20260916Final_Order_No_37167.pdf

Office of the Secretary
Service Date
September 16,2026
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF IDAHO POWER ) CASE NO. IPC-E-26-12
COMPANY'S APPLICATION FOR )
APPROVAL OF THE THIRD AMENDMENT )
TO THE POWER PURCHASE AGREEMENT ) ORDER NO. 37167
BETWEEN IDAHO POWER COMPANY )
AND USG OREGON, LLC )
On April 15, 2026, Idaho Power Company ("Company") applied to the Idaho Public
Utilities Commission ("Commission") requesting approval of the Third Amendment
("Amendment") to the Power Purchase Agreement ("PPA") between the Company and USG
Oregon, LLC ("Seller") for the Neal Hot Springs geothermal project("Application").
On June 25,2026,the Commission issued a Notice of Application and Notice of Modified
Procedure setting comment deadlines. Order No. 37077. No public comments were filed. On July
16, 2026, Commission Staff ("Staff') filed comments. The Company did not file any reply
comments.
Based on our review of the record,the Commission now issues this Final Order approving
the Amendment to the PPA between the Company and Seller for the Neal Hot Springs geothermal
project.
THE APPLICATION
The Company's proposed Amendment to the PPA provides pricing for January 1, 2037,
through the completion date of the agreement's initial 25-year term on February 28,2038,a period
that was omitted from the current pricing schedule. Application at 1-3. The Company and the
Seller agreed upon 2037 and 2038 pricing as determined by applying an escalation rate consistent
with that used to establish pricing for the preceding years. Id. at 3. The Company states that the
Amendment would have no material effect on other agreement terms, including performance
requirements.Id. at 1.
STAFF COMMENTS
Staff reviewed the Application. Because the proposed pricing for 2037 and 2038 is based
on the average of the annual escalation rates of years 2034 through 2036, and the pricing reflects
the same 0.99% escalation rate as the originally intended escalation rate in Case No. IPC-E-09-34,
Staff believed that the proposed pricing aligned with the pricing structure used in the original PPA
ORDER NO. 37167 1

that the Commission approved through Order No. 31087. Staff Comments at 3. Therefore, Staff
recommends that the Commission approve the Company's proposed Amendment.Id.
COMMISSION FINDINGS AND DECISION
The Commission has jurisdiction over this matter under Idaho Code §§ 61-501, 61-502,
and 61-503. The Commission is vested with the power to "supervise and regulate every public
utility in the state and to do all things necessary to carry out the spirit and intent of the [Public
Utilities Law]."Idaho Code§ 61-501.The Commission is empowered to investigate rates,charges,
rules,regulations,practices,and contracts of public utilities and to determine whether they are just,
reasonable,preferential,discriminatory,or in violation of any provision of law,and to fix the same
by order.Idaho Code §§ 61-502 and 61-503.
Having reviewed the Application and all submitted materials,the Commission finds it fair,
just, and reasonable to approve the Amendment to the PPA between the Company and Seller for
the Neal Hot Springs geothermal project.
ORDER
IT IS HEREBY ORDERED that the Amendment to the PPA between the Company and
Seller for the Neal Hot Springs geothermal project is approved.
THIS IS A FINAL ORDER. Any person interested in this Order may petition for
reconsideration within 21 days of the service date of this Order regarding any matter decided in
this Order.Within 7 days after any person has petitioned for reconsideration, any other person may
cross-petition for reconsideration.Idaho Code § 61-626.
ORDER NO. 37167 2

DONE by Order of the Idaho Public Utilities Commission at Boise, Idaho this 16th day of
September 2026.
G
EDWARD LODGE, PR IDENT
J R. HAMMOND JR., COMMISSIONER
DAYN HA IE, COMMISSIONER
ATTEST:
do i a anchez
Commission Secretary
L\Legal\ELECTRICUPC-E-26-12_USG Oregon\orders\IPCE2612_finaljl.doex
ORDER NO. 37167 3