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Home My WebLink About20260825APPLICATION.pdf HIQAHO POWERO RECEIVED Donvan E.Walker August 25, 2026 Lead Counsel dwalker(a)idahopower.com IDAHO PUBLIC UTILITIES COMMISSION August 25, 2026 Commission Secretary Idaho Public Utilities Commission 11331 W. Chinden Boulevard Building 8, Suite 201-A Boise, Idaho 83714 Re: Case No. IPC-E-26-24 In the Matter of the Application of Idaho Power Company for Approval of the Third Amendment to the Power Purchase Agreement Between Idaho Power and Telocaset Wind Power Partners, LLC Dear Commission Secretary: Attached for electronic filing, please find Idaho Power Company's Application in the above-entitled matter. The confidential version will be sent to the parties who executed the Protective Agreement. If you have any questions about the attached documents, please do not hesitate to contact me. Sincerely, Donovan E. Walker DEW:cd Enclosures 1221 W. Idaho St(83702) P.O. Box 70 Boise, ID 83707 CERTIFICATE OF ATTORNEY ASSERTION THAT INFORMATION CONTAINED IN AN IDAHO PUBLIC UTILITIES COMMISSION FILING IS PROTECTED FROM PUBLIC INSPECTION Idaho Power Company's Application for Approval of the Third Amendment to the Power Purchase Agreement Between Idaho Power and Telocaset Wind Power Partners, LLC Case No. IPC-E-26-24 The undersigned attorney, in accordance with Commission Rules of Procedure 67, believes that the Application and Attachment 1 of the Application, dated August 25, 2026, contains information that Idaho Power and/or a third party claim constitutes trade secrets or other confidential business data exempt from disclosure under Idaho Code § 74-101, et seq., and/or§48-801, et seq. As such, it is protected from public disclosure, inspection, examination, or copying. DATED this 25th day of August 2026. Donovan E. Walker Counsel for Idaho Power Company DONOVAN E. WALKER (ISB No. 5921) Idaho Power Company 1221 West Idaho Street (83702) P.O. Box 70 Boise, Idaho 83707 Telephone: (208) 388-5317 Facsimile: (208) 388-6936 dwalker idahopower.com Attorneys for Idaho Power Company BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION IN THE MATTER OF THE APPLICATION ) OF IDAHO POWER COMPANY FOR ) CASE NO. IPC-E-26-24 APPROVAL OF THE THIRD AMENDMENT ) TO THE POWER PURCHASE ) APPLICATION AGREEMENT BETWEEN IDAHO POWER ) AND TELOCASET WIND POWER ) PARTNERS, LLC. ) Idaho Power Company ("Idaho Power" or "Company"), in accordance with Idaho Public Utilities Commissions ("Commission") Rule of Procedure' 52, hereby respectfully applies to the Idaho Public Utilities Commission for an order approving the Third Amendment to the Power Purchase Agreement ("PPA") between Idaho Power Company and Telocaset Wind Power Partners, LLC ("Third Amendment"), which extends the term of the PPA and updates the applicable pricing schedule in Appendix A of the Agreement, as amended. In support of this Application, Idaho Power represents as follows: Hereinafter cited as RP. APPLICATION - 1 I. BACKGROUND 1. Idaho Power and Telocaset Wind Power Partners, LLC (jointly, "Parties") entered into a PPA on December 15, 2006, with an Initial Term of 20 years from the Operation Date, for the purchase and sale of energy produced by the Elkhorn Wind Park ("Facility"). The PPA, which is not a contract under the Public Utility Regulatory Policies Act of 1978 ("PURPA") but includes many provisions similar to those in PURPA contracts, was approved by the Commission in Order No. 30259 issued in Case No. IPC-E-06-31 on February 27, 2007. Based on the Facility's Operation Date of December 28, 2007, the Initial Term ends December 31, 2027. 2. The PPA contains two pricing options: Post-Operation Date Pricing and Post-Operation Date Alternative Pricing, which Idaho Power could elect after satisfying certain conditions precedent as specified in the PPA. Since February 2012, Idaho Power has been paying for energy from the Facility in accordance with the Post-Operation Date Alternative Pricing schedule set forth in Appendix A to the PPA. 3. On December 19, 2014, the Parties entered into a First Amendment to the PPA, which revised a reporting requirement and resolved the Parties' conflicting interpretations of the PPA's provisions regarding assumption of curtailment risk while under the election to utilize Post-Operation Date Alternative Pricing. The First Amendment to the PPA was approved by the Commission in Order No. 33318 issued in Case No. IPC-E-15-09. 4. The Parties entered into a Second Amendment to the PPA on May 29, 2024, to update the Post-Operation Date Alternative Pricing schedule set forth in Appendix A of the PPA, as amended, when it was discovered that the PPA only contained pricing through 2026, and therefore did not correspond to the Initial Term of 20 years APPLICATION - 2 ending December 31 , 2027. Idaho Power filed a request for approval of the Second Amendment to the PPA in Case No. IPC-E-24-24 to update Appendix A to include 2027 prices, which was approved with Order No. 36345. 5. As noted above, the PPA's initial term ends on December 31, 2027. However, in accordance with the PPA, Idaho Power has the option to extend the term of the agreement beyond the December 31, 2027, expiration date, subject to the mutual agreement of the Parties on the terms and conditions applicable to the extension. On July 2, 2026, the Parties entered into the Third Amendment to the PPA to extend the term, which is more fully described below, and is subject to the Commission's approval. A copy of the Third Amendment is attached to this Application as Confidential Attachment 1. II. THE THIRD AMENDMENT 6. As discussed in many of Idaho Power's recent proceedings before the Commission, the Company has capacity deficits in 2028 and beyond. Idaho Power has conducted All-Source Requests for Proposals ("RFP") seeking resources to come online beginning in 2028 which has resulted in the addition of new resources, but capacity deficiencies remain. As such, and pursuant to Article 4.1 .2, Idaho Power notified Telocaset that it was interested in discussing a potential extension of the term. The Parties entered into confidential negotiations and, following Idaho Power's evaluation of the Facility's proposal and a third-party lifespan assessment of the facility, ultimately agreed to a five-year term extension at a Base Rate of$= per megawatt-hour. The negotiated Base Rate was agreed to following Idaho Power's evaluation of the proposed pricing which compared favorably to that of new resources bid into the Company's RFP solicitations, as well as unsolicited non-RFP proposals, and as compared to the escalated prices in effect at the end of the term of the PPA. In addition, Idaho Power considered the APPLICATION - 3 Facility's contribution to capacity needs, the fact that it is an existing project and thus does not present development risk, its operational history and its willingness to perform and provide a Lifespan Assessment Study before the Third Amendment was executed. 7. Accordingly, the Third Amendment revises both Article 4.1.1, 4.1.2, and Appendix A of the PPA. Article 4.1.1 is modified to acknowledge the five-year extension, such that the initial term of the PPA becomes 25-years, while Appendix A of the PPA, as amended, adds the 2028-2032 prices to the Post-Operation Date Alternative Pricing table and is set forth on page 3 of Confidential Attachment 1. 8. In addition, the Parties agreed to an option, similar to the initial option in Article 4.1.2, for Idaho Power to extend the Term for another five years beyond this first five-year extension of the term to December 31, 2032, at rates, terms and conditions to be negotiated at that time. Except as expressly provided in the Third Amendment, the conditions, obligations, rates, and other terms of the PPA, as amended, remain in full force and effect. III. MODIFIED PROCEDURE 9. Idaho Power believes that a technical hearing is not necessary to consider the issues presented herein and respectfully requests that this Application be processed under Modified Procedure, i.e., by written submissions rather than by hearing. RP 201, et seq. If, however, the Commission determines that a technical hearing is required, the Company stands ready to prepare and present testimony and exhibits as appropriate in such hearing. IV. COMMUNICATIONS AND SERVICE OF PLEADINGS 10. Communications and service of pleadings, exhibits, orders, and other documents relating to this proceeding should be sent to the following: APPLICATION - 4 Donovan E. Walker Energy Contracts Idaho Power Company Idaho Power Company 1221 West Idaho Street (83702) 1221 West Idaho Street (83702) P.O. Box 70 P.O. Box 70 Boise, Idaho 83707 Boise, Idaho 83707 dwalker _idahopower.com energycontractsCcD_idahopower.com docketsCcD,idaho power.com V. REQUEST FOR RELIEF 11. Idaho Power respectfully requests that the Commission issue an order approving the Third Amendment to the PPA between Idaho Power and Telocaset Wind Power Partners, LLC as submitted herewith without change or condition. Respectfully submitted this 25th day of August, 2026. DONOVAN WALKER Attorney for Idaho Power Company APPLICATION - 5 CERTIFICATE OF SERVICE I HEREBY CERTIFY that on this 25th day of August, 2026, 1 served a true and correct copy of the within and foregoing APPLICATION upon the following named parties by the method indicated below, and addressed to the following: Commission Secretary Hand Delivered Idaho Public Utilities Commission U.S. Mail 11331 W. Chinden Blvd., Bldg No. 8 Overnight Mail Suite 201-A (83714) FAX PO Box 83720 FTP Site Boise, ID 83720-0074 X Email Courtesy Copy: Paul Thomas — Paul.Thomas(D..EDP.com Marian Villegas — Marian.Villegas(a)-EDP.com David Nutt — David.Nutt(a.EDP.com Keanen Ryan — Keanen.Ryan EDP.com Cedric Kouam — Cedric.Kouam(a)-EDP.com Christy Davenport Legal Administrative Assistant APPLICATION - 6 BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION CASE NO. IPC-E-26-24 IDAHO POWER COMPANY CONFIDENTIAL ATTACHMENT 1 ATTACHMENT 1 IS CONFIDENTIAL AND WILL BE PROVIDED TO THOSE PARTIES THAT EXECUTE THE PROTECTIVE AGREEMENT IN THIS MATTER