Former Reliant Energy CEO Mark Jacobs (R) will announce he's running for Iowa's open Senate seat next week, a source close to Jacobs tells The Hill.
"He will announce that he's going to run," the source says. "He'll be visiting the major markets the first day and then spend a number of days criss-crossing the state after that."
The former energy CEO will face Iowa state Sen. Joni Ernst (R), former U.S. Attorney Matt Whitaker (R), David Young (R), a former chief of staff to Sen. Chuck Grassley (R-Iowa), and conservative radio host Sam Clovis (R) in a crowded primary.
If no candidate gets 35 percent in next spring's primary the nominee will be chosen by party convention, which establishment Republicans fear could lead to the nomination of a candidate too conservative to win statewide.
Jacobs has the ability to self-fund, however, which may give him a big edge in the race. He's likely to focus his campaign on winning over fiscally conservative, business Republicans.
"He's going to focus on his unique experience as a business executive who's been able to be a problem-solver," the source says.
The Hill rates Iowa's Senate race as "likely Democratic."