20181212Technical Hearing Exhibits Vol II.pdf

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a ORIGINAL CSB REPORTING
C e rtifted S h orth and Repo rters
Post Office Box9774
Boise,Idaho 83707
[e-mail]
Ph: 208-890-5198 Fax: l-888-623-6899
Reporter:
Constance Bucy,
CSR
BEFORE THE IDAHO PUBL]C UT]LITIES COMM]SSION
IN THE MATTER OF THE JOINT
APPLICATION OF HYDRO ONE L]M]TED
AND AVISTA CORPORATION FOR
APPROVAL OF MERGER AGREEMENT
CASE NOS. AVU-E-17-09
AVU-G-17-05
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BEFORE
COMMISSIONER PAUL KJELLANDER (Presiding)
COMMISSIONBR ERIC ANDERSON
COMMISSIONER KRIST]NE RAPER
PLACE:Commlssion Hearing Room
412 West Washington StreetBoise, Idaho
DATES: November 26 & 27, 20L8
VOLUMES I - IV - Pages 1 - 1,268
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ON BEIIAI,E OF AVISTA CORPORATION
DAVID J. MEYER
VICE PRESIDENT AND CHIEE COUNSEL EOR
REGULATORY & GOVERNMENTAL AFFAIRS
P.O. BOX 3727
7477 EAST MISSION AVENUE
SPOKANE, WASHTNGTON 99220-3121
TELEPHONE: [phone]
FACSIMILE: [phone]
DAVI D. MEYERGAVISTACORP . COM
ON BEIIAIF OE HYDRO O![E LIMITED
EL]ZABETH THOMAS, PARTNER
KARI VANDER STOEP, PARTNER
K&L GATES LLP
925 EOURTH AVENUE, SUITE 29OO
SEATTLE, WA 981014-1158
TELEPHoNE: [phone]
EACSIMILE: [phone]
LI Z . THOMASGKLGATES . COM
KARI . VANDERSTOEPGKLGATES . COM
BEFORE THE IDAHO PT'BLIC UTILITIES COMMISSION
IN THE MATTER OF THE JO]NT
APPLTCATION OF HYDRO ONE LIM]TED
(ACTING THROUGH ]TS ]ND]RECT
SUBSIDIARY, OLYMPUS EQUITY LLC)
AND
AVISTA CORPORAT]ON
FOR AN ORDER AUTHORIZ]NG PROPOSED
TRANSACT]ON
CASE NO. AVU-E_17_05
CASE NO. AVU-G-11_09
EXH]BIT NO. 11
SCOTT L. MORRIS
FOR AVISTA CORPORAT]ON
(ELECTR]C AND NATURAL GAS)
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ON BEIIALE OF AVISTA CORPORATION
DAV]D J. MEYER
VICE PRESIDENT AND CHIEF COUNSEL FOR
REGULATORY & GOVERNMENTAL AFEAIRS
P.O. BOX 3121
7411, EAST MISSION AVENUE
SPOKANE, WASHTNGTON 99220-3121
TELEPHoNE: [phone]
EACSIMILE: [phone]
DAVI D . MEYERGAVI STACORP . COM
ON BEIIAI,F OE HYDRO ONE LIMITED
EL]ZABETH THOMAS, PARTNER
KARI VANDER STOEP, PARTNER
K&L GATES LLP
925 FOURTH AVENUE, SUITE 29OO
SEATTLE, WA 981014-1158
TELEPHONE: [phone]
EACSIMILE: [phone]
LIZ . THOMASGKLGATES. COM
KAR] . VANDERSTOE P G KLGATES . COM
BEEORE THE IDAHO PT'BLIC UTII.ITIES COMMTSSION
IN THE MATTER OE THE JO]NT
APPLICAT]ON OE HYDRO ONE LIMITED
(ACTING THROUGH ITS ]ND]RECT
SUBSIDIARY, OLYMPUS EQUITY LLC)
AND
AV]STA CORPORAT]ON
FOR AN ORDER AUTHOR]Z]NG PROPOSED
TRANSACT]ON
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)case no. AVU-E-17-05
)CASE NO. AVU-G-71-09
EXH]BIT NO. 72
MARK T. TH]ES
EOR AV]STA CORPORATION
(ELECTRIC AND NATURAL GAS)
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SERVICES AND INDEMNITY AGREEMENT
This Services and Indemnity Agreement, dated as of [o], 2018 (this "Agreement"), is
among GSS Holdings (AGS), Inc. ("HoldCo"), a Delaware corporation, Global Securitization
Services, LLC ("Global"), a Delaware limited liability company, and Avista Corporation, a
Washington corporation (the "Company").
WHEREAS, HoldCo is an affiliate of Global;and
WHEREAS, HoldCo has been requested and has agreed to hold one share of limited
preferred voting stock (the "Share") to be issued by the Company.
NOW, THEREFORE, in consideration of the mutual promises herein contained, and
other good and valuable consideration, receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
Section l. HoldCo's Service.
(a) HoldCo agrees to hold the Share as provided subject to the rights and preferences
with respect to the Share as provided in the Amended and Restated Articles of Incorporation of
the Company dated as of [o], as may be amended from time to time (the "Company Articles")
and the Amended and Restated Bylaws of the Company dated as of [o], as may be amended
from time to time (the "Company Bylaws" and, together with the Company Articles, the
"Company Governing Documents").
(b) In consideration of HoldCo holding the Share pursuant to Section I (a) of this
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by the Company, the Company shall pay to Global a fee in the amount
of $5,000.00 per year for each year that the Share continues to be outstanding and held by
HoldCo. Such fee for the first year of this Agreement shall be due and payable by the Company
to Global upon the execution of this Agreement, and such fee for subsequent years shall be due
and payable by the Company to Global no later than each respective anniversary date hereof (the
"Payment Date"). Invoices in respect of such annual fee will be issued by Global by no later
than 30 days prior to the Payment Date during the term of this Agreement and sent to: Avista
Corporation, l4ll East Mission Avenue, Spokane, Washington 99220, Attn: Marian Durkin,
Senior Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer.
(c) HoldCo and Global hereby agree to maintain in strict confidence all information
regarding the Company and its affiliates, including without limitation, information regarding
transactions to which the Company or any of its affiliates is a party, except as may be required
by law to be disclosed.
(d) The Company shall reimburse Global for any reasonable, documented fees and
out-of-pocket expenses incurred pursuant to this Agreement customary for the type of
corporations formed in Delaware such as HoldCo. Such fees and expenses shall be payable by
the Company to Global within thirty (30) days of demand to the Company; provided that the
Company receives from Global an invoice therefor together with satisfactory evidence of such
fees and expenses.
Exhibit No. 12
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
M. Thies, Avista
Schedule 1, Page 1 of6
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(e) The Company agrees to inform HoldCo and Global, as necessary and in a timely
manner, of any information which is material with respect to any matter as to which HoldCo is
asked to vote in its capacity as the holder of the Share.
Section 2. Indemnification by Company.
(a) In consideration of HoldCo's service as the holder of the Share, recognizing that
the Company benefits from such service, and subject to Sections 2(b), 4, 5, 6 and 14, the
Company hereby agrees to indemnifu and hold HoldCo and Global (collectively, the
"lndemnitees") harmless from and against any and all claims, liabilities, losses, damages,
judgments, settlements, costs and expenses (including, without limitation, court costs and
reasonable attorneys' fees and disbursements) (individually, a 'o[.oss" and collectively, "Losses")
that the Indemnitees may sustain or incur as a result of (i) HoldCo's service as the holder of the
Share or (ii) any act or omission of HoldCo as the holder of the Share, irrespective of the time
when the claim giving rise to such Loss or Losses is assefted or when the amount of such Loss or
Losses is established, excluding however any Losses resulting from the gross negligence or
willful misconduct of any Indemnitee.
(b) Upon the Indemnitees' written verification to the reasonable satisfaction of the
Company of the amount and cause of any Loss or Losses incurred by the Indemnitees or either of
them, the Company shall pay each such Loss covered by this Section directly as and when due to
the Indemnitee entitled thereto.
Section 3. HoldCo and Global Representations. Warranties and Covenants. HoldCo
and Global represent and warrantthat HoldCo was incorporated on July 17,2018. HoldCo has
not engaged in any business other than in connection with its ownership of the Share and has no
other assets or liabilities other than this Agreement, the Share and its rights as a shareholder
under the Company Governing Documents. HoldCo and Global covenant that HoldCo will not
engage in any business activities and will not incur any liabilities other than pursuant to this
Agreement. HoldCo and Global covenant that HoldCo will not sell, assign, transfer, pledge,
hypothecate or otherwise convey the Share without the prior written consent of the Company and
in conformity with the Company Governing Documents. For as long as HoldCo owns the Share,
HoldCo and Global each covenant that HoldCo will remain duly qualified and in good standing
to do business in each jurisdiction in which the nature of HoldCo's business orthe ownership of
its assets and properties makes such qualification necessary other than in such jurisdictions
where the failure to be so qualified or in good standing would not, individually or in the
aggregate, reasonably be expected to have a material adverse effect on HoldCo. For as long as
HoldCo owns the Share, HoldCo and Global each covenant that it will not dissolve, liquidate or
wind-up HoldCo.
Section 4. Duty to Defend: Advance of Expenses. If any judicial or administrative
proceeding, or threatened proceeding, including any government investigation, whether civil
criminal or otherwise (individually, an "Action" and collectively, "Actions"), is asserted,
commenced or brought against the Indemnitees, or any of them, for which the Indemnitees may
be indemnified by the Company pursuant to Section 2(a), the Company shall have the right (in
its sole discretion) to retain and direct counsel to defend such Action, and shall permit the
Indemnitees to monitor the defense thereof. The Indemnitees shall cooperate fully with the
Exhibit No. 12
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
M. Thies, Avista
Schedule 1, Page 2 of6
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Company and with such counsel in such defense. The Company shall assume responsibility for
all reasonable fees and disbursements of such counsel.
Section 5. Reimbursement by Indemnitees. The Indemnitees hereby agree that if it is
determined that the Indemnitees, or any of them, are not entitled to indemnification pursuant to
the provisions of Section 2(a) and the Company shall have paid any amounts to or on behalf of
such Indemnitees, then promptly after such determination shall have been made, the Indemnitees,
orthose of them not entitled to indemnification as aforesaid, shalljointly and severally repay all
amounts paid by the Company to or on behalf of the Indemnitees in connection with all matters
as to which it has been determined that such Indemnitees are not entitled to indemnification.
Section 6. Notice of Claims: Settlements.
(a) If the Indemnitees, or any of them, receives complaints, claims or other notices of
any actions, Losses or other liabilities that may give rise to indemnification under Section 2, the
Indemnitees shall promptly notify the Company in writing of each such complaint, claim or other
notice; but the omission to so notiff the Company shall not relieve the Company from any
liability under this Agreement, except to the extent that the Company is prejudiced as a result of
such failure.
(b) The Company shall not be obligated to indemni$, the Indemnitees for any
settlements of any action or Losses otherwise covered by the indemnity provided hereunder that
are effected without the Company's prior written consent, which consent shall not be
unreasonably withheld.
Section 7. No Lawsuits. Except to the extent provided in Section 2(a) including, but
not limited to, to the extent of any gross negligence or willful misconduct on the part of an
Indemnitee or in connection with the enforcement of representations, warranties orcovenants set
forth in Section 3, the Company agrees that it will not assert, commence or bring any action
against the Indemnitees, or prosecute any lawsuit in state or federal court against the Indemnitees
on account of HoldCo's service as holder of the Share, or as a result of any act or omission by
the Indemnitees covered by the Company's agreement to indemni$, under Section 2.
Section 8. Notices. Any notice or other communication under this Agreement shall
be in writing and deemed given upon receipt by a party at its address set forth on the signature
page hereof or at such other address as such party shall hereafter furnish in writing.
Section9. Countemarts:Modification:Headings.
(a) This Agreement may be executed in any number of counterparts, each of which
shall constitute one and the same instrument, and any party may execute this Agreement by
signing any such counterpart. A signature to this Agreement transmitted electronically shall
have the same authority, effect and enforceability as an original signature.
(b) No modification of this Agreement shall be binding unless executed in writing by
the parties hereto or their respective successors and permitted assigns.
Exhibit No. '12
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
M. Thies, Avista
Schedule 1, Page 3 of6
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o (c) Section headings are not part of this Agreement, but are solely for convenience of
reference and shall not affect the meaning or interpretation of any provisions of this Agreement.
Section 10. Successors and Assigns: Sole Benefit. This Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective heirs, executors,
administrators, successors and assigns. Nothing expressed or referred to herein is intended or
shall be construed to give any person other than the Company or the Indemnitees and the
Indemnitees' heirs, executors, administrators, successors and assigns any legal or equitable rights,
remedies or claims under or with respect to any provisions of this Agreement. Subject to Section
16, no party hereto may assign its obligations under this Agreement without the prior consent of
the other parties hereto.
Section I l. Agreement Not Exclusive. The right to indemnification provided to the
Indemnitees under this Agreement shall be independent of, and neither subject to nor in
derogation of, any other rights to indemnification or exculpation to which HoldCo or Global may
be entitled, including, without limitation, any such rights that may be asserted under any other
agreement, applicable corporate law, the Company Governing Documents or any other contract
or insurance.
Section 12. Costs of Enforcement. The Company shall pay all reasonable,
documented costs and expenses incurred by the Indemnitees in the enforcement of their rights
under this Agreement, including, without limitation, all reasonable court costs and attorney's
fees.
Section 13. Severability. If any provision of this Agreement, or the application
thereof to any person, place or circumstance, shall be held by a court of competent jurisdiction to
be invalid, unenforceable or void, the remainder of this Agreement and such provisions as
applied to other persons, places and circumstances shall remain in full force and effect.
Section 14. No Violation of Law. The Company shall be relieved of any obligation to
make payment of an amount to an Indemnitee pursuant to the terms of this Agreement if
payment of such amount would constitute a violation by the Company of applicable law or
regulation, but only so long as, and only to the extent that, such payment constitutes such a
violation.
Section 15. Governinq Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without reference to applicable
principles of conflict of laws. The parties hereto irrevocably (a) submit to the non-exclusive
jurisdiction of any New York State court sitting in New York City or the United States District
Court for the Southern District of New York in any action or proceeding arising out of or relating
to this Agreement, (b) waive, to the fullest extent they may effectively do so, any defense based
on inconvenient forum, improper venue or lack of jurisdiction to the maintenance of any such
action or proceeding, and (c) waive all right to trial by jury in any action, proceeding or
counterclaim arising out of this Agreement or the transactions contemplated hereby.
Exhibit No. 12
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
M. Thies, Avista
Schedule '1, Page 4 of 6
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Section 16. Prior Approval. This Agreement (and any rights or obligations hereunder)
may not be assigned by HoldCo or Global to any party without the prior approval of any such
assignee by any applicable state utility regulatory authority with jurisdiction over the Company.
Section 17. Termination. Except as otherwise specified, this Agreement shall be in
full force and effect from the date hereof until it is terminated by the parties in accordance
herewith. This Agreement may be terminated by any party upon thirty (30) days prior written
notice of termination to the other parties; provided that no termination of this Agreement shall be
effective until a replacement holder of the Share has been appointed and consented to by the
Company and any applicable state utility regulatory authority with jurisdiction over the
Company. In the event of a termination of this Agreement by Global or HoldCo, Global or
HoldCo shall provide a pro rata refund of the annual fee paid in advance for the year in which
such termination is effected.
Section I 8. Survival. The provisions of this Section I 8 and Sections 1(c), 2, 4, 5, 6, 7,
11, 14, 15 and the last sentence of Section 17 shall survive termination or expiry of this
Agreement.
[Signature Page Follows]
Exhibit No. 12
Case Nos. AVU-E-1 7-09/AVU-G- 1 7-05
M. Thies, Avista
Schedule 1, Page 5 of6
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o IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
executed by its duly authorized officers, as of the day and year first above written.
GSS HOLDINGS (AGS), INC
By
Name:
Title:
Address
GLOBAL SECURITIZATION SERVICES, LLC
By:
Vice President
68 South Service Road, Suite 120
Melville, NY I 1747
Name:
Title:
Address:
Kevin P. Bums
President
I l4 West 47th Street, Suite 23 l0
New York, NY 10036
AVISTA CORPORATION
Name:
Title:
Address:l4l I East Mission Avenue
Spokane, W A 99220
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Exhibit No. 12
Case Nos. AVU-E-'l 7-09/AVU-G-'l 7-05
M. Thies, Avista
Schedule 1, Page 6 of6
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ON BETIATF OE AVISTA CORPORATION
DAVID J. MEYER
VICE PRES]DENT AND CHIEF COUNSEL FOR
REGULATORY & GOVERNMENTAL AFFAIRS
P. O. BOX 37 2'7
I47I EAST MISSTON AVENUE
SPOKANE, WASHTNGTON 99220-312'l
TELEPHoNE: [phone]
EACSIMILE: [phone]
DAV] D . MEYERGAVI STACORP . COM
ON BEIIALE OE HYDRO ONE LIII{ITED
ELIZABETH THOMAS, PARTNER
KARI VANDER STOEP, PARTNER
K&L GATES LLP
925 FOURTH AVENUE, SUITE 29OO
SEATTLE, WA 981014-1158
TELEPHONE: [phone]
FACSIMILE: [phone]
LIZ . THOMASGKLGATES. COM
KAR] . VANDERSTOEP GKLGATES . COM
BEFORE THE IDAHO PT'BI.IC UTII,ITIES COMMISSION
IN THE MATTER OF THE JO]NT
APPLICATION OF HYDRO ONE LIMITED
(ACT]NG THROUGH ITS ]NDIRECT
SUBSIDfARY, OLYMPUS EQUITY LLC)
AND
AVISTA CORPORATION
FOR AN ORDER AUTHOR]Z]NG PROPOSED
TRANSACTION
CASE NO. AVU_E-17-05
CASE NO. AVU_G-71-09
EXHIBIT NO. I4
BRUCE E. HOWARD
FOR AVISTA CORPORATION
(ELECTRIC AND NATURAL GAS)
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State of Itlaho
DEPARTMBNT OT WATER RESOURCES
322 f,ast [rront Strret . P.O. Box E3?2(l . Bolse, Idaho E3:20-0tt9E
Phone: (208) 28"-{800 . Fexl (208) 28?-6?00 . We bslte: sww.ldwr.tdaho.ov
CL SUTCIIi OTTERGcrdDr CANY SPACIC\,IAN
Ilrt(lr
Augr.rst 10,20lE
Transmitted Via Hand Delivery od by E-mail
Paul Kjellander, President
Kristine Raper, Commissirrner
Eric Anderson, Commissioner
CiO Diane Hanian, Commission Secretary
Idaho Public Utilities Commission
472W. Washington St.
Boise, Idaho 83702
Re: CaseNos. AVU-E-17-09 and AVU-G-I7-05
Dear Commissionen,
I am writing to update you regrrding discussions between the ldaho Department of Water
Resources (*IDWR') and Avista Corporation ("Avista ). Since early 201t, IDWR and Avista have been
discussing Avista's water right claims in the Coeurd'Alene-Spokane River Basin Adjudication
("CSRBA"). The main focus of our discussions has been Avista's hydropower water rights at the three
dams and power plurt at Post Falls ("Post Falls dam"). The State of Idaho has a history of disputes over
hydropower water rights. The Swan Falls contnoveny of the early l9t0s involving ldaho Power's
hydropower waterrights at Swan Falls dam led to the commqrcement ofthe Snake River Basin
Adjudication ('SRBA') in 19E7. Litigation in the SRBA related to Idaho Power's Swan Falls water
rightsdidnotconcludeuntil20l2. AmainncasonforengagingwithAvistaearlyintheCsRBAwasto
avoid extended litigation over Avista's hydropower water rights, especially over the issue of
subordination to existing and futurc water rights.
In July of 201t, IDWR was notified of lhe Joint Applicationfor an Order Autlprizing Proposed
Trasrction (5oint Application") filed with the ldaho Public Utilities Commission ('PUC) by Avista
and Hydro One Limited ("Hydro One"). Thc Joint Application sought the PUC's approval of a planncd
melger betwcen Avista and Hydro One pursuant to Idaho Code $ 6l-32t. Immediately, IDWR was
concerned the merger would disrup the adjudication claim discussions and might impede or prevent
resolution of the issues. Furdrermore, IDWR was conccmed the merger could result in a cbange in the
use of water authorizsd by Avista's hydropower water rights. To ensurc that the public interest, as it
pertains to Avista's use of water under its hydropower watcr rights, would not be adversely affected,
IDWR moved to intervene in thc PUC proceeding. The PUC subsequcntly granted IDWR's petition to
intervene.
Whilc IDWR's petition to intervene was pending before the PUC, IDWR and Avista continued
discussing Avista's hydropower water rights at Post Falls dam. We are pleased to inform you that IDWR
and Avista reached an agreement that addrcsscs IDTTVR's conccrns. Spccifically, IDWR and Avista have
Fi
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Exhibit No. 14
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
B. Howard, Avista
Schedule 1, Page 'l of '11
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August 10,2018
Letter to Commissioners
Page 2
reached an agreement regarding subordination of Avista's water rights consistent with the historical
operations at Post Falls dam. IDWR and Avista have agreed that Avista's water right claim nos. 95-451E,
95-91 15, and 95-91 l9 shall be recommended in the CSRBA with the following subordination language:
The use of water confirmed in this right shall be junior and subordinate to permits, licenses, or
decrees for all uses within the State of Idaho with a priority date of, or earlier than, July 25,201E,
diverted upstream from all three points of diversion for this right.
The use of water confirmed in this right shall be junior and subordinate to permits, licenses, or
decrees for all uses, except for permits, licenses, or decrees for irrigation storage or power
purposes, within the State of Idaho with a priority date later than July 25, 201E, diverted upstr€am
from all three points ofdiversion for this right.
The use of water confirmed in this right shall not be subordinate to permits, license, or decrees
within the State of Idaho diverted downstrram from all three points of diversion for this right.
The agreemert ensur€s that the public iuterest, rs it relatcs to Avista's wrter ttse puruuant
to itt water rightr, will not be adversely efTected by the proposed transaction between Avisto and
Hydro One. The agreement safeguards existing and future water users from changes in historical
operations, helps protect the sumrner lake level of Coeur d'Alene Lake, and supports the ongoing
operations of Post Falls dam in a manner consistent with prior agreements and the Idaho Departnent of
Environmental Quality 40 I Certification.
A copy of the agreement between IDWR and Avista is attached to this letter. To ensure
documentation of the agreement before the PUC, IDWR requests that if the PUC approves the pending
transaction between Avista and Hydro One, the PUC include the agreement as an attachment or exhibit to
any such order so that the resolution of this issue is documented in the order.
Sincerely,
Director
Attachment; Agreement Regarding Subordination of Avista's Post Falls Hydroelectric Faciliry Water
Rights
Cc: Allparties
Exhibit No. 14
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
B. Howard, Avista
Schedule'l,Page2of 11
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CERTIFICATE OF SERVICE
I HEREBY CERTIFY that on this l0s day of August 2018, I served a true and correct
copy of the foregoing document on the following by the method(s) indicated.
IDAHO PUC
Idaho Public Utilities Commissioners
CiO Diane Hanian
Commission Secrctary
Idatro Public Utilities Commission
472W. Washington St.
Boise, Idaho t3702
diane.holt@puc. idaho. gov
trE U.S. Mail, postagc prepaid
Hand Delivery
Ovemight Mail
FacsimilcE erruit
AVISTA CORFORATION
David Meyer
Vice Prcsident and Chief Coursel of
Regulatory & Govemmental AJfairs
Avista Corporation
P.O.Box3727
Spokane, WA99220-1727
Dav id. meyer@av istacorp.conr
trtr U.S. Mail, postage prepaid
Hand Delivcry
Ovcrnight MEil
Facsimile
trtrB Bmail
Patrick Ehrbar
Director of Rates
State & Federal Regulation
Avista Corporation
patrick. [e-mail]
Elisabettr Thomas
Kari Vander Stoep
Dirk Middents
K&L Gates LLP
925 Fourth Avenue, Suite 2900
Seattle, WA 98104-1158
I iz.thomas@k I eates.com
kari. vanderstoep@kl eates.com
d i rk.m iddents@kl sates.com
Ja:nes Scarlett
Executive Vice President & Chief
Legal Officer
Hydro One Limited
i scarlettdh vdroone.com
HYI'RO ONE LIMTTED
D u.s. Mail, postage prcpaid
I Uana Deliveryfl OvcmightMail
U.S. Mail, postage prepaid
Hand Dclivcry
OvemightMail
Facsimile
Email
Facsimile
Email
U.S. Mail, postage prepaid
Hand Dclivcry
OvemightMail
Frcsimile
Email
trtrtrtrtr
trE
trtrtrtr
Exhibit No. 14
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
B. Howard, Avista
Schedule 1, Page 3 of 'l 1
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Brandon Karpen
Deputy Attomey General
Idaho Public Utilities Commission
472W. Washington
P.O. Box 83720
Boise,ID 8372C'0074
brandon.karpen@puc. idaho. gov
Ronald Williams
Williams Bradhry, PC
P.O. Box 388
Boise,ID 83701
ron(CIu,i I I iamsbradbun'.com
Larry A. Crowley, Director
The Energy Strategies lnstitute, Inc.
5549 S. Cliffsedge Ave.
Boise,ID E3716
[e-mail]
Dean J. Miller
deani m i I Ier/n)cableone. net
Peter J. Richardson
Richardson Adarns, PLLC
515 N. 276 St.
Boise,ID 83702
oelerO ric hardsonadam s. com
Ih. DonReading
5070 Hill Road
Boise,ID 83703
[e-mail]
carol. hauenfAc learwatemaper.com
[e-mail]
j ohn j acobs@c learwatemaper. com
david.wren(Dclearwateqraper.cont
[e-mail]
COMMISSION STAFF
trtr
U.S. Mail, postagc prepaid
Hand Delivcry
Ovemight Mail
Facsimilc
Email
Ovcmight M.il
Facsimile
Email
Hand Delivcry
Overnight Mail
Facsinile
Email
U.S. Mail, postage prc"aid
Hand Delivery
Ovemight Mail
Facsimile
Email
U.S. Mail, postage prepaid
Hand Delivery
OvemightMail
Facsimile
Emdl
IITAHO FOR.EST GIIOUP, LI.c
I u.S. Mail, postagc prepaid
E Hana Delivery
Etrtrtrtr
U.S. Mail, postage prepaid
Hand Delivery
OvemightMail
Facsimile
Email
fl u.s. Itlail, postagc prepaid
CLEARWATER PAPER, CORFON,ATION
trDtra
[t enait
E emait
El emait
I Email
Email
atrtrtrE
atrtrtrB
tr
Exhibit No. 14
Case Nos. AVU-E-1 7-09/AVU-G-17-05
B. Howard, Avista
Schedule 1, Page 4 of 11
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CO}TMI.}NITY
Brady M. Purdy
Atlorney at Law
2019N. rP sr
Boise,ID E3702
bmnurdv6hotntail.com
ACTION PARTNERSHIPE ASSOCIATION OF IDAHO
U.S. Mail, postage prepaid
Hurd Dclivery
Ovcrnight Mail
Facsimile
Email
trtrtra
IDAHO CONSERVATION LEAGUE
Benjamin J. Otto
Idaho Consenation League
710 N. 66 St.
Boise, ID 83702
bottot'didahoconservat ion. org
Entrtra
U.S. Mail, postage prepaid
Hand Delivery
Overnight Mail
Frcsimilc
Email
WASHINGTON AND NORTHERN IDAHO DISTRICT COUNCIL OF LABORERS
Daniel le Franco-Malone
Schwerin Campbell Barnard
Iglitzin & Lavitt LLP
18 West Mercer Street, Suite 400
Seat0e, WA 98119-3971
franco/, Oworkerl aw. c om
aDtrtra
U.S. Mail, posbge prepaid
Hurd Delivery
Overnight Mail
Facsimile
Email
o Nomran M. Semanko
Parsons Behle & Latimer
800 West Main Steet, Ste. 1300
Boise, Idaho 83702
nsemanko@oarsonsbeh le.conl
AVISTA CUSTO}TER GROTJP
El u.s. Mail, postagc prcpsidtrtrtrtr
Hand Delivery
Ovcrnight Mril
Facsimilc
Email
L. Baxter
Exhibit No. 14
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
B. Howard, Avista
Schedule 1, Page 5 of 11
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Agreement Regarding Subordination of Avista's Post Falls Hydroelectric Facility Water Rights
Purpose
This Agreement, reached between Avista Corporation, a Washington corporation ("Avista") and the
ldaho Department of Water Resources ("lDWR") (collectively the "Parties), is intended to capture the
mutual understanding of the Parties regarding subordination of Avista's Post Falls water rights, of record
with lDWR as Avista's claim nos. 95-4518, 95-9115, and 95-9119 (hereafter "Avista's water riEhts"). This
Agreement guides the Parties' actions in settings including, but not limited to, the Coeur d'Alene-
Spokane River Basin Adjudication ("CSRBA") and the currently pending proceeding before the ldaho
Public Utilities Commission ("PUC") related to the proposed merger of Avista and Hydro One Limited
(acting through its indirect subsidiary Olympus Equity tLC)("Hydro One").
This Agreement is built upon several interests of the Parties:
r To protect the summer lake level of Coeur d'Alene Lake;
r To ensure the public interest, as it relates to the use of water by Avista, will not be adversely
affected by the proposed transaction between Avista and Hydro One; and
r To support the ongoing operations of the three dams and power plant at Post Falls ("Post Falls
dam") in a manner consistent with prior agreements and as referenced by the ldaho
Department of Environmental Quality tl01 Ceftification ("401 Certification") for Post Falls dam
and the Federal Ener6y Regulatory Commission's License for the Spokane River Project #2545
("rERC license").
Subordination of Avista's water rights
Ihe Parties agree that Avista's water rights are subordinated consistent with the following language, and
the following language will be included in the 6RBA claims for Avista's water rights and will be
incorporated in IDWR's recommendations of Avista's water rights in the CSRBA Director's Report for
Basin 95 ("Directo/s RePort"):
The use of water confirmed in this right shall be junior and subordinate to permits,
licenses, or decrees for all uses within the State of ldaho with a priority date of, or
earlier than, July 25, 2018, diverted upstream from all three points of diversion for this
right.
The use of water confirmed in this right shall be junior and subordinate to permits,
licenses, or decrees for all uses, except for permits, licenses, or decrees for irrigalion
storage or power purposes, within the State of ldaho with a priority date later than July
25,2OL8, diverted upstream from all three points of diversion for this right.
The use of water confirmed in this right shall not be subordinate to permits, license, or
decrees within the State of ldaho diverted downstream from all three points of
diversion for this right.
Agreed Actions by the Parties
1. Upon both Parties' signature to this Agreement, IDWR will convey to the PUC a copy of this
Agreement along with a letter stating that if the PUC approves the pending transaction between
Avista and Hydro One, the PUC shall reference this Agreement in any such order. The letter will
1
Exhibit No. '14
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
B. Howard, Avista
Schedule 1, Page 6 of 1 I
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also explain that with this Agreement, IDWR is satisfied that the proposed merger, with respect
to Avista's water rights, will not be adverse to the public interest;
2. Avista will not object to the terms of subordination described above which will be included in
the Directo/s Report for Avista's water rights, and will support those terms in the CSRBA;
3. The Parties agree on dismissal or withdrawal, as appropriate, of Avista's federal water right
claims in the CSRBA, numbered 95-16653 and 95-16664; and
4. Avista also owns certain water rights for power purposes at Cabinet Gorge dam, of record with
IDWR as water right nos.95-4565, 96-2L79,95-2180, and96-2269. IDWR and Avista agree to
work, in good faith, toward reaching an agreement regarding subordination of Avista's water
rights at Cabinet Gorge dam.
General Terms
1. Consideration. The Parties acknowledge receiving sufficient consideration for the commitments
contained in this Agreement and waive any argument that they might have in any judicial
proceeding that no consideration exists to support this Agreement or that the consideration
received is not sufficient.
2. Binding Effect of Asreement. This Agreement is intended to be a final and binding agreement
between IDWR and Avista, jointly and severally, and inures to the benefit of, and is binding
upon, the successors in interest and assigns of each entity. The Parties further agree that this
Agreement is not contingent upon approval of the pending PUC merger case between Avista
and Hydro One.
3. CapacitvtoExecuteAqreement. ThePartieswarrantandrepresentthatthepersonexecuting
this Agreement on its behalf is empowered to do so and thereby binds it by signing this
Agreement.
4. Waiven. The failure to object to any breach of 3ny term or condition in this Agreement shall
not constitute a waiver, and no failure to object shall be deemed a waiver of any prior or
subsequent breach.
5. Entiretv of Aqreement. This Agreement represents the entire and integrated agreement
between the Parties with respect to the subject matter hereof. No promise or inducement has
been offered or made except as herein setforth, and this Agreement is executed by each party
without reliance upon any statement or representation by any other party or its agent.
6. Modification. To the extent this Agreement may be amended or modified, it shall be only by a
written agreement signed by each of the parties to this Agreement.
7. Dispute Resolutio-0. The Parties agree to meet and discuss informally, in good faith, before filing
an action arising from the Agreement.
8. Execution of Asreement in Parts. Due to time constraints, the parties acknowledge that it is not
possable to have all Parties sign the same copy of this Agreement, Therefore, the parties agree
that this Agreement may be executed in any nurnber of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.
2
Exhibit No. '14
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
B. Howard, Avista
Schedule 1, Page 7 of 1 1
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9. Sirn*ures. ln witness whercof, the parths to this Agreement through thelr duly authorizcd
representathres have executed thls Agreement and certlfy that they have read, understood, and
agreed to the terms and condltions of thls Agreement as set forth hereln.
Agreed to, the 256 of .tuly, 2018.
Avista Corp
Bruce Howard, Sr. Dlrector
Real Estate and Environmental Affain
For IDWR
Gary Spackman, Director
ldaho Department of Water Resources
o 3
Exhibit No. 14
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
B. Howard, Avista
Schedule 1, Page 8 of 11
o
ACKNOWITDGEMENTS
srArE oFtx)*,|.,ir*r{o.
couNrY orXo(o,^a-
ss.
Cr
A personally appeared
of Avista Corporation, known or ldentified to me to
be the person who executed theforegoing lnstrument on behalf of Avista Corporation, and he/she
acknowledged to me that he/she executed the same.
NOTARY
Residing at:
My commission explres:?
STATE OFo )
) ss.
)COUNWOF
On this
-
day of July,20t8, before me,
-
,
A notary puHic of the State of ldaho, personally appeared GARY SPACKMAN, the Director of the ldaho
Departmem of Water Resources, known or identlfied to me to be the person who executed the
foregoing lnstrument on behalf of the ldaho Department of Water Resources, and he acknowledged to
me that he executed the same.
NOTARY PUBTIC
Residlng at:
My commission expires
4
Exhibit No. '14
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
B. Howard, Avista
Schedule '1, Page 9 of 11
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9. Slenrturcs. ln whness whcrcof, th. partl$ to thls Agreement throuah thalr duly authorized
ruprBentatlyEs hana exacutcd this AlrccBncnt and certfy that they hanc rrrd, urderstood, end
agrecd to the tcrms rnd condltlons of thlr Alrecrncnt ar set forth hcrcln.
A3recd to, the 25s ofJuly,2018.
For Avlste Corp
Bruce liowrrd, Sr. Dituctor
Rcel Btatr ard Envlmnmental Afieirs
For
Gary Dlrcctor
ldaho Department of Water Resources
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Exhibit No. 14
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
B. Howard, Avista
Schedule 1, Page 10 of 11
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ACTNOWLEDGEMEIITS
STATE OF
couNwoF
On this
-
day of July, 2018, before filc, . .
A notary public of the State of
-
personally appeared
of Avista Corporation, known or identified to me to
be the person who executed the fur€going instrument on behalf of Avista Corporation, and he/she
acknowledged to me that he/she executed the same,
NOTARY PUBLIC
Residing at:
My commission explres:
STATE OFHn,,
COUNWOF $dk-
On this.I$ayof Ju|y,2018, before me,i1 .-'.. A u:x'tr-
A notary public of the State of ldaho, pe rsonally appeared GARY SPACKMAN, the Director of the ldaho
Department of Water Resources, known or identified to me to be the person who executed the
foregoirg instrument on behalf of the ldaho Department of Water Resources, and he acknowledged to
me that he executed the same.
tl
-A ,r.
NOTARY PUBI.IC
Reslding at: ?)c,rr.o-- X<urxo-
My comm issiJn eipirisi c' {* b".:-"tr
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Exhibit No. 14
Case Nos. AVU-E-17-09/AVU-G- l 7-05
B. Howard, Avista
Schedule '1, Page 1'1 of 1'l
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D,{I'1D H. LEROY David Meyer, General Counsel,iII'R\E) A.TLA\'^'Avista Corporation
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P.O.Box3727
Spokane, WA99220-3727
October 16,2010
ENGAGEMENT LETTER
Dear David:
This letter will confirm that Avista Corporation has engaged this Office to provide an
independent legal opinion as to whether the provisions of Idaho Code Section6l-327 apply to,
prevent or permit the transaction pending before the Idaho Public Utilities Commission upon the
Joint Application For an Order Authorizing Proposed Transaction filed September 24,20i8 in
Cases Numbered AVU-E-I7 and AVU-G-17-05. Drawing upon my background of 47 years as a
public and private lawyer in this jurisdiction, I will consult all relevant sources, including but not
limited to PUC filings, transcripts and orders, statutory language, legislative history and case
authorities, as well as negative and positive public commentary to timely render a written opinion
in the standard format used by this office for such questions.
For this service, I will bill at the rate of $400 per hour, with paralegal services at $ 150 per
hour. I will not request an advance retainer at this
copy of this letter, that these te'rms are agreeable.
Please confirm by a signed, retumed
David H.
Agreed, Avista Corporation, by
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 1, Page 1 ofl
Empha.rizing Criminal Defense, Divorce, Trials and Govenunent Law
PO. Box 193, Boise, Idaho 83701 [phone] FAX [phone]
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DA\,'IDH.LEROY ATTORNEY AT LA\17
LEGAL OPINION OF DAVID H. LEROY
TO: DAVID MEYER,COL]NSEL FOR REGULATORY AND GOVERNMENTAL
AFFAIRS, AVISTA ORATION, SPOKANE, WASHINCTON
FROM: DAVID H. LEROY, ATTORNEY AT LAW, BOISE, IDAHO
DOCUMENT: LEGAL OPTNION REGARDING THE APPLICATION AND
INTERPRETATION OF IDAHO LAW
DATE: OCTOBER 26,2018
QUESTION PRESENTED:
Do the provisions of Idaho Code Section 6l-327 respecting the prevention of the transfer
of electric power facilities to any out of state government or municipal corporation or subdivision
thereof require the Idaho Public Utilities Commission to deny the Application of Hydro One
Limited and Avista Corporation proposing the sale of Avista to Hydro One, a Canadian investor
owned, publicly traded corporation, through a wholly owned subsidary, Olympus Equity, LLC, a
Delaware corporation, as Avista continues to be a Washingon state corporation under the
jurisdiction and regulatory control of the Idaho Public Utilities Commission?
ANSWER:
No. The provisions of ldaho Code Sectio\61-327 do not apply to the proposed
transacfion. The words of the statute refer to states of the United States and do not prevent
minority shareholding by a Canadian Province of a parent company of the Avista utility. The
legislative history of the statute also demonstrates that the entities which were intended to be
prohibited from owning Idaho electric power facilities were municipal public utility districts
based in neighboring states, such as Washington. Because neither Hydro One nor Olympus
Equity, LLC not Avista is such an entity, nor a goverrrment entity at all, the transaction complies
with the requirernents for approval.
AUTHOzuTIES AND MATERIALS CONSULTED
Page I Exhibit No. 15
Case Nos. AVU-E-1 7-0g/AVU-G- 1 7-05
D. Leroy, Leroy Law
Schedule 2, Page 1 of '16
Emphasizing Criminal Defense, Divorce, Trials and Govemnrent lttw
P.O. Box 193, Boise, Idaho 83701 [phone] FAX [phone]
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A. ADMINISTRATIVE SOURCES
1. The Joint Application For an Order Authorizing Proposed Transaction in Case
Number AVU-E-17-09, AVU-G-17-05 with 9 Appendices thereto, September 24,2018
2. T\e Supplernental Testimony of K. Collins Sprague for Avista Corporation before the
Idaho Public Utilities Commission, September 24,2018
3. Transcript of Public Hearing before the Idaho PUC, Sandpoint, Idaho June 13,2018
4. Transcript of Public Hearing before the Idaho PUC, Coeur d' Alene, Idaho, June 14,
201 8
5. Transcript of Public Hearing before the Idaho PUC, Moscow, Idaho, June i2, 2018
6. Decision of the Idaho PUC, ln Re PacifiCorp, Case No.PAC - E-99-1 April 15, 1988
7. Arder Number 22468 of the Idaho PUC, ln the Matter of Idaho Power Company,
seeking to Migrate Case IPC - E - 89-3, April 1, 1989
8. Decision of the Idaho PUC, In Re Idatro Power, Case No. IPC-E-92-9, Order No.
24676, January 27, 1993
9. Order Number 25241of the Idatro PUC, In Re Application of Idaho Power for
Authority to Sell, Case No. DC-E-93-20, November 1, 1993
10. Final Order 28213 of the Idaho PUC, Joint Application of PacifiCorp and Scottish
Power, PLC, CaseNo. PAC-E-99-1 November 15, 1999
11. Final Order 28505 of the Idaho PUC, In Re United Water Idaho Inc., Case No.UWI -
W-00-1, September 5, 2000
12. Decision of the Idaho PUC, In Re Transfer and Sale of Assets to the United States
Department of Justice, Federal Bureau of lnvestigation Order No.33501 April 13, 2016
13. Avista and Hydro One Joint Comments ln Support Before the ldaho PUC, filed June
20,2019
B. LEGISLATTVE HISTORY
1 . Journal of the Idaho House of Represantatives, January 22, l95l , page 7 5
2. Journal ofthe Idaho State Senate, January 22,l95l,page78
Exhibit No. 15
Case Nos. AVU-E-I 7-09/AVU-G- 1 7-05
D. Leroy, Leroy Law
Schedule 2, Page 2 ol 16
o Page2
o 3. Session Laws 1951, Chapter 3, Section l,page 4
4. Report of the Attorney General of Idaho, 195l-1952 "The Washinglon Water Power
Case," pages 10-11
5. The Idaho Statesman, Boise, Idaho "Bill Passes Banning Public Utility Sales to
Governmental Agencies" January 23,1957,page 6
6. Session Laws 1982, Chapter 7, Section 1, page 10
C. COLIRT CASES AND RELATED DOCUMENTS
1. Idaho Power Company v. State. By and Through the De,partment of Water Resources.
et al, 104 Idaho 515, 661 P 2d741 (1983)
2. Cross-Appellant's Brief of the Public Utilities Commission, filed December 11, 1980,
in the above case.
3. Brief of Respondents Mud Flat Canal Company, et al, filed March 17, 1981 in the
above case.
4. Thompson v. State,2018 W1944 (Id Ct App)
5. KGF Development. LLC v. Citv of Ketchum, 149 Idaho 524,236P 3d 1284 (2010)
6. U.S. v. Pauler, 857 F 3d 1073 (USCCA 10'h Ctu, 2017)
7. U.S. v. Corr , 543 Fzd 1042 (USCCA 2'd Cir, 1976)
8. In Re Decision on Joint Motion to Certifu Question of Law to the Idaho Suprerne
Court. 2018 WL 472145 (Id. Sup Ct.)
D. STATUTES
1. Idaho Code Section6l-327
2. Idaho Code Section26-2702(8), definition of "control"
3. Idaho Code Section 30-1701 (8), definition of "control"
E. OTHER SOURCES
1. Letter of the Idaho PUC to Jonathan Katz, Secretary, U.S. Security and Exchange
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-'l 7-05
D. Leroy, Leroy Law
Schedule 2, Page 3 of 16
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Commission re: PacifiCorp and Scottish Power, PLC Merger, February 4,2000
2. Black's Law Dictionary, 10e Edition (2014)
ANALYSIS AND OPINION
I.
THE STATUTE AT ISSUE
ln pertinent parts, Idaho Code 6l-327 provides:
"Section 6l-327. ELECTRIC UTILITY PROPERTY - - ACQUISITION
BY CERTAIN PUBLIC AGENCIES PROHIBfTED - - No title to or
interest in any public utility property located in this state which is used
in the generation, transmission, distribution or supply of electric power or
energy to the public or to any portion thereof, shall be transferred or
transferable to or acquired by, directly or indirectly, by and means or
device whatsoever, any government or municipal corporation,
quasi-municipal corporation, or governmental or political unit, subdivision
or corporation, organized or existing under the laws of any other state; or
any person, firm, association, corporation or organization acting as trustee,
nominee, agent or representative for, or in concert or alTangement with,
any such government or municipal corporation quasi-municipal corporation,
or govemmental or political unit, subdivision or corporation; or any
company, association, organization or corporation, organized or existing
under the laws of this state or any other state, whose issued capital stock,
or other evidence of ownership, membership or other interest therein, or
in the properly thereof, is owned or controlled, directly or indirectly by
any such government or municipal corporation, quasi-municipal corporation,
or goverlmental or political unit, subdivision or corporation; or any company,
association, organization or corporation, organized under the laws of any
other state, not coming under or within the definition of any electric public
utility or an electrical organization as contained in chapter 1,
title 61, Idaho Code, and subject to the jurisdiction, regulation and control
of the public utilities commission of the state of Idaho under the public
utilities law ofthe state . . . . . . ".
THE IPUC HISTOzuC VIEW OF THE TEXT AND STRUCTURE OF THE STATUTE
ln a Cross-Appellant's Brief filed by the Idaho Public Utilities Commission (IPUC) in the
1983 Idaho Power Case, that state agency before whom this application is now pending, tracking
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G- 1 7-05
D. Leroy, Leroy Law
Schedule 2, Page 4 of 16
II,
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the law's text, segmented Idaho Code 6l-327 into three sections for discussion and analysis
purposes.
At page 50 of the Briet the Commission recounts that an operating properfy transfer by
any means whatsoever of title or interest to a utility company is covered by the statute. At page
51, the statutory focus on the class of entities to which such property MAY NOT be hansferred is
discussed. Per the Commission:
"This part of the section prohibits transfer of an electric utility's operating
property to any governmental or municipality entity or any entity organized
or controlled by a govemmental or municipality entity. It further prohibits
transfers in concert or arangement with any person or representative acting
for or representing a goverrrment or municipal corporation or govemmental
or political unit."
Finally at page 52, the Commission offers this conclusion as to one other class of
prohibited recipi ents :
"The final part of this section prohibits transfer of any interest of any electric
utility's operating property to an entity organized under the laws of any other
state unless that sntity is an electric public utility subject to thejurisdiction
of the Commission. This prohibition, like the prohibition against transfer of
operation property to governmental or political entities or in concert or
arrangement with govemmental or political entities or their representatives,
is absolute."
Over the intervening years, the IPUC has not further elaborated upon its view of this
statute, as far as is known. In a letter to the U.S. Securities and Exchange Commission dated
February 4,2000, over the signature of Stephanie Miller, Administrator of the Utilities Division,
the IPUC explained that a foreign utility company's acquisition of a locally managed utility
which did not compromise state retention of regulatory authority was acceptable to it. No
mention was made of Idaho Code 6l-327.
THE AVAILABLE LEGISLATTVE HISTORY OF IDAHO CODE SECTION 6I-327
The statute first saw construction as House Bill26 during the 1951 Regular Session of the
Idaho State Legislature. Although no committee notes or formal position papers or transcripts
are extant, four sources do give some background on the issue. The Report of the Attorney
General, 195l-1952 by Robert E. Smylie, pages l0-11, explains the necessity for the statute and
the legal aftermath which subsequently followed, thusly:
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G- 1 7-05
D. Leroy, Leroy Law
Schedule 2, Page 5 of 16
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"The 1951 Legislature enacted a statute which forbade acquisition by
a municipal corporation of another state of facilities for the generation
or transmission of electrical energy in ldaho. The statute was patently
aimed at preventing acquisition by Public Utility Districts of the State
of Washington of the operating properties of the Washington Water
Power Company located in North ldaho. The enactment of the statute
was productive of the most time consuming litigation in which the office
has been engaged in the period reported in this report. Our efforts were
directed at the problem of securing enforcement of the new statute.
The Washington Water Power Company was then a wholly owned
subsidiary of American Power and Light Company. ln7942,the
American Company had been ordered by the Securities & Exchange
Commission of the United States to divest itself of its operating
properties, including the Washington Company. In 1951, the
American Washington Company to the Washington State Public
Utility Districts. Certain citizens of the Public Utility Districts
undertook to restrain the purchase by the Districts on the ground that
acquisition of the Idaho properties by the Washington Districts was
beyond their power. The Washington State Courts so held and
enjoined the sale and purchase as then proposed.
Thereupon, we urged the Securities & Exchange Commission to
enforce its 1942 order of dissolution by taking mandatory action
against the American Company. We suggested that the proper
method of accomplishing a divestiture of the Washington Company
was by distribution of the Washington Company common stock to
the stockholders of the American Company, pro rata as their ownership
in the American Company appeared.
After a series of hearings the Securities & Exchange Commission
ordered that such divestiture occur not later than January 1,1952
unless plans were then in process of completion which would
effect some other disposition of the Washington Company. Just
prior to the deadline, the American Company filed a plan for another
sale of the Washington Company to the Public Utility Districts and to
an Idaho Corporation not yet formed. It developed that no contract of
sale had been entered into between the proposed pa(ies and that the
Idaho corporation, while non-profit in character, would in effect by
another holding company for the operating property. We felt
compelled to resist this plan and made appropriate representation to
the Securities & Exchange Commission. An order was entered setting
the American plan for sale and, the plan for divestiture by distribution
Page 6 Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G- 1 7-05
D. Leroy, LeroY Law
Schedule 2, Page 6 of 16
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down for hearing.
The Public Utility Districts thereupon sought a restraining order in the
U.S. Circuit Court of Appeals fo the Ninth Circuit against holding the
hearing. We joined the Securities Commission in seeking to have the
restraining order dissolved and the petition for review of the Commission's
action dismissed. The Court agreed with this position, dismissed the
petition for review and dissolved the restraining order. The Commission
thereupon ordered the hearing. The American Company then filed a plan
for distribution in accordance with our initial suggestion to the Commission.
That diskibution was finally accomplished on August?l, 1952 and the
Washington Company is now an independent operating utility, without
holding company control of any kind. The pu{poses of the 1 95 I statute
have been rendered effective. We entered the litigation at the Federal
administrative level in order to avoid long, difficult and costly litigation
in our own State Courts, and in the several United States Courts."
The action by the Idaho Legislature in reaction to the perceived utility sale threat was
compressed into a single day 67 years ago. Two official joumals report the detail:
The Joumal of the Idaho House of Representatives for January 22,1951 atpageT5
indicates that the body suspended its rules, "this being a case of urgency," and passed the House
Bill 26 by a tally of 47 ayes, 7 nays, and 5 excused. On that same day, the Senate, under like
emergency procedures, adopted the Bill without amendment, voting 37 in favor, 3 no and 4
excused. (Journal ofthe ldaho State Senate, January 22, 1957, page 78) Governor Len Jordan
signed it into law the next day.
The final history source is a local newspaper. Aithough no floor debates were then
officially recorded, an article published in the Idaho Statesman the next day, written by Political
Editor John Corlett, vividly details the swift and vigorous battles in both houses. Significantly,
the primary purpose of the Bill was not to prevent a loss of regulatory supervision. Rather, a
threatened loss of tax revenues mostly motivated the bill.
"The public utility measwe came up in the House after a noon hour
recess and after Democratic and Republican members held separate
caucuses. Suspension of the rules was oked by 51 to 3 vote.
It immediately became obvious that Rep. Jesse Vetter, the veteran
Dernocrat from Kootenai, was prepared to scrap. Twice he objected
to moves for unanimous consent to have the clerk stop reading the
lengthy bill and have it entered on the record as read in full. And so
the house sat quietly as Chief Clerk C. A. Bottolfsen droned through
the seven closely-typed pages. Then Rep. David Doane (K- Ada)
o Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-17-05
D. LeroY, Leroy Law
Schedule 2,Page7 of 16
PageT
o assistant Republican floor leaders, opened the debate for the bill's
zupporters. He explained that the major purpose was to protect power
users of Idaho, particularly those in North Idaho, "to be sure that the
electric utility properties be owned in Idaho and not escape taxation."
He told the house that there was now pending negotiations between
the Washington Water Power company and the PUD group from
Washington for the sale of the former's north Idaho properties.
"How soon they are going through with the deal, we don't know,"
said Doanne, "but it is essential that this bill be passed right away."
Closing debate, Doanne ernphasized that his interest in the bill was
dictated by his conviction that the measure was to the interest of the
state. He said that if the norttr Idaho properties were sold before the
legislature could stop it, the state would lose at least $460,000 in
revenues....
ln the Senate, Sen. E.J. Soelbert (R-Butte), the majority floor leader,
launched the debate by saying there was "great urgency" for passage
of the measure because of negotiations now in progress in New York
City.
"If the sale is made prior to passage of this bill, Idaho would stand to
lose heavily in taxes. If the Washington Water Power company were
transferred to the tax-exempt PUDs in Washington, the state of Idaho
would stand to lose a lot of money."
(Idaho Statesman, January 23,1951, page 6)
These verbatim and attributed comments reported by the local newspaper constitute the
only debate detail extant, as far as is known. No official legislative summaries or transcripts of
floor dialog were kept by the Idaho Legislature in 1951. In fac! no such written materials are
produced by this State even today.
THE IDAHO SUPREME COURT APPROACH TO STATUTORY CONSTRUCTION
Anyruling which the Idaho Public Utilities Commission makes will potentiallybe
reviewed by an appeal to Idaho's highest court. Idaho regulatory bodies commonly make initial
interpretations of statute within their realm of authority and expertise. If appealed, our courts
scrutinize the agency holding with some deference. However, the judiciary has the ultimate
o
IV
o Exhibit No. 15
Case Nos. AVU-E-1 7-09iAVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 2, Page 8 of '16
Page 8
o responsibility to construe legislative language to determine the law. J.R. Simplot Company. Inc.
vs Idaho State Tax Commission, I 20 Idaho 849 , 820 P 2d 1206 ( 1 991 ) Therefore, the traditional
rules applied on appeal by the Idaho Supreme Court to scrutinize and discern statutory meaning
become relevant to this predictive opinion. Appellate precedent in Idaho holds:
"This Court exercises free review over the application and construction
of statutes. Where the language of a statute is plan and unambiguous,
this Court must give effect to the statute as written, without engagng
in statutory construction. The language of the statute is to be given
its plain, obvious, and rational meaning. If the language is clear and
unambiguous, there is no occasion for the court to resort to legislative
history or rules of statutory interpretation. When this Court must
engage in statutory construction because an ambiguity exist, it has the
duty to ascertain the legislative intent and give effect to that intent. To
ascertain such intent, not only must the literal words of the statute be
examined, but also the context of those words, the public policy behind
the statute and its legislative history. It is incumbent upon a court to
give an ambiguous statute an interpretation which will not render it a
nullity. Constructions of an ambiguous statute that would lead to an
absurd result are disfavored."
(Summarized in Thompson v. State,20l8WL944 649, (Ct App. Page 4, citations
omiued)
Put another way:
"The purpose of stafutory interpretation is to ascertain and "give
effect to legislative intent. Statutory interpretation begins with
the literal words of the statute, which are the best guide to
determining legislative intent. The words of a statute should be
given their plain meaning, unless a contrary legislative purpose is
expressed or the plain meaning creates an absurd result. If the
words of the statute are subject to more than one meaning, it is
ambiguous and we must construe the statute "to mean what the
legislature intended it to mean. To determine that intent, we
examine not only the literal words of the statute, but also the
reasonableness of proposed constructions, the public policy
behind the statute, and its legislative history."
KFG Development. LLC. vs City of Ketchum. I 49 Idaho 524 527 -528 236 P3d 1284
(2010) (citations omitted)
These principles can and should be applied to the pertinent issues facing the IPUC as it
Exhibit No. 15
Case Nos. AVU-E-17-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 2, Page 9 of 16
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considers two critical questions arising from Idaho Code Section6l-327.
V.
THE CONCEPT OF "STATE"
As to the pending Application, it is clearly a relevant issue as to whethsr the language of
Idaho Code Section 61-327 was intended to bar government organizations such as the Province
of Ontario &om being involved in Idaho public utility transactions, since Hydro One was
formerly a provincial entity and the Canadian entity will remain a shareholder of approximately
43% ofshares outstanding in a parent entity, after the proposed transaction is concluded.
Of significance, it appears that the Idaho PUC has not previously been concerned with
examining the type or nature of shareholders owning equities in foreign-related utilities operating
in Idaho. This is understandable in modern, worldwide corporate terms, as the IPUC itself has
explained:
" With the increased globalization of economies and cultures, the concept
of an "American" company is becoming more obscure. Today's increasingly
competitive markets require businesses to search far and wide for materials,
labor, and business opportunities. Large businesses whose stock is publicly
traded in this county are often owned, at least in part, by foreign interests.
Similarly, U.S. corporations and individuals often engage in the acquisition
of or partnership with foreign businesses. ln short, corporate mergers
make the news almost daily.
It was often expressed during the public hearings in this case that the
"country" of Scotland should not be allowed to take over an "American"
corporation. ln fact, Scottish Power no more constitutes the Scottish
govsrnrnent than PacifiCorp constitutes the government of the United
States. PacifiCorp is an Oregon corporation whose stock is publicly
traded and owned by people living throughout the country, and the world.
Not one of PacifiCorp's curent members of the board of directors lives
in Idaho.
Both Scottish Power and PacifiCorp are investor-owned businesses
engagmg in precisely the type of economic posturing that many large
business must consider as an option to remain competitive in today's
marketplace. It just so happens that they operate in an industry that is
governmentally regulated. We find that the denial of the merger in this
case simply by virtue of the fact that Scottish Power is incorporated in
another country would put this Commission on very tenuous legal
footing. The constitutional and statutory structure under which this
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 2, Page 1 0 of 1 6
o Page 10
o Commission functions and pursuant to which we must review this
mergsr does not allow such a ruling.
lndeed, the founding document of this counbry potentially prohibits such
discrimination. Article 1, Section 8 of the United States Constitution,
known as the "Commerce Clause," vests in the United States Congress
the power "to regulate commerce with foreign nations, and among the
several states." The fundamental principle embodied in the General
Agreement on Trade in Services (GATS - a component of the General
Agreanent on Tarifk and Trade (GATT) is that foreign countries who
are signatories to the agreement will have o'most favored nation" status
in their dealings with the United States. This means that the United
States is not perrnitted to discriminate against service providers who are
citizens of other states or foreign countries. Thus, if any state has a law
on its books giving favored treatment to its own citizens, that law will be
pre-empted by the GATS treaty."
(See Final Order, 2813, Joint Application of PacifiCorp and Scottish Power,
November 15.1999, pages 34-35.)
United Kingdom corporate regrstry records indicate that at or about the time of the 1998
approval by the IPUC of Scottish Power's acquisition of PacifiCorp at least 18 govemmental
entities owned more than 52,000,000 shares of stock in the oversees entity. It was not a
regulatory issue at that time.
Likewise, the stock ownership composition of Suez Water Idaho, lnc., a Boise water
distribution utility, formerly known as United Water, and its relationship with its foreign parent,
Suez Lyonaise des Eaux, a French multinational corporation appears not to have been a subject
of examination when that entity last appeared before the Commission. (See Final Order 28505,
ln Re. United Water Idaho, lnc., September 5, 2000)
The 1951 era text written by the Idaho Legislature fairly tightly refers to "any government
or municipal corporation, quasi-municipal corporation, or govemmental or political unit,
subdivision or corporation, organized or existing under the laws of any other state." Ownership
of Idaho utility operating properties by such units is banned. The phrase is repeated three times
in the statutory language.
Giving the terms their plain, simple and ordinary meaning, as is required by Idaho law,
and noting that all of the described subsidiary units mentioned are typically organizedunder
American state law as lesser units of the sovereign, the "state" referenced to in Idaho Code
Section 61-327 means a state of the United States. It was not intended, nor does it without
impermissable broadening, refer to a foreign nation or any subdivision thereof.
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. LeroY, LeroY Law
Schedule 2,Page 11 of 16
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This straightforward conclusion is made even more evident, if the principles of legislative
history are utilized. In the context of 1951, as explained above, the targets were our sister state
of Washington and its potentially problematic quasi-municipal corporations called "public utility
districts." The problem detected and prevented in a legislative rush was a threatened loss of tax
revenue, should private utility operating property located within Idaho become public-entity
owned, and thus exernpt from taxation. To a lesser degree, a potential loss of unfettered
regulatory control by the IPUC was also of concem. Washington state and its lesser entities are
the emblematic examples of what these words mean. They clearly confirm that the term "state"
must be simply and plainly meant.
Although no Idaho case law interprets this section, as to this phrase, Idaho Polver
Company v. State. 104 Idaho 515,661. P 2d741(1983) references the statute and confirms that
water rights in contiguous Oregon and Washington are not utility operating properfy within the
meaning of the statute.
It is also worth noting that even under federal law the term "state" is often narrowly
construed.
" The government argues that the term "State" in Section 921 (a)(33)'s
definition section should be interpreted to mean "State and local," so
that a municipal misdemeanor conviction would constifute a misdemeanor
under state law. ln so arguing, however, the govemment completely
ignores the fact that Section 921 and922 clearly and consistently
differentiate between states and municipalities and between state laws
and municipal ordinances. These sections, like the rest of the Gun
Control Act, repeatedly use the phrases "State and local" or "State or local"
when reference is made both to states and municipalities, and the
government cites to no other provision in this statute where the word
"State" is even arguably meant to encompass both state and local
governments or laws. The statute's repeated use of the term "local" in
juxtaposition with the term "State" would not be necessary if Congress
intended for the term "State" to refer both to the state and to all of the
political subdivisions within it." If we were to interpret the term "Srate"
in this manner, then much of the statute's language would be unnecessary
and superfluous, contrary to the "settled rule that a statute must, if possible,
be construed in such fashion that every word has some operative effect."
On the other hand, if we were to interpret the term "State" to mean
something different in Section 921 (a)(33) than it means in all of the
proceeding and following subsections, therr we would be disregarding
another "normal rule of statutory construction," the rule that identical
words used in different parts of the same act are intended to have the same
meaning. The government provides no persuasive reason why we should
depart from either of these well-established principles of statutory
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 2, Page 12 ot 16
o Page 12
o interpretation in this case."
U.S. v. Pauler,857 F3 1073 1075-1076 (USCCA. 10th Cn.2017)
Various Idaho statutes, where the Legislature actually intended a law to apply to
certain national extraterritorial aspects, specifically mention the word "province," as well as the
word "state." (See for example Idaho Code Sections 19-5202,4L-340,41-1003. 4l-3228,63-
2.401,67-7801 and 72-218) Presumably, the 1951 Legislature could have done the same
Thus, Idaho Code 61-327 is not intended nor designed to apply to the Province of
Ontario. Even were it to so do, the Idaho Public Utility Commission has not typically examined
or previously been concemed about foreign govemments holding minority stock ownership in
utility corporations operating in Idaho.
TF{E CONCEPT OF "CONTROL''
The IPUC staffhas expressed concern about the statutory references to the term
"controlling interests" in 6l-327 as possibly being an impediment to this transaction, the
argument being that if the government of the Province of Ontario will hold approximately 43Yo
of the stock outstanding in Hydro One, it has or may have "effective control" of the enterprise
and its downstream utility operating properties. Recent Canadian political events have impacted
the governance of the entity, highlighting the existence of this issue for review.
lndeed, there are extant United States Securities and Exchange Commission regulations
which discuss such an indirect control concept. Further, American federal courts have discussed
the potential breadth of the term:
"While there is no stafutory definition of "control," its concept is not a
nuurow one. Its determination is a question of fact which depends upon the
totality of circumstances including an appraisal of the influence upon
management and policies of a corporation by the person involved." Control
may be excerted in other ways than by a vote stock ownership being only
one aspect or control. A person may be in control even though he does not
own a majority fo the voting stock."
U.S. v. Corr,543 F 2d 1042,1050 (USCC A2,1976) (citation omitted)
In statutes other than that one at issue here, idaho law too has indirect corporate conhol
definitions in specific purpose laws enforced by other regulatory agencies besides the IPUC.
" Control means . . . A person who, directly or indirectly owns of record
Exhibit No. 15
Case Nos. AVU-E-1 7-0g/AVU-G-'1 7-05
D. Leroy, LeroY Law
Schedule 2,Page 13 of 16
u.
o
o Page 13
o or beneficially holds with power to vote or holds proxies with
discretionary authority to vote, twenty percent (20%) or more of the then
outstanding voting securities issued by a corporation shall be rebuttably
presumed to control that corporation."
Idatro Code Section 26-2702 (8), Title 26, Banks and Banking, Chapter 27, Business and
Industrial Development Corporations, enforced by the ldaho Department of Finance This statute
was not adopted until 1989, some thirty eight years after the law in question.
"Control," "controlling," "controlled by''or "under cotrlmon control with"
means the possession, directly or indirectly, of the power to direct or to
cause the direction of the managanent and policies of a person, whether
through the ownership of voting securities, by contract or otherwise. A
person's beneficial ownership of ten per cent (10%) or more of the voting
power of a corporation's outstanding shares entitled to vote in the election
of directors creates a presumption that the person has control of the
corporation. A person is not considered to have control ofa corporation
if the person holds voting power, in good faith and not for the purpose of
avoiding the provisions of this chapter, as an agent, bank, broker, nominee,
custodian or trustee for one (1) or more beneficial owners who do not
individually or as a group have control of the corporation."
Idaho Code Section 30-1701 (8), Title 30, Corporations, Chapter 17, Business
Corporation Act, and generally overseen by the Idaho Secretary of State and enforced by private
action. The law was passed in 1988.
Neither of those two code section definitions are automatically transportable into Idaho
Code 61-327 under Idaho law.
"However, such definitions in any section of the Idaho Code are not typically
or universally applied to or utilized to infonn or construct other unrelated
section of Idaho's laws. Statutory definitions provided in one act do not
apply for all purposes and in all contexts, but generally only what they
mean where they apply in the same act
ln Re Decision on Joint Motion to Certiff Question of Law to the Idaho Supreme Court.
2018 WL 472145 (Id. Supreme Court, Docket No. 45187)
Therefore, the proper and best reasoned Idaho approach for illuminating the meaning of
the concept of control as found in 61-327 is to begin with the literal words of the statute and their
plain, usual and ordinary meaning as a whole. The statutory phrase in question is "owned or
controlled."
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. LeroY, LeroY Law
Schedule 2, Page 14 of 16
o
o Page 14
o Black's Law Dictionary defines the following three terms:
A. "CONTROL. The direct or indirect power to govern the management and
policies of a person or entiry whether through ownership of voting
securities, by contract, or otherwise; the power or authority to manage,
direct, or otherwise, the power of authority to manage, direct or oversee
B. CORPORATE CONTROL. Corporations. 1. Ownership of more than 50% of
the shares in a corporation. Also termed effective control; working
control. 2. The power to vote enough of the shares in a corporation to
determine the outcome of matters that the shareholders vote on.
C. WORKING CONTROL. 1. The effective control of a corporation by a person
or group who owns less than 50% of the stock control."
Black's Law Dictionary, 10e Edition, 2Ol4,page 403 (ernphasis added)
Thus, corporate control, in the most ordinary, plain usage means "majority shareholding."
In the context of the historic issues of 1951, as faced by the Idaho Legislature, the two
words chosen by the lawmakers, "owned or controlled" were clearly intended to mean the same
ffrg, not alternatives or shades of distinction. It was the threatened cornplete divestiture of the
utility operating properties and the corporate entity which contolled them which caused the
emergency action, driving the adoption of this statute. No discussion of "working control" of a
corporation was contemplated nor intended by the phrase "directly or indirectly," even though
such issues may arise in modern corporate governance. Idaho Code 61-327 should be interpreted
to prohibit majority control of a utility's stock, not prevent some theoretical, hypothetical,
speculative or subjective concept of corporate influence by lesser ownership. The loss of
taxation which worried the local legislators in I 95 i was driven by the threatened sale of 100% of
the ownership of the involved utility. In fact, the title to and control of and taxability of the
tangible assets of the utility was the actual issue, not stock ownership.
It is also worth noting that the IPUC, as far as I can determine, has never gone b€hind
majority ownership numbers to predict some SEC-t1pe concept of indirect corporate influence,
as contrasted with the simple majority ownership test envisioned by Idaho Code 6l-327. Neither
Hydro One nor Olympus Equity nor Avista is a governmental entity owned or controlled, directly
or indirectly, by the Province of Ontario, even if the Province were to de deemed a "state" under
the language of the Idaho law.
\rII.
THE EVIDENT LEGISLATME INTENT
As noted above, the language of Idaho Code 61-327 is plain and unambiguous as to the
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G- 1 7-05
D. LeroY, LeroY Law
Schedule 2, Page 1 5 of 't 6
o
o Page 15
o
o
terms "state" and "controlled." Also as urged above, the legislative history of the statute
provides and reinforces these interpretations, consistent with the simplest view of same terms,
even if one concludes that phraseology or language of the law is not "clear and unambigBous."
The context of the literal words of the statute, the discernable public policybehind the
law and such legislative history as is reconstructed above make it apparent that the threat that
certain Washington State public utility dishicts might acquire the entirety of the common stock
of Washington Water Power drove the drafting and passage of this legislation. The reported
debates as captured by the Idaho Statesman reflect that both the House, where the Bill originated,
and the Senate, where it rushed through in mere minutes, were mostly focused upon the loss of
Idaho tax revenues. Both floor sponsors so said in urglng immediate votes, so as to preempt the
timing of a psnding stock sale hansaction to the Washington PUDs.
Nothing about the Application pending before the IPUC suggests any transfer to a public
entity which would be non-taxable in ldaho. No loss of privately held property subject to taxes is
threatened. The transaction, as structured, would leave the IPUC with unfettered regulatory
control over Avista and the utility operating property. Accordingly, nothing about either the
Iegislative history of 61-327 or its language as informed by that history is prohibitive to the
pending Application.
Vru.
CONCLUSION
For each and all of the above reasons, I conclude that the IPUC does not have a basis
under Idaho Code 6l-327 to deny the pending Application.
Attorney at Law
Exhibit No.'t5
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 2, Page 16 of 16
o Page 16
o
o
, Jiuturrrr 291 HO'USI! JOURNAA
Motlon to BuspBDiI Ads
'rn
Ebuse oI ReFrc6ert&tivor, Boilc, fdebg,.Juury 22r 1091.
Mr'. Spcekor:I movs 11161 s.ll rlttes ot th+ Hou#6 tntcrforlng lYltb thB trnm€-
diot6 ,rBseEo ol IIoEB BtU No' 26 .be EEpmded; l;]tBt thc Fortlons0{ soc-tIg;ii[s, al.tiole E of the Con$xituLlon of thc Etate oI Id&]ro,
requlrlng Bll butr8 to bc read on Lluse EovGrBl o*yB be dtep€r8eit wiLh,
thl8 bei4, s cn8e of urXCrCy,0,nd tlat Houes l!1ll No.28 lls rea(lthc Jir8t tifrrp by tiLlc, iecotrd tin:r: by tillc, utrd th6 thlrd tlme at
leEgth, saution b, Bcctton, Md bs put uPon lts Ilml Fesrge.
Moveq Ey Mr, Yotrtrli,
seoouqed by Mr, Mltrllhy,
ROlt cEll reJulted {rc fOtlOwEi
AYEs-garrett, Eetl,
IDmsIy,IIergOn,
Colner,
Pe-yton,Wsdell,
To: NAxs-KAschthilt'jr, gmi[h, Vcttil. total-3.
I AP$elX o.rrd. cxouscd--Gf,ftnsy, ewert[€y, Ftrolmr McDevitq V€rno[..t'Tocel-+,
,i rot*r-6g, l, Whotrupol, thr; Sleeker declu'e{ thtrt nore tb8.tr twethlrdshsvlng vote@ in l:he ,rffirrn&tjrc, lho rnotlol provEiled, th(: rulcs-wcru suapondod, urd }lous€ I31U No. 2g wE reBd tbB itrat tirne bytltls, Eeodncl tihE ty titic, ud the thlnl tUre ut lc:rBth, scction by4ectiun, and pltrcEd upoD itB flnel l,a8mge,: HorISs BiU No. 26 wos r'@d tJIe fiFrt timo by Utla, tlle gecohdrtlm€ lry title. f,ltd LhirA Ulms et lE[gth, Rection by iocuoD, lndrpltrccd b€for€ the lIouse lor fin,ll s0n,ld€r&Clon.
TtrE clueetlo! bettrgi ,rSh0.U llous€ Blll No. 26 poBE ?"' RolI call rEulte4 D4 follow5:
'_ AYEE-Bsrrett, Eell, Blicl, Dror.er, CanEtr,tB*, Chr(fuut. Qolner,6ontmms, D8viE, Dinnlson, Doane, Doolitu(:, Emory, mvercit, qn1<i"hor, Oooch. Gowsy, Or[yoq Gunncll, Hffipton, llsr)sou, f6a&caon,J,qrBBn, Jon€,r, Lorucn, I-sT\rrner, Metrdenlrall, M!rri!I, MlUeI, MiIB,fBoi#), MoBroo. Mulk, Mwphy, NictBo[ Paulson, Fyll:, 'R.ick8,
,R.chs, Scweu, StorL:r, VhcBrE, q'estfs,ll, Willog, Wlpon, Wirklcr,
,Ymn8:, Mr. EF€8k€r. I'otD.l--4?.
L, NAYE-Drsvlow, ltrmtrnal, I({(schmltter, l5ayto\ S\Itillll, Vm.]u-,Dsg, 176tter. Totud-7.
:.r Absst 'rnd cf,Eus€d-dBff[€y, (;w*r'!ncy, Ifolm. MoDevitt, Ver.rhoh. Tr)tol-6.
,.. totst--89.'1 J4'heraupon, ilre Spe.{rltor dccltrred llou4e Bitl No, 2d passed.
.. 1rrls wt,r &pprovsil aDd tlre till ordorsd tlssl[itl]id to thG Seltatt.!i .il I this ttrae the gpc$l(cr excrE€d thc AppmprlattonE Cofinrtttee.
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 3, Page 1 of2
o
o
o
18 SENATE JOURNAL ['Ianuavy !t
.lltotloru aral Ecroltrtlolra' Motion lro Stspaud liuloE
8emt6 Chmbor, Boile, trdrlho,
M!. Prc$uenr: ''EruuY 2!' 1PE1''
-i n,oie ttrst all rulo5 of thc Sehote interf€r'lng u'ith thc lmmodlateps8&Eo ot HouEe I3aU No. 26 be suipstrtlcd; thAt thc l)ortiotr8 o?
Socito-n tg, Artlcle g of tho CooELitUl.iOn or ths Etate ot Idaho, re
duiring a.ll'btlls to h€ rcad on llrlee scv€rEl dsys bo dijPcmsd wltlr,
*Lis beinE I ca3e of urgency, end tlot IIouEe BiIl No. !6 Ie reEdric first -tlmc by tlrlo, iceoird tine by titls, Md thB thlrd tlmo u rr
length, Eoclion Dy sBotlon, and b€ put.upolt it$ (iur) pssaBE
Mov6d by gsn*tor Soelberg.
SecondEd by. S+lrator st8H.
TbB quo3tion being, 'rEhsll ths ruls8 bs Eucpchrrcd?"
Roll elll rc(njlted oe louows:
AfEs-Albelttni, Alexuder, BIEcIBiocl(, Bgltoh, Eurtru, B{rrtrdl,Buloh, CompbBll, Cook, ColUn, Coduey, Dn.vls; Detwelle& !'ethitrE,
Genxdreou, Goodwln, Iryiil, .Tarcl(8or\ Johmton, Jonss, MBBk, Middlu-rnl8t, Moorc, Murdock, Nocl{, }laEom. SchwcD(:i,iLD, SchwicbErt,
Slu;sscr, SoelberE, Soren5ea, Sljt\r, Trrte, ThEtoher, Wethol'Dtl,
Wherry, Wrlght. Tot8l-g?,N^Ys-llsmilton, InFoUr, Phlu,pE. t'ot3l-g.
,AD4st sd not votinE-Nonc,
Excurecl-B8hr', I,owry, Mtuer uA 'SDool{- Totel-4,
'Iwo-thi{ds hLving voted in tlE aMrrnatlv8, tho Prcsid8nt dBclued
tho rulcs #ur:Pended.
Floua;ElU No, 26 s'88 r€ad thB firEL timc hy liitlb, t$c s,ilond tlnrcby tltte,,'iand thlld timc {r[ lonBth, Bectlon by aectiou, ond phgert
DslorB tJle. Esu&ic for fin{rl coh{ideHtloD, thG qu€8tlotr betnE, {'gbau
tho bill PlI8€ ?"
Ftoll o&11 resultsd aE lollowsl
^Yn]S-AtbErtlnl)
At€xsdsr, Blackstock, Bol t'h, Puu[s, Eur€tcd[,Buxton, C&mphcll, Cbok, Cdllirt, Codtley, l)Evia, Detwettet', F{rttJring,
G€audrsau. Ooodwiu, flwit\ JGakFon, Johmtm, JoEe8, lueelq Mlaldle-mist, Moore, Murdock, Nock, ns8om, gchwBndlnu, Ech{'lebBrt,
Slusser, Eo€lborEl', Sorcnsm, Starr, Tutc, ThrLl.:shcr, Wothsroll,
Wherry, Wrlght, Tot{rl-ts?.
NAYg-gamilton, InEutlf, PhiUiJte, Tot!l-$'
Absent and not, votiB8-Nohe,
Excueod---ERhr, Lowry, MiUef (tnd ghoolr, Totti.--4.
wtroxcupon the lre4iCerrt ateclared tlre bl,l} poeseh.
Till!' wtrr 3Dprc\'ed ud tbe btll ordcrFd returned to tlle l-Iouse.
There belD€: no obJBctlm, ths g€nsts rGtumod to tlle NlutJr O?dct'
of Euglncrs.
Mcsilgca froln th(i Eotrrc , l
I{oues. of liepreEsntotlve, Eolec, Iduho,J8nuu'y 22, 1081.-
1
I
Mr. Itosidilt;
tr hav6 tlE honor to
No. a lvhich hor ptlt$ed rBtruD hBrewlth Sen&te Conour:rsl:the Elouir,C. A, BOTTOI,FSEN,ChleL Clerlc.
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 3,Page2of 2
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ATTORNEY CiENONAL'S IiEPONT 1l
tlre Anrelii:tn Compony. We ouggentecl ths,t ths proler mothod of
accompliuhing a div6slitur6 of, the Waehlngton Compnay was by rlin.
tribution of tho Weshihgton Company common stock to tho rtock.
holdels of tho Amcrlcan Company, 'pt'o 1'ftta an theil awnership in 'bhe
Amoricsn Company slpoorod.
A{ter u po:r1ol of hegfinHg the Securities & Exchange Commisston
0rd6?od thut gttch divestltUre oceur not later thon Janunry f, 1962
unleae plans w€re then in procens oJ completion which rvould effeet
somo olJrGr disposition of the W*nhiugton Company. Just ptiot ga
the deadline, th6 llmericun oompa.ry filecl a pla[ for anot]ror sale
of the l{ashington Conipany to the Public Utilifl'Districts and to ar
Idnho Corporntion uot y€[ forrnad, Ib deye]opetl thRt no contr?act df
sale hsd been entersd intu betweon the proposed parties and thot the
Id*ho corporatioa, while non-ptofit in eh*rscter, rvuuld in eflcct bs
enr:ther holding comp&ny for tho operating property. We felt cotn-
pelled to resist th-is plan and nrade approprlute represeutation to the
Securitiee tt Exchange Commission. An oldor vur euteted sef,ting
the Americen p.l.an for sele nnd, tho plsu for divoirtiture by rlistrihl-
tion down Jlor hau'iug'
The F[blic Lltility Dintricl;s thereupon sor.rght J rostrai4ing orderin Ore U,$. Circult Court of Appeals fu tho Ninttr circult sgolnnd
holdih6 th6 h€elirrg. 'We joined the Securitieg Commission in seeking
to hs,v€ tbo restrrrirring prdor dinsolved anil the petition {or revierl-ol i:he CominissioD's s,etlon rliomisaed, The Court agrocd rvtth
this pasitiou,idisnrissod thc petition for revierr and dissoh,ecl the
restraining order, Tho Commisriqrrr thereupon ordered the hearitg.
The American Company then frltd rr nlsra lor distribulion in accord-
ance with our initial suggestion to tho Commiasion. Thst distribution
oo, finslltr accomFlisherl on August E1, 1962 rtnd Lhe Washington
Corngrrr:y is nov $h independent opelating utilit],, rvitlout holding
cornpony control of any tind. The prtlosea oi the 1951 s'[atuLs ]rsve
been rendered e.fectir.e. Ws ontorod tlre ltti6ation *t thc Frrder.sl
administrative level iu ortler to avoid long, dtfficrilt and costly liLigu-
tjon in our own State Courta, and in ths sevornl Unltsd States Cour'&r.
Ihe Clinger Casc
Two coses aroee in Madison County which i{re of fuudemental im-
portanue tr: the ccruduct ol the public truet imposed on tho acln:htir:tra-
tion of the pul:Iic achool lands. The Lend Board olYered a restion of
l{rnd in thst courtty fot Fsle at public suetion to the highest hidder.
The lgnil ws6 qffered in two pfirccls. On one prr:cel a compctirrg bidder
was Fucccssful. and on the other the persorr who hud applicd to have
the land oflcretl for salo wAs succos*ful, The eon:petitiot +t the nuction
wns brisk, and tle pereon who spplied to have tho laud olfered lior
Eale dishonored her cleck for t}tc dorvn payrrient on tho next busiuesu
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 5, Page 3 of 3
o
o fif ]'
440
, Alij$il
{'
EIENNI.AL
B"EPORT OF THE
Attorney General
OF
Idaho
195r. - - -L952
,lo
, ,:. ''t.l,,1'-
ROBERT E. SMTLIE
Attor:ne/ Gerrettl
,1.(x)Nl,r.
arr rf\ n-ltEr#*$"
ll;tijP ',.r.$ I'g$4
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 5, Page 1 of 3o
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ATTOR}iEY GENERAL'S ITEPORT
ln tho ofico. The increased vrork ]oad is boing haudled with an increalc
.iu persoanol omountlng to only 20 ler ccnt over th! rtaff iluring the
1941-1943 bleraium.
LTTIGATION
.d rcvio'nr of the dochet aection of this lcport will iadicate thlt we
have boen able to cloae many pending caser in the offlce cnd that the
litigation docket ia nov in bettor condition than rt my receat time.
Thl0 ho8 bocn due in part to tho enactment of tho leu'proviaions of the
Income Tox Lav which authorizc the Tsx Colleslvr to 6xo0uto ond
isaue w*rronts of dlrtrrint lor uflprld tlt{t, PreviourlSr a law suit
h8d to be institutod oh o6ch doliaquent, oc.,ourt. Thig has uot ruto-
rroticnlly roduccd tho burden o( work in thie offlco by the numerical
numbsr of cnles, because each distralut wnr:rant reqrlrer consultatlon.
llowever, the litigation'burden, with its cousequent costs, hss been
substantially lestened by the new stctute, The caeee whlch nre Dow on
the docket, however, a,re eomple;9 and time.consuming in nature.A detailed repor* of the liti6*tiou scilvity of the offieE is stlochsd to
this report. Some oJ thc more intcreotrng cases aie dogcribed bolow.
Ihe Washilrgton Wnter Power Case
Ihe 1061 Log{slBtu}G eno.ctod r ststute which forbade acquisit'ion
by I muhicipol cotpor*tion of snothor stats ol lacilitied for the genera.
tion or borumission ol electrical.euergy in ldaho, The atufute w*a
patently aimed at proventing ocquisition by Pqblic $tility ptstrlctu
of the State of Waehington of the operatiug propertler of the Wosh-
iagton Water Pbwer Compmy located in North ldaho. The enast-
umt of the etatute was productive of the mopt time consumirg lititrc-
tion ia whlch thiofll*e har beeu euglged in thc period xeported in thix
report. Our ef{ortn were directed at the ploblem of oecurin6 ehlot'co-
rtleqt sI the nsw itrtute,
fhe Wsahington Wrter Power Company wee then r vholly ownedrubriditly of Amerlcen . Pswer .t LiAht Compeny. In 1942, tho
Amoricur Comp&ny h*d boon ord6r'od by tho Socu,riti* & Sxchango
Commission ol the Unitcd Statcs t6 ilivcst itsclf of ite opcratirg
properties, inqludilg the Waehing$oo Compaty. In 1061, the Americqn
Compnny entered into s cortrect to sell all of the rommon stock of the
W'ashing|on Company to the Washiugton Stste Public UNilif,y Die.f,llctg, Cert6tn citlzenr of the Publlc Utiilti DiqtrictB undeilooh to
restrdn thr.purchale by the Dirtricta on thc 6round {hs,b {cquisition
0, the ld*ho pmpertier bv the Washlngton Diattictr w$s b€yand tleir
Io,ro!. The Waahln8lron State Courts to hrld and enjoinod Hro rnle
and purcheae aa then propooed,
Thereupon, wo urgtd tho Escuriuoc & Exehsnge Commlsslon to sn-
force itE 1042 order of dlsaolutlon by takiug mandatory *ction ageinst
Exhibit No. 15
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 5, Page 2 of 3
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o Bill Pass,
Quick Action
On Measure
Draws Protest
Proponentc Declare
Law May Prevent
Losr of Revenue
o
Ey IOBN COIILEITttsteimsu Poutlel EdltorT'lro Idaho legislaturc Euspended
rules ]rlondsy and pased s bill
through both houses lvhkh wotlld
bar thc salo of utility propcttics in
tdoto to any Sovcrnmental Btcn'
cy or lnstnmcntality outsde tho
Cem stat€.After less than 15 minutes de'
bate, th6 house approYcd the meas.
uro by a whopping vote ol a? to
?. Ttc measurc. rushcd to thc sen-ate, was pa&seil there 37 to 3,wlth hordlv moro thsn 10 nlinutesof rllscu""si'on. Democrats ca8t th8
onlv no votc8.
The mcasure's strDDol'tors Justl'
fied tho susDensioi of tbo rules to
lef -tmiicaitto oction on ..thcsround that rn cmorgency srtua-
fion cxisted which m,Eht cost the
Btatc ot rdsho clGe to $500,000 in
{evenlle. ThcY expltrlned that ne'
rotiations lvcro now going on rn
itciv York for ths siilo ;f tho
Wnshiirston Water Power com'
onnv's north Idnho utillty proper'
iics'to a slotrP o! Puhilc utility
districts ln neerby W&shtngtonitrtc. T'1," tax-exchPt ststus of
the PUD'g. sld the blll's PmPo-
nents, would prove costly to Id&ho.
Arfuo AStrlnst Iloslo
Tt6 opponents agucd cgaiNt
the h8sta. Some of tho north Ids'
ho houso membors cmtendcd they,
werc not bcing Siven adequste Jtlmc to gct tho vle\YPolnt of their
constlLucnts,*il;ii;;; ih" ser,Ate epproved by
a 35 to 0 vote a m*stlre whlch
npflroprlatcs' $1,000,000 from the]
gencral ftrnd to the govemor for
crncrgency civil defense puryose8,
The measuro carrles restrictions
lvhich would prevent the governor ltrom using ony ot the lunds unlBtha Unitcd States and Canaal&
$'cre confronted by an encmy ot-
tack.Thc senate, also by s 35-0 vote,
opproved s bill thtrt vould Providetr slnrpler system whereby mem-
bers of tho trrmed Jorces could
vote ln natioral, state and county
elcctions lll thclr &bscncs from
Idnho.
Catrctrsm Hcld
Thc Dllblic utllity meos[re csm8
up io the houso nfter I Doon hourrcccss und atter Demucr&tlc and
Scptrblican membcrs hcld sepatato
couctrses. Suspensiotr of the ml€was okchcd bv a 5, to 3 vote,It inrnedlai'cly hecamo obviousthot Rep. Josss Vetter, tllo veteFan DcmocrEt ,rcm Kootenal, ryuprepRrcd to srsp. Twics he c,b-
Jected to mov6 tor unanimous
cotrFenL to hsvo the clcrk stop
readinE tho longthy btll and havett cntered on tho record as reod lntull. And m tho houss set quletly
Ds Chiof Clork C, A. Bottolfsen
droned through the leven closly-typed ptrgcs,lten Rep. Davld Dmno (Ada),
asslstant Republican flmr lendcr,
opcned the alebsto for the bill's
supporters. Ilo upralned that themnjor Furpos was to protect pow-er uscrs ol ldsho, parttculerly
those in Notth Idtho, "to ba surethot the elect!'lc Itillty properties
be owncd ln Idaho and not es@Po
tuRtion."Ha til.: the hotrreelihit\qu.
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;ase Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 6, Page 2 of 4
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-tfreri fiep. Davtd Doans (Ada),
assistant Republican floor leader',
opened the de.bata for tfie bill's
supporters. Ife expt8lned that t}lemnjor purposo was to plotect pow-er usols of Idnho, patticularly
those in North Idaho, "to be surethnt the electrlc uttlity properties
be owncd in Itlaho and rot cscope
ta-xRtion."He told ths house that therewls nolv PendlnB negotlauotrs be-tlvoon the \4rashington WaterI'owor company ond the PUDgroup r1'om Washlngton for thc
Salo of tho lormer'E north ldehopropertics,"rlow soon they aro Eolngthr'ough rvitll the deal, we don't
l(now," srid Doene, "lrut it ls es-
rrentid thnt thts bill be pessed
fight nway."Lcnds Opllosltlon
vcttcr, lendinE off for the oppo-rition, snid t'1.don't see any neceg'
sity fol rushln8 this kind of let'lslntion throu8h." IIe snid the
nlcrrsulc \\'As put on his tlesk only
this nlolning."It is so iomplicated, I've q'rlt-
ten nry Rttotney," ho added. "AUI kn.r$' nbout thls bill ertmo lrom
tho sttol'ney for the fdaho Polvor
comDnny nrirl Itl tell Yoll whst I
toltt'hini to Ns facc-I don't trust
Iint."Stnnrlinc at his desk wlth
thumbs hdokerl into hls lower vest
Dockcts, Vetter. turued his atten-
iion to the PtlD's. I'hcso coopela'
tivo El'ouDs. hc said. rvere olvned
bv frir.nreis',,6n6 I'd r.ather trustt)ic fatntcrs-I)rr sotisf ierl they
rvill not exPloit tho PeoPlo.""Somcthijrg." said Vetter' his
hish-rrilchcd-volce rising higher'
slrteui nrlchl,v strong to me thst
ltrcy'rc t.r. ing to gea this thlrrttgh
so orrick."RLo. Joseoh I(nschrnltter (D'
l<ln}o) toot uP for the opposl'
tion,
"trtnttv of tho things thRt I{r'
ltcttcr ita: said, I arn irr full &c'
cord," )ro snid. "I nsk'-why.tholrastc? I. fo!' mv Part, wtnt to
l(noN' rt littlc nroie before I vote
lrr fnvor of lt."
Rcrr. !\'illiam Prle (R-Gooding)
drlcctecl a Qllestion et Vcttcr."L too, tu:r & fnrnrer'," he snid.
'"t n-sk vtru s'ill the fRrmet's s4to
ale, trying to buy t)rese utilitics
heyo fntei'r'lty ctrough to P&y thcil
ta..:cs ln l(lBho?"
"I'm willing to trusi 'eln," w8s
Vettcr"s reply.
Rep. \\'illiaur C. Snith (D-Sho'
rhone) oehocd Ksscltmitter's words'
Rep. \l'alter Dinnrson (R'Clcal''
n'atcr), l'enrindlrs thflt he tva.s a
north Idnhoan, seid he regardod
haste as cssential tn the Presentnutter.Closing debate, Doano empha-
sized thBt his lntercst in the bill
lvas dictatcd by his conviction that
thc measure was to the intclsst oftue state, He soid that if the not'th
fdaho propel'ties $ero sold hefortthe legislature could stop it, the
Btate rvould lose at least $400,000ln lggonuog.
Those voting sgainst the blll lnthe hollse-all Democrats-wereReps. W. E. Drevlow (IJewis),
Sonr Eastman (Kootenal), I(asch-mitter' (Idaho), W. O. Payton(Valley), Smith (Shoshone) andIlfarvin G. Vondcnbcrg (Boun-dery), and Vetter.In tbe rena,tg SDn n ,. locl.
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rx'niuit No. 15
rse Nos. AVU-E-1 7-09/AVU-G-1 7-05
D. Leroy, Leroy Law
Schedule 6, Page 3 of4
ir.,A.rd.
Erid.-rdd. il.r..ne ouHl.h.a rTh.
rra,lBr tUftr{ryir@srn!&ss'l.odlb.bih I D.!6
o
berg (R-Butte), tho maJorlty lloor
leader, taunchecl the debate by
sa.ying tlere was "gre8t ur8encyt'
for passago ol the measuro bo-
ceuso o1: negotiattons now ln prog-
ress h New York CltY.
"If tho sele !B made Prlor to
D&ssoso of this bill, Idaho would
itand"to lose heavi\r ln taxes, Ifthe Washlngton Water Powor
comDa.nv wero traneferred to tJte
tax-ixempt PUDs in Washington,
the state ot ldaho woulil stsnd to
lose a lot of moncY."
Sen. Clark Hamilton (D.IVash.
tngton) wos the only opPonent to
tnke the floor against the Dtll ln
the senate. He said he oPPosed t}te
hurry in passing the bill.
At another polnt he sald he
thought "it was a vicioug bill, a
bnrl bill."
Later, roforring to publlc-ownsd
utillties, he snid:
"f feel they ought, to be brought
back on the tax roUs. I think all
coopernti're.s should PaY taxes,"
Scn. lVilliam'J. Cosiley (D-Lew'
is) saitl, "If we rvant PUDs ln
I<laho it shotrld be for this botly
and tho one across the hall (house)
to sel up the "Plan." IIe exPrcsscil
ftnr thai failuro to pass the meas'
turc might meen that PIIDs would
bo fol'ce(l on ldaho, Sonator Cost'
loy said he was served bY REA
antl Drivate powcr company, add'
ine fhat IiEA retes were higherthin Wnshington Water Power's,
"but therc's a reason for lt,"
Reject.lorts Notcil
Sen. lVilliarn C. Moore (R'Le'
tnlr) noterl thnt Spokano countY
voters in Washington had twlce
rejccLed pttblic utility districts
ancl that Asotin cottnty, lVashing'
too, u,hich adjolns his hotne coun'
ty, just Iast November rejtcted a
PflD bv e five-to-one vote.
"lvhi. if thev don't care about
PUD ii'nearbriWashington state,
should it be thi'rrst upon us," Sena'
tor Moore demanded.
Tlie three genate voter against
the bill were cast bv Sens. Hamll-ton (Washtngton)' -Jarnes L. In'galls (Kootenai) and Oarence
Phillips (Cassia).
Duriing its norninS' and after-
noorr $cEsions, the houso recelvedci8ht bills, one of these, intro'
duced bv Rep, frrank'Chalfant'
(R-A.de)-an(l Rep. Peter J. Rlcks
(R-Madison), would prevent the
sale of beer in such establishmentsas grocery stoles end any, -otherplace where youths under 20 are
perntitted to enter.- Six bitls and a Joint memorlal
wcre lntroduced ln tJre genete.
Both the house and renate ad-
lourned untll.lo e. trrr todE$
o
Exhibit No. 15
e Nos. AVU-E-1 7-09/AVU-G- 17 -05
D. Leroy, Leroy Law
Schedule 6, Page 4 of 4
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Hydro One and Avista Announce Selection of lndependent Directors for Post-Merger
Avista Board
TORONTO and SPOKANE, WA, November 7,2018 - Hydro One Limited ("Hydro One") (TSX: H) and Avista
Corporation ("Avista") (NYSE: AVA) today announced the five independent directors selected to serve on the new
Avista Board of Directors, if the proposed merger is approved by utility commissions in Washington, ldaho and
Oregon. The proposed merger has received regulatory approval from the Alaska and Montana commissions and
other federal agencies. As outlined in the proposed mergir commitments pending before the commissions, two
independent directors were selected by Avista and three independent directors were selected by Hydro One.
All five selections are independent of both organizations, as defined by New York Stock Exchange rules, and have
ties to the U.S. Pacific Northwest. The four remaining directors will include Avista's current CEO and chairman,
Scott Morris, continuing in his role as chairman, current Avista president and director Dennis Vermillion, the CEO
of Hydro One and one other senior executive from Hydro One, to be named. Seven of the nine total directors
have ties to the U.S. Pacific Northwest, with six of these serving as current Avista directors or employees,
ensuring that these directors are familiar with Avista's service territory.
"As we move through the regulatory process, the selection of these independent board members is a vital step in
affirming that we will have strong oversight and leadership in place and ready to engage once the transaction
closes," Avista Chairman and Chief Executive Officer Scott L. Morris said. "These individuals are highly
experienced, well-versed in our business, understand the needs of our communities and have demonstrated
outstanding commitment to our region. We're also pleased that members of Avista's current board have agreed
to serve on the future board, and we believe this benefits both organizations and provides for continuity of
leadership. We look forward to working with this strong group of leaders as we lead Avista into the future."
"This selection of independent directors brings a strong combination of impressive credentials, depth of
experience and a connection to the people and communities of the U.S. Pacific Northwest," said Paul Dobson,
acting President and CEO, Hydro One. "This Board of Directors will be well-equipped to guide the long-term
health and success of Avista and preserve the identity, culture and proud legacy of this historic company."
The independent directors were selected at this time so that the Avista board of directors would be prepared and
ready to begin serving their terms assuming the proposed transaction is approved and closes, which is requested
by the end of this year. The newly selected directors are:
a Kristianne Blake (Avista selection): Ms. Blake serves on the current Avista Board of Directors as lead
director and has been an Avista Director since 2000. She is a long-time resident of Spokane, Washington
and has a rich history of involvement in the Spokane community. She has been the president of the
accounting firm of Kristianne Gates Blake, P.S. since 1987 and has an extensive background in public
accounting. She was a Certified Public Accountant for 33 years, and she worked for 13 years for an
international accounting firm. She has served for 22 years on various boards of public companies and
Press Release - November 201.8 Exhibit No. 16
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
S. Monis, Avista
Schedule 1, Page 1 of4
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Press Release
AEvrsra,hydroQn
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registered investment companies. Ms. Blake is also currently serving as board chair for the Russell
lnvestment Company and the Russell investment Funds.
Donald Burke (Avista selection): Mr. Burke serves on the current Avista Board of Directors as the chair of
the audit committee and has been an Avista Director since 2011. As a director, he has served as the
Board's designated financial expert. He also currently serves as an independent director for the Virtus
mutualfund complex and Duff & Phelps closed-end funds complex. From 2006 to 2010, Mr. Burke served
as a trustee for numerous global funds that were advised by BlackRock, lnc. From 2006 to 2009, he was a
managing director of BlackRock and served as the president and CEO of the BlackRock U.S. mutualfunds.
ln this role, Mr. Burke was responsible for all of the accounting, tax and regulatory reporting
requirements for over 300 open and closed-end mutual funds. Mr. Burke joined BlackRock in connection
with the merger with Merrill Lynch lnvestment Managers ("MLlM"), taking a lead role in the integration
of the two firms' operating infrastructures. While at MLIM, Mr. Burke was the Head of Global Operations
and Client Services and also served as the Treasurer and Chief Financial Officer ("CFO") of the MLIM
mutual funds. He brings significant financial experience to the board from his years in public accounting
and his role as the treasurer and CFO of numerous mutual funds. He has extensive board experience,
having served on the audit, compliance, governance & nominating, and contract review committees of
various boards. Through his service as an Avista director, Mr. Burke has demonstrated his commitment to
the Pacific Northwest region.
Christine Gregoire (Hydro One selection): Ms. Gregoire is the CEO for Challenge Seattle, an organization
comprised of 18 major international companies and non-profits located in the Seattle region. Previously,
she served for two terms as Governor of the State of Washington with a S32B biennial budget and over
60,000 employees. ln her first term as Governor, she created the Department of Early Learning and led
on reforms to the K-12 system and investment in higher education. She led the state in a historical
investment in infrastructure, addressed the water wars in the state, led an historic number of trade
missions, reformed the foster care system to protect children and was among the first to lead in health
care reform. During her second term, Ms. Gregoire led the state in major reforms, management and
budgeting to position the state as one of the most financially secure to come out of the "Great
Recession." Prior to becoming Governor, she served for three terms as Attorney General for the State
and prior to becoming Attorney General, she served four years as the Director of the State Department of
Ecology. She is also a member of the Fred Hutch Cancer Research Center and the Bipartisan Governor's
Council, and on the advisory boards of the William D. Ruckelshaus Center and the Progressive Coalition
for American Jobs. Ms. Gregoire recently completed her third year as Chair on the National Export-lmport
Bank Advisory Board. She is a graduate of Gonzaga University School of Law, and she and her husband
also have a home in north ldaho.
Scott Maw (Hydro One selection): Mr. Maw serves on the current Avista Board of Directors and has been
an Avista Director since 2015. He has been executive vice president and CFO for Starbucks Coffee
Company since Februa ry 2014. He is responsible for Starbucks' Global Finance organization. Prior to that,
he served as senior vice president of Corporate Finance for Starbucks where he was responsible for
corporate finance, including accounting, tax and treasury. Mr. Maw also had oversight for all financial and
securities-related regulatory filings. He joined Starbucks as global controller in 2011. Prior to joining
Starbucks, Mr. Maw served as CFO of SeaBright lnsurance Company from 2010 to 2011. From 2008 to
February 2010 he served as CFO of the Consumer Banking division of JPMorgan Chase & Co. He is a
Seattle, Wash. resident, with roots in Eastern Washington. He graduated from Deer Park High School, just
north of Spokane, and is a graduate of Gonzaga University.
Press Release - November 2018 Exhibit No. t6
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
S. Morris, Avista
Schedule I,Page2ot4
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AEvtsrahydroQn"
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a Marc Racicot (Hydro One selection): Mr. Racicot serves on the current Avista Board of Directors and has
been an Avista Director since 2009. He served as president and CEO of the American lnsurance
Association from August, 2005 to February, 2009. Prior to that, he was a partner at the law firm of
Bracewell & Giuliani, LLP from 2001 to 2005. He is a former governor (1993 to 2001) and attorney general
(1989 to 1993) of the state of Montana. Mr. Racicot was nominated by President Bush and unanimously
elected to serve as the chair of the Republican National Committee from 2002 to 2003 prior to assuming
the position of chair of the Bush/Cheney Re-election Committee from 2003 to 2004. He previously served
as a director for Siebel Systems, Allied Capital Corporation, Burlington Northern Santa Fe Corporation
Plum Creek Timber Company, and The Washington Companies, and presently serves as a director for
Weyerhaeuser Company and Massachusetts Mutual Life lnsurance Company. ln addition, throughout his
career, Mr. Racicot has strongly committed himself to children, education and community issues. He was
appointed to the board of The Corporation for National and Community Service by President Clinton and
has also served on the boards of Carroll College, Jobs for America's Graduates and United Way in Helena,
Montana. He is a life-long resident of Montana and a graduate of Carroll College.
Applications for regulatory approval of the transaction are still pending with utility commissions in Washington,
ldaho and Oregon. All approvals have been requested by December 14, 2O\8; however the utility commissions
will determine when they issue their final orders.
-30-
For further information:
Hydro One
Media:
Jay Armitage
Director, Corporate Com mu nications
media. relations@ hyd roone.com, 416-345-6868
lnvestors:
Omar Javed
Vice President, lnvestor Relations
i nvesto r. re latio ns @ hyd roon e. com, 4t6-345-5943
Avista
Media:
Casey Fielder, Communications Manager
casey.fielde r@ avistacorp.co m, 509-495-4916
lnvestors:
Jason Lang, lnvestor Relations Manager
jason. [e-mail], 509-495-2930
Press Release - November 2018 Exhibit No. 16
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
S. Morris, Avista
Schedule 1, Page 3 of 4
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About Hydro One Limited
We are Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued
customers, over CS25 billion in assets and 2017 annual revenues of nearly CS6 billion. Our team of over 7,400
skilled and dedicated regular and non-regular employees proudly and safely serves suburban, rural and remote
communities across Ontario through our 30,000 circuit km of high-voltage transmission and 123,000 circuit km of
primary distribution networks. Hydro One is committed to the communities we serve, and has been rated as the
top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only six
utility companies in Canada to achrieve the Sustainable Electricity Company designation from the Canadian
Electricity Association. We also provide advanced broadband telecommunications services on a wholesale basis
utilizing our extensive fibre optic network through Hydro One Telecom lnc. Hydro One Limited's common shares
are listed on the Toronto Stock Exchange (TSX: H).
Forward-Looking Statements and lnformation
This press release may contain "forward-looking information" within the meaning of applicable securities laws.
Words such as "expect", "anticipate", "intend", "attempt", "may", "plan", "will", "can", "believe", "seek",
"estimate", and variations of such vl,ords and similar expressions are intended to identify such fonivard-looking
information. These statements are not guarantees of future performance or actions and involve assumptions and
risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially
from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that
could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by
such fonvard-looking information, including some of the assumptions used in making such statements, are
discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are
available on SEDAR at www.sedar.corn. Hydro One does not intend, and it disclaims any obligation, to update any
forward-looking information, except ies required by law.
About Avista Corporation
Avista Corporation is an energy company involved in the production, transmission and distribution of energy as
well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to
383,000 customers and natural gas to 348,000 customers. lts service territory covers 30,000 square miles in
eastern Washington, northern ldaho and parts of southern and eastern Oregon, with a population of 1.5 million.
Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service in the city and
borough of Juneau, Alaska, through its subsidiary Alaska Electric Lisht and Power Companv. Avista stock is traded
under the ticker symbol "AVA." For more information about Avista, please visit www.mvAvista.com.
This news release contains forward-looking statements regarding the company's current expectations. Forward-
looking statements are all statements other than historical facts. Such statements speak only as of the date of the
news release and are subject to a variety of risks and uncertainties, many of which are beyond the company's
control, which could cause actual results to differ materially from the expectations. These risks and uncertainties
include, in addition to those discusserJ herein, all of the factors discussed in the company's Annual Report on
Form 10-K for the year ended Dec. 31, 2017 and the Quarterly Report on Form 10-Q for the quarter ended Sept.
30,2018.
Press Release - November 2018 Exhibit No. 16
Case Nos. AVU-E-'l 7-0g/AVU-G-1 7-05
S. Morris, Avista
Schedule 't , Page 4 of 4
4o
AEvrsrahydro0n"
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ldaho Public Utrlities Comrnrssrorr
Oftice of the SecretaryHECEIVED
()cT I t 20t8
Boise. ldaho
Press Release
Hydro One and Avista Announce Selection of lndependent Directors for Post-Merger
Avista Board
TORONTO and SPOKANE, WA, November 7,2OL8 - Hydro One Limited ("Hydro One") (TSX: H) and Avista
Corporation ("Avista") (NYSE: AVA) today announced the five independent directors selected to serve on the new
Avista Board of Directors, if the proposed merBer is approved by utility commissions in Washington, ldaho and
Oregon. The proposed merger has received regulatory approvalfrom the Alaska and Montana commissions and
other federal agencies. As outlined in the proposed merger commitments pending before the commissions, two
independent directors were selected by Avista and three independent directors were selected by Hydro One.
All five selections are independent of both organizations, as defined by New York Stock Exchange rules, and have
ties to the U.S. Pacific Northwest. The four remaining directors will include Avista's current CEO and chairman,
Scott Morris, continuing in his role as chairman, current Avista president and director Dennis Vermillion, the CEO
of Hydro One and one other senior executive from Hydro One, to be named. Seven of the nine total directors
have ties to the U.S. Pacific Northwest, with six of these serving as current Avista directors or employees,
ensuring that these directors are familiar with Avista's service territory.
"As we move through the regulatory process, the selection of these independent board members is a vital step in
affirming that we will have strong oversight and leadership in place and ready to engage once the transaction
closes," Avista Chairman and Chief Executive Officer Scott L. Morris said. 'These individuals are highly
experienced, well-versed in our business, understand the needs of our communities and have demonstrated
outstanding commitment to our region. We're also pleased that memberc of Avista's current board have agreed
to serve on the future board, and we believe this benefits both organizations and provides for continuity of
leadership. We look fonrrard to working with this strong group of leaders as we lead Avista into the future."
"This selection of independent directors brings a strong combination of impressive credentials, depth of
experience and a connection to the people and communities of the U.S. Pacific Northwest," said Paul Dobson,
acting President and CEO, Hydro One. "This Board of Directors will be well-equipped to guide the long-term
health and success of Avista and preserve the identity, culture and proud legacy of this historic company."
The independent directors were selected at this time so that the Avista board of directors would be prepared and
ready to begin serving their terms assuming the proposed transaction is approved and closes, which is requested
by the end of this year. The newly selected directors are:
a Kristianne Blake (Avista selection): Ms. Blake serves on the current Avista Board of Directors as lead
director and has been an Avista Director since 2000. She is a long-time resident of Spokane, Washington
and has a rich history of involvement in the Spokane community. She has been the president of the
accounting firm of Kristianne Gates Blake, P.S. since 1987 and has an extensive background in public
accounting. She was a Certified Public Accountant for 33 years, and she worked for 13 years for an
international accounting firm. She has served for 22 years on various boards of public companies and
Press Release - November 2018 Exhib* No. 16
Case Nc. AW-E-17-09/AW€-17-05
S. Monis, Avista
ScfEdule 1, Page 1 of 4
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registered investment companies. Ms. Blake is also cunently serving as board chair for the Russell
lnvestment Company and the Russell investment Funds.
Donald Burke (Avista selectionf : Mr. Burke serves on the current Avista Board of Directors as the chair of
the audit committee and has been an Avista Director since 2011. As a director, he has served as the
Board's designated financial expert. He also currently serves as an independent director for the Virtus
mutual fund complex and Duff & Phelps closed-end funds complex. From 2006 to 2010, Mr. Burke served
as a trustee for numerous global funds that were advised by BlackRock, lnc. From 2005 to 2009, he was a
managing director of BlackRock and served as the president and CEO of the BlackRock U.S. mutual funds.
ln this role, Mr. Burke was responsible for all of the accounting, tax and regulatory reporting
requirements for over 300 open and closed-end mutualfunds. Mr. Burke joined BlackRock in connection
with the merger with Merrill Lynch lnvestment Managers ("MLlM"), taking a lead role in the integration
of the two firms' operating infrastructures. While at MLIM, Mr. Burke was the Head of Global Operations
and Client Services and also served as the Treasurer and Chief Financial Officer ("CFO") of the MLIM
mutual funds. He brings significant financial experience to the board from his years in public accounting
and his role as the treasurer and CFO of numerous mutual funds. He has extensive board experience,
having served on the audit, compliance, governance & nominating, and contract review committees of
various boards. Through his service as an Avista director, Mr. Burke has demonstrated his commitment to
the Pacific Northwest region.
Christine Gregoire (Hydro One selectionf : Ms. Gregoire is the CEO for Challenge Seattle, an organization
comprised of 18 major international companies and non-profits located in the Seattle region. Previously,
she served for two terms as Governor of the State of Washington with a S32B biennial budget and over
50,000 employees. In her first term as Governor, she created the Department of Early Learning and led
on reforms to the K-12 system and investment in higher education. She led the state in a historical
investment in infrastructure, addressed the water wars in the state, led an historic number of trade
missions, reformed the foster care system to protect children and was among the first to lead in health
care reform. During her second term, Ms. Gregoire led the state in major reforms, management and
budgeting to position the state as one of the most financially secure to come out of the "Great
Recession." Prior to becoming Governor, she served for three terms as Attorney General for the State
and prior to becoming Attorney General, she served four years as the Director of the State Department of
Ecology. She is also a member of the Fred Hutch Cancer Research Center and the Bipartisan Governo/s
Council, and on the advisory boards of the William D. Ruckelshaus Center and the Progressive Coalition
for American Jobs. Ms. Gregoire recently completed her third year as Chair on the National Export-lmport
Bank Advisory Board. She is a graduate of Gonzaga University School of Law, and she and her husband
also have a home in north ldaho.
Scott Maw (Hydro One selection): Mr. Maw serves on the current Avista Board of Directors and has been
an Avista Director since 2016. He has been executive vice president and CFO for Starbucks Coffee
Company since Februa ry 20t4. He is responsible for Starbucks' Global Finance organization. Prior to that,
he served as senior vice president of Corporate Finance for Starbucks where he was responsible for
corporate finance, including accounting, tax and treasury. Mr. Maw also had oversight for allfinancial and
securities-related regulatory filings. He joined Starbuck as global controller in 2011. Prior to joining
Starbucks, Mr. Maw served as CFO of SeaBright lnsurance Company from 2010 to 2011. From 2008 to
February 2010 he served as CFO of the Consumer Banking division of JPMorgan Chase & Co. He is a
Seattle, Wash. resident, with roots in Eastern Washington. He graduated from Deer Park High School, just
north of Spokane, and is a graduate of Gonzaga University.
Press Release - November 2018 Exhibit No. 16
Case Nos. AW-E-1 7-09/AVU€-1 7-05
S. Monis, Avista
Scfiedule 1, Page 2 of4
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a Marc Racicot (Hydro One selection|: Mr. Racicot serves on the current Avista Board of Directors and has
been an Avista Director since 2009. He served as president and CEO of the American lnsurance
Association from August, 2005 to February, 2009. Prior to that, he was a partner at the law firm of
Bracewell & Giuliani, LLP from 2001to 2005. He is a former governor (1993 to 2001) and attorney general
(1989 to 1993) of the state of Montana. Mr. Racicot was nominated by President Bush and unanimously
elected to serve as the chair of the Republican National Committee from 2002 to 2003 prior to assuming
the position of chair of the Bush/Cheney Re-election Committee from 2003 to 2004. He previously served
as a director for Siebel Systems, Allied Capital Corporation, Burlington Northern Santa Fe Corporation
Plum Creek Timber Company, and The Washington Companies, and presently serves as a director for
Weyerhaeuser Company and Massachusetts Mutual Life lnsurance Company. ln addition, throughout his
career, Mr. Racicot has strongly committed himself to children, education and community issues. He was
appointed to the board of The Corporation for National and Community Service by President Clinton and
has also served on the boards of Carroll College, Jobs for America's Graduates and United Way in Helena,
Montana. He is a life-long resident of Montana and a graduate of Carroll College.
Applications for regulatory approval of the transaction are still pending with utility commissions in Washington,
ldaho and Oregon. All approvals have been requested by December L4, 2Ot8; however the utility commissions
will determine when they issue their final orders.
-30-
For fu rther information:
Hydro One
Media:
Jay Armitage
Director, Corporate Communications
media.relations@ hydroone.com, 416-345-6868
lnvestors:
Omar Javed
Vice President, lnvestor Relations
i nvestor. relations@ hyd roone.com, 415-345-5943
Avista
Media:
Casey Fielder, Communications Manager
casey,f ielde [e-mail] m, 5094954916
lnvestors:
Jason Lang, lnvestor Relations Manager
jason. la ng@ avistacorp. com, 509-495-2930
Press Release - November 2018 Exhibit No. i6
Case Nos. AW-E-I 7-09/AVU-G-1 7-05
S. Monis, Avista
Schedub 1, Page 3 of4
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About Hydro One Limited
We are Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued
customers, over CS25 billion in assets and 2017 annual revenues of nearly CSG billion. Our team of over 7,4O0
skilled and dedicated regular and non-regular employees proudly and safely serves suburban, rural and remote
communities across Ontario through our 30,000 circuit km of high-voltage transmission and 123,000 circuit km of
primary distrlbution networks. Hydro One is committed to the communities we serve, and has been rated as the
top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only six
utility companies in Canada to achieve the Sustainable Electricity Company designation from the Canadian
Electricity Association. We also provide advanced broadband telecommunications services on a wholesale basis
utilizing our extensive fibre optic network through Hydro One Telecom lnc. Hydro One Limited's common shares
are listed on the Toronto Stock Exchange (TSX: H).
Forward-tooking Statements and lnformation
This press release may contain "fonrard-looking information" within the meaning of applicable securities laws.
Words such as "expect", "anticipate", "intend", "attempt", "mat/', "plao", "will", "can", "believe", "seek",
"estimate", and variations of such words and similar expressions are intended to identify such forward-looking
information. These statements are not guarantees of future performance or actions and involve assumptions and
risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially
from what is expressed, implied or forecasted in such fonruard-looking information. Some of the factors that
could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by
such fonarard-looking information, including some of the assumptions used in making such statements, are
discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are
available on SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims any obligation, to update any
fonrrard-looking information, except as required by law.
About Avista Corporation
Avista Corporation is an energy company involved in the production, transmission and distribution of energy as
well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to
383,000 customers and natural gas to 348,000 customers. lts service territory covers 30,000 square miles in
eastern Washington, northern ldaho and parts of southern and eastern Oregon, with a population of 1.6 million.
Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service in the city and
borough of Juneau, Alaska, through its subsidiary Alaska Electric Lisht and Power Companv. Avista stock is traded
under the ticker symbol "AVA." For more information about Avista, please visit www.m com
This news release contains forward-looking statements regarding the company's current expectations. Foruvard-
looking statements are all statements other than historical facts. Such statements speak only as of the date of the
news release and are subject to a variety of risks and uncertainties, many of which are beyond the company's
control, which could cause actual resuhs to differ materially from the expectations. These risks and uncertainties
include, in addition to those discussed herein, all of the factors discussed in the company's Annual Report on
Form 10-K for the year ended Dec. 31, 2017 and the Quarterly Report on Form 10-Q for the quarter ended Sept.
30,2018.
Press Release - November 2018 Exhitir No. 16
Case Nos. AVU-E-I 7-09/AVU-GI 7-05
S. Moris, Avista
Schedule 1, Page 4 ol4
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Board of Directors MeeUng - Avlsta Partnership
SCHEDULE "B"
Draft Affirmation
WHEREAS
1. Hydro One Limited ("Hydro One" orthe "Corporation") entered into an Agreement and Plan of
Merger dated as of July 19,2017, by and among Hydro One Limited, Olympus Holding Corp., Olympus
Corp. and Avista Corporation (the "Merger Agreement"), pursuant to which the parties thereto agreed to
complete the ltlerger (as defined in the fvlerger Agreement) and the related transactions proposed in
the Merger Agreement on the terms and subject to the conditions set out in the Merger Agreement (the
"Proposed Transaction') ;
2. Prior to entering into the Merger Agreement, on July 19,2017, the Board of Directors of Hydro
One (the "Board") reviewed, considered, evaluated and approved the Proposed Transaction,
determined that it was in the best interests of Hydro One and its stockholders to enter into the Merger
Agreement and consummate the Proposed Transaction, and authorized and approved, among other
things, the preparation, execution and filing of atl applications, notices, reports, statements, documents
and information with all state and federal governmental and regulatory bodies required to obtain the
Regulatory Approvals (as defined in the Merger Agreement) and certain delegations of authority and
operational, governance and ancillary commitments (such authorizations and approvals, collectively,
the " 20 1 7 Board Ap provals") ;
3. As contemplated by the Merger Agreement and the 2017 Board Approvals, Hydro One and
Avista Corporation filed applications for approval of the Proposed Transaction with (i) U.S. federal
regulatory authorities (including the U,S. Federal Communications Commission, the U.S. Federal
Energy Regulatory Commission, the U.S. Committee on Foreign lnvestment in the United States, and
U.S. federat antitrust agencies) and (ii) state public utility regulatory commissions in each of the states
of Washington, Oregon, ldaho, Ataska and Montana (the "State Commissions");
4. As contemplated by the l\4erger Agreement and the 2017 Board Approvals, Hydro One and
Avista Corporation have agreed to certain commitments relating to governance, financial integrity, ring-
fencing, rates, operations, regulatory matters and ancillary matters (the "N/erger-Related
Commitments") with parties to the proceedings before the State Commissions, as reflected in certain
settlement agreernents entered into in connection with lhe Regulatory Approvals, which are contingent
on obtaining ali Regulatory Approvals from the State Commissions for, and completing, the Proposed
Transaction;
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Board of Directors Meeting - Avista Partnership
o-2-
5. ln light of the recent change in the members of the Board and the retirement of Hydro One's
former Chief Executive Officer, certain parties to the proceedings before the State Commissions have
requested that Hydro One acknowledge and affirm its obligations under the Merger Agreement and with
respect to the Merger-Related Commitments and its intention to consummate the Merger, in each case,
in accordance with the terms of, and subject to the conditions set out in, the Merger Agreement and the
Merge r-Related Commitme nts;
6, On September r, 2018, Avista Corporation delivered written notice to Hydro One extending the
September 30, 2018 End Date under the Merger Agreemenl for an [additional six months to March
30, 20{91, in accordance with its rights under the lVlerger Agreement; and
7. The htlerger Agreement requires, among other things, that the parties thereto use their
respeclive reasonable best efforts to obtain the required Regulatory Approvals and to cause the
Proposed Transaclion to be consummated as soon as practicable;
NOW BE IT RESOLVED THAT:
As of the date hereof, the Board of Directors acknowledges and affirms, for and on behalf of the
Corporation: (i) Hydro One's obligations under the Merger Agreement and with respect to the Merger-
Related Commitments to be performed by Hydro One and/or its Subsidiaries if the Proposed
Transaction is consummated pursuant to the Merger Agreement; and (ii) Hydro One's intention to
consummate the Merger; in each case in accordance with the terms of, and subject to the conditions
set out in, the Merger Agreement and the Merger-Related Commitments,
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Case Nos. AVU-E-17-09 and AVU-G-17-05
C.Lopez, Hydro One
Schedule 2,Page2 of 2
REVISED November 26, 2018
2486267
Ontario lnc.Hydro One lnc.
Hydro One
Networks lnc.
Hydro One Remote
Communities lnc.
Hydro One Limited
(Ontario Corporation)
Can Sub
(Ontario
Corporation)
Olympus Holding
Corp. (Delaware
Corporation)
Hydro One Telecom
lnc.
Olympus Equity LLC
(ldaho Limited
Liability Company)
Avista Corporation
(Washington
Corporation)
Avista Corporation
Subsidiaries
CoN rr orNrr,q,l
Rlsutvtr or JonN j. furo
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fohn f. Reed
Chairman and Chief Executive Officer
fohn f. Reed is a financial and economic consultant with more than 35 years of experience in the
energy industry. Mr. Reed has also been the CEO of an NASD member securities firm, and Co-CEO of
the nation's largest publicly traded management consulting firm (NYSE: NCI). He has provided
advisory services in the areas of mergers and acquisitions, asset divestitures and purchases, strategic
planning, project finance, corporate valuation, energy market analysis, rate and regulatory matters
and energy contract negotiations to clients across North and Central America. Mr. Reed's
comprehensive experience includes the development and implementation of nuclear, fossil, and
hydroelectric generation divestiture programs with an aggregate valuation in excess of $20 billion.
Mr. Reed has also provided expert testimony on financial and economic matters on more than 400
occasions before the FERC, Canadian regulatory agencies, state utility regulatory agencies, various
state and federal courts, and before arbitration panels in the United States and Canada. After
graduation from the Wharton School of the University of Pennsylvania, Mr. Reed joined Southern
California Gas Company, where he worked in the regulatory and financial groups, leaving the firm as
Chief Economist in 1981. He served as executive and consultant with Stone & Webster Management
Consulting and R.J. Rudden Associates prior to forming REED Consulting Group (RCG) in 1988. RCG
was acquired by Navigant Consulting in t997, where Mr. Reed served as an executive until leaving
Navigant to ioin Concentric as Chairman and Chief Executive Officer.
REPRESENTATIVE PROJECT EXPERIENCE
Executive Management
As an executive-level consultant, worked with CEOs, CFOs, other senior officers, and Boards of
Directors of many of North America's top electric and gas utilities, as well as with senior political
leaders of the U.S. and Canada on numerous engagements over the past 25 years. Directed merger,
acquisition, divestiture, and project development engagements for utilities, pipelines and electric
generation companies, repositioned several electric and gas utilities as pure distributors through a
series of regulatory, financial, and legislative initiatives, and helped to develop and execute several
"roll-up" or market aggregation strategies for companies seeking to achieve substantial scale in
energy distribution, generation, transmission, and marketing.
Financial and Economic Advisory Services
Retained by many of the nation's leading energy companies and financial institutions for services
relating to the purchase, sale or development of new enterprises. These proiects included major new
gas pipeline projects, gas storage projects, several non-utility generation projects, the purchase and
sale of project development and gas marketing firms, and utility acquisitions. Specific services
provided include the development of corporate expansion plans, review of acquisition candidates,
establishment of divestiture standards, due diligence on acquisitions or financing market entry or
expansion studies, competitive assessments, project financing studies, and negotiations relating to
these transactions.
Litigation Support and Expert Testimony
Provided expert testimony on more than 400 occasions in administrative and civil proceedings on a
wide range of energy and economic issues. Clients in these matters have included gas distribution
/?
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Rrsuur or )ouN l. Rrro
utilities, gas pipelines, gas producers, oil producers, electric utilities, large energy consumers,
governmental and regulatory agencies, trade associations, independent energy project developers,
engineering firms, and gas and power marketers. Testimony has focused on issues ranging from
broad regulatory and economic policy to virtually all elements of the utility ratemaking process. Also
frequently testified regarding energy contract interpretation, accepted energy industry practices,
horizontal and vertical market power, quantification of damages, and management prudence. Has
been active in regulatory contract and litigation matters on virtually all interstate pipeline systems
serving the U.S. Northeast, Mid-Atlantic, Midwest, and Pacific regions.
Also served on FERC Commissioner Terzic's Task Force on Competition, which conducted an
industry-wide investigation into the levels of and means of encouraging competition in U.S. natural
gas markets and served on a "BIue Ribbon" panel established by the Province of New Brunswick
regarding the future ofnatural gas distribution service in that province.
Resource Procurement, Contracting and Analysis
On behalf of gas distributors, gas pipelines, gas producers, electric utilities, and independent energy
project developers, personally managed or participated in the negotiation, drafting, and regulatory
support of hundreds of energy contracts, including the largest gas contracts in North America, electric
contracts representing billions of dollars, pipeline and storage contracts, and facility leases.
These efforts have resulted in bringing large new energy projects to market across North America,
the creation of hundreds of millions of dollars in savings through contract renegotiation, and the
regulatory approval ofa number ofhighly contested energy contracts.
Strategic Planning and Utility Restructuring
Acted as a leading participant in the restructuring of the natural gas and electric utility industries
over the past fifteen years, as an adviser to local distribution companies, pipelines, electric utilities,
and independent energy project developers. In the recent past provided services to most ofthe top
50 utilities and energy marketers across North America. Managed projects that frequently included
the redevelopment of strategic plans, corporate reorganizations, the development of multi-year
regulatory and legislative agendas, merger, acquisition and divestiture strategies, and the
development of market entry strategies. Developed and supported merchant function exit strategies,
marketing affiliate strategies, and detailed plans for the functional business units of many of North
America's leading utilities.
PROFESSIONAL HISTORY
Concentric EnergyAdvisors, lnc. (2OO2 - Present)
Chairman and Chief Executive Officer
CE Capital Advisors (2004 - Present)
Chairman, President, and Chief Executive Officer
Navigant Consulting,lnc. (1997 - 20OZ)
President, Navigant Energy Capital (2000 -2002)
Executive Director [2000 - 2002)
Co-Chief Executive Officer, Vice Chairman (1999 - 2000)
Executive Managing Director (1998 - 1999)
President, REED Consulting Group, lnc. (1997 - 1998)o
CoNcrrsrruc EsrncvAovtsons | 2
@
@
CosrrDrNtnL
Rrsuur or louN J. turo
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REED Consulting Group (1988 - t997)
Chairman, President and Chief Executive Officer
R.f. Rudden Associates, Inc. (1983 - 1988)
Vice President
Stone & Webster Management Consultants, Inc. (1981 - 1983)
Senior Consultant
Consultant
Southern California Gas Company (L976 - 1981)
Corporate Economist
Financial Analyst
TreasuryAnalyst
EDUCATION AND CERTIFICATION
B.S., Economics and Finance, Wharton School, University of Pennsylvania,l9T6
Licensed Securities Professional: NASD Series 7,63,24,79 and 99 Licenses
o BOARDS OF DTRECTORS (PASTAND PRESENT)
Concentric Energy Advisors, Inc.
Navigant Consulting Inc.
Navigant Energy Capital
Nukem,lnc.
New England Gas Association
R. J. Rudden Associates
REED Consulting Group
AFFILIATIONS
American Gas Association
Energy Bar Association
Guild of Gas Managers
Internati onal Associati on of Energy E co nomists
Northeast Gas Association
Society of Gas Lighters
Society of Utility and Regulatory Financial Analystso
CoNcrNrruc ENencyAovrsons | 3
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ARTICLES AND PUBLICATIONS
"Maximizing U.S. federal loan guarantees for new nuclear energy," Bulletin of the Atomic Scientists
(with fohn C. Slocum), July 29,2009
"Smart Decoupling - Dealing with unfunded mandates in performance-based ratemaking," Public
U tiliti e s Fo rtnig htly, May 20 t2
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Table of Contents
Fora narrative dcscription oflhe terms and conditions applicable to the payments quantified in the table belo*', see the sections entitled"-Payments to
Executive Officers itt Respect of Equity- Awards" and"-Change of Control Agreements" above.
Potential Chonge ofControl Pay,nents to Executive Olficers
The tables belorv sho*,(i) the compensation that may be paid or may becorne payable in connection with, or follorving, the consummation ofthe merger to
each of tbe Company's named executive officers identified in the most recent proxy statement $ith respect to the 2017 annual meeting of Company
shareholders and (ii) the aggregate compensation that may be paid or rnay become payable in connection with, or follo*ing, the consummation ofthe merger
to the Company's eight other executive oflicers.
Named Executive 0fficer
Scott L. Monis,
Chairman, Prestdent & CEO
Mark T. Thics,
Senior Vice President, CFO & Treasurer
Denois P. Vermillion,
Senior Yice President & ECO
Irlarian M. Durkin,
Senior Vice President, General Counsel, CCO &
Corporate Secretary
Karen S. Feltes,
Senior Vice President & CHRO
Other ExecutiYe Officers
! alue ofAccelcrated Health Outphcement Section 280G
Severance (l) Equitr'(2) Betrefits (3) (4) Groseup (5)
s 7,145,3sr S 5,505.892 S 324,554 S 200,000 S 905,204
Serarapce (l)
$ 6,392Js1
s 2,478,889
s 1,502,909
s 2,143,59'r
t 2,020p32
Value of
Acceler.ted
Equity (2)
s 5,85 r ,960
s 1,860,008
s 1 ,894,63 6
s r,453,399
s 1,453,399
Health
Benefits (3)
s 32,949
s 43,760
s 43,760
s 32,520
s 32,s20
Outpla cement
(4)
s 2s,000
s 2s,000
s 25,000
25,000
2s,000
Section 280G
Cross-Up (5)
$ 4,692,976
s r,5s8,549
SO
$ 1,280,965
s 1,239,266
__es!g__
s r6,995,636
s s,966,206
s 3,466,30s
$ 4,93 5,48 I
$ 4,771,r17
S
S
Aggregate for Eight Other Executive Oflicers
Total
$ 14,381,001
(l ) Severance.The estimated amounts listed in this column represent the aggregate value ofcash severance each executive officerrvould be entitled to
receive under his or her Change of Control Agreement in connection rvith a qualifying temination at any time prior to the third anniversary of the
effeclive time. Specilically, the executive officer rvould be entitled to a lump-sum payment equal to the sum of(i) an amount (the "Base and Bonus
Severance") equal to three times (for Messrs. Morris and Thies and Mmes. Drrrkin and Feltes) or two times (for Mr. Vermillion) the sum of the executive
officer's (A) annual base salary as in effect immediately prior to the quali!ing termination, and (B) "highest annual bonus" (which means the greater of
(x) the highest annual bonus paid in the last three full fiscal years prior to the eflective trme (annualized for partial years ofemployment) and (y) the
bonus paid for the most recently completed fiscal year (annualized for partial years ofemployment)); and (ii) an amount (the "Pro-Rata Bonus") equal
to the executive ofticer's pro-rata highest annual bonus for the tennination year (prorated based upoo the number ofdays ofemployment with the
Company until the termination date). Severance payments are "double-triggef' in that they v'ould be paid to the executive officer only ifsuch
executive ofiicer experiences a qualifuing termination at any tinre prior to the third anniversary ofthe effective time. As noted above in "-Change of
Control Agreements," the Company uill arncnd thc Changc of Control Agrccmcnts for Mcssrs. lv{onis, Thics and Vcnnillion and Mmcs. Durkin and
Fcltcs to providc that each such individual
63
I
Staff_PR_043(AVA) Attachment A
1Vo, dc
o
o
Revised Exhibit A
MASTER LIST OF COMMITMENTS IN IDAHO
Table of Contents
Reservation of Certain Authority to the Avista Board of Directors................ .......5
1. Authority Reserved: ......
2. ExecutiveManagement:
3. Board of Directors: .................
4. Avista's Brand and Plan for the Operation of the Business: .....
5. Capital Investrnent for Economic Development:............
6. Continuedlnnovation:
7. Union Relationships:................
8. Compensation and Benefits:
9. Avista's Headquarters:..............
10. Local Staffing:
11. Community Contributions: .
12. Community Involvement: ...
13. Economic Development:.....
14. Membership Organizations:
15. Safety and Reliability Standards and Service Quality Measures
Rate Commitments ...............8
16. Treatment of Net Cost Savings:
17. Treatment of Transaction Costs
18. TravelExpenses:
19. Rate Credits:................
Regulatory Commitments .............I 0
Page
.....5
.5
5
,6
6
6
7
7
7
7
7
7
7
8
8
8
8
.9
.9
20. State Regulatory Authority and Jurisdiction:.....
21.. Compliance with Existing Commission Orders:
22. Separate Books and Records:................ ....................11
23. Audit, Access to and Maintenance of Books and Records:................ ............11
24. Cost Allocations Related to Corporate Structure and Affiliate Interests:. ......12
Idaho Settlement Proposal - Master List of Commitrnents
.................10
.................1 I
o
Revised 111612018
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T. Carlock, Staff
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Page 1 of30
O
Revised Exhibit A
25. Ratemaking Cost of Debt and
26. Avista Capital Structure:...........
27. FERC Reporting Requirements:
28. Participation in National and Regional Forums:...
29 . Treatment of Confi dential Information :................
30. Commission Enforcement ofCommitments'
31 . Submittal to State Court Jurisdiction for Enforcement of Commission Orders:
32. Annual Report on Commitments:..........
33. Commitments Binding: .................................. I 5
.................15Financial Integrity Commitments ............
34. Capital Structure Support:.....
35. Utility-Level Debt and Preferred Stock:
36. Continued Credit Ratings:.....
37 . Credit Ratings Notifi cation: .................
38. Restrictions on Upward Dividends and Distributions: ..............t6o39. Pension Funding: ..t7
40. SEC Reporting Requirements:
41. Compliance with the Sarbanes-Oxley Act:t7
Ring-Fencing Commitments ....,.......17
42. Golden Share:........ ...............17
43. Independent Directors: ..........17
44. Non-Consolidation Opinion:.... ...............17
45. Olympus Equity LLC:..18
46. Restriction on Pledge of Utility Assets:..............1 8
47 . Hold Harmless; Notice to Lenders; Restriction on Acquisitions and Dispositions:..........18
48. Olympus Holding Corp. and Olympus Equity LLC Sub-entities:......... ..........20
49. No Amendment:............ ........20
50. No Inter Company Debt:......... ................20
5l. No Inter Company Lending:..................20
Resource Planning Commitments ............
52. Renewable Energy Resources:. ...............20
Idaho Settlement Proposal - Master List of Commitments Page2 of 3o u*,oitNo. 101
..........15
.......... I 5
13
t4
14
t4
t4
t4
t4
14
15
................1 5
', {l
o
Revised 1'11612018
501915474 v19
Case Nos. AVU-E-17-09/
AW-G-17-05
T. Carlock, Staff
11/06118 Page2 of 4l
o Revised Exhibit A
53. Regulatory Integrated Resource Planning (IRP) Sideboards:......... .................21
54. Energy Imbalance Market ("EIM"):
55. Transport Electrification: ......
......,,..2|
..........2t
Environmental Commitments.......
56. Greenhouse Gas and Carbon Initiatives:.
57. Greenhouse Gas lnventory Report:..
....22
....22
....22
Energy Efficiency, Weatherization, Community and Low-Income Assistance
Commitments ))
58. Funding for Energy Efficiency, Weatherization, Conservation, and Low-Income
Assistance Programs:.22
59. Clearwater Paper DSM Assistance:
60. Idaho Forest Group ([FG) DSM Assistance:
61. Community Contributions: .............
62. Addressing Other Low-Income Customer Issues:
63. Fee Free Payment Program:23
o 64. Improve Penetration of Low-Income Programs: .........................23
65. Tribal Communities:.23
Miscellaneous Commitments .........24
66. Sources of Funds for Hydro One Commitments: ......24
67. Service Rules for Gas Utilities:...
.22
...............23
.................23
......23
.............24
.................2468. Meters:
69. Colstrip Planning:
70. Montana Community Transition Fund:
71. Colstrip Transmission Planning:
72. Conkact
73. Most Favored Nations:
74. Notice and Petition to Alter or Amend:
77. Environmental Liabilities of Parent:
78. Foreign Exchange and Hedging:......
24
................25
................25
.25
.25
.27
75. North American Free Trade Agreement (NAFTA): .-..-...............28
76. Venue for and Resolution of Disputes:..................28
..................28
.......28
Idaho Settlement Proposal - Master List of Commitments Page 3 of 3o ,*'oirNo. 1ol
Revised 1116!2018
501915474 v19
Case Nos. AW-E-17-09/
AW-G-17-0s
T. Carlock, Staff
11106/18 Page 3 of 4l
a
I
O
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Revised Exhibit A
79. Subordination of Water Rights:..28
MODIFICATION TO DELEGATION OF AUTIIORITY, CLAUSE 3................................28
Idaho Settlement Proposal - Master List of Commitments
Revised 11/5/2018
501915474 v19
Page 4 of 30 axniuitNo. lol
Case Nos. AW-E-17-09/
AVU-G-17-05
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11106118 Page 4 of 4l
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a
o Revised Exhibit A
Reservation of Certain Authority to the Avista Board of Directors
Authoritv Reserved: Consistent with and subject to the terms of Exhibits A and B
to the Merger Agreement (refened to as "Delegation of Authority") contained in
Appendix 5 of the Joint Application, decision-making authority over commitments 2-
15 below is reserved to the Board of Directors of Avista Corporation ("Avista") and
not to Hydro One. Any change to the policies stated in commitments 2-15, plus 30
(Commission Enforcement of Commitments), 37 (Credit Ratings Notification), 38
(Restrictions on Upward Dividends and Dishibutions), 43 (Independent Directors),
49 (No Amendment), 74 (Notice and Petition to Amend or Alter), 75 (North
American Free Trade Agreement), and 76 (Venue for and Resolution of Disputes),
requires a two-thirds (2/3) vote of the Avista Board, provided that Avista must obtain
approval for such changes from all regulatory bodies with jurisdiction over the
Commitments before such changes can go into effect, and provide written notice to
all parties to Case No. AW-E-17-09lAYU-G-17-05 of such request for approval:
Governance
Executive Management: Avista will seek to retain all current executive
management of Avista, subject to voluntary retirements that may occur. This
commitment will not limit Avista's ability to determine its organizational structure
and select and retain personnel best able to meet Avista's needs over time. The Avista
board retains the ability to dismiss executive management of Avista and other Avista
personnel for standard corporate reasons. Any decision to hire, dismiss or replace the
Chief Executive Officer of Avista shall be within the discretion of the Avista Board
of Directors, and shall not require any approval of Hydro One Limited ("Hydro One")
or any of its affiliates (other than Avista), notwithstanding anything to the contrary in
the merger agreement, and its exhibits and attachments, between Hydro One and
Avista.
Avista Employee Compensation: Any decisions regarding Avista employee
compensation shall be made by the Avista Board consistent with the terms of the
Merger Agreement between Hydro One and Avista, and current market standards and
prevailing practices of relevant U.S. electric and gas utility benchmarks. The
determination of the level of any compensation (including equity awards) approved
by the Avista Board with respect to any employee in accordance with the foregoing
shall not be subject to change by Hydro One or the Hydro One Board.
3.Board of Directors: After the closing of the Proposed Transaction, Avista's board
will consist of nine (9) members, determined as follows: (i) two (2) directors
designated by Hydro One who are executives of Hydro One or any of its subsidiaries;
(ii) three (3) directors who meet the standards for "independent directors" - under
section 303A.02 of the New York Stock Exchange Listed Company Manual (the
"Independent Directors") and who are citizens of the United States and are and have
been residents of the Pacific Northwest region for at least two years, to be designated
by Hydro One (collectively, the directors designated in clauses (i) and (ii) hereof, the
"Hydro One Designees"), subject to the provisions of Clause 2 of Exhibit A to the
Idaho Settlement Proposal - Master List of Commitments
1.
2
o
Revised 11/6/2018
501915474 v'19
Page 5 of 3o o*toitNo. rol
Case Nos. AVU-E-17-09/
AVLI-G-I7-05
T. Carlock, Staff
I 1/06/18 Page 5 of4l
o
,
o
o
Revised Exhibit A
Merger Agreement; (iii) three (3) directors who as of immediately prior to the closing
of the Proposed Transactionl are members of the Board of Directors of Avista,
including the Chairman of Avista's Board of Directors (if such person is different
from the Chief Executive Officer of Avista); and (iv) Avista's Chief Executive
Officer (collectively, the directors designated in clauses (iii) and (iv) hereof, the
"Avista Designees"). Avista and Hydro One shall consult with each other prior to
the designation of any Independent Directors. The initial Chairman of Avista's post-
closing Board of Directors shall be the Chief Executive Officer of Avista as of the
time immediately prior to closing for a one year term. If any Avista Designee
resigns, retires or otherwise ceases to serve as a director of Avista for any reason, the
remaining Avista Designees shall have the sole right to nominate a replacement
director to fill such vacancy, and such person shall thereafter become an Avista
Designee.
The term "Pacific Northwest region" means the Pacific Northwest states in which
Avista serves retail electric or natural gas customers, currently Alaska, Idaho,
Montana, Oregon and Washington.
The Independent Directors will have no material relationship with Hydro One and its
subsidiaries and affiliated entities, the Province of Ontario, or Avista and its
subsidiaries and affiliated entities currently or within the previous 3 years. Former
directors of Avista who otherwise meet these qualifications qualify as Independent
Directors.
Business Operations
4. Avista's Brand and Plan for the Operation of the Business: Avista will maintain
Avista's brand and Avista will establish the plan for the operation of the business and
its Subsidiaries;
5.Capital Investment for Economic Development: Avista will maintain its existing
levels of capital allocations for capital investment in strategic and economic
development items, including property acquisitions in the university district, support
of local entrepreneurs and seed-stage investments;
Continued Innovation: Avista will continue development and funding of its and its
subsidiaries' innovation activities;
t "Proposed Transaction" means the transaction proposed in the Joint Application of Avista and Hydro One filed on
September 14,2017.
Idaho Settlement Proposal - Master List of Commitments Page 6 of 3o u*'oitNo. rol
6.
o
Revised 111612018
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T. Carlock, Staff
11106118 Page 6 of 4l
{
o Revised Exhibit A
Union Relationships: Avista will honor its labor contracts and has the authority to
negotiate, enter into, modiff, amend, terminate or agree to changes in any collective
bargaining agreement or any of Avista's other material contracts with any labor
or ganizations, union employees or their representatives ;
Compensation and Benefits: Avista will maintain compensation and benefits
related practices consistent with the requirements of the Merger Agreement;
Local Presence/Community Involvement
Avista's Headquarters: Avista will, and Hydro One agrees Avista will, maintain (a)
its headquarters in Spokane, Washington; (b) Avista's office locations in each of its
other service territories, and (c) no less of a significant presence in the immediate
location of each of such office locations than what Avista and its subsidiaries
maintained immediately prior to completion of the Proposed Transaction;
10.Local Staffine: Avista will maintain Avista Utilities' staffing and presence in the
communities in which Avista operates at levels sufficient to maintain the provision of
safe and reliable service and cost-effective operations and consistent with pre-
acquisition levels;
11.Communitv Contributions: For five years after the close of the Proposed
Transaction, Avista will maintain a $4,000,000 annual budget for charitable
contributions (funded by both Avista and the Avista Foundation) and additionally, a
$2,000,000 annual contribution will be made to Avista's charitable foundation. No
approval from any regulatory bodies with jurisdiction over the Commitments is
required for any changes to this commitment from and after the sixth year following
closing; however any such changes will continue to require a two-thirds Q/3) vote of
the Avista Board. Avista agrees it will endeavor, over time, to dishibute this annual
budget across the service territory in proportion to each state's portion of the system;2
Communitv Involvement: Avista will maintain at least Avista's existing levels of
community involvement and support initiatives in its service territories; including
involvement with low-income service agencies and support initiatives;
13.Economic Development: Avista will maintain at least Avista's existing levels of
economic development, including the ability of Avista to spend operations and
2 Note that Commitment 61 contains an additional commitment relating to charitable contributions; pursuant to that
commitment Hydro One will cause Avista to make a one-time contribution of $7,000,000 to Avista's charitable
foundation at or promptly following closing of the Proposed Transaction.
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15.Safetv and Reliabilitv Standards and Service Oualitv Measures: Avista has
established Service Quality Performance Standards, Customer Guarantees and a
Service Quality Measure Report Card for its customers in Washington. Avista is
currently working with the Idaho Commission Staff to develop similar performance
standards, customer guarantees and a reporting mechanism for its customers in Idaho.
Following Idaho Commission approval of such standards, customer guarantees and a
reporting mechanism, Avista will not seek, and Hydro One agrees Avista will not
seek, to remove or reduce any associated penalty provisions for ten (10) years after
the date of the merger.
Rate Commitments
16.Treatment of Net Cost Savings: Hydro One commits that Avista customer rates
will not increase as a result of the Proposed Transaction. Hydro One will hold Avista
customers harmless from any such rate increase. Further, any net cost savings that
Avista may achieve as a result of the Proposed Transaction will be reflected in
subsequent rate proceedings, as such savings materialize. To the extent the savings
are reflected in base retail rates they will offset the Rate Credit to customers, up to the
offsetable portion of the Rate Credit.
17. Treatment of Transaction Costs:
a. Costs associated with the Proposed Transaction will be separately tracked as non-
utility costs with no charges, either allocated or direct, to be recovered from
Avista customers. After the consummation of the Proposed Transaction, any
remaining transaction costs or other costs of Olympus Holding Corp. or Hydro
One will not appear on Avista's utility books, i.e. such costs will be recorded as
non-utility. Avista shall furnish the Commission with journal entries and
supporting detail showing the nature and amount of all costs of the Proposed
Transaction (including but not limited to management time, BOD time, in-house
and outside counsel time, any consultants engaged, etc.) since the Proposed
Transaction was first contemplated, as well as the accounts charged, within 120
days of a Commission order in this docket.
3 Operations and maintenance funds dedicated to economic development and non-utility strategic oppornrnities witl
be recorded below-the-line to a nonoperating account.
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maintenance funds3 to support regional economic development and related strategic
opportunities in a manner consistent with Avista's past practices;
14. Membership Orsanizations: Avista will maintain the dues paid by it to various
industry tade groups and membership organizations; and
o Revised Exhibit A
b. Avista will exclude, and Hydro One agrees Avista will exclude, from Avista
general rate cases, or any other method of cost recovery, all costs related to the
Proposed Transaction including but not limited to: (i) all legal work from in-house
counsel and outside counsel; (ii) any financial advisory fees associated with the
Proposed Transaction; (iii) the acquisition premium; (iv) costs related to M&A
consulting and advice (v) preparation of and materials for presentations relating to
the Proposed Transaction (vi) any senior executive compensation or any Avista
board of director time tied to a change of control of Avista; and (vii) any other
costs directly related to the Proposed Transaction.
c. Technology expenditures and investments related to software and hardware
compatibility issues between Avista and Hydro One and its affiliates shall not be
recovered from Idaho ratepayers except to the extent such costs are offset by
savings over time.
Travel Exoenses: Avista's corporate travel expenses recovered in rates, including
variable costs of flying the Avista corporate jet and commercial havel for all directors
and executives, shall not exceed 105% of 2017 expenses, adjusted annually for
inflation.
19. Rate Credits:
18.
o Avista and Hydro One will flow through to Avista's retail customers in Idaho a Rate
Credit of approximately $ I 5.8 milliona over a 5-year period, beginning at the time the
merger closes.
Rate Credit Proposal
Idaho Annual
Credit Years 1-5 Idaho Total Credit
Total Credit $3.2 Million $15.8 Million
Offsetable Credit $527,510 $2.6 Million
The Total Rate Credit to customers for the five years following the closing will be
approximately $3.2 millions per year. A portion of the annual total Rate Credit will
o
a The exact agreed-upon figure is $15,811,050, which is equal to 5%o ofthe Idaho base revenue as of02101/18.
Idaho elechic base revenue is $259,473,000, and Idaho natural gas base revenue (including natural gas costs -
Schedules 150/155) is $56,748,000. Five percent of those revenues arc $12,973,650 (electric) and $2,837,400
(natural gas).
s The exact amount agreed upon is $3,162,210 per year. The annual Idaho electric Rate Credit for each ofthe five
years is $2,594,730. The annual Idaho natural gas Rate Credit for each of the five years is $567,480.
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be offsetable, in the amount of $527,5106. During the 5-year period the financial
benefits will be flowed through to customers either through the separate Rate Credit
described above or through a reduction to the underlying cost of service as these
benefits are reflected in the test period numbers used for ratemaking. At the time of
the close, the $3.2 million benefit will be provided to customers through a separate
Rate Credit, as long as the reduction in costs (of up to $527,510 annually) has not
already been reflected in base retail rates for Avista's customers.
To the extent Avista demonstrates in a future rate proceeding that cost savings, or
benefits, directly related to the Proposed Transaction are already being flowed
through to customers through base retail rates, the separate Rate Credit to customers
would be reduced by an amount up to the offsetable Rate Credit amount. The portion
of the total Rate Credit that is not offsetable effectively represents acceptance by
Hydro One of a lower rate of return during the 5-year period.
The $15.8 million represents the "floor" of benefits that will be flowed through to
Avista's customers, either through the Rate Credit or through benefits otherwise
included in base retail rates. To the extent the identifiable benefits exceed the annual
offsetable Rate Credit amounts, these additional benefits will be flowed through to
customers in base retail rates in general rate cases as they occur. Avista and Hydro
One believe additional efficiencies (benefits) will be realized over time from the
sharing of best practices, technology and innovation between the two companies. It
will take time, however, to identify and capture these benefits. The level of annual
net cost savings (and/or net benefits) will be tracked and reported on an annual basis,
and compared against the offsetable level of savings.
Any application of offsetable savings will be reviewed by the Commission before the
offset is applied, and Avista bears the burden of proof to prove that savings have
materialized and the offset to rate credits should apply.
Regulatory Commitments
20. State Resulatory Authoritv and Jurisdiction: Hydro One and its subsidiaries,
including Avista, as applicable and as appropriate, will comply with all applicable
laws, including those pertaining to transfers of property, affiliated interests, and
securities and the assumption of obligations and liabilities. As required by and
consistent with applicable laws, venue for resolution of proceedings related to these
matters will be at the appropriate state utility commission(s). Hydro One and its
subsidiaries, including Avista, will make their employees and officers available to
6 The offsetable portion ofthe Rate Credit is calculated using a pro rata share ofthe jurisdictional total ofthe rate
credit (i.e. Idaho's share of the total system offsetable Rate Credit is 31.03%, therefore Idaho's share of the $1.7
million offsetable portion is $527,510).
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testify before the Commission at the Commission's request to provide information
relevant to the matters within its jurisdiction.
Comnliance with Existine Commission Orders: Hydro One and its subsidiaries,
including Avista, acknowledge that all existing orders issued by the Commission with
respect to Avista or its predecessor, Washington Water Power Co., will remain in
effect, and are not modified or otherwise affected by the Proposed Transaction.
Hydro One and its subsidiaries, including Avista, as applicable and as appropriate,
will comply with all applicable future Commission orders that remain in force.
Separate Bgoks and Records: Avista will maintain separate books and records from
its affiliates.
Audit. Access to and Maintenance of Books and Records:
Nothing in the Proposed Transaction and corporate structure thereafter will limit or
affect the Commission's rights with respect to inspection of Avista's and Olympus
Holding Corp.'s accounts, books, papers and documents pursuant to and in
compliance with all applicable Idaho laws and administrative rules.
Hydro One, Olympus Holding Corp. and its subsidiaries, including Avista, will
provide reasonable access to Avista's books and records; access to financial
information and filings; access rights with respect to the documents supporting any
costs that may be allocable to Avista; and access to Avista's board minutes, audit
reports, and information provided to credit rating agencies pertaining to Avista.
Hydro One, Olympus Holding Corp. and its subsidiaries, including Avista, will
maintain the necessary books and records so as to provide documents relating to all
corporate, affiliate, or subsidiary transactions with Avista, or that result in costs that
may be allocable to Avista.
The Proposed Transaction will not result in reduced access to the necessary books
and records that relate to transactions with Avista, or that result in costs that may be
allocable to Avista. Avista will provide the Commission, its agents, Commission
Staff and other parties to regulatory proceedings reasonable access to books and
records (including those of Hydro One, Olympus Holding Corp. or any affiliate or
subsidiary companies) required to verify or examine transactions with Avista, or that
result in costs that may be allocable to Avista.
Nothing in the Proposed Transaction will limit or affect the Commission's rights with
respect to inspection of Avista's accounts, books, papers and documents in
compliance with all applicable laws. Nothing in the Proposed Transaction will limit
or affect the Commission's rights with respect to inspection of Hydro One and
Olympus Holding Corp.'s accounts, books, papers and documents pursuant to all
applicable laws; provided, that such right to inspection shall be limited to Hydro One
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and Olympus Holding Corp.'s accounts, books, papers and documents that pertain
solely to transactions affecting Avista's regulated utility operations.
Olympus Holding Corp. and its subsidiaries, including Avista, will provide the
Commission with access to written information provided by and to credit rating
agencies that pertains to Avista. Olympus Holding Corp. and each of its subsidiaries
will also provide the Commission with access to written information provided by and
to credit rating agencies that pertains to Olympus Holding Corp.'s subsidiaries to the
extent such information may affect Avista.
Hydro One and its affiliates agree that the Commission may have access to all the
accounting records of Hydro One and its affiliates that are the bases for charges to
Avista, to determine the reasonableness of the costs and the allocation factors used by
Hydro One and its affiliates, or its subdivisions to assign costs to Avista and amounts
subject to allocation or direct charges. Hydro One and its affiliates agree that they
will not raise lack of jurisdiction as a means of denying such access, and agree to
cooperate fully with such Commission investigations. Furthermore, any party may
recommend that the Commission deny recovery of any costs assigned or charged to
Avista by Hydro One or its affiliates if that party believes that Hydro One or its
affiliates have failed to provide sufficient access to records relating to the costs at
issue.
Cost Allocations Related to Corporate Structure and Affiliate Interests: Avista
agrees to provide, and Hydro One agrees Avista will provide, cost allocation
methodologies used to allocate to Avista any costs related to Hydro One or its other
affiliates and subsidiaries, and commits that there will be no cross-subsidization by
Avista customers of unregulated activities.
Avista will not charge to customers expenses allocated or directly assigned by Hydro
One except as specifically authorized for recovery in rates by the Commission. The
cost-allocation methodology provided pursuant to this commifrnent will be a generic
methodology that does not require Commission approval prior to it being proposed
for specific application in a general rate case or other proceeding affecting rates. The
cost-allocation methodology provided pursuant to this commitment also will establish
a procedure for ensuring that additional costs or revenues resulting from changing
curency exchange rates will not be reflected in rates charged to Idaho customers.
Avista will bear the burden of proof in any general rate case that any corporate and
affiliate cost allocation methodology is reasonable for ratemaking purposes. Neither
Avista nor Hydro One or its affiliates and subsidiaries will contest the Commission's
authority to disallow, for retail ratemaking purposes in a general rate case,
unreasonable, or misallocated costs from or to Avista or Hydro One or its other
affiliates and subsidiaries.
With respect to the ratemaking treatment of affiliate transactions affecting Avista,
Hydro One, and Olympus Holding Corp. and its subsidiaries, as applicable, will
comply with the Commission's then-existing practice; provided, however, that
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nothing in this commitment limits Avista from also proposing a different ratemaking
treatment for the Commission's consideration, or limit the positions any other party
may take with respect to ratemaking treatment.
Avista will notifu the Commission of any change in corporate structure that affects
Avista's corporate and affiliate cost allocation methodologies. Avista will propose
revisions to such cost allocation methodologies to accommodate such changes.
Avista will not take the position that compliance with this provision constitutes
approval by the Commission of a particular methodology for corporate and affiliate
cost allocation.
Avista will notiff the Commission prior to the implementation of plans by Avista or
Hydro One or any of Hydro One's affiliates:
a. To form an affiliate for the purposes of transacting business with Avista's
regulated operations;
b. To commence new business transactions between an existing affiliate and Avista;
or
c. To dissolve an affiliate that has transacted substantial business with Avista.
Ratemakine Cost of Debt and Equitv: Avista will not advocate for, and Hydro One
agrees Avista will not advocate for, a higher cost of debt or equity capital as
compared to what Avista's cost of debt or equity capital would have been absent
Hydro One's ownership.
For future ratemaking purposes:
a. Determination of Avista's debt costs will be no higher than such costs would have
been assuming Avista's credit ratings had not been affected by the Proposed
Transaction, and applying those credit ratings to then-current debt;
b. Avista bears the burden to prove prudent in a future general rate case any pre-
payment premium or increased cost of debt associated with existing Avista debt
retired, repaid, or replaced as a part of the Proposed Transaction; and
c. Determination of the allowed return on equity in future general rate cases will
include selection and use of one or more proxy group(s) of companies engaged in
businesses substantially similar to Avista, without any limitation related to
Avista's ownership structure.
d. Avista and Parent agree that Avista's Cost of Capital, including Avista's Rate of
Retum (ROR), common equity, and Long-Term Debt, shall not be more costly
after the close of Proposed Transaction than they would have been absent the
Proposed Transaction. Avista bears the burden of proving that increases in
Avista's Cost of Capital, including Avista's ROR, common equity, and Long-
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Term Debt, is caused by circumstances or developments that are unrelated to the
financial risks or other characteristics of the Proposed Transaction.
Avista Capital Structure: At all times following the closing of the Proposed
Transaction, Avista's actual common equity ratio will be maintained at a level no less
than 44 percent. This commitment does not restrict the Commission from ordering a
hypothetical capital structure.
FERC Reportins Requirements: Avista will continue to meet all the applicable
FERC reporting requirements with respect to annual and quarterly reports (e.g.,
FERC Forms 7 , 2, 3q) after closing of the Proposed Transaction.
Participation in National and Resional Forums: Avista will continue to
participate, where appropriate, in national and regional forums regarding transmission
issues, pricing policies, siting requirements, and interconnection and integration
policies, when necessary to protect the interest of its customers.
Treatment of Confidential Information: Nothing in these commitments will be
interpreted as a waiver of Hydro One's, its subsidiaries', or Avista's rights to request
confidential treatment of information that is the subject of any of these commitments.
Commission Enforcement of Commitments: Hydro One and its subsidiaries,
including Avista, understand and aqree that the Commission has authority to enforce
these commitments in accordance with their terms. If there is a violation of the terms
of these commitments, then the offending party may, at the discretion of the
Commission, have a period of thirty (30) calendar days to cure such violation.
The scope of this commitment includes the authority of the Commission to compel
the attendance of witnesses from Olympus Holding Corp. and its affiliates, including
Hydro One, with pertinent information on matters affecting Avista. Hydro One and
Olympus Holding Corp. and its subsidiaries waive their rights to interpose any legal
objection they might otherwise have to the Commission's jurisdiction to require the
appearance of any such witnesses.
Submittal to State Court Jurisdiction for Enforcement of Commission Orders:
Hydro One, on behalf of itself and its subsidiaries in the post-close corporate structure
between Hydro One and Avista (as those companies in between may change over
time), and Avista will jointly frle with the Commission prior to closing the Proposed
Transaction an affidavit affirming that they will submit to the jurisdiction of Idaho
courts for enforcement of the Commission's orders adopting the commitments made
by and binding upon them and their affiliates where noted, and subsequent orders,
and will agree to the application of Idaho law with respect to such matters.
Annual Report on Commitments: By May 7, 2019 and each May 1 thereafter
through May 1, 2029, Avista will file, and Hydro One agtees Avista will file, a report
with the Commission regarding the status of compliance with each of the
commitments as of December 31 of the preceding year. The report will, at a
Idaho Settlement Proposal - Master List of Commitments
28.
26.
27.
31.
29.
30.
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minimum, provide a description of the performance of each of the commitments, will
be filed in Case No. AVU-E-17-09/AYU-G-17-05 and served to all parties to the
docket. If any commitment is not being met, relative to the specific terms of the
commitment, the report must provide proposed corrective measures and target dates
for completion of such measures. Avista will make publicly available at the
Commission non-confidential portions of the report.
33.Commitments Binding: Hydro One, its subsidiaries in the post-close corporate
structure between Hydro One and Avista (as those companies in between may change
over time) and Avista, acknowledge that the commitments being made by them are
fully binding upon them and upon their affiliates where specifically noted and their
successors in interest. Hydro One and Avista are not requesting in this proceeding a
determination of the prudence, just and reasonable character, rate or ratemaking
teatment, or public interest of the investments, expenditures or actions referenced in
the commitinents, and the parties in appropriate proceedings may take such positions
regarding the prudence, just and reasonable character, rate or ratemaking treatment, or
public interest of the investments, expenditures or actions as they deem appropriate.
If Hydro One or any other entity in the chain of Avista's ownership determines that
Avista or any other entity has failed to comply with an applicable Commitment, the
entity making such determinations shall take all appropriate actions to achieve
compliance with the Commitment.
Financial Integrify Commitments
34. Capital Structure Support: Hydro One will provide equity to support Avista's
capital structure that is designed to allow Avista access to debt financing under
reasonable terms and on a sustainable basis.
Utilitv-Level Debt and Preferred Stock: Avista will maintain separate debt and
preferred stock, if any, to support its utility operations.
Continued Credit Ratings: Each of Hydro One and Avista will continue to be rated
by at least one nationally recognized statistical "Rating Agency." Hydro One and
Avista will use reasonable best efforts to obtain and maintain a separate credit rating
for Avista from at least one Rating Agency within the ninety (90) days following the
closing of the Proposed Transaction. If Hydro One and Avista are unable to obtain or
maintain the separate rating for Avista, they will make a filing with the Commission
explaining the basis for their failure to obtain or maintain such separate credit rating
for Avista, and parties to this proceeding will have an opportunity to participate and
propose additional commitments.
37 Credit Ratines Notification: Hydro One and Avista agree to notify the Commission
within two business days of any proposed or actual downgrade of Avista's
credit rating by S&P, Moody's, or any other such ratings agency that issues
such ratings with respect to Avista.
35.
36.
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If Avista or Hydro One anticipates or is notified of a proposed or actual
downgrade of Avista's credit rating to a non-investment grade status, then
Avista and Hydro One will:
a. Within 30 days of providing notice, provide a plan and timeline ("Compliance
Plan") that is subject to Commission review, modification, rejection, or approval
for maintaining Avista's investment grade status or restoring Avista's investment
grade status.
b. Subsequent to the filing of the Compliance Plan, Avista shall file progress
reports every 90 calendar days detailing its efforts for maintaining Avista's
investment grade status or restoring Avista's investment grade status, in addition
to detailing how Avista has met each requirement in the Compliance Plan.
38. Restrictions on Upward Dividends and Distributions:
a. If either (i) Avista's corporate crediVissuer rating as determined by both
Moody's and S&P, or their successors, is investment grade, or (ii) the ratio of
Avista's EBITDA to Avista's interest expense is greater than or equal to 3.0, then
distributions from Avista to Olympus Equity LLC shall not be limited so long as
Avista's equity ratio is equal to or greater than 44 percent (the "Minimum Equity
Ratio") on the date of such Avista distribution after giving effect to such Avista
distribution. Under any other circumstances, distributions from Avista are
allowed only with prior Commission approval. The Minimum Equity Ratio is
subject to change as set forth in subparagraph b. below. Both the EBITDA and
equity ratio shall be calculated on the same basis that such calculations would be
made for ratemaking purposes for regulated utility operations.
b. If a proposal is made, or if the Commission determines, in an Avista rate case
that Avista's rates should be based on a common equity ratio of less than 44
percent, the Parties agree that the Commission should consider and determine,
either in the rate case or in a separate proceeding, whether the Minimum Equity
Ratio for purposes of subparagraph a. above should be adjusted in light of any
adjustment to the common equity ratio for ratemaking purposes. In addition,
Avista may at any time upon a showing of good cause petition the Commission
for a change to the Minimum Equity Ratio, and no party to the Settlement
Stipulation will oppose the initiation of such a proceeding.
c. If Avista does not have an investment-grade rating from both Moody's and
S&P, or from one of these entities, or its successor, if only one issues ratings with
respect to Avista, and the ratio of EBITDA to Avista's interest expense is less
than 3.0, no dividend distribution to Olympus Equity LLC or its successors will
occur.
d. Avista commits, and Hydro One agrees, that prior to upward dividends from
Avista, Avista cash flows will not be comingled in common accounts with cash
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flows for other purposes at either of Olympus Equity, LLC or Hydro One,
including all Hydro One subdivisions and affiliates. Hydro One will ensure that
all of the Parent's corporate entities maintain accounts and subaccounts that are
separate from Avista accounts and subaccounts, sufficient to cause handling of
cash flows to be entirely consistent with Avista's corporate purposes.
Pension Fundins: Avista will maintain its pension funding policy in accordance
with sound actuarial practice. Hydro One will not seek to change Avista's pension
funding policy.
SEC Reporting Requirements: Following the closing of the Proposed Transaction,
Avista will file required reports with the SEC.
Compliance with the Sarbanes-Oxlev Act: Following the closing of the Proposed
Transaction, Avista will comply with applicable requirements of the Sarbanes-Oxley
Act.
Ring-Fencing Commitments
42. Golden Share: Entering into voluntary bankruptcy shall require the affirmative vote
of a "Golden Share" of Avista stock. The Golden Share shall mean the sole share of
Preferred Stock of Avista as authorized by the Commission. This share of Preferred
Stock must be in the custody of an independent third-party, where the third-party has
no financial stake, affiliation, relationship, interest, or tie to Avista or any of its
affiliates, or any lender to Avista, or any of its affiliates. This requirement does not
preclude the third-party from holding an index fund or mutual fund with negligible
interests in Avista or any of its affiliates. In matters of voluntary bankruptcy, this
Golden Share will override all other outstanding shares of all types or classes of
stock.
43.Independent Directors: At least one of the nine members of the board of directors
of Avista will be an Independent Director who, consistent with Commitment 3, meets
the standards under 3034.02 of the New York Stock Exchange Listed Company
Manual. At least one of the members of the board of directors of Olympus Equity
LLC will be an Independent Director who, consistent with Commitment 3, meets the
standards under 303A.02 of the New York Stock Exchange Listed Company Manual.
The same individual may serve as an Independent Director of both Avista and
Olympus Equity LLC. The organizational documents for Avista will not permit
Avista, without the consent of a two-thirds majority of all its directors, including the
affirmative vote of the Independent Director at Avista (or if at that time Avista has
more than one Independent Director, the affirmative vote of at least one of Avista's
Independent Directors), to consent to the institution of bankruptcy proceedings or the
inclusion of Avista in bankruptcy proceedings. In addition to an affirmative vote of
this Independent Director, the vote of the Golden Share shall also be required for
Avista to enter into a voluntary bankruptcy.
o 44. Non-Consolidation Opinion:
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40.
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a. Within ninety (90) days of the Proposed Transaction closing, Avista and Olympus
Holding Corp. will file, and Hydro One agrees they will file, a non-consolidation
opinion with the Commission which concludes, subject to customary assumptions
and exceptions, that the ring-fencing provisions are sufficient that a bankruptcy
court would not order the substantive consolidation of the assets and liabilities of
Avista with those of Olympus Holding Corp. or its affiliates or subsidiaries (other
than Avista and its subsidiaries).
b. Hydro One and Olympus Holding Corp. must file an affidavit with the
Commission stating that neither Hydro One, Olympus Holding Corp. nor any of
their subsidiaries, will seek to include Avista in a bankruptcy without the consent
of a two-thirds majority of Avista's board of directors including the affirmative
vote of one of Avista's independent director, and the Avista Golden Shareholder.
c. If the ring-fencing provisions in these commitments are not sufficient to obtain a
non-consolidation opinion, Olympus Holding Corp. and Avista agree to promptly
undertake, and Hydro One agrees to cause them to undertake, the following
actions:
Notify the Commission of this inability to obtain a non-consolidation
opinion.
Propose and implement, upon Commission approval, such additional ring-
fencing provisions around Avista as are sufficient to obtain a non-
consolidation opinion subject to customary assumptions and exceptions.
iii. Obtain a non-consolidation opinion.
Olvmpus Equitv LLC: Olympus Holding Corp.'s indirect subsidiaries will include
Olympus Equity LLC and Avista. See the post-acquisition organizational chart in
Attachment C to the Master List of Commiunents in Idaho. Following closing of the
Proposed Transaction, all of the coflrmon stock of Avista will be owned by Olympus
Equity LLC, a new Delaware limited liability company. Olympus Equity LLC will be
a bankruptcy-remote special purpose entity, and will not have debt.
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Restriction on Pledge of Utilitv Assets: Avista agrees to, and Hydro One will cause
Avista to agree to, prohibitions against loans or pledges of utility assets to Hydro
One, Olympus Holding Corp., or any of their subsidiaries or affiliates, without
Commission approval. In addition, the Applicants agree that Avista's assets will not
be pledged by Avista or any of its affiliates, including Hydro One and Olympus
Holding Corp. and any of their subsidiaries or affiliates, for the benefit of any entity
other than Avista.
47. Hold llarmless: Notice to Lenders: Restriction on Acquisitions and Disnositions:
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a. Hydro One, its affiliates, and subsidiaries including Avista will hold Avista
customers harmless from any business and financial risk exposures associated
with Olympus Holding Co.p., Hydro One, and Hydro One's other affiliates.
b. Pursuant to this commitment, Avista will file, and Hydro One agrees Avista will
file, with the Commission, prior to closing of the Proposed Transaction, a form of
notice to prospective lenders describing the ring-fencing provisions included in
these commitments stating that these provisions provide no recourse to Avista
assets as collateral or security for debt issued by Hydro One or any of its
subsidiaries, other than Avista.
c. In furtherance of this commitment:
Hydro One, its affiliates, and subsidiaries including Avista commit that
Avista's regulated utility customers will be held harmless from the liabilities
of any unregulated activity of Avista or Hydro One and its affiliates. In any
proceeding before the Commission involving rates of Avista, the fair rate of
retum for Avista will be determined without regard to any adverse
consequences that are demonstrated to be attributable to unregulated
activities. Measures providing for separate financial and accounting
heatment will be established for each unregulated activity.
ii. Hydro One, its affiliates, and subsidiaries including Avista will notify the
Commission promptly after Hydro One's, its affiliates', or subsidiaries'
including Avista's board approval but contemporaneously with any public
announcement of: (1) any acquisition by Hydro One, its affiliates, and
subsidiaries including Avista of a regulated or unregulated business that is
equivalent to five (5) percent or more of Hydro One's capitalization; or (2)
any change in control or ownership of Avista. Should there be a change only
to the upstream ownership of Avista or Olympus Holding Corp. among
wholly owned subsidiaries of Hydro One, notice of such a change will be
provided in either an updated organizational chart, or in a separate notice
filing prior to the change taking place. Notice pursuant to this provision is
not and will not be deemed an admission or expansion of the Commission's
authority or jurisdiction over any transaction or in any matter or proceeding
whatsoever.
Within sixty (60) days following the notice required by this subsection
(c)(ii)(2), and prior to completion of any transfer, Avista and Olympus
Holding Corp. or its affiliates, as appropriate, will seek Commission
approval of any sale or transfer of any material part of Avista, or of any
transaction or series of transactions, regardless of size, that would result in a
person or entity, other than a wholly owned subsidiary of Hydro One,
directly or indirectly, acquiring a controlling interest in Avista or Olympus
Holding Corp. The term "material part of Avista" means any sale or transfer
of stock representing ten percent (10%) or more of the equity ownership of
Avista.
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iii. Hydro One, Olympus Holding Corp. and Avista will provide notification of
and obtain Commission approval of the divestiture, spin-off, or sale of any
integral Avista asset, including power plants, as required by Idaho law. This
notification and approval requirement does not limit any jurisdiction that the
Commission may have.
1V Neither Avista nor Hydro One will assert in any future proceedings that, by
virtue of the Proposed Transaction and the resulting corporate structure, the
Commission is without jurisdiction over any transaction that results in a
change of control of Avista.
d. If and when any non-regulated subsidiary of Avista becomes a subsidiary of
Hydro One or one of its subsidiaries other than Avista, Avista and Hydro One will
so advise the Commission within thirty (30) days and will submit to the
Commission a written document setting forth Avista's proposed corporate and
affliate cost allocation methodologies.
Olvmpus Holdins Corp. and Olvmpus Equitv LLC Sub-entities: Olympus
Holding Corp. will not operate or own any business and will limit its activities to
investing in and attending to its shareholdings in Olympus Equity LLC, which, in
tum, will not operate or own any business and will limit its activities to investing in
and attending to its shareholdings in Avista.
No Amendment: Hydro One, Olympus Holding Corp. and Avista commit that no
amendments, revisions or modifications will be made to these regulatory
commitments without prior Commission approval.
No Inter Companv Debt: Avista will notify the Commission before entering into
any inter-company debt transactions with Olympus Holding Corp., Hydro One, or any
of their subsidiaries or affiliates. Avista shall comply with Idaho law for any debt
transactions over a one year term.
No Inter Companv Lending: Without prior Commission approval, Avista will not
lend money to Olympus Holding Corp., Hydro One, or any of their subsidiaries or
affiliates.
Resource Planning Commitments
52, Renewable Enersv Resources: Avista will continue to offer renewable power
programs in consultation with stakeholders.
Communications with customers shall accurately reflect the environmental attributes
associated with power delivered to such customers. Hydro One and Avista
acknowledge that Avista retains the burden of proof to demonstrate the prudence of
any resource acquisition.
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Nothing in this Commitment prohibits Avista from selling renewable energy credits
that arise from resources included in base rates applicable in Idaho.
Hydro One acknowledges Avista's obligations under applicable renewable portfolio
standards, and Avista will continue to comply with such obligations.
Resulatorv Intesrated Resource Plannins ORP) Sideboards: Avista and its
affiliates agree to consider in all resource planning and acquisition efforts both
demand-side and renewable energy resources that are consistent with the Idaho
Commission's resource evaluation and acquisition rules and policies.
Avista and its affiliates agree that "Resources" to be considered in all IRPs include
Power Purchase Agreements ("PPAs").
Avista commits to calculating a variable generation resource's contribution to
capacity in terms of that resource's contribution to resource adequacy and that
resource's ability to reduce the loss of load probability in some or all hours or days
utilizing the Effective Load Carrying Capability ("ELCC") methodology or an
appropriate approximation.
Avista will work with an independent third-party consultant, with expertise in
renewable energy resources, to ensure that the utility has up-to-date resource cost and
performance assumptions, as well as the appropriate learning curves, for use in the
2019 IRP process.
Unless it conflicts with any instructions contained in the Commission's
acknowledgement letter in response to Avista's current integrated resource plan
(IRP), beginning with the next IRP, Avista commits to modeling a rar'ge of potential
costs for greenhouse gas emissions, and will work with its IRP Advisory Group to
determine the appropriate values to model.
Energy Imbalance Market ("EIM"): Avista is currently refreshing its EIM
analysis and will release it publicly by the end of 2018. Avista commits to hold
workshops with the Commission and interested stakeholders to review the analysis
and discuss the prudent next steps.
The goal is to convene the workshop within 30 days of the release of the EIM
analysis.
Transport Electrification: Avista commits, and Hydro One agrees that Avista
commits, to initiate a stakeholder process within 60 days of the close of the Proposed
Transaction to explore opportunities for transport electrification that benefits all Idaho
customers.
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Environmental Commitments
Greenhouse Gas and Carbon Initiatives: Hydro One acknowledges Avista's
Greenhouse Gas and Carbon Initiatives contained in its current Integrated Resource
Plan, and Avista will continue to work with interested parties on such initiatives.
Greenhouse Gas Inventorv Report: Avista will report greenhouse gas emissions as
required.
Energy Efficiency, Weatherization, Community and Low-Income Assistance Commitments
Funding for Energv Efficiencv. Weatherization. Conservation. and Low-Income
Assistance Programs: Hydro One will arrange funding of $5,308,847 over a lO-year
period to fund energy efficiency, weatheization, conservation, and low-income
assistance programs. The funding will be disbursed as directed by the Energy
Efficiency, Weatherization, Conservation, and Low-Income Assistance Committee
("EWCL"), a new committee of stakeholders tasked with determining which existing
or new programs should receive this funding to address energy efficiency,
weatherization, conservation, and low-income needs in Avista's Idaho service
territory. The committee will initially consist of representatives from the following
stakeholders: Avista, Commission staff, the Lewiston CAP, Idaho Conservation
League, the Idaho Forest Group, and Clearwater Paper. The Committee may add
members at its discretion. The EWCL will consider the needs of all parties and
remain flexible on the timing of any disbursements.
59
The EWCL will convene within 90 days after the close of the Proposed Transaction,
will present a 1O-year funding plan to Avista by June 1, 2019 and will revise this plan
periodically as needed.
Clearwater Paper DSM Assistance: Avista agrees to work with Clearwater Paper to
attempt to qualify the following projects for DSM funding under Tariff Schedule 90,
upon closing of the Proposed Transaction:
. Variable speed drives on the No. 1 paper machine hydropulper. Variable speed drives on the No. 4 power boiler demineralized water pumps. Energy efficient chillers and compressors for the Lurgi system. A variable speed drive on the No.1 paper machine white water system. Variable speed drives on the two waste water outfall pumps
The total estimated cost of the projects is $750,000. Tariff Schedule 90 allows for
possible DSM funding of up to 70o/o of the cost of the project, subject to meeting
certain specified cost-effectiveness criteria. The portion of the estimated cost of these
identified projects that is not reimbursed under Schedule 90 will be considered for
funding through Commitment 58. The EWCL will consider the needs of all parties
and remain flexible on the timing of any disbursements.
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Idaho Forest Group (IFG) DSM Assistance: Avista agrees to work with Idaho
Forest Group (IFG) to attempt to quali$ the following projects for DSM funding
under Tariff Schedule 90, upon closing of the Proposed Transaction:
a
a
Installation of information technology to gather plant information data (PI
Data) on energy usage at IFG's Lewiston plant, and through an installed
interface, transmit real time energy load information data for each operating
station to IFG and Avista. This may serve as a useful demonstration project
for data interfaces with other customers on Avista's system. The total
estimated cost is $300,000.
Replacement of aging compressors, saws and other equipment with state of
the art machinery at IFG's Lewiston and Grangeville plants, in order to
increase productivity and energy efficiency.
Tariff Schedule 90 allows for possible DSM funding of up to 70o/o of the cost of the
project, subject to meeting certain specified cost-effectiveness criteria. The portion
of the estimated cost of these identified projects that is not reimbursed under
Schedule 90 will be considered for funding through Commitment 58. The EWCL
will consider the needs of all parties and remain flexible on the timing of any
disbursements.
Communitv Contributions: Hydro One will arrange funding for a one-time
S7,000,000 contribution to Avista's charitable foundation at or promptly following
closing.T
Addressins Other Low-Income Customer Issues: Avista will continue to work
with low-income agencies to address other issues of low-income customers, including
funding for bill payment assistance.
Fee Free Pavment Program: Avista will continue to offer the Fee Free Payment
Program to its residential customers.
Improve Penetration of Low-Income Proqrams: Hydro One and Avista will work
with the Lewiston CAP to undertake a targeted effort with a goal of improving the
penetation rate of low-income programs with a focus on underserved, vulnerable,
and high energy burden households. This commitment may include expanding
marketing, outreach, and data analysis as appropriate.
Tribal Communities: In implementing these conditions, Avista will reach out to
tribal communities to encourage participation of members of such communities in
receiving the benefits of this settlement.
7 Note that Commitment I I contains additional provisions relating to Avista's charitable contributions.
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Miscellaneous Commitments
Sources of Funds for Hydro One Commitments: Throughout this list of merger
commitments, any commitment that states Hydro One will arrange funding is not
contingent on Hydro One's ability to arrange funding, particularly from outside
sources, but is a firm commitment to provide the dollar amount specified over the
time period specified and for the purposes specified. To the extent Avista has retained
eamings that are available for payment of dividends to Olympus Equity LLC
consistent with the ring fencing provisions of this list of merger commitments, such
retained eamings may be used. Funds available from other Hydro One affiliates may
be used without limitation. Avista will not seek cost recovery for any of the
commitments funded or arranged by Hydro One in this list of merger commitments.
Hydro One will not seek cost recovery for such funds from ratepayers in Canada or
the United States.
67 Service Rules for Gas Utilities: Avista will meet with Commission Staff to review
the Commission's Service Rules for Gas Utilities (IDAPA 31.31.01) to determine
which provisions should be retained and/or modified, and, if the participants agree,
incorporate those changes into Avista's tariff.
Meters: Avista will meet with Commission Staff to review its meter placement and
protection policies and practices and determine, if the participants agree, what
additional steps should be taken to revise Avista's current policies and practices.
Colstrip Planning: Hydro One and Avista agree to support a December 31,2027,
end of life for depreciation pu{poses in the processes described below. Hydro One
and Avista also agree that issues relating to the potential accelerated depreciation of
Avista's interest in Colstrip Units 3 and 4 and related matters should be addressed in
three existing, interrelated Commission proceedings as follows:
GNR-U-18-01 - Investigation Into the Impact of Federal Tax Code Revisions
on Utility Costs and Ratemaking.' As part of this docket, not less than $12.0
Million regulatory liability should be created using the unprotected Excess
DFlTlDeferral of January - May 2018 tax credit. This $12.0 Million
regulatory liability would then be available to offset costs associated with
accelerated depreciation of Colstrip Units 3 and 4 or other use as determined
appropriate in AVU-E-I 8-03/AVU-G- I 8-02.
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68.
69.
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ArnJ-E-18-03 / AVU-G-18-02 -- Avista Corporation's Application to Change
Its Electric and Natural Gas Depreciation Rates: As part of this docket, the
Commission will determine whether, as proposed by Hydro One and Avista,
December 31,2027 , should be set as the "useful life" for Colstrip Units 3 and
4 for depreciation purposes. The Parties will work towards resolution of this
proceeding by April 7,2019.
Avista's Application 2019 Electric Integrated Resource Plan (IW): Avista's
2019 IRP will analyze multiple retirement dates for Colstrip Units 3 and 4,
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including but not limited to, the "end of useful life" date determined in AVU-
E-18-03/AW-G-18-02. The other retirement dates analyzed, as well as the
method, inputs, and assumptions for those scenarios planning analyses, will be
determined with input from the IRP stakeholder advisory group. Avista
anticipates that the first draft of its 2019 IRP will be released in May 2019 and
its second draft will be released in August 2019.
Montana Communitv Transition Fund: Hydro One will arrange funding of $3.0
Million (on a system basis) towards a Colstrip community transition fund.
Colstrip Transmission Plannins: Avista will work with the other Path 8 (MT-to-
NW) owners (Northwestem Energy and BPA) to resolve questions surrounding the
ability of new generation to use the Colstrip line once Colstrip Units 1 and 2 retire,
and also when Units 3 and 4 retire.
At least one year prior to any closure of Colstrip Units 3 and 4, Avista will develop a
transition plan for its Colstrip transmission assets. Avista will hold at least one
workshop with Commission Staff and stakeholders to determine the transition plan's
impacts to Idaho ratepayers.
Avista will work with stakeholders and Commission Staff and file this transition plan
with the Commission. In developing this transition plan, to the extent practicable,
Avista should participate in 1) the workshops on this topic that PSE and the
Commission will be holding in 2018 (per the PSE GRC settlement), and 2) the
BPA/Govemor Bullock Transmission Task Force that commenced work on
December 8,2077, and will work through the middle of 2018.
Hydro One agrees Avista will conduct the activities described in the foregoing
paragraphs.
Contract Labor: The parties agree that employees, contractors, and subcontractors
of Avista shall be paid a fair and competitive wage, and that Avista shall utilize
principles of fairness in bidding and contracting work in the state of Idaho. Avista
agrees to employ highly skilled and trained workers. Such training and education can
be obtained through college programs, technical schools, apprenticeships, or union
hall programs, including those of the Washington and Northern Idaho District
Council of Laborers. The parties recognize that no employee, contractor, or
subcontractor of the Company is required or prohibited from participation in any
labor organization. The Parties agree that Commitment 72 rs severable, and if this
provision is declared void, invalid, or unenforceable in whole or in part, such
declaration shall not affect the remaining provisions of this Commitment List.
Most Favored Nations: The Applicants agree that upon the joint request of the Non-
Applicant Parties, or a request of less than all Non-Applicant Parties which is
unopposed by any Non-Applicant, the Commission shall have an opportunity and the
authority to consider and adopt in Idaho any commitments to which the Applicants
agtee in other jurisdictions, even if such commitments are agreed to after the
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Commission enters its order in this docket. To facilitate the Commission's
consideration and possible adoption of the commitments from other jurisdictions, the
Parties recommend that the Commission issue an order accepting this Stipulation as
soon as practical, but to reserve in such order the explicit right to re-open to add
commitments accepted in another state jurisdiction.
The Applicants further agree that upon the request of any Non-Applicant Party prior
to the Commission's action on this Stipulation, if Applicants agree with any
commitments in other jurisdictions, within five days of such a request, Applicants
will meet and confer with the Non-Applicant Parties to discuss whether such
commitments should be added to the existing list of commitments already agreed to
by the Parties in this Stipulation.
Process for Consideration:
Within five calendar days after Applicants file a stipulation with new or amended
commitments with a commission in another state jurisdiction, Applicants will send a
copy of the stipulation and commitments to the Non-Applicant Parties.
Within five calendar days after a commission in another state jurisdiction issues an
order that accepts a stipulation to which Applicants are a party and imposes new or
modified commitments, that order, together with all commitments of any type agreed
to by Applicants in such other state, will be filed with the Commission and served on
all parties to this docket by the most expeditious means practical.
Within fourteen (14) calendar days after the last such frling from the other states
("Final Filing"), the Non-Applicant Parties may file with the Commission any
response they wish to make, including their position as to whether any of the
covenants, commitments and conditions from the other jurisdictions (without
modification of the language thereof except such non-substantive changes as are
necessary to make the commitment or condition applicable to Idaho) should be
adopted in Idaho.
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Within five calendar days after any such response filing, the Applicants may file a
reply with the Commission.
Ifany ofthe dates above fall on Saturday, Sunday, or a holiday, the next business day
will be considered as the due date.
The Parties agree to support in their filings the issuance by the Commission of an
order regarding the adoption of such commitments as soon as practical thereafter,
recognizing that the Proposed Transaction cannot close until final state orders have
been issued approving the Proposed Transaction.
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Limitations on Adjustment:
Only commitments specific to gas service may form the basis for adjustments specific
to gas service.
Only commitments specific to electric service may form the basis for adjustments
specific to electric service.
Any commitments relating to support of communities in Montana are not subject to
this provision.
As Avista does not operate as a utility in Alaska, any commitments made in Alaska
are not subject to this provision.
For purposes of financial commitments or commitments having a financial impact,
commitments should be proportionate to Avista's corresponding business function in
Idaho in relation to its corresponding total company business function. Accordingly,
commitments should be allocated among Avista's WA, ID and OR jurisdictions based
on the following: 1) Rate Credit is allocated based on base revenues; 2) all other
financial commitments are allocated using the Company's jurisdictional "four factor"
allocation methodology, routinely employed for purposes of allocating common
costs, as discussed in Mr. Ehrbar's testimony in this proceeding. For purposes of this
provision, "financial commitments or commitments having a financial impact" do not
include ring fencing provisions.
Notice and Petition to Alter or Amend: If any event occurs that would have an
effect on Avista's operations and/or customer rates because of Avista's corporate
relationship with Hydro One, or affects Hydro One's compliance with any
commitment in this stipulation (an "Event"), my of the parties to this proceeding may
petition the Commission at any time to alter or amend the final order in Case Nos.
AVU-E-17-09 and AW-G-17-05, and neither Hydro One nor any of its subsidiaries,
including Avista, will oppose initiation of such a proceeding. Hydro One or Avista
will report to the Commission any material Event as soon as practicable. For
purposes of the CommitmentT4, a material event means (i) an event that a properly
informed person would reasonably conclude would have a significant effect on
Avista's operations or customers' rates; or (ii) making it more probable than not that
Hydro One would be out of compliance with any Commitment herein. Nothing in
this Commitment 74 shall be interpreted to limit the positions or arguments that
Avista or Hydro One may take or advance in any such proceeding, including the right
to argue that a petition presents insufficient grounds or evidence. Prior to filing a
petition with the Commission under this Commitment 74, aparty must provide Hydro
One and Avista at least 30 days advance written notice and an opportunity to meet
and confer about resolutions other than filing with the Commission under this
commitment. Nothing in this commitment is intended to restrict the rights of the
parties to petition the Commission concerning its order(s) in this docket, or to limit
the authority of the Commission.
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76.
Revised Exhibit A
North American Free Trade Asreement (NAFTA): Hydro One and Avista
commit to forego their rights to bring any claim under NAFTA, or similar provision
of the United States Mexico Canada Agreement (USMCA) challenging, or seeking
monetary damages related to, any regulations, laws, orders or actions passed or taken
by the State of Idaho or any instrumentality thereof or the government of the United
States in relation to the production, transmission or distribution of electric power,
natural gas or other energy sources by Avista. In the event that such a claim is
brought under NAFTA (or the USMCA) that involves or impacts Avista, Hydro One
commits that it will not voluntarily participate in, support or otherwise encourage
such action. Hydro One will indemnify Avista from any damages payable by Avista
in respect of any such claim as determined by a final non-appealable judicial order.
Venue for and Resolution of Disputes: Avista and Parent agree that the venue for
disputes regarding the operation and/or customer rates of Avista will be in state and
U.S. federal regulatory bodies or courts of competent jurisdiction, as applicable, in
Oregon, Washington, Idaho, Montana or Alaska.
77 Environmental Liabilities of Parent: Hydro One will hold Avista and Avista
ratepayers harmless from any environmental obligations or liabilities of Hydro One or
its affiliates other than Avista, including those associated with harmful substances
such as asbestos or polychlorinated biphenyls (PCBs) and environmental cleanup and
restoration.
78.Foreisn Exchanse and Hedsins: Avista and Parent agree that Avista ratepayers
will be held harmless from any cuffency exchange or related cash flow smoothing or
hedging costs pertaining to activities beyond Avista's Idaho utility operations and/or
customer rates and not usual and customary prior to close of the Proposed
Transaction.
Water Rights and Facilities
79. Subordination of Wafer Rishts:
Hydro One and Avista shall abide by the terms of the July 25,2018 Agreement with the
Idaho Department of Water Resources regarding Avista's Hydroelectric Facility Water
Rights. The July 25, 2018 Agreement is Attachment 1 to this Master List of
Commitments.
MODIFICATION TO DELEGATION OF AUTHORITY, CLAUSE 3 (see below for
defined terms)
Shareholder shall have the unfettered right to designate, temove and replace the
Shareholder Designees as directors of the Surviving Corporation with or without cause or
notice at its sole discretion, subject to the requirement that: (i) two (2) of such directors
are executives ofParent or any ofits Subsidiaries and (ii) three (3) of such directors are
Independent Directors who are citizens of the United States and are and have been
residents of the Pacific Northwest Region for at least two years, while such requiremento
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is in effect (subject in the case of clause (ii) hereof to Shareholder determining, in good
faith, that it is not able to appoint an Independent Director who is a citizen of the United
States, and resident of the Pacific Northwest Region in a timely manner, in which case
Shareholder may replace any such director with any person who is a citizen of the United
States, excluding any employee or executive of Parent or any of its Subsidiaries other
than Avista, on an interim basis, not exceeding six months, after which time Shareholder
shall replace any such interim director with an Independent Director who is a citizen of
the United States and is and has been a resident of the Pacific Northwest Region for at
least two years). If, at any time a circumstance arises, and during the pendency of any
such circumstance, whereby the Province of Ontario ("Ontario") exercises its rights as a
shareholder of Hydro One, uses legislative authority or acts in any other manner
whatsoever, that results, or would result, in Ontario appointing nominees to the board of
directors of Hydro One that constitute, or would constitute a majority of the directors of
such board, then Hydro One's authority to replace an Independent Director on an interim
basis is suspended for the pendency of such circumstance.
For purposes of this modification to the Delegation of Authority, the following
definitions, which are set forth in the Delegation of Authority and Merger
Agreement, will apply: "IndeDendent Directors" means any director of the Surviving
Corporation who (i) meets the standards for "independent director" under section
303A.02 of the New York Stock Exchange Listed Company Manual with respect to
Parent and its Subsidiaries, including the Surviving Corporation, (ii) has no material
relationship with Parent, its Subsidiaries or affiliated entities currently or in the prior
three years, and (iii) if and to the extent required with respect to a specific director, who
meets such other qualifications as may be required by any applicable state utility
regulatory authority for an independent director. Notwithstanding anyhing to the
contrary in this definition of "Independent Director," (a) a director who also serves as an
independent director of the Surviving Corporation or any of its Subsidiaries or the
Shareholder and who otherwise satisfies the criteria set forth above for an "Independent
Director," may still be considered independent within the meaning hereof, and (b) former
officers of the Company or the Surviving Corporation, who otherwise satisfy the criteria
set forth above for an "Independent Director," may still be considered independent within
the rneaning hereof.
"Pacific Northwest Region" means the Pacific Northwest states in which the Surviving
Corporation serves retail electric or natural gas customers, currently Alaska, Idaho,
Montana, Oregon and Washington.
('Parent" shall mean Hydro One Limited, a corporation organized under the laws of the
Province of Ontario.
"Shareholder" shall mean Olympus Equity LLC, aDelaware limited liability company.
"shareholder Desi$ " shall mean (i) two (2) directors designated by Shareholder who
are executives of Parent or any of its Subsidiaries; (ii) three (3) Independent Directors
who are residents of the Pacific Northwest Region, to be designated by Shareholder (the
"shareholder Independent Directors"). [Note: for purposes of this modification to the
Idaho Settlement Proposal - Master List of Commitments
a
Revised 1 1/6/2018
501915474 v19
Page29 of 30 gr6i1,;t No. lol
Case Nos. AVU-E-17-09/
AW-G-17-05
T. Carlock, Staff
1 1/06/18 Page29 of4l
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Revised Exhibit A
DoA, "Shareholder Designees" has the same meaning as "Hydro One Designees" in
Commitment No. 3.]
"Subsidiaries" when used with respect to any party hereto, shall mean any corporation,
limited liability company, partnership, association, trust or other entity of which
securities or other ownership interests representing more than 50% of the equity and
more than 50oh of the ordinary voting power (or, in the case of a limited partnership,
more than 50Yo of the general partnership interests) are, as of such date, owned by such
party or one or more Subsidiaries of such party or by such party and one or more
Subsidiaries of such pafiy.
..@,,shallmeanAvistaCorporation,aWashingtoncorporation.
Idaho Settlement Proposal - Master List of Commitments
o
Revised 111612018
501915474 v19
Page 30 of 30 p*516itNo. 1ol
CaseNos. AW-E-17-09/
AVU-G-17-05
T. Carlock, Staff
11/06/18 Page 30 of4l
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State of ldaho Aftachment 1 to Revised Master List of Commitments in ldaho
DEPARTMENT OF WATER RESOURCES
Front Street . P.0. Box 83720 r Boire, Idaho 83720-0098
281-4800. Fax:281 -61 Q0 . Webslle: www.ldwr.idaho gov
C,L. dBUTCI{D OTTER
Govtrrru GARY SPACI(M,A,NDlr(t6
o
August 10, 2018
Transnitted Yia Hand Deltvery and by E-mail
Paul Kjellander, President
Kristine Ruper, Commissioner
Eric Anderson, Comrnissioner
C/O Diane Haaian, Commission Secretary
Idaho Public Ufilities Commission
472W. \Vashington St.
Boise,Idaho 83702
Re: CaseNos. AVU-E-17-09 and AW-G-1?-05
Dear Commissioners,
I am writing to update you regarding discussions between the Idaho Department of Wator
Resources (*IDWR") and Avista Corporation ("Avista"). Since early 2018, IDWR and Avista have bsen
discussing Avista's water right claims in the Coeur d'Alene-Spokane River Easin Adjudication
("CSRBA"). The main focus of our discussions has been Avista's hydropower water rights atthe tlree
dams and powcr plant at Post Falls ("Post Falls dam"). Ths State of ldaho has a history of disputes over
hydropower water rights. The Swan Falls conboversy of the early 1980s involving Idaho Power's
hydropower watsr rights at Swan Falls dam led to the commencement of the Snake River Basin
Adjudication ("SRBA") in 1987. Litigation in the SRBA rslated to tdaho Power's Swan Falls water
rights did not oonclude until 2012. A main reason for engaging with Avista early in the CSRBA was 10
avoid oxtended litigation over Avista's hydropower waler rights, especially over the issue of
subordination to existing and future water rights.
In July of 2018, IDWR was notified of the Joint Applicatioafor an Ader Autlnrizing Proposed
T?cnsaction (*Joint Application") filed with the ldaho Public Utilities Commission (*PUC') by Avista
and Hydro One Limited ("Hydro One"). The Joint Application sought tho PUC's approval of a planned
merger between Avista and Hydro One pursuant to Idaho Code $ 6L-328. Imrnediately, IDWR was
ooncerned the merger would disrupt the adjudication claim discussions and might impede or prevent
resolution ofthe issues, Furtherrrore, IDWR was concerned the merger oould result in a change in the
use of water authorized by Avista's hydropower water rights. To ensure that the public interest, as it
pertains to Avista's use of water under its hydropower water rights, would not be adversely affected,
IDWR moved to intervene in the PUC proceeding. The PUC subsequently granted IDl#R's petition to
intervene.
While IDWR's petition to interyene was pending before the PUC, IDWR and Avista continued
discussing Avista's hydropower water rights at Post Falls dam. We are pleased to inform you that IDWR
and Avista reached an agreemsnt that addresses IDWR's ooncems. Specifically, IDWR and Avista have
ExhibitNo. 101
Case Nos. AVU-E-17-09/
AVU-G-17-05
T. Carlock, Staff
11106/18 Page 31 of 41
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August 10,2018
Letter to Commissioners
Page2
rcaphed an agrcGment rcgarding subordination of Avista's water rights consistsnt with the historical
operations at Post Falls dam. IDWR and Avista have agreed that Avista's water right claim nos. 95-4518,
95-9115, and 95-9119 shall be recommended in the CSRBA with the following subordinafion language:
The use of water confirmed in this right shall be junior ard subordiuate to permits, licenses, or
decrees for all uses *ithin the State of Idaho with a prionty date oi or earlier than, July 25,2018,
diverted upstream from all three points of diversion for this right.
The use ofwaterconfirmed in this right shall be junior and subordinate to permits, licenses, or
decrees for all uses, except for permits, licenses, or decrces for inigation stomge or power
purposes, within tho State of Idaho with a priority date later than July 25, 2018, diverted upskeam
from all three points of diversion for this right.
The use of water confirmed in this right shall not be subordinate to permits, Iicense, or decrees
wirhin the State of Idaho divsrtcd downstream from all three points of diversion for this right.
The agreement ensurcs that t&e public interest, as it rekt€s to Avista's water uee pureuant
to its water rightB, will not be advenety affected by the proposed trarsaction between Aviste and
Eydro One, The agreement safeguards existing and future water users fiom changes in historical
operations, helps protact the summer lake level of Cozur d'Alene Lake, and supports the ongoing
operations of Post Falls danr in a manner consis&nt with prior agreements and the Idaho Department of
Environmenbl Quality 40 I Cortifi catim.
A copy of the ageement bstween IDWR and Avista is attached to this lEtter. To ensure
documentation of the agreement beforc the PUC,IDWR requests trat if the PUC approves Sre pending
transaction between Avista and Hydro One, the PUC include the ageement as an attaehment or exhibit to
any such order so that the resolution of this issue is documented in the order.
Sineerely,
Director
Attachment: Agreement Regarding Suborrdination of Avista's Post Falls Hydroelectric Facility Water
Rights
Cc: All parties
o
ExhibitNo. 101
Case Nos. AVU-E-17-09/
AVU-G-17-05
T. Carlock, Staff
11106/18 Page 32 of 41
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CERTItr'ICATE OT' SERVICE
I I{EREBY CERTIFY that on this l0e day of August 2018, I served a hre and correst
copy of the foregoing document on the following by the method(s) indicated.
Idatro Fublic Utilities Commissioners
C/O Diane Hanian
Commission Secretary
Idaho Public Utilities Commission
472W.lilashington St.
Boise, Idaho 83702
[e-mail]
David Meyer
Vice President and Chief Counsel of
Regulatory & Governmental Affairs
Avista Corporation
P.O.Box3727
Spokane, WA99220-3727
Davi d . nrever@avi stacoro.com
Patrick Ehrbar
Dircctor ofRates
State & Federal Regulation
Avista Corpomtion
patrick.ehrbar(davistacorn.com
Elisabeth Thomas
Kari Vander Stoep
Dirk Middents
K&L Gates LLP
925 Fourth Avenue, Suite 2900
Seattle, WA 98104-1158
I iz. thonr as@.k I gates.cont
kari. vanderstoep@ kl eates.com
dirk. middentsO.kl eates.com
James Scarlett
Executive Vice President & Chief
Lsgel Officer
Hydrc One Limited
i scarlett@.hldroone. com
IDAHO PUC
n U.S. Mail, postaga prepaid
EI HanO Dclivcry
fl OvemightMail
fJ Facsimile
EI emait
AVISTA CORPORATION
U.S. Mail, postage prepaid
Hand Delivery
Overnight Mail
Facsimile
Email
E u.s. Mail, postageprepaid
Hand Delivery
OvemightMail
Facsimile
Email
HYDRO ONE LIMITED
U.S. Mail, postag€ prepaid
Hand Delivery
Overnight Mail
Facsimile
Email
U.S. Mail, postage prepaid
Hand Delivery
Ovemight Mail
Facsimile
Email
atrDtrx
trnnna
ExhibitNo. 101
Case Nos. AW-E-17-09/
AW-G-17-05
T. Carlock, Staff
11/06/18 Page 33 of 4l
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nnnnB
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Brandon Karpen
Deputy Attomey General
Idatro Public Utilities Commission
472W. Washiaglon
P.O. Box $72A
Boise, D 83720-0074
brandon.kamen@puc. idaho. gov
Ronald S/illiams
Williams Bradbury, PC
P.O. Box 388
Boise,ID 83701
ron@wjll iampbradbury.com
Lary A. Crowley, Director
The Energy Strategies Institute, Inc.
5549 S. Cliffsedge Ave.
Boise,ID 83715
crowleyla@aoLcom
Dean J. Miller
deani m i I I er@-cabl eone.net
Peter J. Richardson
Richardson Adams, PLLC
515 N. 276 St.
Boise, D 83702
pet$r@richardsonadq$rs, co m
Dr, Don Reading
6070 Hill Road
Boise,ID 83703
dreadin a@nri ndsprin s.cont
carol. [e-mail]
[e-mail]
i ohn. i acobs@c learwaterpaper. conr
[e-mail]
nathqn. srnith@cl eaf$aternsper.pgm
COMMISSION STAFF
ffl u.s. Mail, postage prepaid
fJ uand Delivery
fJ ovemightMailfl Facsimile
EI emait
rDAHO F'OREST GROUP, LLCxtrun
U.S. Mail, postage prepaid
Hand Delivory
Overnight Mail
Facsimile
Email
U.S. Mail, postage prepaid
Hand Delivery
Overnight Mail
Facsimile
Email
U.S. Mail, postage prepaid
Hand Delivery
OvernightMail
Facsimile
Email
U.S. Mail, postagp prepaid
Hand Delivery
Overnight Mail
Facsimile
Email
U.S. Mail, postlge prepaid
Hand Delivery
Overnight Mail
Facsimile
Email
EI Pmail
X email
EI Email
X Bmait
x
o
CLEARWATER PAPER. CORPORATION
ExhibitNo. 101
Case Nos. AVLI-E-17-09/
AW-G-17-05
T. Carlock, Staff
ll106118 Page 34 of 4l
O I Email
atrnna
ntrnna
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COMMUNITY
Brady M. Purdy
Attorney at Law
2019 N. tze st.
Boise,ID 83702
bmourdvdhotmail.com
Benjamin J. Otto
Idaho Conseirration kague
710N. O6 St.
Boise, tD 83702
bouo @ i dahoc-o n servat ion. o r g
Norman M. Semanko
Parsons Behle & Latimer
800 lVest Main Stree! Ste. 1300
Boise,Idaho 83702
[e-mail]
ACTION PARTNERSHIPa ASSOCIATTON OF IDAHO
U.S. Mail, postagc prepaid
Hand Delivery
OvemighlMail
Facsimile
Email
U.S. Mail, postagp prepaid
Hand Dclivery
Overnight Mail
Facsimile
EI Em*t
trtrtra
IDAI{O CONSERVATION LEAGUE
WASHINGTONAND NORNIERN IDAHO DISTRICT COUNCIL OT' LABORERS
Danielle Franco-Malone EI u.s. Mail, postage prepaid
Schwerin Campbell Barnard D Huna Delivery
Iglitzin & Lavitt LLP E overnight l"lait
l8 west Mercer stree! Suite 400 E lffiirr'Seattle, U/A 981 19-397 I
franco@.workerl aw. conr
o AVISTA CUSTOMERGROUP
B U.S. Mail, postage prepaid
il UanODeliverynnOvernight Mail
Facsimile
Email
L. Baxter
ExhibitNo. 101
Case Nos. AVLI-E- I 7-09l
AVU-c-17-05
T. Carlock, Staff
1l/06118 Page 35 of 4l
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Agreement Regarding Subordination of Avista's Post Falls Hydroelectric Facility Water Rights
Purpose
This Agreement, reached between Avista Corporation, a Washington corporation ("Avista") and the
ldaho Department of Water Resources {"lDWR") (collectively the "Parties}, is intended to capture the
mutual understanding of the Parties regarding subordination of Avista's Post Falls water rights, of record
with IDWR as Avista's claim nos. 95-4518, 95-9115, and 95-9119 (hereafter "Avista's water rights"). This
Agreement guides the Parties' actions in settings including, but not limited to, the Coeur d'Alene-
Spokane River Basin Adjudication ("CSRBA") and the currently pending proceeding before the ldaho
Public Utilities Commission ("PUg') related to the proposed merger of Avista and Hydro One Limited
(acting through its indirect subsidiary Olympus Equity LLC)("Hydro One").
This Agreement is buih upon several interests of the Parties:r To protect the summer lake level of Coeur d'Alene Lake;r To ensure the public interest, as it relates to the use of water by Avista, will not be adversely
affected by the proposed transaction between Avista and Hydro One; and
r To support the ongoing operations of the three dams and power plant at Post Falls ("Post Falls
dam") in a manner consistent with prior agreements and as referenced by the ldaho
Department of Environmental Quality 401 Certification {"401 Certification") for Post Falls dam
and the Federal Energy Regulatory Commission's License for the Spokane River ProJect f2545
("FERC license").
Subordination of Avista's water rights
The Parties agree that Avista's water rights are subordinated consistent with the following language, and
the following language will be included in the CSRBA claims for Avista's water rights and will be
incorporated in IDWR's recommendations of Avista's water rights in the CSRBA Director's Report for
Basln 95 ("Directo/s Report"):
The use of water confirmed in this right shall be junior and subordinate to permits,
licenses, or decrees for all uses within the State of ldaho with a priority date of, or
earlier than, July 25, 2018, diverted upstream from all three points of diversion for this
right,
The use of water confirmed in this right shall be junior and subordinate to permits,
licenses, or decrees for all uses, except for permits, licenses, or decrees for irrigation
storage or power purposes, within the State of ldaho with a priority date later than July
25,20L8, diverted upstream from all three points of diversion for this right.
The use of water confirmed in this right shall not be subordinate to permits, license, or
decrees within the State of ldaho diverted downstream from all three points of
diversion for this right.
Agreed Actions by the Parties
t. Upon both Parties' signature to this Agreement, IDWR will convey to the PUC a copy of this
Agreement along with a letter statinB that if the PUC approves the pending transaction between
Avista and Hydro One, the PUC shall reference this Agreement in any such order. The letter will
7 ExhibitNo. 101
Case Nos. AW-E-17-09/
AVU-G-17-05
T. Carlock, Staff
I l/06/18 Page 36 of41
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also explain that with this Agreement, IDWR is satisfied that the proposed merter, with respect
to Avista's water rights, will not be adverse to the public interest;
2. Avista will not object to the terms of subordination described above which will be included in
the Director/s Report for Avista's water rights, and will support those terms in the CSRBA;3. The Parties agree on dismissal or withdrawal, as appropriate, of Avista's federal water right
claims in the CSRBA, numbered 95-16563 and 95-16664; and
4. Avista also owns certain water rights for power purposes at Cabinet Gorge dam, of record with
IDWR as water right nos. 954565,9G2L79,96-2180, and 95-2259. IDWR and Avista agree to
work, in good faith, toward reaching an agreernent regardlng subordination of Avlsta's water
rights at Cabinet Gorge dam.
General Terms
7. Consideration. The Parties acknowledge receiving sufficient consideration for the commitments
contained in this Agreement and waive any argument that they might have in any judicial
proceeding that no consideration exists to support this Agreement or that the consideration
received is not sufficient.
2. Bindine Effect of Agreement. This Agreement is intended to be a final and binding agreement
between IDWR and Avista, jointly and severally, and inures to the benefit of, and is binding
upon, the successors ln interest and assigns of each entity. The Parties further agree that this
Agreement is not contingent upon approval of the pending PUC merger case between Avista
and Hydro One.
3. C;pacitv to Execute Aqreernent. The Parties warrant and represent that the person executing
this Agreement on its behalf is empowered to do so and thereby binds it by signing this
Agreement.
4. Waivers. The failure to object to any breach of any term or condition in this Agreement shall
not constitute a waiver, and no failure to object shall be deemed a waiver of any prior or
subsequent breach.
5. Entirety of Aprepment. This Agreement represents the entire and integrated agreement
between the Parties with respect to the subject matter hereof. No promise or inducement has
been offered or made except as herein set forth, and this Agreement is executed by each party
without reliance upon any statement or representation by any other party or its agent.
5. Modification. To the extent this Agreement may be amended or modlfied, it shall be only by a
written agreement signed by each of the parties to this Agreement.
7. Disoute Resolution. The Parties agree to rneet and discuss informally, in good faith, before filing
an action arising from the Agreement.
8. Execution of Agreement in Parts. Due to time constraints, the parties acknowledge that it is not
possible to have all Parties sign the same copy of this Agreement. Therefore, the parties agree
that this Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.o
2 ExhibitNo. l0l
Case Nos. AW-E-17-09/
AVU-G-17-05
T. Carlock, Staff
ll/06/18 Page37 of41
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9. Sisnatures. ln witness whereof, the parties to this Agreement through their duly authorized
representatives have executed thls Agreement and certifythat they have read, understood, and
agreed to the terms and condltions of this Agreement as set forth herein.
Agreed to, the 25th ofJuly,2018.
Avista Corp For IDWR
Gary Spackman, Director
ldaho Department of Water Resources
Bruce Howard, Sr. Director
Real Estate and Environmental Affairs
o
3 ExhibitNo. 101
CaseNos. AW-E-17-09/
AW-G-17-05
T. Carlock, Staff
I 1/06/18 Page 38 of4l
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srArr oFtS,lEl^ir(rtx
couNrYor&('**&*
ss,
ACKNOWLEDGEMENTS
NOTARY PU
Residing at:
known or ldentifled to me to
be the person who executed the foregoing instrument on behalf of Avista Corporation, and he/she
acknowledged to me that he/she executed the same.
1__
o
My commission explres:?,2-i
STATE OF
COUNTY OF
On this
-
day of July, 2018, before ffi€,
A notary public of the State of ldaho, personally appeared GARY SPACKMAN, the Director of the ldaho
Department of Water Resources, known or identified to me to be the person who executed the
foregoing instrument on behalf of the ldaho Department of Water Resources, and he acknowledged to
me that he executed the same.
NOTARY PUBLIC
Residing atr _Mycommission"rptr"rf
)
)
)
ss.
o
4 ExhibitNo. 101
Case Nos. AW-E-17-09/
AW-G-17-05
T. Carlock, Staff
I l/06/18 Page 39 of4l
2018, before
A notary
o
9. Siqnatures. ln witness whereof, the partles to this Agreement through their duly authorized
representatlves have executed this Agreement and certlfy that they have read, understood, and
agreed to the terms and conditions of thls Agreement as set forth hercln.
Agreed to, the 25th ofJuly, 2018.
For Avlsta Corp
8ruce Howad, 5r. Director
Real Estate and Environmental Affairi
For
6ary Director
ldaho Department of Water Resources
o
3 Exhibit No. 101
Case Nos. AVU-E-17-09/
AVU-G-17-05
'I'. Carlock, Staff
ll/06118 Page 40 of 4l
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ACKNOWLEDGEMENTS
STATE OF
COUNTY OF
On this _ day of July, 2018, before ffie, . .._
A notary publlc of the State of
a
be the person who executed the foregoing instrument on behalf of Avista Corporation, and he/she
acknowledged to me that he/she executed the same.
NOTARY PUBLIC
Resldlng at:
My commission explres: *
s5.
me to
o STATE OF
COUNTY OF M.t-
On thisf$ftay of July, 2018, before me, {.,ro, A . ,r$}.it** -
A notary publlc of the State of ldaho, personally appeared GARY SPACKMAN, the Dlrector of the ldaho
Department of Water Resources, known or identified to me to be the penson who executed the
foregolng instrument on behalf of the ldaho Department of Water Resources, and he acknowledged to
me that he executed the same.
Hn'r .,)
) ss.
)
rJ4*; n*r,*.*
NOTARY PUBLIC
Residing
Mycommission
4 ExhibitNo. l0l
Case Nos. AVU-E-17-09/
AVU-G-17-05
T. Carlock, Staff
11106118 Page 4l of 4l
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Ontario Energy Board
Commission de l'6nergie de l'Ontario
Ontario
DECISION AND ORDER
EB-2016-0276
HYDRO ONE INC.
o ORILLIA POWER DISTRIBUTION CORPORATION
Application for approval to purchase Orillia Power Distribution
Corporation
BEFORE: Ken Quesnelle
Presiding Member and Vice-Chair
Chrlstine Long
Member and Vice-Chair
Cathy Spoel
Member
o
April 12,2018
8ot
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Ontarlo Energy Board EB-2016.0276
Hydro One lnc.
Orillia Power Distribution Corporatlon
o
4 DECISION ON THE ISSUES
4.1 Application of the No Harm Test
Price, Cost Effectiveness and Economic Efficiency
Hydro One submitted that Orillia Power's customers will benefit from the proposed
transaction through a: (i) reduction of 1o/oin the base distribution delivery rates for Orillia
Power's residential and general service customers in years 1 to 5; (ii) rate increase of
less than inflation in years 6 to 10 (inflation less a productivity stretch factor); and (iii)
$3.4 million being paid to Orillia Power customers, a result of the guaranteed ESM.7
Hydro One provided a forecast ten year cost structure analysis, that compared overall
expected savings based on Orillia Power, remaining as a stand-alone distribution utility
(status quo) to having Orillia Power integrated with Hydro One's existing operations.
Hydro One projected that the consolidation would result in overall ongoing operating,
maintenance and administration (OM&A) cost savings of approximately $3.9 million per
year and reductions in capital expenditures of approximately $0.6 million per year. Cost
savings are anticipated from elimination of redundant administrative and processing
functions in the following areas: financial, regulatory, legal, executive and governance,
human resources, and information technology; as well as economies of scale from a
larger customer base such that costs for processing systems like billing, customer care,
human resources and financial are spread over a larger group of customers.s
Hydro One asserted that geographic contiguity (Hydro One's existing service area being
situated immediately adjacent to Orillia Power's service area) allows for economies of
scale to be realized at the field or operational level through more efficient scheduling of
operational and maintenance work and dispatching of crews over a larger service area.
Hydro One also asserted that more efficient utilization of work equipment (e.9. trucks
and other tools), leads to lower capital replacement needs over time and more rational
and efficient planning and development of the distribution system.e
ln the submissions filed, parties questioned Hydro One's submissions.
7 Application, Exh A/T1l51, P.4I Applicatlon, Exh A/T1/S1, pages 2, 11-13
'Application, Exh A/T1lS1, p.10
Decision and Order
April 12,2018
Io
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Ontarlo Energy Board EB-2016-0276
Hydro One lnc.
Orillia Power Distribution
SEC argued that approval for the proposed transaction should be denied, stating that
the no harm test will not be met in this case. SEC submitted that Hydro One has shown
no credible evidence that it will be able to generate any savings by acquiring Orillia
Power and that there will be cost increases for Orillia's customers after the deferral
period.10 SEC argued that there were no cost savings for the customers of Norfolk,
Haldimand and Woodstock, noting the rates proposed for customers of these previously
acquired utilities rise significantly after the end of the deferral period as shown in Hydro
One's distribution rate application. SEC submitted that the rates of Orillia's customers
are likely to rise in a similar manner.
CCC submitted that Hydro One has provided no evidence in this proceeding to support
the argument that the transaction meets the no harm test. CCC referenced Hydro One's
distribution rate application, stating that Hydro One has proposed a new rate class for
Norfolk, Haldimand and Woodstock that has the rates of the customers in those areas
rising significantly. CCC submitted that Hydro One has provided no guarantee that
when the deferral period ends, the rates for Orillia Power's customers will reflect the
costs to serve these customers. CCC submitted that unless Hydro One can convince
the OEB that the benefits of this transaction (a 1% rate reduction, a rate freeze and up-
front ESM savings) to Orillia Power's customers outweigh the expected rate increases
at the end of the deferral period, the transaction should not be approved.ll
VECC submitted that it accepts that the application meets the no harm test with respect
to price although the benefits to Orillia Power customers are not as significant as
claimed. VECC argued that the no harm test with respect to price can only be satisfied if
the rates eventually charged to former Orillia Power customers are reflective of Hydro
One's cost to serve them and submitted that the OEB should set out this expectation as
it has done with other consolidation applications filed by Hydro One.12
OEB staff submitted that the evidence provided by Hydro One supports the claim that
the proposed transaction can reasonably be expected to result in overall cost savings
and operational efficiencies but that these operational and cost efficiencies may not
necessarily translate to lower distribution rates for customers of the acquired entig after
the deferred rebasing period has ended. OEB staff observed that the rates proposed for
previously acquired utilities in Hydro One's distribution rate application suggest large
to SEC Submissions, p. 4,5
It CCC Submissions, p.3
D VECC Submission!
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Decision and Order
April 12,2018
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distribution rate increases for some customers of these acquired utilities once the
deferred rebasing period elapses. 13
Hydro One responded to VECC's submissions stating that it is Hydro One's intention to
apply rates to Orillia Power's customers that reflect the cost of serving those customers
at that time.
ln response to SEC's assertions, Hydro One stated that it has provided evidence that
the proposed transaction results in the lowering of cost structures to operate the existing
Orillia Power service territory. ln its reply submissions, Hydro One provided a cost
structure analysis for the period 2015-2022 reflecting that the cost structures of Norfolk,
Haldimand and Woodstock are lower than they would have been absent the
consolidation transactions. Hydro One argued that the evidence provided in its
distribution rate application shows that costs have declined consistent with the
projections made in the consolidation application for each of the three previously
acquired distributors. Hydro One submitted that there is a reasonable expectation,
based on underlying cost structures, that the costs to serve acquired Orillia Power
customers following the consolidation will be no higher than they otherwise would have
been.la
Orillia Power argued that the evidence filed in this case supports a finding that
efficiencies will be gained and lower costs will be realised as a result of the proposed
acquisition and that any reference to Hydro One's rate application is irrelevant to the
issues before the OEB in this application. Orillia Power submitted that this acquisition is
an illustration of the types of ratepayer benefits envisioned by the Ontario Distribution
Sector Review Panel in its report on the benefits of distributor company consolidations.
ln Procedural Order No. 7, the OEB ordered Hydro One to file further material, in the
form of evidence or submissions on its expectations of the overall cost structures
following the deferred rebasing period and the impact on Orillia Power customers.
No new evidence was filed. Submissions were filed by Hydro One and Orillia Power.
Hydro One submitted that, based on the projected Hydro One cost savings forecasl for
the 10 year period following the transaction, Hydro One can definitively state that the
overall cost structures to serve the Orillia area will be lower following the deferred
rebasing period in comparison to the status quo. Hydro One submitted that at the time
of rebasing, Hydro One will adhere to the cost allocation and rate design principles, in
! OEB Staff Submissions, p.7
1' Hydro One Final ArSument, May 5, 2017 paBes 2-5
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place at such time in the future, ensuring that the costs allocated to Orillia Power
customers fairly and accurately reflect the new lower cost structure to serve all
customers.l5 Orillia Power supported the submissions of Hydro One.
OEB Findings
ln reviewing a proposed transaction, the OEB examines the long term effect of the
consolidation on customers.
The Handbook clarified the OEB's expectations with respect to price
"A simple comparison of current rates between consolidating distributors does
not reveal the potential for lower cost service delivery. These entities may have
dissimilar service territories, each with a different customer mix resulting in
differing rate class structure characteristics. For these reasons, the OEB will
assess the underlying cost structures of the consolidating utilities. As
distribution rates are based on a distributor's current and projected costs, it is
important for the OEB to consider the impact of a transaction on the cost
structure of consolidating entities both now and in the future, particularly if
there appear to be significant differences in the size or demographics of
consolidating distributors. A key expectation of the RRFE is continuous
improvement in productivity and cost performance by distributors. The OEB's
review of underlying cost structures supports the OEB's role in regulating price
for the protection of consumers.
Consistent with recent decisions,16 the OEB will not consider temporary rate
decreases proposed by applicants, and other such temporary provisions, to
be demonstrative of "no harm" as they are not supported by, or reflective of
the underlying cost structures of the entities involved and may not be
sustainable or beneficial in the long term. ln reviewing a transaction the OEB
must consider the long term effect of the consolidation on customers and the
financial sustainability of the sector.
To demonstrate "no harm", applicants must show that there is a reasonable
expectation based on underlying cost structures that the costs to serve
It Hydro One Cost Structure Submissions, February 15, 2018, pa8es 2,6
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acquired customers following a consolidation will be no higher than they
otherwise would have been. While the rate implications to all customers will
be considered, for an acquisition, the primary consideration will be the
expected impact on customers of the acquired utility".17
One of the key considerations in the no harm test is protecting customers with respect
to the prices they pay for electricity service. Although the Handbook states that "rate
setting" following a consolidation will not be considered as part of a section 86
application, that does not mean the OEB will not consider the costs that acquired
customers will have to pay following an acquisition (both in the short term. and the long
term). lndeed the Handbook is clear that the underlying cost structures and the rate
implications of those cost structures will be a key consideration.
As stated in the Handbook and confirmed in decisions made on previous Hydro One
acquisitionsls, the OEB does not consider temporary rate decreases to be on their own
demonstrative of no harm as they are not supported by, or reflective of the underlying
cost structures of the entities involved and may not be sustainable or beneficial in the
long term.
The OEB's primary concern is that there is a reasonable expectation that underlying
cost structures for the acquired utility are no higher than they would have been had the
consolidation not occurred. Although the OEB accepts that the acquisition will lead to
some savings on account of eliminating redundancies, that does not necessarily mean
that Hydro One's overall cost structure to serve Orillia's customers will be no higher
than Orillia's underlying cost structure would have been absent the proposed
acquisition.
The experience of the three acquired utilities in Hydro One's current distribution rates
case is informative. ln the MAADs proceedings in which Hydro One acquired these
utilities, Hydro One pointed to savings that would be realized through the acquisition.
Although these savings may well have occurred, they do not appear to have resulted in
overall cost structures (and therefore rates) for customers of the acquired utilities that
are no higher than they would have been, once the deferral period ended and their rates
were adjusted to account for Hydro One's overall costs to serve them. Material filed in
the Hydro One current distribution rates case shows that some rate classes are
, Handbook, pages 6-7
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expected to experience significant and material increases.le While the OEB has not
approved these requested rates, this panel takes notice of the proposed rate increases
which Hydro One states are reflective of the costs to service the acquired customers,
and are inclusive of the "savings" that Hydro One states were realized.
The OEB recognizes that Orillia was not part of Hydro One's distribution rates filing, and
that it is not certain that its customers' experiences would be the same. Because of this
uncertainty, the OEB provided Hydro One the opportunity to file further evidence on
what it expects the overall cost structure to be following the deferral period and to
explain the impact on Orillia's customers. Hydro One did not file further evidence. Hydro
One's submissions simply restated its expectation that based on the projected Hydro
One cost savings forecast for the 10 year period following the transaction, the overall
cost structures to serve the Orillia area will be lower following the deferred rebasing
period in comparison to the status quo. The OEB is of the view that it would have been
reasonable to see a forecast of costs to service Orillia customers beyond the ten year
period and an explanation of the general methodology of how costs would be allocated
to Orillia ratepayers after the deferral period. Hydro One takes the position that this
information is not known. The OEB recognizes that any forecast of cost structures and
cost allocation 10 years out would include various assumptions and could not be
expected to be 100% accurate. However, the OEB has highlighted its concern and its
need to better understand the implications of how Orillia customers will be impacted by
the consolidation beyond the ten year period. ln the absence of information to address
that OEB concern, the OEB cannot reach the conclusion that there will be no harm.
As discussed above, the OEB is not satisfied that a list of forecast cost savings from the
acquisition automatically results in overall cost structures for the customers of the
acquired utility that are no higher than they would be without the consolidation. Hydro
One has failed to make the case that the OEB can be assured that the underlying cost
structures would be no greater than they would have been absent the acquisition.
The OEB is therefore not satisfied that the no harm test has been met, and on this basis
the application is denied.
re Hydro One Final Argument, Attachmenl 1
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Olfice of the Secretary
Service Date
November 15,1999
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BBFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE JOINT APPLICA-
TION AND PETITION OF PACIFICORP AND
SCOTTISH POWER PLC FOR A DECLARA.
TORY ORDER OR ORDER APPROVING
PROPOSED TRANSACTION AND AN ORDER
APPROVING THE ISSUANCE OF PACIFICORP
COMMON STOCK.
TABLE OF CONTENTS
SYNOPSIS
BACKGROTND..
III. FINDINGS OF FACT AND CONCLUSIONS OF LAW
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CASE NO. PAC-E-99.I
ORDER NO. 28213
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A. Irrisators' Motion to Dismiss........B. Cofr'ditions of Merser Approval.....C. Statutorv Standard5 Governins theD. Bona fide Intent and FinancialAbi
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E Merger
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2. BPA credits.i. "Wrti,i n,ehl;::::::::::::::::::::::::4. Foreign Ownership5. Irrisalion ConcernsG. ContraEt Rates of SolutiaH. Conclusion...........l. Securitieslssuance....J. Intervenor Funding
ORDER
DISSENTING OPIN]ON OF COMMISSIONER DENNIS S. HANSEN
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o RATES
Rates will not increase as a result of the merger.
At a minimum, ScottishPower shall not seek a general rate increase
for its Idaho service territory eff-ective prior to January 1,2002.
ScottishPower and PacifiCorp shall provide guaranteed merger
related cost-of-service reductions for four years through an annual
merger credit. The amount of the credit shall be $1.6 million per
year lbr the years 2000, 2001, 2002 and 2003. The total credit in
years 2000-2003 will be $6.4 million. The merger credit shall be
allocated among PacifiCorp's retail tariff customers on the basis of a
percentage of the customer bill, exclusive of taxes. At the end of
each year, the aggregate amount of the credit allocated in that year
shall be calculated. These calculations shall be available for audit by
the Commission Staff. In the event the merger credit does not equal
$1.6 million in any of the first three years, the excess or shortfall
shall be applied to the amount due in the following year.
For each of the years2002 and 2003, ScottishPower and PacifiCorp
may reduce or offset the $1.6 million merger credit to the extent that
cost reductions related to the merger are reflected in rates.
The dates set forth in this Condition assume that the merger
trarlsaction closes in 1999. If closing is delayed, ScottishPower and
PacifiCorp may adjust the dates so that the merger credit begins as
soon as practicable but not later than 30 days after the closing date.
In the event that restructuring of the electricity business occurs in
Idaho prior to the end of the four years for payments of the merger
credit, the Commission shall determine at that time how the
outstanding merger credit shall be paid.
Any other terms recluirecl to implement this merger credit shall be
included in the merger credit tariff for approval by the Commission.a
No later than six months after the closing clate of the merger,
ScottishPower and PacifiCorp shall provide, in the form of arr
inlormational filing, a merger transition plan to the Comnrission. The
plan shall include anticipated time lines, actions necessary to
irnplenrent the merger and realize the proposed benefits (including
a Notice ol'Merger Credit Cornrlitmerrt filed August 20. 1999
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ORDER NO. 282I3
o effectiveness of this service will be reviewed at the end of the 2001
irrigation season.l2
15. ScottishPower/PacifiCorp will extend the lrrigator's HOTLINE
facility in the Wasatch Business Center to 7 days a week, from 7:00
a.m. to 7:00 p.m. The expansion to this successful, customized
service will provide greater availability for responding to Irrigator
issues.
16. ScottishPoweriPacifiCorp will publish the Irrigator HOTLINE
telephone number in the public telephone directory along with the
other Utah Power numbers.
17. ScottishPower/PacifiCorp will work with the Irrigators to better
identiff, on a geographical basis, the location of each electricity
service location. This geographical description should be used when
the Irrigator is unable to provide either the Site Identification
Number (Meter Number) or the Account Number. (The meter
number or account number will remain the preferred terms of
reference for site identification.) This proposal will enable the
Business Center and the customer to more effectively communicate
and locate the service location in question, particularly during an
outage. The Irrigators and the Company will continue to ensure
these descriptive locations are updated as required.
18. ScottishPower/PacifiCorp will review in conjunction with the
Irrigators the account format to identify improvements that can be
made to improve clarity.
WATER RIGHTS
19. ScottishPower and PacifiCorp shall insure that future operations of
the Bear River/Bear Lake system will continue in a manner
consistent with its historic operation and within the constraints of
irrigation water delivery, dror-rght managenlent, the Bear River
Conrpact, the 1995 Bear Lake Settlement Agreement and the rnulti-
state Agreenrent Regarding the Bear River System executed on
October 5, 1999 by ScottishPower and I'acifiCorp.l3
l2 Conditiorrs l4-18 are contained irt the Notice ol lrrigator Service Conrrnitrnents of Scottish
Power plc and PacifiCorp, liled Augtrst 21. 1999.
13 Tr. p. 490
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20. ScottishPower and PacifiCorp shall abide by the ternrs of the
Memorandum of Agreement Regarding Ashton-St. Anthony Projects
executed by the Companies on October 22,1999.
REGULATION OF PACIFICORP AND SCOTNSHPOWER
21. To assign costs to PacifiCorp and amounts subject to allocation or
direct charges, the Commission or its agents may audit the records of
ScottishPower which are the basis for charges to PacifiCorp.
ScottishPower will cooperate fully with such Cornmission audits.la
22. ScottishPower and PacifiCorp will provide the Commission access
to all books of account, as well as all documents, data and records of
their affiliated interests, which pertain to any transactions between
PacifiCorp and its affiliated interests.
23. PacifiCorp will maintain its own accounting system, separate from
ScottishPower's accounting system. All PacifiCorp financial books
and records will be kept in Portland, Oregon, and will continue to be
available to the Commission upon request at PacifiCorp's offices in
Portland, Salt Lake City, Utah, and elsewhere in accordance with
current practice.
24. ScottishPower and PacifiCorp will exclude all costs of the
transaction from PacifiCorp's utility accounts.
25. PacifiCorp will maintain separate debt, and if outstanding, preferred
stock ratings.
26. ScottishPower and PacifiCorp will provide the Commission with
unrestricted access to all written information provided to common
stock, bond, or bond rating analysts, which directly or indirectly
pertains to PacifiCorp.
27. ScottishPower and PacifiCorp agree to comply with all existing
Comrnission statutes and regulations regarding affiliated interest
transactions, including timely filing of applications and reports.
28. ScottishPower will not subsidize its activilies by allocating to or
directly charging PacifiCorp expenses not authorized by the
Corrmission to be so allocated or directly chzrrged.
la Conditions 2l-28 and 38 are contained in the Direct'l'estirnorrv of Robert Green/Crahanr
Morris. -l-r. pp. 53 I -532.
OR.DH{ NO. 282r 3 12
o operation and interjurisdictional allocatiorr of costs as currently
agreed upon.
33. Any diversified holding and investmetlts (e.g., non-utility business or
foreign utilities) of ScottishPower and PacifiCorp shall be held in a
separate company other than PacifiCorp, the entity for utility
operations. Provisions shall be provided for each of these diversified
activities to fully separate accounting functions and to provide full
cost allocations. This condition shall not prohibit the holding of
diversified businesses and investments by affiliates of PacifiCorp,
such as PacifiCorp Group Holdings Company.
34. On June 18, 1999, ScottishPower/PacifiCorp provided the
Commission and other jurisdictional state rate regulators a proposed
methodology for the allocation of corporate and affiliate
investments, expenses, and overheads and a statement of where each
of the ScottishPower principal corporate departments will sit in the
corporate structure. This document would constitute a draft of what
is to be filed regarding cost allocations with the Securities and
Exchange Commission. On October 29, 1999, PacifiCorp/
ScottishPower scheduled a conference/meeting with state and other
interested regulators to discuss the proposed corporate and affiliate
cost allocation methodology. Further conferences/meetings will be
scheduled as needed to discuss the cost allocation issue.
35. No later than 90 days after the closing date of the merger,
ScottishPower/PacifiCorp shall file its proposed corporate and
affiliate cost allocation methodology with the Securities and
Exchange Commission, OFFER, and OFWA f.
36. Within 30 days of receiving all state, federal, and foreign regulatory
approvals of the final corporate and affuliate cost allocation
methodology, a written document setting fbrth the final corporate
and affiliate cost methodology shall be submitted to the Commission
and the Staff as a compliance filing related to this merger
application. On an on-going basis, the Commission shall also be
notilled of anticipated or nrandated changes to the corporate and
alflliate cost allocation nrethodologies.
37. PacifiCorp/ScottishPower shall not subsidize its non-regulated
businesses with its regulated businesses.
38. PaciliCorp/ScottishPower shall not assert in any luture Idaho
proceeding that the provisions of the Public l-Jtility Holding
Cornpany Act of 1935 or the related Ohio Pov,ar v. I,'ERC case
preernpt the Commission's jurisdiction over afllliated interest
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o 6l-328. Electric utilities - Sale of property to be approved by
commission. - No electric public utility or electrical corporation as
defined in chapter l, title 61, Idaho Code, owning, controlling or operating
any property located in this state which is used in the generation,
transmission, distribution or supply of electric power and energy to the
public or any portion thereofl, shall sell, assign or transf'er, directly or
indirectly, in any manner whatsoever, any such property or interest
therein, or the operation, nlanagement or control thereof, or any certificate
of convenience and necessity or franchise covering the same, except when
authorized to do so by order of the public utilities commission of the state
of ldaho. Such authorization and order shall be issued only following
public notice and hearing, upon verified application of the parties setting
forth such facts as the commission shall prescribe or require, and if the
commission shall find that the public interest will not be adversely
affected. that the cost of and rates for supplyins service will not be
increased bv reason of such transaction. and that the applicant for such
acquisition or transfer has the bona fide intent and financial abilitv to
operate and maintain said property in the public service: provided, that no
such order or authorization shall be issued or granted to any applicant or
party coming within the prohibitions set forth in this act. The commission
shall have power to issue said authorization and order as prayed for. or to
refuse to issue the same. or to issue such authorization and order with
respect only to a part of the property involved. and may attach to its
authorization and order such terms and conditions as in its judgrnent the
public convenience and necessity mav require. (Emphasis added.)
In summary, $ 61-328 provides that the merger "shall" be approved so long as the
joint Applicants have convinced us that (l) the merger will not adversely affect the public
interest; (2) the nrerger will not cause PacifiCorp's costs and rates to increase, and: (3) tlre .loint
Applicants have the bona fide intent and financial ability operate the PacifiCorp system in the
public service.ls
t8 ldqho Cocle \ 6l-328 also provides that no merger authoriz-atiorr shall be grantecl to "any
applicant or party conring within the prolribitions set fbrrlr in this Act." Section 6l-327 prohibits the
acquisition of public trtility propefiy by any govenlrnent or rnunicipal corporation, qtrasi-nrunicipal
corporatiorr, or governnrerrtal or political unit, subdivisiort or corporation existing under tlre laws olarry
other state or any reprcserrtative olthe foregoing. 'Ihe Joint Applicants are privately-ownecl corporations
tlrat do not fall witlrin the parauleters of $ 6l-327 nor, consequently, this particular prohibition of'$ 6l-
328.
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ScottishPower witnesses Green/Morris testified that "[t]here will be some reduction
in overlapping corporate functions." Tr. p. 522. Green/Morris testified that ScottishPower will
reduce corporate costs and overheads, where possible, by streamlining support functions and
selectively eliminating redundant activities. 1'hey testified that ScottishPower will achieve
efficiencies in operational costs by an amount greater than could be achieved by PacifiCorp.
Moreover, ScottishPower proposes to increase overall system performance and to enhance
customer service, that will, over the long-term, produce efficiencies and lower costs.
Tr. p. 523.
Green/Morris further testified that because of the merger, "the cost of PacifiCorp's
borrowings can be expected to be lower after the transaction." Tr. p.524. This is because, given
ScottishPower's financial strength, PacifiCorp should be viewed by risk analysts as being less
risky for debt acquisition purposes. 1d
Green/Morris contend that PacifiCorp will bear lower corporate costs than is
currently the case. PacifiCorp will be assigned a fixed sum of corporate costs that is less than it
currently incurs. In fact, by the end of the third year following the merger, ScottishPower
expects to achieve approximately $ I 5 million of annual savings in corporate costs which, when
offset by $5 million of associated cost increases, will produce a net reduction of $10 million
annually in corporate costs. ScottishPower originally committed to reflecting this reduction in
PacifiCorp's results of operation and, thus, in rates. 'lr. p.526.20 ScottishPower further commits
to providing an analysis of its proposed allocation of corporate costs within three months of
completion of the merger transaction. The Company will file this analysis and proposed
allocation with each of the five state commissions fi'om which ScottishPower is seeking merger
approval. Tr. p. 527.
20 l-ltis corrrnritnrerrt was later srrpersedecl by ScottishPoler's lnerger rate credit proposal (Merger
Approval Conditiorr No. 3).o
ORDtrl{ NO. 2821i 25
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previous commitment under which customers would receive rate benefits only in future rate
cases afier the third year.
3. Commission Staff
Staff believes that the cost of and rates for PacifiCorp's service will not increase due
to the merger itself. This is because the costs incurred to transact the merger through closing will
be booked "below the line" and customers will not pay these costs. Tr. p. 875. Attached to
Carlock's testimony as Exhibit No. l0l are production request responses from ScottishPower
assuring that merger costs and penalties paid if standards are not met will be recorded below the
line and not paid by customers. Tr. p. 875.
Operating efficiencies resulting from improvements implemented by ScottishPower
will be reflected in the Company's actual costs. ScottishPower originally guaranteed operating
efficiencies of at least $10 million annually on a system basis. If the minimum $10 million
annual reduction is not achieved by the end of the third year, an amount equal to the difference
between the $10 million and efficiencies actually achieved must be moved below the line to be
absorbed by shareholders. Tr. pp.875-876.2t
Annual report of efficiencies achieved must be provided to the Commission Staff to
verify the savings along with an annual commission basis earnings report. ScottishPower has
committed to provide these reports in a format similar to that currently used by the Company in
the UK. The actual report format can be modified for additional information following the
merger if the Commission so desires. Tr. p. 876.
Moreover, Staff will audit the annual commission basis earnings report and file an
audit report with the Commission. Thc results of this report can be used to determine if the
efficiencies have been achieved. Il'not. the procedure and actual adjusting entries can then be
determined. Staff believes that this guarantee and annual review process provide assurance that
rates will not increase as a result of'tlre rnerger. 'l'r. p.876.
2t This cost savings grrarflnlee was eventually superseded by the nrerger rate credit proposed by
tlte Cornpany. (Merger Approval Conditiorr No. 3)o
OITDEI{ NO. 282I3 28
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Staff is convinced that ScottishPower can achieve the efficiencies it has targeted
based upon Staff s review of the Company's due diligence reports, disclosure letters, board
meeting minutes, annual reports and statements of regulatory accounts, shareholder circulars,
proxy statements and the production request responses in this case which reflect areas where
efficiencies may be achieved. Staff believes that cost reductions or elimination of duplicate
functions should occur in the areas of investor relations, shareholder services, corporate finance,
corporate communications, legal services, corporate strategy, human resources and information
technology. Tr. p. 878.
4. Solutia
Solutia, which operates an elemental phosphorous plant near the city of Soda Springs
and is a special contract customer of PacifiCorp, presented the testimony of Richard Anderson.
Anderson testified that "the Applicants' filing fails to show that PacifiCorp ratepayers will
gamer economic benefits resulting from proposed actions of ScottishPower." Tr. p. 682. He
concludes that the merger violates the criteria of ldaho Code $ 61-328 because it "may have an
adverse effect on the economic well-being of ratepayers by increasing economic risk of
ratepayers without providing concomitant benefits of equalvalue." Tr. p. 682.
Anderson contends that the estimated $10 million in cost savings that ScottishPower
expects to achieve in reductions and corporate overhead is insignificant considering the size of
the two companies. Tr. p. 687. He further questions the accuracy of the estimated $60 million in
performance improventent benefits that ScottishPower expects to achieve. Tr. p. 688. Anderson
disputes that ScottishPower will be able to implement the cost reductions at PacifiCorp that it
achieved at ManWeb because the two utilities are significantly different. Anderson characterizes
the potential fbr cost savings at PacifrCorp as "highly uncertain." "l'r. p.696.
Anderson concludes that, if the Cornmission were to approve the merger. it shoulcl
insist orr the fbllowing conditions:
I . ScottishPower should be willing to back up its clainr ol'cost sarvings
through a conrnritnrent to price stability or price reduction ovcr the
colrrse of llve years.
ScottishPower should be required to insulate the acquired conrpanies
fionr the parent corporation.
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We find:
It appears that, to some extent, the Irrigators and Solutia are operating under the
misconception that ldaho law requires that PacifiCorp's rates must decrease as a condition of
mergerapproval. As we stated earlier, this is an inaccurate interpretation of the clear letterof the
law. PacifiCorp simply has the burden to establish that rates will not increase because of the
merger. We find that: (l) even absent the commitment by the Joint Applicants, rates will not
increase because of the merger, (Merger Approval Condition No. l), and; (2) absent the
proposed rate credit (Merger Approval Condition No. 3), the standard in ldaho Code $ 61-328
pertaining to rates has been satisfied. ScottishPower and PacifiCorp enumerated a variety of
means by which the Companies intend to reduce costs and, therefore, rates. This was
corroborated by the Commission Staff. While a general fear of rate increases was expressed,
there was no verifiable, quantifiable evidence presented that rates would go up due to the merger.
Solutia and the Irrigators questioned the magnitude and timing of the estimated cost savings.
This does not constitute a showing that rates will increase. We find that the Joint Applicants met
their initial burden of proof and were never successfully refuted.
Regardless, any doubt that might arguably have existed regarding this issue was
definitively put to rest by the filing of the Joint Applicants' Notice of Merger Credit
Commitment. As a final and irrefutable measure to ensure that rates will not increase as a result
of the merger, we hereby impose the additional condition (Merger Approval Condition No. 2)
that following the merger, PacifiCorp shall not seek a general rate increase effective prior to
January 1,2002. This literally guarantees that PacifiCorp's customers will see an imnrediate rate
reduction lasting at least 2 years through the combination of the merger rate credit and the
moratorium on general rate increases imposed herein.22 This rate reductiorr would not have
occurred absent tlre merger.
There are other aspects of this issue, however, that warrant discr:ssion. l.egitinrate
concerns were expressed by Solr-rtia, and others, regarding the need for ensuring that rates do not
increase because of the nrerger. that PacifiCorp's customers not be required to pay lbr the merger
22'l-he rate creclit rvill be applied lbr four years. Our Order irnposes tlre additional condition of a
rate troratoriunr lbr approxirnately nvo years. PaciliCorp is entitled to seek a rate increase to be ell'ective
in year tlrree if it carr prove tltat its revelrue requirement is deflcierrt.o
ORDER NO. 282 ri 3l
a We find:
Not only are PacifiCorp's hydro plants subject to sale or transfer approval pursuant to
Idaho Cotle $ 61-328, but so are the water rights associated with those facilities because they are
used in the generation of electric power and are considered real property. Therefore, before
PacifiCorp or ScottishPower can sell or transfer water rights or the control thereof, they must
request approval from this Commission pursuant lo ldaho Code $ 6l-328. In addition, in 1985
the Idaho Legislature enacted ldaho Code $ 6l-5028 which requires "the gain upon sale of a
public utility's water right used for the generation of electricity shall accrue to the benefit of the
ratepayers."
Subsequent to the technical hearing, ScottishPower and PacifiCorp entered into two
separate agreements pertaining to water rights associated with all of PacifiCorp's hydro facilities
located in Idaho. The first such agreement, executed on October 5, 1999, pertains to the
Company's Bear River/Bear Lake facilities and water rights. The parties to the agreement
include ScottishPower, PacifiCorp, the State of Idaho (through the Department of Water
Resources), the State of Utah (through the Division of Water Resources) and the State of
Wyoming (through the State Engineer). The five page agreement, which we have reviewed and
hereby take official notice of pursuant to Rule 263 of the Commission's Rules of Procedure
(IDAPA 3 I .01 .01 .263), was executed in recognition of concerns expressed regarding
PacifiCorp's water rights and the effect the proposed merger might have on them. Paragraph
"B" of the "Recitals" section of the Agreerrient states:
The Parties recognize the need lo assLrre the public utility commissions of
the states of ldaho, Utah, and Wyonrirrg. and the other public officials and
water users of the three States that PacifiCorp's merger with
ScottishPower will not affbct tlie operation ol'the Bear River System or
PacifiCorp's ownership or exercise ol'its Bear Iliver water rights.
The Parties further agree tltat:
a. PacifiCorp's water rights arc constrained by the historic practice of
not making a delivery call lbr hl,clropower generation; and
b. Bear Lake is operated. consistent rvith lorrg-standing historic practice
and applicable laws. prinrarilv as a storage reservoir to satisly
contracts fbr existing irrigation uses arrcl flood control needs in the
three States, with the use ol'water fbr hyclropower generation being
incidental to the othcr purposcs lirr which tlre water is being
released.
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ORDER NO. 2821 3 -51
o The Parties also agree to 'Jointly negotiate an enforceable Bear River Systern Operations
Agreement consistent with the Iforegoing provisions]."
On October 22, 1999, ScottishPower and PacifiCorp executed a "Memorandum of
Agreement Regarding Ashton-St. Anthony Projects" with the State of Idaho through the
Department of Water Resources. Pursuant to Procedural Rule 263, we hereby take official notice
of this agreement as well. Like the Bear River Agreement, the Ashton-St. Anthony
Memorandum recognizes the public need for stability of water rights. To that end, the
Memorandum provides that "the water rights presently owned by PacifiCorp on the North Fork
(Henry's Fork) of the Snake River must continue to be used consistent with historical practices."
In furtherance of this, PacifiCorp and ScottishPower agree that their water rights on the Snake
River are constrained by a Contract executed September 28, 1935 between the U.S. Bureau of
Reclamation, Fremont-Madison Irrigation Disrict, City of Idaho Falls, and Utah Power and
Light Company. PacifiCorp and ScottishPower further agree that PacifiCorp's rights to the use
of water for power generation are incidental to the rights to the use of water for other purposes,
except for junior water rights for hydropower generation.
One need not look far for evidence of the importance that water has to southern
Idahoans. This issue, had it not been successfully resolved by the Joint Applicants, could well
have been a stumbling block in satisfying the public interest criterion of ldaho Code $61-328.
As it is, the Joint Applicants have done a comnrendable job of ensuring that the status quo
regarding water riglrts will be maintained and the public interest preserved.
The undisputed evidence presented in this case establishes that the merger will not
affect the legal stallrs of the water rights currently held by PacifiCorp. ScottishPower will
assume ownersliip of those rights (by virtue of its ownership ol'PacifiCorp) sub.iect to all the
limitations, conditions, and relative priorities that they now possess. Furthermore. we are legally
prohibited liont taking any action involving an electric utility's failure to protect its watcr rights
lionr jurrior appropriators. lduho C'orle I 61-539. Tltus, we find that the state agencies chargecl
with the responsibility to oversee water rights have adequately protected the interests of'the
people of this state. 'l'he Agreenrents cntered into recently by the.loint Applicants enslrre that the
public interest. as it pertains to watcr ri-ehts, will not be adversely aflected because of tlic ntcrgcr.
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ORDhll NO. 2821i 52
,
Avlata Gorp.
141 1 East Mlssion P.O. Box3727
Spokane. Waehington 99220{500
Telephone 509-489{500
TollFree 800-727-9170
July 10,2018
Diane Hanian, Secretary
Idaho Public Utilities Commission
Statehouse Mail
W . 472 Washington Street
Boise,Idaho 83720
RE: AVU-E-17-09/AYU-G-17-05 Final Order in the Montana Merger Proceedings
Dear Ms. Hanian:
Please find attached an electronic copy of the Final Order in the Hydro One/Avista Merger docket
in Montana.
Sincerely,
/s/ Paul Kimball
Paul Kimball
Regulatory Analyst
Enclosure
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REC T IVED
?3lS JUL I 0 ?fi \t 22 Service Date: Julv 10,2018
,, r Lr?il .!''iti,i'fu8p4ft MENr oF puBr,rc sERvr cE REGU LArroN
BEFORE THE PUBLIC SERVICE COMMISSION
OF THE STATE OF MONTANA
IN THE MATTER OF Avista Corporation and )
Hydro One Limited's Application for )
Authorization of the Proposed Sale and Transfer )
of Avista Corporation )
REGULATORY DIVISION
DOCKETNO. D2017.9.71
ORDER NO. 7577a
FINAL ORDER
PROCEDURAL HISTORY
L On Septernber 14,2017, Avista Corporation and Hydro One Limited
("Applicants") filed an application with thc Montana hrblic Service Comrnission
("Commission") for authorization of the proposed sale and transfer of Avista Corporation
("Application").
2. On September27,2017, the Commission issued a Notice of Application and
lntervention Deadline, establishing October 19,2017, as the deadline to intervene with the
Application. On November 9, 2017, the Commission issued a Notice of Staff Action granting
intervention to the Montana Consumer Counsel (*MCC").
3 . On Novemb er 27 ,2017, the Comrnission issued Procedural Order 7577, which
established a variety of deadlines for this docket, including a deadline for the Commission to
identiS additional issues. On April 21,2018, the Commission issued a Notice of Additional
Issues which required the Applicants to supplement their Application with infonnation on
whether the transaction, the potential regulatory conditions associated with it, or the finalized
depreciation study regarding Avista's Colstrip generation assets will detrimentally irnpact
Montana-sited resources. The Comrnission provided a further opportunity for parties to intervene
regarding the additionalissues, and on March 19,2018, the Commission granted intervention to
the Montana AFL-CIO and the City of Colstrip ("Colstrip').
4. On May 15,2018, the Commission received a Notice of Settlement from the
Applicants and the City of Colstrip ("Settlement"). Under the tenns of the Settlement, Avista has
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DOCKET NO. D2017.9.71, ORDER NO. 7577a 2
agreed, among other things, to provide Colstrip with an additional $1.5 million to the $3 million
already committed to the Applicant's Montana Comrnunity Transition Fund. Mem. of
Agreement by and among City of Colstrip, Avista Corp. and Hydro One Limited (May 15,
20r 8).
5. The Comnrission held a public hearing on May 17,2018, to receive evidence on
the Application and the Settlenrent. 'fhe Comrnission received a comment of support for the
Application frorn the Montana Charnber of Commerce on May 18, 2018.
6. During a regularly scheduled work session on June 12,2018, the Cornmission
approved the Application, as discussed below.
LEGAL STANDARD
7. In evaluating sale and transfer applications, the Comrnission has historically used
three standards: the public interest standard, the no-harm to consumers standard, and the net-
benefits standard. In re Babcock & Brou'n Infrastructure Ltd., Docket D2006.6.82, Order 6754c
1[35 (Aug, 1,2007).ln examining these standards, the Comrnission has stated:
It may be impossible to enunciate a general standard that is applicable in all cases.
For example, if the Commission were faced with the sale of a public utility that
was not providing adequate service, it would be appropriate for the Commission
to apply a net benellt standard that assured customers would receive adequate
service. In another case, a utility may be providing adequate service but just rates
for the potential acquirer may be higher than cumently charged. In such a
situation, it would be appropriate for the Commission to apply a no-harm to
consumers standard.
td
8. The Cornmission has recently applied all three standards in sale and transfer
dockets. ln re Gas Natural, /nc,, Docket D2016.11.91, Order 7534e 'l[20 (Jul. 20,2017); In re
Cur Bank Gos Co., Docket D2008.3.27, Order 6907b 't[20 [NIov. 2,2009). The Montana
Consumer Counsel has requested the Cornmissior, again apply all three standards in this
proceeding. Hr'g Tr.19:14-21 ("1 would simply urge the commission to once again articulate all
three ofthese standards in its final order in this case, and to recognize again that any or all of
these standards could be applied in future merger and acquisition proceedings.").
9. The Comrnission acknowledges this Application presents different concenrs from
a typical sale and transfer application. See , e.g., In re Mounlain llqter Co., Docket D2016.2.15,
Order 7475ifln29-38,48 (May 31,2016) (for Montana's largest regulated water utility, the
I
a DOCKET NO. D2017.9.71, ORDER NO. 7577a
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Commission imposed a lower cost of debt within the utility's revenue requirement due to the
new upstream owners' lower cost of debt); In re Babcock & Broy'n Infi'astructure Ltd,,llfl l4+
152 (for Montana's largest regulated utility, the Commission denied Babcock & Brown's
application to purchase NorthWestern, in part, over concerns of the proposed acquisition
premium and how Babcock & Brown would recover these costs): In re Gas Natural, Inc.,\ 12
(for a utility with a history of debt management difficulties, the Commission approved the
application finding the ultimate acquircr, BlackRock Inc., is "a financially strong enterprise with
more than $5 trillion of assets under management" and "is the largest utility investor in the U.S.,
with substantial knowledge grading utility operations and regulation and a reputation for
supporting sound r.rtility management and financing.")
10. In contrast, Avista has only 32 retail electric customers and Avista rarely comes
before the Commission with any applications, including rate increases, due to its srnall Montana-
jurisdictional customer base. See In re Avista, Docket D2010.11107, Order 7130a(Apr.27,
201 l) (Avista's last late case before this Commission, who prior to then had not been before the
Commission since 1986). As a result, a traditional examination of this sale and transfer is not
appropriate.' Instead, the Commission examines this transaction under the public interest
standard focusing on the potential impacts on electric generation as a whole in Montana. Sea,
e.g., In re Cheyenne Light Fuel and Pov,er Cb,, Consolidated Dockets 20003-EA-04-75 and
30005-GA-04-97,2004 Wyo. PUC LEXIS 292,*43 (Aug. 26, 2004) (after finding, in par1, that
there "is no evidence befbre us that any other utility or its customers in Wyoming would be
I The record, as presented to the Commission, likely fails to satisff the net benefits and no-harn to customers
standards. The economies of scale and synergies of managemcnt which the Applicants argue support approval are
neither identified nor quantified. SeeApplication ll 25. The only potentially tangible economy of scale identified-
Hydro One's S40 rnillion Move-to-Mobile technology-is not supported by evidence that it can, in fact, be shared
with Avista. Hr'g Tr. 87. Additionally, the benefit to Monlana customers is de ninimis. This transaction will not
provide Montana customers with short-term rate reduction benefits, as the Applicatrts state it is cost-prohibitive to
comnrit a total proportional rate credit of $190 for Montana customers. Appl. App. 8, Commitnrent 18, Hr'g. Tr.
202. Neither will this Transaction significantly affect the services received by Montana customers, as the Applicants
repeatedly state that services rvill remain essentiallythe same post-closing. See generally Appl.T l8 ("All olthese
features together with other provisions embedded within the Merger Agreement are designed to ensure that Avista's
customers will continue to receive the service they have come to expect from a company that has been a Pacific
Nonhwest presence for rnore than I 00 years."). Regardless, the intervening parties did not contest these issues and
the Cornnrission did not raise these issues through the additional issue process. The Commission accordingly applies
the public interest standard to this case and declines to thoroughly examine the no harnr to custotners and net
benefits test in this case. ln luture sale and h'ansfer applications, the Cornmission may continue to apply all three
standards.
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August 10,2018
Transmitted Via Hand Delivery and by E-mail
Paul Kjellander, President
Kristine Raper, Commissioner
Eric Anderson, Commissioner
C/O Diane Hanian, Commission Secretary
Idaho Public Utilities Commission
472W. Washington St.
Boise, Idaho 83702
Re: Case Nos. AVU-E-17-09 and AVU-G-17-05
Dear Commissioners,
I am writing to update you regarding discussions between the ldaho Department of Water
Resources (*IDWR") and Avista Corporation ("Avista"). Since early 2018, IDWR and Avista have been
discussing Avista's water right claims in the Coeur d'Alene-Spokane River Basin Adjudication
('tSRBA"). The main focus of our discussions has been Avista's hydropower water rights at the three
dams and power plant at Post Falls ("Post Falls dam"). The State of ldaho has a history of disputes over
hydropower water rights. The Swan Falls controversy of the early 1980s involving Idaho Power's
hydropower water rights at Swan Falls dam led to the commencement of the Snake River Basin
Adjudication ('SRBA") in 19E7. Litigation in the SRBA related to ldaho Power's Swan Falls water
rights did not conclude until 2012. A main reason for engaging with Avista early in the CSRBA was to
avoid extended litigation over Avista's hydropower water rights, especially over the issue of
subordination to existing and future water rights.
In July of 201 8, IDWR was notified of rhe Joint Application for an Order Authorizing Proposed
Transaction ("Joint Application") filed with the Idaho Public Utilities Commission ('PUC") by Avista
and Hydro One Limited ("Hydro One"). The Joint Application sought the PUC's approval of a planned
merger between Avista and Hydro One pursuant to Idaho Code $ 6l-328. Immediately, IDWR was
concerned the merger would disrupt the adjudication claim discussions and might impede or prevent
resolution of the issues. Furthermore, IDWR was concerned the merger could result in a change in the
use of water authorized by Avista's hydropower water rights. To ensure that the public interest, as it
pertains to Avisk's use of water under its hydropower water rights, would not be adversely affected,
IDWR moved to intervene in the PUC proceeding. The PUC subsequently granted IDWR's petition to
intervene.
While IDWR's petition to intervene was pending before the PUC, IDWR and Avista continued
discussing Avista's hydropower water rights at Post Falls dam. We are pleased to inform you that IDWR
and Avista reached an agreement that addresses IDWR's concerns. Specifrcally, IDWR and Avista have
lD\ n Exhibil No. 901
Case Nos. AVU-E-1 7-09/AVU-G-1 7-05
S. Keen, ldaho Departr€nt of Water Resource8
Scfledule 1, Page 1 of 11
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August 10,2018
Letter to Commissioners
Page 2
reached an agreement regarding subordination of Avista's water rights consistent with the historical
operations at Post Falls dam. IDWR and Avista have agreed that Avista's water right claim nos. 954518,
95-91 15, and 95-91 l9 shall be recommended in the CSRBA with the following subordination language:
The use of waler confirmed in this right shall be junior and subordinale to permits, licenses, or
decrees for all uses within the State of ldaho with a priority date of, or earlier than, July 25, 2018,
diverted upstream from all three points of diversion for this right.
The use of water confirmed in this right shall be junior and subordinate to permits, licenses, or
decrees for all uses, except for permits. licenses, or decrees for irrigation storage or power
purposes, within the State of ldaho with a priority date later than July 25,2018, diverted upstream
from all three points of diversion for this right.
The use of water confirmed in this right shall not be subordinate to permits. license, or decrees
within the State of ldaho diverted downstream from all three points of diversion for this right.
The agreement ensures thrt the public interest, as it relates to Avista's water use pumuant
to its water rights, will not be adversely affected by the proposed transrction between Avistr and
Hydro One. The agreement safeguards existing and future water users from changes in historical
operations, helps protect the summer lake level of Coeur d'Alene Lake, and supports the ongoing
operations of Post Falls dam in a manner consistent with prior agreements and the ldaho Department of
Environmental Quality 40 I Certification.
A copy of the agreement between IDWR and Avista is attached to this letter. To ensure
documentation of the agreement before the PUC, IDWR requests that if the PUC approves the pending
transaction between Avista and Hydro One, the PUC include the agreement as an attachment or exhibit to
any such order so that the resolution ofthis issue is documented in the order.
Sincerely,
Director
Attachment: Agreement Regarding Subordination of Avista's Post Falls Hydroelectric Facility Water
Rights
Cc: All parties
lD$iR Exhibit No. 901
Case No$. AVU-E-1 7-0S/AW-G-1 7-05
S. Keen, ldaho DepartnEnt of Water Resources
Sche<lule 1, Page 2 of 'll
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Agreement Regarding Subordination of Avista's Post Falls Hydroelectric Facility Water Rlghts
Purpose
This Agreemen! reached between Avista Corporation, a Washington corporatlon ("Avista") and the
ldaho Department of Water Resources {"|DWR"} (collectively the "Pafties}, is intended to capture the
mutual understanding of the Parties regarding subordination of Avista's Post Falls water rights, of record
with IDWR as Avista's claim nos. 95-4518, 95-9115, and 95-9119 (hereafter "Avista's water rights"). This
Agreement guides the Parties' actions in settings including, but not limited to, the Coeur d'Alene-
Spokane River Basin Adjudication ("CSRBA") and the currently pending proceeding before the ldaho
Public Utilities Commission ("pUC") related to the proposed merger of Avista and Hydro One Limited
(acting through its indirect subsidiary Olympus Equity LLC){"Hydro One"}.
This Agreement is built upon several interests of the Parties;
o To protect the summer lake level of Coeur d'Alene Lake;o To ensure the public lnterest, as it relates to the use of water by Avista, will not be adversely
affected by the proposed transaction between Avista and Hydro One; andr To support the ongoing operations of the three dams and power plant at Post Falls {"Post Falls
dam") in a manner consistent with prior agreements and as referenced by the ldaho
Department of EnvironmentalQuality 401 Certification ("401 Certification") for Post Falls dam
and the Federal Energy Regulatory Commission's License for the Spokane River Project f2545
{"FERC license"}.
Subordination of Avista's water rlghts
The Parties agree that Avista's water rights are subordinated consistent with the following language, and
the following language will be included in the CSRBA claims for Avista's water rights and will be
incorporated in IDWR's recomrnendations of Avista's water rights in the CSRBA Director's Report for
Basin 95 ("Director's Report"):
The use of water confirmed in this right shall be junior and subordinate to permits,
licenses, or decrees for all uses within the State of ldaho with a priority date of, or
earller than, July 25, 2018, diverted upstream from allthree points of diversion for this
right.
The use of water confirmed in this right shall be junior and subordinate to permits,
licenses, or decrees for all uses, except for permits, licenses, or decrees for irrigation
storage or power purpos€s, within the State of ldaho with a priority date later than July
25,2018, diverted upstream from all three points of diversion for this right.
The use of water confirmed in this right shall not be subordinate to permits, license, or
decrees within the State of ldaho diverted downstream from all three points of
diversion for this right.
Agreed Actions by the Parties
1. Upon both Parties' signature to this Agreement, IDWR will convey to the PUC a copy of this
Agreement along with a letter stating that if the PUC approves the pending transaction between
Avista and Hydro One, the PUC shall reference this Agreement in any such order. The letter will
lDti/R Exhibit No, 901
Case Nos. AVU'E-1 7-09IAVu'G-1 7'05
S. Keen, ldaho Department of Vllater Resourcet
Sctredule I, Pag€ 3 ot 11
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also explain that with this Agreement, IDWR is satisfied that the proposed merger, with respect
to Avista's water rights, will not be adverse to the public interest;
2. Avista will not object to the terms of subordination described above which will be included in
the Directo/s Report for Avista's water rights, and will support those terms ln the CSRBA;
3. The Parties agree on dismissal or withdrawal, as appropriate, of Avista's federal water right
claims in the CSRBA, numbered 95-16663 and 95-16664; and
4. Avista also owns certain water rights for power purposes at Cabinet Gorge darn, of record with
tDWR as water right nos. 96-4565,96-2179,96-2180, and 96-2259. IDWR and Avista agree to
work, in good faith, toward reaching an agreement regarding subordination of Avista's water
rights at Cabinet Gorge dam.
General Terms
L, Consid_eration. The Parties acknowledge receiving sufficient consideration for the commitments
contained in this Agreement and waive any argument that they might have in any judicial
proceeding that no consideration exists to support this Agreement or that the consideration
received is not sufficient.
2. Bindine Effect of Aereement. This Agreement is intended to be a final and binding agreement
between IDWR and Avista, jointly and severally, and inures to the benefit of, and is binding
upon, the successofs in interest and assigns of each entity. The Parties further agree that this
Agreernent is not contingent upon approval of the pending PUC merger case between Avista
and Hydro One.
3. Capaciwto ExecuteAereement. The Parties warrant and represent thatthe person executing
this Agreement on its behalf is empowered to do so and thereby binds it by signing this
Agreernent.
4. Waiyen. The failure to object to any breach of any term or condition in this Agreement shall
not constitute a waiver, and no failure to obiect shall be deemed a waiver of any prior or
subsequent breach.
5. Entiretv of Agreement. This Agreement represents the entire and integrated agreement
between the Parties with respect to the subject matter hereof. No promise or inducement has
been offered or made except as herein set forth, and this Agreement is executed by each party
without reliance upon any statement or representation by any other party or its agent.
6. Moditisation, To the extent this Agreement may be amended or modified, it shall be only by a
written agreernent signed by each of the parties to this Agreement.
7. Dispute Besolution. The Parties agree to meet and discuss informally, in good faith, before filing
an action arising from the Agreement.
8. Execution of Asreement in Parts. Due to time constraints, the parties acknowledge that it is not
possible to have all Parties sign the same copy of this Agreement. Therefore, the parties agree
that this Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.
ID\A,R Exhibit No.9t)l
Case Nos. AVU-E-1 7-09/AW-G-1 7-05
S. Keen, ldaho Depadmeil of Water Re$ffrrcss
Sctredule 1, Page 4 of 1'l
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9. Sirnatures. ln wltness whereof, the parties to this Agreement through their duly authodzed
repfesentativ$ havc execrted this Agreement and certify that they have read, undarstood, ard
agreed to ttre tarms and conditbns of this Agreement as ret forth hcrein.
Agreed to, the 25* ofJuly, 2018.
Avista Corp F", IDWR
Gary Spackmsn, Dirertor
ldaho Department of Water flssources
Eruce Hovuard, Sr. Dirsctor
teal Esbte and [nvironmertal Afffiir$
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lDlrlR gxhibit No.9O1
Case Nos. AVU-E-17-WA\fl!G17-05
$. Keen, ldaho Depantn€fit of l,Yals{ Rs$arrces
Sctrdde 1. Paga 5 ol 11
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ACIWOUfl..EDGEMIHTS
smrr or$}"th;q{u*
couNw orff!(atlg*
On thiElldayof July, 2018, befure rnt,1&* tri<-(
A notary public of per*onally appeared T.luua {y'* Jd"r-
olAvlsta Corporution,lrown or identificd to me to
be the person who executed the foregoing instument on behalf of Avirta Corporetion, and he/rhe
acknowledged to me that he/the e)€cuted the same.
NOTARY PUBTIC
Residing at:st/*n*
My commission expires:I 't c'L..t
STATE OT
COUNWOF
On thk
-
day of July, 2018, before n€,
A notary publlc of the Stete of ldaho, personally appeared 6ARY SPAC(MAN, the Direclor of the ldaho
Department of Water R€scurc?s, known or identified to me to be the person who executed the
foregoing instrument on khalf of the ldaho Oepartment of Water Re$ources, and he acknowledged to
me that he executed the sarne.
HOTARY PUBTIC
Residing at:
My commission expires:
s$.
o ss.
o 4
lDll,R Ehibit No.901
Case Noe. AW-E-1 7-0OAW-G-1 7'05
S. Keen, ldaho Departrnent of \ rater Resourceg
Schedule 1, Pags 6 of 1'l
9. $k0hrr.rr. ln lilitntii urhrrcof, tht pnr&s t6 thir Agrrem3ilt through thcir duil iuthork?d
&prafitltttfuGs have exlcutrd thb tsraerficilt ffid ceilry that thay htre read, undcr$d, rrd
ryr*cd to thc tarmr and condltloru of thlr *greamsnt o$ ,Gt fur$r h*rcln.
Agre*d to, the t5$ of July, 2018.
ForAvktr Corp
Erucr Houard, $r. Illttctor
hral Sstrtc *nd fnvtronrnentd Affairg
3
lDl,\,R E*libt No. 00I
Case Noe. AW-E-I 7-0S/AW-G-1 7-Os
o
ACKT{OWTEDGEMENTS
STATE OF
COUNTY OF
On this _ day of July, 2018, before rl€, . .. ,
A notary public of the State of personally appeared
of Avista Corporatlon, known or identifled to me to
be the person who executed the foregoing instrument on behalf of Avista Corporation, and helshe
acknowledged to me that helshe executed the same.
NOTARY PUBTIC
Residing at:
My commission expires:
o tj,
STATE OritrdO.r*cr_
COUNTY OF $*t,'
On thisl$!ayof July,2o18, before me,Y.^^. A t^)h;lr-
A notary public of the State of ldaho, personally appeared GARY SPAC(MAN, the Director of the ldaho
Department of Water Resources, known or identlfled to me to be the penrcn who executed the
foregoing instrument on behalf of the ldaho Department of Water Resources, and he acknowledged to
me that he executed the same.
(4 NOTARY PUBLIC
Residing at:
My commlsslon nt\:r'r\eo,.:r-*a
Or ID
ss.
ss.
A
rt
4 lDtl/R Exhibit No. 901
Case Nos. AW-E-I 7-09/AW-G-1 7-05
S. Keen, ldaho Depatunenl ol Water Resources
Schedule 1, Page8of1l
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tJ./...i nQi,;
rba:
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CERTItr'ICATE OT SSRYICE
I HEREBY CERTIFY that on this l0s day of August 2018, I served a true and correct
copy of the foregoing document on the following by the method(s) indicated.
IDAHO PUC
Idaho Public Utilities Commissioners
CIO Diane Hanian
Commission Secretary
Idaho Public Utilities Commission
472W. Washington St.
Boise,Idaho 83102
d iane.holtt0puc. idaho.glrv
David Meyer
Vice Fresident and Chief Counsel of
Regulatory & Govemmental Affairs
Avista Corporation
P.0. Box 3727
Spokane, WA99220-3727
David.rne yerr?av i stacorp-qqm
Patrick Ehrbar
Director of Rates
State & Federal Regulation
Avista Corporation
p atr i c k. ehrbar(d.a v i stacorp. com
Elisabeth Thomas
KariVander Stoep
Dirk Middents
K&L Gates LLP
925 Fourth Avenue, Suite 2900
Seattle, WA 98104-1158
I iz.tho m alf3 k I gate s. com
kari. vanderstoeplOkl gates.com
d irk.m iddentsG)k I qates.com
James Scarlett
Executive Vice President & Chief
Legal Officer
Hydro One Limited
i scarl ettt0 h r-d roone. com
AVISTA CONPORATION
U.S. Mail, postage prepaid
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HYDRO ONE LIMITED
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lDlln Exhibit No.901
Caae Nos. AVU-€-1 7-09lAW€-1 7-05
S. Keen, ldaho DepsrtnEnt of Water Re$urces
Schedule'1, Page I ol 11
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Brandon Karpen
Deputy Attorney Ceneral
Idaho Public Utilities Commission
412W. Washington
P.O. Box 83720
Boise,ID 83720-0074
brandqn.karpen /dpuc. i daho.gpv
Ronald Williams
Williams Bradbury, PC
P.O. Box 388
Boise,ID E3701
ron t8wi I I iamsbradbury.conr
Larry A. Crowley, Director
The Energy Strategies Institute, Inc.
5549 S. Cliffsedge Ave.
Boise, ID 83716
crowlevlariiaol.com
Dean J. Miller
dean i m i I lerr.B$Ableone. net
Dt. Don Reading
6070 Hill Road
Boise, ID 83703
dread in gr4rm i nd spring.com
carol.hau en{0c learwatemaner.com
r$arv@male*allen.com
ioh n jacobs€tcleanpaterpaper.com
dav id.wrenrglc learwaterpaper.cotn
nathan.sm i [e-mail]
COMMIS$ON ST.{TT
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IOAHO TOREST GROUP, LLC
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CLEARWATER PAPf, R CORPONATION
Peter J. Richarrdson El u.s. Mail, postage prepaid
Richardson Adams, PLLC E Uana Delivery
Sl5 N. efe St. q ovemishr Mail
Boise, rD g3702 Ll Facsimile
EI Emailpetqr(*Jrich ard sonad am s. corx
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lOt R Exhibit No. q)l
Care Nc. AW-E-1 7-{}B/A{J-C-17-05
S. Keen, ldaho Deparlmsnt 0f Wbter R33qrcss
Sdp<lule 1, Pags 10 ot'lt
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o COMMUNITY ACTION PARTNf,RSHTP ASSOCIATION OT IDAHO
Brady M. Purdy
Attorney at Law
2019N. l7e St.
Boise, lD 83702
bm ourdvtDhotrna i l.com
Benjamin J. Otto
Idaho Conservation League
710 N.6s St.
Boise, ID 83702
[e-mail]
Norman M. Semanko
Parsons Behle & Latimer
800 West Main StIeet, Ste. 1300
Boise, Idaho 83702
nsemanko@,oarson sbeh I e.com
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IDAITO CONSERVATION LEAGUEfil u.s,Mail, postage prspsid
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L. Baxter
WASHINGTON AND NORTHERN IDAHO DISTRICT COUNCIL OF LABORTN$
Danielle Franco-Malone fil U.S. Mail, postage prepaid
Schwerin Campbell Barnard fI mna Delivery
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18 West Mercer Street, suite 400 H [fr:ii"',.Seattle, WA 98119-3971
tiancoi0workerlaw.com
AVISTA CUSTOMERCROUPoauuua
IOWR Exhibit No. S1
Ceso Nos. AW-E-I 7-00/AW-G-1 7-06
S. l(een, ldaho Ocpartrrcnt of Vr,bter Reoourcee
$cftdude 1, Page 11 of 1'l
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