A second political leadership race in Alberta will open next month when the Alberta Liberal Party formally launches its campaign.

"For almost two years Dr. David Swann has served diligently as our interim leader but now it is time to pass the torch," said party president Karen Sevcik in a news release Tuesday.

"This leadership race comes during a time of great opportunity for our party," she said.

"Many Albertans have already grown disillusioned with this NDP government and are looking for a party of balance and principle."

Swann became interim leader when Raj Sherman stepped down almost two years ago.

During that time, the Liberals saw their fortunes plummet as the party was reduced to one seat from five in the 2015 election.

The party acknowledged it had hit "rock bottom" after winning only four per cent of the vote.

The nomination period opens Jan. 16 and runs until Mar. 31.

Debates will be held in Calgary on April 8 and in Edmonton on May 6, with voting taking place online from May 27 to June 3.

The Alberta Progressive Conservative party is hosting its leadership convention Mar. 17 and 18 in Calgary.