Income taxes
     Benefit plans
     Preferred and preference stock
     Debt (other than discussed in Note 4)
     Estimated fair value of financial instruments
     Commitments  and contingencies (other than discussed in Note 5)
     Jointly-owned electric utility plant
     Segments of business

(2)  RATE MATTERS:
     (a)  1994 Electric Rate Case -

      In  1994, Utilities applied to the Iowa Utilities  Board
(IUB)   for   an   increase  in  retail  electric   rates   of
approximately  $26  million  annually,  or  5.2%.   Utilities'
proposal included approximately $12 million in annual  revenue
requirement   related   to  increased   recovery   levels   of
depreciation  expense and nuclear decommissioning  expense  at
the  Duane  Arnold  Energy Center (DAEC),  Utilities'  nuclear
generating  facility.   To  the  extent  these  proposals  are
approved by the IUB, corresponding increases in expense  would
be recorded and there would be no effect on net income.

     The Office of Consumer Advocate (OCA) filed a petition in
connection with this proceeding to reduce the rates for retail
electric  service by approximately $27 million or  5.5%.   The
primary   differences  between  the  amount  of  the  increase
requested  by Utilities and the decrease proposed by  the  OCA
are: 1) a 13.9% return on common equity requested by Utilities
compared  to 11.1% proposed by the OCA; 2) OCA's objection  to
Utilities'    proposal    to    increase    collections    for
decommissioning  the  DAEC; 3) OCA's objection  to  Utilities'
proposal to increase depreciation rates; 4) OCA's proposal  to
reject  most  of Utilities' request to recover an  acquisition
adjustment associated with its acquisition of the Iowa service
territory  of  UE;  and 5) an adjustment to  test  year  sales
levels  proposed  by  the OCA.  Intervenors,  which  primarily
represent  individual or groups of customers,  also  submitted
filings  in  October 1994, generally objecting  to  particular
elements  of  the price increase and Utilities'  price  design
proposals.

      In  April 1995, the IUB held a public agenda meeting  to
discuss  the  issues in the proceeding.  While minor  movement
toward  pricing  consistency would result,  the  proposals  to
increase  recovery levels of depreciation expense and  nuclear
decommissioning expense were apparently rejected.  The Board's
agenda discussion also ruled against Utilities on issues  such
as  recovery  for  the full purchase prices  of  the  UE  Iowa
service  territory  and  smaller,  low-cost,  used  generating
plants,  even  though customers are currently benefiting  from
the acquisitions.

      The  IUB's discussion apparently would require an annual
reduction in electric revenues of  $15 million to $20 million.
The  IUB's  final decision in the proceeding is  not  expected
until  mid-May  and  the  IUB  indicated  the  agenda  meeting
discussion was non-binding and may change. As a result of  the
IUB's  agenda meeting discussion, Utilities recorded a  pretax
reserve for refund of $8 million in the first quarter of 1995,
including  $3.5 million related to revenues collected  in  the
fourth quarter of 1994.  Any refund ultimately required  would
be  calculated  from October 22, 1994, the  date  of  the  OCA
revenue reduction filing.

     (b)  1994 Energy Efficiency Cost Recovery Filing -

     The IUB has adopted rules that mandate Utilities to spend
2% of electric and 1.5% of gas gross retail operating revenues
for  energy efficiency programs.  Under provisions of the  IUB
rules,  Utilities  applied  in August  1994  to  the  IUB  for
recovery of approximately $23 million and $13 million for  the
electric  and  gas  programs, respectively, related  to  costs
incurred  through  1993 for such programs.   The  $36  million
total  for  the  electric  and gas programs  is  comprised  of
$21   million  of  direct  expenditures  and  carrying   costs
(recorded as a "Regulatory asset" in the Consolidated  Balance
Sheets, including $4.5 million as current), $7 million  for  a
return  on  the  expenditures over  the  recovery  period  and
$8  million for a reward based on a sharing of the benefits of
such programs.

      In  April  1995, the IUB issued its Final  Decision  and
Order  concerning  Utilities' energy efficiency  expenditures,
which  allows  Utilities to recover its  direct  expenditures,
carrying costs, and a return on its expenditures, as well as a
reward  of  approximately  $4  million  for  a  total  allowed
recovery of approximately $32 million.  Recovery will be  over
a  four-year  period and will begin in the second  quarter  of
1995.

     In May 1995, the OCA and an intervenor filed applications
for rehearing with the IUB concerning the amount of the reward
granted  by  the  IUB.  Since the identical issue  is  pending
before the court in another utility's proceeding, the OCA, the
intervenor  and  Utilities have agreed  to  be  bound  by  the
ultimate  decision  in the other utility's  court  proceeding.
Utilities believes that the chances of the reward amount being
materially reduced are remote.

(3)  UTILITY ACCOUNTS RECEIVABLE:

     Utilities has entered into an agreement, which expires in
1999,  with  a  financial institution to  sell,  with  limited
recourse,   an  undivided  fractional  interest   of   up   to
$65  million  in its pool of utility accounts receivable.   At
March 31, 1995, $64 million was sold under the agreement.

(4)  DEBT:
     (a)  Long-Term Debt -

      In  March 1995, Utilities repaid at maturity $50 million
of  Series  W, 9.75% First Mortgage Bonds and, in  a  separate
transaction,  issued  $50 million of Collateral  Trust  Bonds,
7.65%, due 2000.

     (b)  Short-Term Debt -

      At  March 31, 1995, the Company had bank lines of credit
aggregating $87.7 million, of which $28 million was being used
to support commercial paper (weighted average interest rate of
6.20%)  and $7.7 million to support certain pollution  control
obligations. Commitment fees are paid to maintain these  lines
and there are no conditions which restrict the unused lines of
credit.    In  addition  to  the  above,  Utilities   has   an
uncommitted  credit  facility  with  a  financial  institution
whereby it can borrow up to $40 million. Rates are set at  the
time  of  borrowing  and  no fees are paid  to  maintain  this
facility.   At March 31, 1995, there were no borrowings  under
this  facility.  Utilities also has a letter of credit in  the
amount  of  $3.4 million supporting two of its  variable  rate
pollution control obligations.

(5)  CONTINGENCIES:
     (a)  Environmental Liabilities -

      The  Company  has recorded environmental liabilities  of
approximately $43 million, including $5.3 million  as  current
liabilities, in its Consolidated Balance Sheets at  March  31,
1995.  The significant items are discussed below.

          Former Manufactured Gas Plant (FMGP) Sites

      Utilities  has  been named as a Potentially  Responsible
Party   (PRP)  by  various  federal  and  state  environmental
agencies for 28 FMGP sites.  Utilities believes that it is not
responsible  for  two of the above sites and there  are  three
other  sites for which it may be designated as a  PRP  in  the
future.  Utilities is working pursuant to the requirements  of
the  various  agencies to investigate, mitigate,  prevent  and
remediate,  where  necessary, damage  to  property,  including
damage to natural resources, at and around the sites in  order
to  protect public health and the environment.  Utilities  has
completed  the  remediation of three sites and is  in  various
stages  of the investigation and/or remediation processes  for
22  sites.   Utilities  expects  to  begin  the  investigation
process in 1995 or 1996 for the other sites.

      Utilities has recorded environmental liabilities related
to  the  FMGP  sites  of approximately $31 million  (including
$4.5 million as current liabilities) at March 31, 1995.  These
amounts are based upon Utilities' best current estimate of the
amount to be incurred for investigation and remediation  costs
for those sites where the investigation process has been or is
substantially completed, and the minimum of the estimated cost
range  for  those  sites  where the investigation  is  in  its
earlier stages or has not started.  It is possible that future
cost  estimates will be greater than the current estimates  as
the  investigation  process proceeds and as  additional  facts
become  known.   Utilities may be required  to  monitor  these
sites for a number of years upon completion of remediation, as
is  the  case  with the three sites for which remediation  has
been completed.

      Utilities has begun pursuing coverage for investigation,
mitigation, prevention, remediation, and monitoring costs from
its  insurance carriers and is investigating the potential for
third  party cost sharing for FMGP investigation and  clean-up
costs.   The  amount  of  shared  costs,  if  any,  cannot  be
reasonably  determined and, accordingly, no potential  sharing
has  been  recorded at March 31, 1995.  Regulatory  assets  of
approximately  $31 million, which reflect the future  recovery
that  is  being provided through Utilities' rates,  have  been
recorded in the Consolidated Balance Sheets.  Considering  the
rate  treatment allowed by the IUB, management  believes  that
the  clean-up costs incurred by Utilities for these FMGP sites
will  not  have  a  material adverse effect on  its  financial
position or results of operations.

     (b)  Clean Air Act -

      The  Clean  Air  Act Amendments of 1990  (Act)  requires
emission  reductions of sulfur dioxide and nitrogen oxides  to
achieve reductions of atmospheric chemicals believed to  cause
acid  rain.  The provisions of the Act will be implemented  in
two  phases  with  Phase I affecting two of  Utilities'  units
beginning  in 1995 and Phase II affecting all units  beginning
in  the  year 2000.  Utilities is in the process of completing
the  modifications necessary to meet the Phase I  requirements
and has installed continuous emission monitors on all affected
units as required by the Act.

     Utilities expects to meet the requirements of Phase II by
switching   to   lower  sulfur  fuels  and   through   capital
expenditures  primarily related to fuel burning equipment  and
boiler    modifications.     Utilities    estimates    capital
expenditures   at   approximately  $22.5  million,   including
$4.4 million in 1995, in order to meet the requirements of the
Act.

      (c)   Federal Energy Regulatory Commission (FERC)  Order
            No. 636 -

      The FERC issued Order No. 636 (Order 636) in 1992, which
substantially  changed how Utilities manages its  gas  supply.
As  a  result of Order 636, Utilities has enhanced  access  to
competitively   priced   gas   supply   and   more    flexible
transportation services, however, Utilities is required to pay
certain  transition costs incurred and billed by its  pipeline
suppliers.

      Utilities'  three pipeline suppliers have  made  filings
with  the  FERC  to collect their respective known  transition
costs,  and  additional filings are expected.   At  March  31,
1995,  Utilities has recorded a liability of $6.2 million  for
those  transition  costs  that  have  been  incurred  by   the
pipelines  to  date,  including $2.1 million  expected  to  be
billed  through March 1996.  Utilities is currently recovering
the  transition costs from its customers through its Purchased
Gas  Adjustment  Clauses  as such  costs  are  billed  by  the
pipelines.   The  ultimate level of  costs  to  be  billed  to
Utilities depends on the pipelines' filings with the FERC  and
other  future  events, including the market price  of  natural
gas,  and  could approximate $10 million more than the  amount
recorded.   However, Utilities believes any  transition  costs
billed  by its pipeline suppliers would be recovered from  its
customers,  based  upon regulatory treatment  of  these  costs
currently  and  similar past costs by the  IUB.   Accordingly,
regulatory  assets, in amounts corresponding to  the  recorded
liabilities,  have  been recorded to reflect  the  anticipated
recovery.


         ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS
     OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION


      The following discussion analyzes significant changes in
the  components of net income and financial condition from the
prior  periods  for  IES Utilities Inc.  (Utilities)  and  its
consolidated   subsidiaries   (collectively   the    Company).
Utilities' wholly-owned subsidiary is IES Ventures Inc., which
is a holding company for unregulated investments.

                     RESULTS OF OPERATIONS

      The  Company's  net income available  for  common  stock
decreased $8.8 million and $16.1 million during the three  and
twelve month periods, respectively, ended March 31, 1995.  The
lower  earnings are largely due to the recording of  a  pretax
reserve  for rate refund of $8.0 million by Utilities  in  the
first  quarter  of  1995  and milder than  normal  weather  in
Utilities' service territory.

      The  Company's operating income decreased $14.4  million
and  $23.4 million during the three and twelve month  periods,
respectively.   Reasons  for the changes  in  the  results  of
operations are explained further in the following discussion.

                       ELECTRIC REVENUES

      Electric  revenues and Kwh sales for Utilities increased
or  (decreased)  for  the periods ended  March  31,  1995,  as
compared with the prior periods, as follows:

                                Three      Twelve
                                Months     Months
                                  ($ in millions)
                                         
Electric revenues             $ (7.3)     $ (17.8)
                                         
Electric sales (excluding                
  off-system sales):
    Residential and Rural       (5.5%)       (3.6%)
    Commercial                   0.2          2.2
    Industrial                   3.3          8.0
    Total                       (1.1%)        2.7%


     The Kwh sales for both periods were adversely affected by
milder than normal weather.  The largest effect of weather was
on  sales  to  residential and rural customers.  Under  normal
weather  conditions, total sales (excluding off-system  sales)
would  have  increased 1.6% and 3.6% for the three and  twelve
month  periods, respectively.  The growth in industrial  sales
continues to reflect the underlying strength of the economy as
several  major  industrial expansions  in  Utilities'  service
territory were announced during the twelve months ended  March
31, 1995.

      Utilities'  electric tariffs include  energy  adjustment
clauses (EAC) that are designed to currently recover the costs
of  fuel and the energy portion of purchased power billings to
customers.

      The  revenue decrease for both periods includes a pretax
reserve  for rate refund of $8.0 million that was recorded  by
Utilities  in  the first quarter of 1995 as a  result  of  the
Company's interpretation of how the Iowa Utilities Board (IUB)
may  decide Utilities' pending electric price case.  See  Note
2(a)  of the Notes to Consolidated Financial Statements for  a
further discussion.

      The  effect  of  the mix of sales between  lower  margin
industrial customers and higher margin residential  and  rural
customers,  lower  off-system  sales  and  lower  fuel   costs
collected  through the EAC also contributed to  the  decreased
revenues  for  the  twelve  month  period.   Such  items  were
partially offset by the increased total sales, excluding  off-
system sales.

                         GAS REVENUES

      Utilities'  gas  revenues decreased  $12.0  million  and
$28.0  million  during  the three and  twelve  month  periods,
respectively.   Utilities' gas sales in  therms  increased  or
(decreased) for the periods ended March 31, 1995, as  compared
with the prior periods, as follows:


                               Three          Twelve
                               Months         Months
                                            
Residential                    (9.1%)         (10.8%)
Commercial                     (7.6)           (9.1)
Industrial                    (24.1)          (14.9)
    Sales to consumers         (9.9)          (10.9)
Transported volumes            45.7            33.0
    Total                      (3.0%)          (2.5%)


      The  sales  volumes  for  both  periods  were  adversely
affected by milder than normal weather.  Under normal  weather
conditions,  gas sales (including transported  volumes)  would
have increased 5.8% and 4.9% during the three and twelve month
periods, respectively.

      Utilities' gas tariffs include purchased gas  adjustment
clauses (PGA) that are designed to currently recover the  cost
of  gas  sold.   Utilities'  gas revenues  decreased  in  both
periods  primarily  because  of   lower  gas  costs  recovered
through  the  PGA and, to a lesser extent, the effect  of  the
lower  sales.  The decreased gas cost recoveries  are  due  to
lower  gas prices as well as a shift in the sales mix  between
industrial sales and transported volumes; Utilities  does  not
purchase the gas for the transported volumes.

                      OPERATING EXPENSES

       Fuel   for   production  decreased  $2.9  million   and
$2.5  million  during  the  three and  twelve  month  periods,
respectively.  The three month decrease is primarily due to  a
decrease  in the amount of Kwh generation as the Duane  Arnold
Energy  Center (DAEC), Utilities' nuclear generating facility,
was  down during March 1995 for a scheduled refueling  outage.
There  was no such refueling outage in 1994.  Lower fuel  cost
recoveries  through the EAC, which are included  in  fuel  for
production,  also  contributed to the  decrease.   The  twelve
month  decrease  is due to lower fuel cost recoveries  through
the  EAC,  a  lower average fuel cost during  the  period  and
decreased  generation  at the DAEC.  Increased  generation  at
Utilities' fossil-fueled generating stations partially  offset
these items for both periods.

      Purchased power increased $2.7 million during the  three
month  period  and decreased $13.4 million during  the  twelve
month  period.  The three month increase is due  to  increased
energy  purchases, resulting from the decrease in  generation,
which  were  partially offset by lower  capacity  costs.   The
twelve  month  decrease  is  primarily  due  to  lower  energy
purchases and lower capacity costs.

      Gas  purchased  for resale decreased $11.0  million  and
$25.7  million  during  the three and  twelve  month  periods,
respectively,  primarily due to lower sales  to  consumers  at
Utilities and lower natural gas prices.

      Other  operating  expenses increased  $3.4  million  and
$9.3  million  during  the  three and  twelve  month  periods,
respectively.  Increases in labor and benefits costs,  nuclear
operating costs, former manufactured gas plant (FMGP) clean-up
costs   and   information  technology   costs   at   Utilities
contributed to the increases.

       Maintenance   expenses  increased  $0.8   million   and
$3.6  million  during  the  three and  twelve  month  periods,
respectively.  The twelve month increase was due to  increased
labor costs and higher maintenance costs at the DAEC.

      Depreciation  and  amortization  increased  during  both
periods  primarily because of increases in  utility  plant  in
service.   Depreciation  and  amortization  expenses  for  all
periods reflect an annual amount of $5.5 million for the  DAEC
decommissioning provision, which is collected through rates.

     The staff of the Securities and Exchange Commission (SEC)
has questioned certain of the current accounting practices  of
the  electric  utility  industry  regarding  the  recognition,
measurement  and classification of decommissioning  costs  for
nuclear  generating  stations in the financial  statements  of
electric  utilities.   In  response to  these  questions,  the
Financial  Accounting  Standards Board (FASB)  has  agreed  to
review   the   accounting   for   removal   costs,   including
decommissioning.    If  current  electric   utility   industry
accounting  practices  for such decommissioning  are  changed:
(1)  annual provisions for decommissioning could increase, (2)
the estimated cost for decommissioning could be recorded as  a
liability  rather  than as accumulated depreciation,  and  (3)
trust  fund  income  from the external decommissioning  trusts
could  be  reported  as investment income  rather  than  as  a
reduction  to  decommissioning expense.  If such  changes  are
required,  Utilities  believes that  there  would  not  be  an
adverse  effect  on  its  financial  position  or  results  of
operations based on current rate making practices; the Company
cannot predict future rate making practices.

                  INTEREST EXPENSE AND OTHER

      Interest expense was constant for the three month period
and  increased  $1.5 million during the twelve  month  period.
The twelve month increase was primarily because of an increase
in the average amount of debt outstanding.

      Income  taxes  decreased $5.5 million and  $6.8  million
during  the  three and twelve month periods, respectively.   A
decrease  in  taxable income contributed to the decreases  for
both  periods.  The twelve month decrease is partially  offset
by  the  effect of property related temporary differences  for
which  deferred  taxes  had not been  provided  that  are  now
becoming payable.

                LIQUIDITY AND CAPITAL RESOURCES

       The   Company's  capital  requirements  are   primarily
attributable   to  Utilities'  construction   programs,   debt
maturities  and  sinking  fund  requirements.   The  Company's
pretax  ratio of earnings to fixed charges was 3.04  and  3.69
for the twelve months ended March 31, 1995 and March 31, 1994,
respectively.   Cash flows from operating activities  for  the
twelve months ending March 31, 1995, were $190 million.  These
funds  were  primarily used for construction  and  acquisition
expenditures and to pay dividends.

      The Company anticipates that future capital requirements
will  be  met  by cash generated from operations and  external
financing.   The  level of cash generated from  operations  is
partially  dependent  upon  economic  conditions,  legislative
activities, environmental matters and timely rate  relief  for
Utilities.   (See  Notes 2 and 5 of the Notes to  Consolidated
Financial Statements).

     Access to the long-term and short-term capital and credit
markets   is   necessary  for  obtaining   funds   externally.
Utilities' debt ratings are as follows:


                            Moody's       Standard & Poor's
                                         
     Long-term debt           A1                  A
     Short-term debt          P1                  A1


      As a result of the IUB's recent public agenda meeting to
discuss  Utilities'  electric  price  case,  Utilities   could
realize   an   annual  revenue  reduction   of   approximately
$15  million to $20 million.  (See Note 2(a) of the  Notes  to
Consolidated  Financial Statements for a further  discussion).
In  reaction to the IUB's agenda meeting, Moody's  has  placed
Utilities  long-term  debt rating on credit  watch  pending  a
final  decision by the IUB.  Standard & Poor's has not reacted
to the IUB's agenda meeting.

      The  Company's liquidity and capital resources  will  be
affected  by  environmental and legislative issues,  including
the ultimate disposition of remediation issues surrounding the
Company's  environmental liabilities, the  Clean  Air  Act  as
amended  and  FERC Order 636, as discussed in Note  5  of  the
Notes  to Consolidated Financial Statements.  Consistent  with
rate  making  principles of the IUB, management believes  that
the  costs  incurred for the above matters  will  not  have  a
material  adverse effect on the financial position or  results
of operations of the Company.

      The  IUB  has  adopted rules which require Utilities  to
spend  2%  of electric and 1.5% of gas gross retail  operating
revenues  annually  for  energy efficiency  programs.   Energy
efficiency  costs in excess of the amount in the  most  recent
electric  and gas rate cases are being recorded as  regulatory
assets  by  Utilities.   At  March  31,  1995,  Utilities  had
$38  million  of  such  costs recorded as  regulatory  assets.
Utilities will begin its recovery of a portion of these  costs
in  the second quarter of 1995.  See Note 2(b) of the Notes to
Consolidated Financial Statements for a further discussion.

             CONSTRUCTION AND ACQUISITION PROGRAM

       The  Company's  construction  and  acquisition  program
anticipates  expenditures of approximately  $163  million  for
1995,  of which approximately 32% represents expenditures  for
electric   transmission  and  distribution   facilities,   23%
represents   fossil-fueled   generation   expenditures,    15%
represents  expenditures for steam distribution plant  and  9%
represents nuclear generation expenditures.  The remaining 21%
represents    miscellaneous   electric,   gas   and    general
expenditures.   In  addition to the  $163  million,  Utilities
anticipates  expenditures of $13 million  in  connection  with
mandated  energy efficiency programs.  Substantial commitments
have been made in connection with all such expenditures.   The
Company  had  construction  and  acquisition  expenditures  of
approximately $28 million for the three months ended March 31,
1995.

      The  Company's  levels of construction  and  acquisition
expenditures  are  projected  to  be  $167  million  in  1996,
$146 million in 1997, $170 million in 1998 and $182 million in
1999.   It is estimated that approximately 80% of construction
expenditures   will  be  provided  by  cash   from   operating
activities  (after  payment of dividends)  for  the  five-year
period 1995-1999.

      Capital  expenditure and investment and financing  plans
are  subject  to  continual review  and  change.  The  capital
expenditure   and   investment   programs   may   be   revised
significantly  as  a  result of many considerations  including
changes in economic conditions, variations in actual sales and
load   growth   compared   to   forecasts,   requirements   of
environmental,  nuclear  and  other  regulatory   authorities,
acquisition  opportunities,  the  availability  of   alternate
energy  and  purchased power sources, the  ability  to  obtain
adequate  and  timely rate relief, escalations in construction
costs and conservation and energy efficiency programs.

                      LONG-TERM FINANCING

     Other than Utilities' periodic sinking fund requirements,
which   Utilities  intends  to  meet  by  pledging  additional
property,  approximately $124 million of long-term  debt  will
mature  prior  to December 31, 1999.  The Company  intends  to
refinance  the majority of the debt maturities with  long-term
securities.

      In  March 1995, Utilities repaid at maturity $50 million
of  Series  W, 9.75% First Mortgage Bonds and, in  a  separate
transaction,  issued  $50 million of Collateral  Trust  Bonds,
7.65%, due 2000.

      Utilities has entered into an Indenture of Mortgage  and
Deed of Trust dated September 1, 1993 (New Mortgage).  The New
Mortgage  provides for, among other things,  the  issuance  of
Collateral Trust Bonds upon the basis of First Mortgage  Bonds
being  issued by Utilities.  The lien of the New  Mortgage  is
subordinate  to  the lien of Utilities' first mortgages  until
such  time as all bonds issued under the first mortgages  have
been retired and such mortgages satisfied. Accordingly, to the
extent  that  Utilities issues Collateral Trust Bonds  on  the
basis  of  First  Mortgage  Bonds, it  must  comply  with  the
requirements  for the issuance of First Mortgage  Bonds  under
Utilities'  first  mortgages.  Under  the  terms  of  the  New
Mortgage, Utilities has covenanted not to issue any additional
First  Mortgage  Bonds  under its first  mortgages  except  to
provide the basis for issuance of Collateral Trust Bonds.

      The  Indentures pursuant to which Utilities issues First
Mortgage  Bonds  constitute direct first mortgage  liens  upon
substantially all tangible public utility property and contain
covenants which restrict the amount of additional bonds  which
may  be  issued.   At March 31, 1995, such restrictions  would
have  allowed  Utilities to issue $323 million  of  additional
First  Mortgage  Bonds. Utilities has received authority  from
the  FERC  to issue $250 million of long-term debt,  of  which
$50  million was used in March 1995 to issue Collateral  Trust
Bonds.   Utilities  expects to replace  First  Mortgage  Bonds
Series  X  that matures in September 1995 with other long-term
securities.

      The Articles of Incorporation of Utilities authorize and
limit  the aggregate amount of additional shares of Cumulative
Preferred  Stock and Cumulative Preference Stock that  may  be
issued.   At  March 31, 1995, Utilities could have  issued  an
additional 700,000 shares of Cumulative Preference  Stock  but
no additional shares of Cumulative Preferred Stock.

      The Company's capitalization ratios at March 31, were as
follows:

                          1995          1994
                                      
     Long-term debt        48%           48%
     Preferred stock        2             2
     Common equity         50            50
                          100%          100%


                The   1995   and  1994  ratios   include
        $50  million of long-term debt due in less  than
        one  year because it was the Company's intention
        to refinance the debt with long-term securities.



                     SHORT-TERM FINANCING

      For  interim financing, Utilities is authorized  by  the
FERC  to issue, through 1996, up to $200 million of short-term
notes.   In addition to providing for ongoing working  capital
needs,  this  availability  of short-term  financing  provides
Utilities flexibility in the issuance of long-term securities.
At  March  31,  1995,  Utilities  had  outstanding  short-term
borrowings of $43.5 million, including $15.5 million of  notes
payable to associated companies.

     Utilities has an agreement, which expires in 1999, with a
financial  institution  to  sell, with  limited  recourse,  an
undivided fractional interest of up to $65 million in its pool
of  utility accounts receivable.  At March 31, 1995, Utilities
had sold $64 million under the agreement.

      At  March 31, 1995, the Company had bank lines of credit
aggregating $87.7 million, of which $28 million was being used
to support commercial paper (weighted average interest rate of
6.20%)  and $7.7 million to support certain pollution  control
obligations.  Commitment fees are paid to maintain these lines
and there are no conditions which restrict the unused lines of
credit.    In  addition  to  the  above,  Utilities   has   an
uncommitted  credit  facility  with  a  financial  institution
whereby it can borrow up to $40 million.  Rates are set at the
time  of  borrowing  and  no fees are paid  to  maintain  this
facility.   At March 31, 1995, there were no borrowings  under
this  facility.  Utilities also has a letter of credit in  the
amount  of  $3.4 million supporting two of its  variable  rate
pollution control obligations.

                     ENVIRONMENTAL MATTERS

      Utilities  has  been named as a Potentially  Responsible
Party   (PRP)  by  various  federal  and  state  environmental
agencies for 28 FMGP sites.  Utilities believes that it is not
responsible  for  two of the above sites and there  are  three
other  sites for which it may be designated as a  PRP  in  the
future.  Utilities is working pursuant to the requirements  of
the  various  agencies to investigate, mitigate,  prevent  and
remediate,  where  necessary, damage  to  property,  including
damage to natural resources, at and around the sites in  order
to  protect public health and the environment.  Utilities  has
completed  the  remediation of three sites and is  in  various
stages  of the investigation and/or remediation processes  for
22  sites.   Utilities  expects  to  begin  the  investigation
process in 1995 or 1996 for the other sites.

      Utilities has recorded environmental liabilities related
to  the  FMGP  sites  of approximately $31 million  (including
$4.5 million as current liabilities) at March 31, 1995.  These
amounts are based upon Utilities' best current estimate of the
amount to be incurred for investigation and remediation  costs
for those sites where the investigation process has been or is
substantially completed, and the minimum of the estimated cost
range  for  those  sites  where the investigation  is  in  its
earlier stages or has not started.  It is possible that future
cost  estimates will be greater than the current estimates  as
the  investigation  process proceeds and as  additional  facts
become  known.   Utilities may be required  to  monitor  these
sites for a number of years upon completion of remediation, as
is  the  case  with the three sites for which remediation  has
been completed.

      Utilities has begun pursuing coverage for investigation,
mitigation, prevention, remediation and monitoring costs  from
its  insurance carriers and is investigating the potential for
third  party cost sharing for FMGP investigation and  clean-up
costs.   The  amount  of  shared  costs,  if  any,  cannot  be
reasonably  determined and, accordingly, no potential  sharing
has  been  recorded at March 31, 1995.  Regulatory  assets  of
approximately  $31 million, which reflect the future  recovery
that  is  being provided through Utilities' rates,  have  been
recorded in the Consolidated Balance Sheets.  Considering  the
rate  treatment allowed by the IUB, management  believes  that
the  clean-up costs incurred by Utilities for these FMGP sites
will  not  have  a  material adverse effect on  its  financial
position or results of operations.

      The  Clean  Air  Act Amendments of 1990  (Act)  requires
emission  reductions of sulfur dioxide and nitrogen oxides  to
achieve reductions of atmospheric chemicals believed to  cause
acid  rain.  The provisions of the Act will be implemented  in
two  phases  with  Phase I affecting two of  Utilities'  units
beginning  in 1995 and Phase II affecting all units  beginning
in  the  year 2000. Utilities is in the process of  completing
the  modifications necessary to meet the Phase I  requirements
and has installed continuous emission monitors on all affected
units as required by the Act.

     Utilities expects to meet the requirements of Phase II by
switching   to   lower  sulfur  fuels  and   through   capital
expenditures  primarily related to fuel burning equipment  and
boiler    modifications.     Utilities    estimates    capital
expenditures  at approximately $22.5 million,  including  $4.4
million in 1995, in order to meet the requirements of the Act.

     The National Energy Policy Act of 1992 requires owners of
nuclear  power  plants  to  pay a special  assessment  into  a
"Uranium Enrichment Decontamination and Decommissioning Fund."
The assessment is based upon prior nuclear fuel purchases and,
for the DAEC, averages $1.4 million annually through 2007,  of
which  Utilities'  70%  share is $1.0 million.   Utilities  is
recovering  the costs associated with this assessment  through
its electric fuel adjustment clauses over the period the costs
are  assessed.  Utilities' 70% share of the future assessment,
$12.0  million  payable through 2007, has been recorded  as  a
liability   in  the  Consolidated  Balance  Sheets,  including
$0.8  million included in "Current liabilities - Environmental
liabilities,"  with  a  related  regulatory  asset   for   the
unrecovered amount.

       The   Nuclear   Waste  Policy  Act  of  1982   assigned
responsibility  to  the U.S. Department  of  Energy  (DOE)  to
establish  a  facility for the ultimate  disposition  of  high
level  waste and spent nuclear fuel and authorized the DOE  to
enter  into  contracts with parties for the disposal  of  such
material  beginning in January 1998.  Utilities  entered  into
such a contract and has made the agreed payments to DOE.   The
DOE,  however,  has  experienced  significant  delays  in  its
efforts  and material acceptance is now expected to  occur  no
earlier  than 2010.  Utilities has been storing spent  nuclear
fuel  on-site  since plant operations began in  1974  and  has
current  on-site  capability to store spent fuel  until  2002.
Utilities  is  aggressively reviewing options  for  additional
spent nuclear fuel storage capability, including expanding on-
site  storage, pursuing other off-site storage and  supporting
legislation to resolve the lack of progress by the DOE.

      The Low-Level Radioactive Waste Policy Amendments Act of
1985 mandated that each state must take responsibility for the
storage  of  low-level radioactive waste produced  within  its
borders.   The State of Iowa has joined the Midwest Interstate
Low-Level  Radioactive  Waste  Compact  Commission  (Compact),
which is planning a storage facility to be located in Ohio  to
store waste generated by the Compact's six member states.   At
March  31,  1995, Utilities has prepaid costs of approximately
$1  million   to  the  Compact  for the  building  of  such  a
facility.   Currently,  Utilities  is  storing  its  low-level
radioactive  waste  generated at the DAEC  on-site  until  new
disposal arrangements are finalized among the Compact members.
A  Compact disposal facility is anticipated to be in operation
in   approximately  ten  years.   On-site  storage  capability
currently  exists for low-level radioactive waste expected  to
be  generated  until the Compact facility is  able  to  accept
waste materials.

      The  possibility that exposure to electric and  magnetic
fields  (EMF) emanating from power lines, household appliances
and  other  electric  sources may  result  in  adverse  health
effects   has   been   the   subject  of   increased   public,
governmental,  industry and media attention.   A  considerable
amount of scientific research has been conducted on this topic
without  definitive results.  Research is continuing in  order
to resolve scientific uncertainties.

                         OTHER MATTERS

      The National Energy Policy Act of 1992 addresses several
matters  designed  to  promote  competition  in  the  electric
wholesale  power  generation market, including  mandated  open
access   to  the  electric  transmission  system  and  greater
encouragement    of   independent   power    production    and
cogeneration.    On  March  29,  1995,  the   Federal   Energy
Regulatory  Commission  (FERC) issued  a  Notice  of  Proposed
Rulemaking that makes specific recommendations related to non-
discriminatory  pricing for open access transmission  services
and would allow for recovery of certain stranded costs.  These
are  two  of the most critical issues relating to the electric
utility   industry's  transition  toward   fully   competitive
markets.   The  Company cannot predict the  final  regulations
that may be adopted.

      The  IUB recently initiated a Notice of Inquiry  (Docket
No.  NOI-95-1) on the subject of "Emerging Competition in  the
Electric  Utility Industry."  A one-day roundtable  discussion
was  held  to address all forms of competition in the electric
utility   industry  and  to  assist  the  IUB   in   gathering
information and perspectives on electric competition from  all
persons  or entities with an interest or stake in the  issues.
Such  discussions  are  not expected to produce  any  specific
action by the IUB at this time.

      The Company cannot predict the long-term consequences of
these  competitive  issues  on its results  of  operations  or
financial condition.  The Company's strategy for dealing  with
these  emerging  issues includes seeking growth opportunities,
continuing  to  offer quality customer service, on-going  cost
reductions   and  productivity  enhancements.    The   Company
recently initiated a major project to review and redesign  its
business  processes  with  the  primary  goals  being  reduced
operating  costs,  increased efficiency and enhanced  customer
service.

      In  March 1995, the FASB issued SFAS No. 121, Accounting
for  the Impairment of Long-Lived Assets and Long-Lived Assets
to  be  Disposed Of.  This Statement defines the criteria  for
valuing  regulatory assets.  The Company does not  expect  the
amount  of  regulatory  assets recorded  in  the  Consolidated
Balance  Sheets to be affected.  The Company expects to  adopt
this  standard  on January 1, 1996 and does  not  expect  that
adoption will have a material impact on the financial position
or results of operations of the Company.

                  PART II. - OTHER INFORMATION

Item 1.  Legal Proceedings.

      Reference  is  made to Notes 2 and 5  of  the  Notes  to
Consolidated  Financial Statements for a  discussion  of  rate
matters and environmental matters, respectively.

Item  2.   Changes  in  the Rights of the  Company's  Security
           Holders.

None.

Item 3.  Default Upon Senior Securities.

None.

Item 4.  Results of Votes of Security Holders.

None.

Item 5.  Other Information.

     The Company has calculated the ratio of earnings to fixed
     charges  pursuant to Item 503 of Regulation  S-K  of  the
     Securities and Exchange Commission as follows:

       For the twelve months ended:
                               
        March 31, 1995         2.87
        December 31, 1994      3.18
        December 31, 1993      3.41
        December 31, 1992      2.49
        December 31, 1991      2.64
        December 31, 1990      2.65


Item 6.  Exhibits and Reports on Form 8-K.

(a)  Exhibits -

     *4(a)     Sixty-first   Supplemental
               Indenture,   dated  as  of   March   1,   1995,
               supplementing Utilities' Indenture of  Mortgage
               and Deed of Trust, dated August 1, 1940.

     *4(b)     Third Supplemental  Indenture,
               dated   as  of  March  1,  1995,  supplementing
               Utilities'  Indenture of Mortgage and  Deed  of
               Trust, dated September 1, 1993.

     *12       Ratio of Earning to Fixed Charges.

     *27       Financial Data Schedule.

     *  Exhibits designated by an asterisk are filed herewith.

(b)  Reports on Form 8-K -

          Items             Financial           Date of
         Reported          Statements            Report
                                            
            5, 7              None             April 27, 1995
            7                 Note 1           March 15, 1995



Note   1:    The  Form  8-K  provided  the  audited  financial
statements of the Company.

                          SIGNATURES




      Pursuant to the requirements of the Securities  Exchange
Act of 1934, the registrant has duly caused this report to  be
signed  on  its  behalf  by  the  undersigned  thereunto  duly
authorized.



                                           IES UTILITIES INC.
                                              (Registrant)




Date  May 12, 1995            By /s/   Dr. Robert J. Latham
                                           (Signature)
                                       Dr. Robert J. Latham
                                    Senior Vice President, Finance





                              By /s/   Richard A. Gabbianelli
                                           (Signature)
                                       Richard A. Gabbianelli
                                    Controller & Chief Accounting Officer