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HomeMy WebLinkAbout20240926Notice of Affiliate Transaction (Redacted).pdf RECEIVED Thursday, September 26, 2024 IDAHO PUBLIC UTILITIES COMMISSION PAC I F I CO R P. Pacific Power Timothy K Clark Rocky Mouna"Power Assistant General Counsel 1407 W.North Temple,Suite 320 Salt Lake City, UT 84116 801-220-4565 Ofce September 26,2024 Tim.Clark@,pacificorp.com VIA ELECTRONIC FILING Idaho Public Utilities Commission 11331 West Chinden Boulevard Building 8 Suite 201A Boise, Idaho 83714-1021 Attention: Commission Secretary Re: PacifiCorp Notice of Affiliate Transaction—PacifiCorp and Chubb Limited. Case No. PAC-E-05-8 Pursuant to Commitment 117(2), incorporated in the Idaho Public Utilities Commission Order No. 29973, issued February 13, 2006, as supplemented by Order No. 29998 March 14, 2006, in the above-referenced proceeding, approving the acquisition of PacifiCorp by MidAmerican Energy Holdings Company(now"Berkshire Hathaway Energy Company" or `BHE"), PacifiCorp hereby provides notice of an affiliated interest transaction with Chubb Limited("Chubb") for an Excess Liability Non-Wildfire Insurance and Excess Liability Insurance(including Wildfire Insurance). These Insurance Policies allow Chubb to provide excess liability insurance for PacifiCorp. True copies of the Insurance Policies are included with this filing as Confidential Attachment A. PacifiCorp is a wholly-owned, indirect subsidiary of BHE. In turn,BHE is a subsidiary of Berkshire Hathaway,Inc. ("Berkshire Hathaway"). On May 15, 2024, Berkshire Hathaway acquired an interest in excess of five percent of Chubb common stock. Therefore, Berkshire Hathaway's ownership interest in Chubb may create an affiliated interest in some PacifiCorp jurisdictions. Chubb is a provider of insurance worldwide. On August 15, 2024, BHE acquired insurance from a number of insurers,including Chubb. These were otiated as arms-length ne transactions at prevailing market prices. PacifiCorp will be paying to Chubb,via intermediary, for excess liability insurance for the 2024-2025 timeframe. This purchase from Chubb will give PacifiCorp coverage to minimize the risk of impairment to its ability to provide electrical services to customers. PacifiCorp requests confidential treatment for Confidential Attachment A. This confidential business information is of significant commercial value,which could expose the Company to competitive injury and/or the potential for commercial fraud against the Company if disclosure is unrestricted. Additionally, these insurance policies contain information about other Idaho Public Utilities Commission September 26, 2024 Page 2 BHE entities that are not PacifiCorp. As such, the information has been redacted as it is third- party proprietary information. Please do not hesitate to contact me if you have any questions. Sincerely, Timothy K. Clark Assistant General Counsel PacifiCoip Enclosure: Confidential Attachment A.pdf CONFIDENTIAL ATTACHMENT A IS CONFIDENTIAL IN ITS ENTIRETY AND PROVIDED UNDER SEPARATE COVER