20251010Notice_of_Application_Order_No_36801.pdf

Office of the Secretary
Service Date
October 10,2025
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF ROCKY MOUNTAIN ) CASE NO. PAC-E-25-18
POWER'S APPLICATION FOR )
AUTHORITY TO ALLOW PARENT ) NOTICE OF APPLICATION
COMPANY TO MAINTAIN A COMMON )
EQUITY PERCENTAGE OF LESS THAN 44 ) NOTICE OF INTERVENTION
PERCENT ) DEADLINE
ORDER NO. 36801
On September 24, 2025, Rocky Mountain Power, a division of PacifiCorp ("Company"),
applied to the Idaho Public Utilities Commission ("Commission") requesting authority to allow
the Company's direct parent company, PPW Holdings LLC ("PPW Holdings"), to maintain an
equity percentage below the 44 percent minimum threshold set by the Commission in Case No.
PAC-E-05-08 ("Application").
The Commission now issues this Notice of the Company's Application and Notice of
Intervention Deadline establishing a 21-day intervention period.
BACKGROUND
In 2006, the Commission issued Order No. 29973 (amended by Order No. 29998),
approving MidAmerican Energy Holdings Company (which is now Berkshire Hathaway Energy
Company) and Berkshire Hathaway, Inc.'s application to acquire the Company. The approval
included a requirement that PPW Holding's consolidated capital structure contain at least 44
percent of common equity capital after 2011. Order No.29973,Consolidated List of Commitments
at 15.
NOTICE OF APPLICATION
YOU ARE HEREBY NOTIFIED that the Company states that as of June 30, 2025, PPW
Holdings' capital structure included an equity percentage of 45.9 percent. Application at 1.
YOU ARE FURTHER NOTIFIED that the Company represents that due to its wildfire
liabilities,increased long-term debt,and lower earnings projections for 2025-2026,PPW Holdings
will likely be too leveraged to maintain an equity percentage above the 44 percent minimum
threshold for the next several years. Id. at 1-2.
NOTICE OF APPLICATION
NOTICE OF INTERVENTION DEADLINE
ORDER NO. 36801 1

YOU ARE FURTHER NOTIFIED that the Company states that allowing PPW Holdings'
equity to decrease below 44 percent would serve the public interest by enabling the Company to
maintain its generation, transmission, and distribution system; to make necessary capital
investments; and to meet its other merger commitments. Id. at 4-5.
YOU ARE FURTHER NOTIFIED that the Company represents that it has taken steps,
such as suspending shareholder dividends, to limit PPW Holdings' equity dilution.Id at 5.
YOU ARE FURTHER NOTIFIED that the Application is available for public inspection
during regular business hours at the Commission's office. The Application is also available on the
Commission's website at www.puc.idaho.gov. Click on the "ELECTRIC" icon, select "Open
Cases," and click on the case number as shown on the front of this document.
YOU ARE FURTHER NOTIFIED that all proceedings in this case will be held pursuant
to the Commission's jurisdiction under Title 61 of the Idaho Code, and that all proceedings in this
matter will be conducted pursuant to the Commission's Rules of Procedure, IDAPA 31.01.01.000
et seq.
NOTICE OF INTERVENTION DEADLINE
YOU ARE FURTHER NOTIFIED that persons desiring to intervene in this matter to
obtain parties' rights of participation must file a Petition to Intervene with the Commission
pursuant to this Commission's Rules of Procedure 72 and 73, IDAPA 31.01.01.072 and -.073.
Persons who wish to intervene as a party must file a Petition to Intervene no later than 21
days after the date of service of this Order. Such persons shall also provide the Commission
Secretary with their email address to facilitate further communications. After the intervention
deadline runs, the Commission Secretary shall issue a Notice of Parties that identifies the parties
and assigns exhibit numbers to each party. Once the Notice of Parties has issued, Commission
Staff shall informally confer with the Company and any intervening parties about how to further
process this case and shall then report back to the Commission on a proposed case schedule.
YOU ARE FURTHER NOTIFIED that persons who would like to present their views
without parties' rights of participation and cross-examination do not have to intervene but may
present their views by submitting written comments to the Commission.
YOU ARE FURTHER NOTIFIED that the following people are designated as the
Company's representatives in this matter:
NOTICE OF APPLICATION
NOTICE OF INTERVENTION DEADLINE
ORDER NO. 36801 2

Mark Alder Joe Dallas
Idaho Regulatory Affairs Manager Assistant General Counsel
Rocky Mountain Power Rocky Mountain Power
1407 West North Temple, Suite 330 825 NE Multnomah, Suite 2000
Salt Lake City, Utah 84116 Portland, Oregon 97232
Telephone: [phone] Telephone: [phone]
mark.alder(kpacificorp.com joseph.dallas(kpacificorp.com
ORDER
IT IS HEREBY ORDERED that persons desiring to intervene in this matter must file a
Petition to Intervene no later than 21 days from the service date of this Order. Once the deadline
has passed, the Commission Secretary shall prepare and issue a Notice of Parties.
IT IS FURTHER ORDERED that,after the Notice of Parties has issued, Commission Staff
shall confer with the parties regarding a procedural schedule for this matter including,if necessary,
a hearing in this matter.
IT IS FURTHER ORDERED that parties comply with Order No. 35375, issued April 21,
2022. Generally, all pleadings should be filed with the Commission electronically and will be
deemed timely filed when received by the Commission Secretary.See Rule 14.02. Service between
parties should continue to be accomplished electronically when possible. However, voluminous
discovery-related documents may be filed and served on CD-ROM or a USB flash drive.
NOTICE OF APPLICATION
NOTICE OF INTERVENTION DEADLINE
ORDER NO. 36801 3

DONE by Order of the Idaho Public Utilities Commission at Boise, Idaho this 10t'day of
October 2025.
G
Gv�
DWARD LODGE,/REJ ENT
HN R. HAMMOND JR., COMMISSIONER
DAYN HARDIE, OMMISSIONER
ATTEST:
—,4a IL(13�4r
Laut- ,alderon Robles
Interim Commission Secretary
I:\Legal\ELECTRIC\PAC-E-25-18_equity\orders\PACE2518_Ntc_App_Int j I.docx
NOTICE OF APPLICATION
NOTICE OF INTERVENTION DEADLINE
ORDER NO. 36801 4