20181212Technical Hearing Transcript Vol II.pdf

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ORIGIIYAL CSB REPORTING
C e rt ifrc d S ho rt h and Reporters
Post Office Box9774
Boise,Idaho 83707
csbreportin g@,yahoo. com
Ph: 208-890-5198 Fax: [phone]
Reporter:
Constance Bucy,
CSR
BEEORE THE IDAHO PUBL]C UTTL]TIES COMMISS]ON
IN THE MATTER OF THE JOINT
APPLICATION OF HYDRO ONE LIMITED
AND AVTSTA CORPORATION FOR
APPROVAL OE MERGER AGREEMENT
CASE NOS. AVU_E-17-09
AVU-G-17-05
BEFORE
f!:!
=(3:rnd? r'i]
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ta-
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(^)
cr1COMMISSIONER PAUL KJELLANDER (Presiding),
COMM]SSIONER ERIC ANDERSON
COMMISSIONER KRIST]NE RAPER
PLACE:Commission Hearj-ng Room
472 West Washington StreetBoise, Idaho
DATE:November 26, 20L8
VOLUME II - Pages 129 - 450
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CSB REPORT]NG
208.890. s198
APPEARANCES
For the Staff:Brandon Karpen, Esq.
Deputy Attorney General-
472 West WashingtonBolse, Idaho 83120-0074
Eor Avista Corporation:David Meyer, Esq.Avista Corporation
Post Office Box 3127
Spokane, Washington 99220
For Hydro One Limited:EJ.izabeth Thomas, Esq.
and Kari Vander Stoep, Esg.
K&L Gates, LLP
925 Eourth Avenue, Suite 2900Seattle, Washi-ngton 98104-1158
-and-Deborah A. Fergiuson, Esg.
FERGUSON DURHAM, PLLC
223 North 6th StreetSuite 325Boise, Idaho 83102
For Clearwater Paper
Corporation:
Peter iI. Richardson, Esq.
Richardson Adams, PLLC
515 North 21lh Street
Boise, Idaho 83102
For Idaho Eorest Group:Ronald L. Wi].].i:ms, Esq
WILLIAMS BRADBURY
P.O. Box 3BB
Boise, Idaho 83701
Eor CAPAI:Brady M. Purdy, Esq.Attorney at Law
2Ol9 North 17th StreetBoise, Idaho 83702
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APPEARANCES
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CSB REPORTING
208.890.5198
APPEARANCES (Continued)
For Idaho Conservation
League:
Benjamin J. Otto, Esq.
Idaho Conservation League
710 North 6th StreetBoise, Idaho 83102
For Avista Customer
Group:
Norman M. SenankorEsq.
PARSON BEHLE & LATIMER
800 Vrlest Main Street
Suite 1300
Boise, Tdaho 83102
For IDWR:Garrick L. Baxter, Esq.
Deputy Attorney General
322 East Front StreetBoise, Idaho 83720-0098
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APPEARANCES
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208.890.5198
]NDEX
WITNESS EXAM]NATION BY PAGE
David H. Leroy
(Avista )
Mr. Meyer (Direct)
Prefiled Rebuttal TestimonyMr. Karpen (Cross)
Mr. Semanko (Cross)
Commissioner Kj ellander
Commissioner Anderson
1rnIJU
133
741
156
784
186
Paul M
( Hydro
Dobson
One )
Ms. Vander Stoep (Direct)
Prefiled Supp. TestimonyPrefiled Rebuttal TestimonyMr. Williams (Cross)Mr. Semanko (Cross)
Commissioner Kj ellander
Ms. Vander Stoep (Redirect)
193
191
201
270
272
223
22s
Christopher F
(Hydro One)
Lopez Ms. Thomas (Direct)Prefiled Direct TestimonyPrefiled Supp. TestimonyPrefifed Rebuttal- TestimonyMr. Karpen (Cross)
Mr. Semanko (Cross)
Commissioner Kj ellander
Commissioner Raper
Commissioner Anderson
Ms. Thomas (Redirect)
/ )A
233
211
315
333
343
395
395
400
402
Jason Fitzsimmons
(Hydro One)
Ms. Vander Stoep (Direct)
Prefiled Direct Testi-mony
410
414
Wil Gehl
(CAPAI )
Mr. Purdy (Direct)Prefiled Direct Testimony
429
433
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CSB REPORT]NG
208.890.5198
EXHIBITS
NUMBER DESCRIPTION PAGE
FOR HYDRO ONE LIMITED:
4 Curriculum Vj-tae for Christopher
Lopez, along with Schedul-es 2 & 3
Premarked
Admitted 232
B Schedules 1 &
PauI Dobson
2 sponsored by Premarked
Admitted 196
15 Schedules 1
David Leroy
6 sponsored by Premarked
Admitted 131
71 Schedule 'rB, Draft Afflrmation Ident i fied
Admitted
792
196
1B Post-Closlng Corporate Structure
Revised November 26, 2018
Identi fied
Admitted
23L
232
FOR AVISTA CUSTOMER GROUP:
801 Ontario Energy Board,
Decision & Order
Identified 341
802 IPUC Order No. 28273 Identified 341
803 Montana Order No. 1511a Identified 347
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EXH]BITS
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CSB REPORTING
208.890.5198
BOISE, ]DAHO, MONDAY, NOVEMBER 26, 2OLB, 1:OO P. M
COMMISSIONER KELLANDER: Good afternoon. We'11-
go back on the record and before we broke for lunch, we
had concluded the first witness and we're looking to see
now if it's still- the intent of Avista to put on Mr.
Leroy.
MR. MEYER: It is, thank you.
COMMISSIONER KELLANDER: If you would call
the witness.
MR. MEYER: Call- to the stand Mr. David
Leroy. While he is situatj-ng himself, I understand there
may be a motion to strike and I'd still like to 1ay the
f oundat.ion,
exhibit and
and then when I move the admission of his
the spreading of his testimony,
it can be taken up at that time, So just a
then we're into
then perhaps
very
the motion, ifpreliminary
it comes.
foundation and
COMMISSIONER KELLANDER: Fair enough.
Let's see where we go.
MR. MEYER:
MS. THONIAS:you mind if we
Thank you.
David, do
explain this affirmation before we start?
COMMISSIONER KELLANDER: Excuse me, we'reI25
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CSB REPORTING
208.890. s198
LEROY (Di)
Avista Corporation
gettlng a
you all,
lot of cross tal-k that might
but not so much to me, and so
Meyer proceed.
Thank you.
was on and 1et's l-et Mr
be very helpful to
your microphone
to form an i-ndependent
non-application of an Idaho
proposed application and
MR. MEYER:
DAVID H. LEROY,
produced as a wj-tness at the instance of the Avista
Corporation, having been first duly sworn to teII the
truth, was examined and testified as fol-Iows:
DIRECT EXAMINATION
BY MR. MEYER:
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A
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A
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assignment ?
A
opinion of the
Code provision
transaction.
Counselor.
For the
My name
And have
I have.
And what
Good afternoon, Mr. Leroy.
record, please state your name.
is David H. Leroy.
you been engaged by Avista?
was the nature of that
I was employed
applicatj-on or
67-327 to this
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CSB REPORTING
208.890.5198
LEROY (Di)
Avista Corporation
a
provided a
testimony?
A
either
Very
copy of
good, and to that end,
as part of
have you
your prefiled
f have.
O Do you
your prefiled
such opinion
have any corrections to make to
or your exhibit, which has
been marked Exhibit
testimony
No. 15?
A I do not.
MR. MEYER: Thank you; so with that, I
woul-d move the admission of Exhibit 15 and all of its
subparts, ds wel-l as ask that Mr. Leroy's testimony be
spread as if read.
COMMISSIONER KELLANDER: So anticipating
your question, is there any objection? Therers no
objection, then the testj-mony will be spread across the
record as if read and the exhiblt admitted.
(Avlsta Corporation Exhibit No. 15 was
admitted into evidence. )
MR. MEYER: So all of my Iega1 research
has gone for not.
COMMISSfONER KELLANDER: f t's your l-aw
degree, not mine.
MR. MEYER: Okay.
MR. KARPEN: That's a little piece of
paper.o 25
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MR. MEYER: Thatrs all- the research I did.
(The fol-lowing prefiled rebuttal
testimony of Mr. David Leroy is spread upon the record. )
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CSB REPORTING
208.890.5198
LEROY (Di)
Avj-sta Corporation
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Leroy, Supp. Reb. 1Avista Corporation
r. INTRODUCTION
O. Please state your name, business address, and
present posltion?
A. I am David H. Leroy, attorney at law of Leroy
Law Offices, P.O. Box 793, Boise, fdaho 83701.
O. What is your professional- background?
A. I am a 7911 doctorate graduate of the
Universit.y
the Idaho
Of Idaho College Of Law and was admitted to
Bar that year, some 41 years ago. I hold a
Laws, from New Yorkpost-doctoral- degree, Master of
University and was admitted to
I have been 1n both the public
that State's Bar in 7912.
and private practice of
law for nearly half a century.
O. Do you have public policy experience?
A. Yes. I served two terms as Ada County
Prosecuting Attorney in the 1970's, a term as Idaho
Attorney General- and presided over the Idaho State Senate
as Lieutenant Governor from 1983 to 1987. In the absence
of the Governor from the state during that period, I
served as Acting Governor of Idaho for 254 days.
I was a presidential appointee, confirmed by the
United States Senate, during the administratj-on of
President G.H.W. Bush, with the title of United States
NucLear Waste Negotiator.
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Subsequent to that service, I have featured the
practice of administrative Iaw in my legal career and am
frequently hired by clients, public and private,
including members, committees and even chambers of the
Idaho State Legislature to give them opi-nions on matters
of statutory interpretation. I have al-so argued or
briefed cases frequently before the Idaho Supreme Court
and various federal courts and have appeared three times
before the United States Supreme Court.
O. Have you prevlously testified as an expert
witness in lega1 or political matters?
A. Yes. On dozens of occasions before trial
courts, local boards or commissions, state agencies, the
Idaho Legislature and committees of the United States
House of Representatives and Senate, it has been my duty
and privilege to give testimony on widely varied matters
of fact and opinion.
O. What is your connection to the instant case?
A. I was engaged by Avista Corporation ("Avista")
to give it an independent interpretation as to the
appli-cation or non-application of Idaho Code S61-327 to
the proposed sale of Avista to Hydro One Limited ( "Hydro
One" ) , as such transaction j-s pendlng approval before the
Idaho Public Utilities Commission (the "Commission").
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Leroy, Supp. Reb. 2Avista Corporation
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Leroy, Supp. Reb. 3Avista Corporation
O. What is meant by an "Independent Opinion"?
A. By that term I mean that I had no prior
famil-iarity with the j-ssues involvedr oo predisposition
as to the questions presented and advised the client that
I would make and render judgments independently of any
party's preferred outcome. I explained that I would
collect data from alI avallabl-e sources and broadly
research all extant and casestatutory, regulatory
a reasoned conclusion.precedent to
o. Are
testimony?
Exhibits:
reach
you sponsoring any exhibits in this
A. Yes, I am. I will refer to the followi-ng
Exh. No. 15, Schedule 1
of October 77 , 2078.
My Engagement Letter
Exh. No. 15, Schedule 2
October 26, 20L8.
My Legal Opinion of
Exh. No. 15, Schedule 3 - Extracts of the
Legislative Journals of the Idaho House of
Representatj-ves and Idaho State Senate, January
22, 1951.
Exh. No. 15, Schedule 4
1951, Chapter 3.
Exh. No. 15, Schedule 5 - AnReport of the Idaho Attorney
pages 10 and 11.
fdaho Session Law
Extract
General
from the
1951-7952,
Exh. No. 15, Schedule 6 - An Extract from the
Idaho Daily Statesman, January 23, 1951, page
6.
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O. In reaching your opinion what resources did you
consult ?
A. In additi-on to those items listed as Schedules
3 through 6 above, I reviewed the Joint Application for
an Order Authorizing Proposed Transactlon in this case,
the transcripts of public hearings hel-d by the Commissi-on
in Moscow, Sandpoint and Coeur drAlene, the Supplemental
Testimony of K. Coll-ins Sprague (Avista), six prior
relevant decisions or final orders of the Commission
issued between 1989 and 2016, and the June 20, 20L8 Joint
Comments in Support of Stipulation and Settlement filed
by Avista and Hydro One.
I also, as noted in the Opinion ltself, researched
and found several- useful Idaho and related federal
appellate cases, two early briefs on appeal and examined
the wording of Idaho Code 561-327 itself in the context
of those cases and histories.
I al-so reached out to Commission staff counsel- to
receive a brieflng as to the background of this case and
those statutory issues of most concern to them. I also
l-eft two unreturned phone messages for the lawyer
identified to me as l-ead counsel- for the Avista Customer
Group, hoping to obtain from that group any other 1egal
guidance, references or reasoning.
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Leroy, Supp. Reb. 5Avista Corporatj-on
a. Woul-d you begin by reciting the language of
Idaho Code S6L-321?
A. Yes. It reads as foll-ows:
ACQU]S]TION BY CERTAIN PUBLIC AGENCIES
PROHIBITED. No titl-e to or interest in any public
utility (as such term is defined in chap ter 7, titl-e
67, Idaho Code) property l-ocated in this state which
is used in the generation, transmission,
distribution or supply of electric power and energy
to the public or any portion thereof, shalI be
transferred or transferable to, or acquired by,
directly or indirectly , by any means or device
whatsoever, any government or municipal
corporation, quasi-municlpal corporation, or
governmental or political unit, subdivision or
corporation, organi-zed or existing under the laws of
any other state; or any person, firm, association,
corporation or organization acting as trustee,
nominee, agent or representatj-ve for, or in concert
or arrangement wlth, any such government or
municipal corporation, quasi-munJ-cipa1 corporation,
or governmental or political- unit, subdivision orcorporatlon; or any company, association,
organizatj-on or corporation, organi-zed or existing
under the l-aws of this state or any other state,
whose issued capital stock, or other evidence of
ownership, membership or other interest therein, ot
in the property thereof, is owned or controlled,directly or indirectly, by any such government or
municipal corporation, quasi-municipal corporation,
or governmental or political unit, subdivision orcorporation; or any company, association,
organization or corporation, organized under the
l-aws of any other state, not coming under or within
the definition of an electric public utility or
el-ectrical corporation as contained in chapter 7,
title 61, Idaho Code, and subject to thejurisdiction, regulation and control of the public
utilities commission of the state of Idaho under the
pub11c utilities l-aw of this state; provided,
nothing herein shall prohibit the transfer of any
such property by a public utiJ-ity to a
cooperative
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Leroy, Supp. Reb. 6
Avj-sta Corporation
electrical corporation organized under the laws of
another state, which has among its members mutual-nonprofit or cooperative e1ectrical corporations
organized under the laws of the state of Idaho and
doing business 1n this state, af such public utllity
has obtained authorization from the public utilities
commission of the state of Idaho pursuant to section6I-328, Idaho Code. (Emphasis added)
O. What questions did you examine?
A. In particular, both Avista and the Commission
Staff were especially concerned as to whether the
language of Idaho Code 561-327 which refers to the
preclusion of the ownership of utility property used to
generate or supply el-ectric energy by any government or
corporation existing under the l-aws of "any other state"
would apply to the Province of Ontario, since Hydro One
was formerly a Canadian provincial entity. In addition,
as the Provi-nce would remain the holder of approximately
43?" of the stock outstanding in Hydro One, both Avista
and the Commi-ssion staff wlshed to know whether such
ownership constituted "direct or indirect" control by a
government.
O. Were you able
of whether a Canadian
language of Idaho Code
to reach
province
s6t-321 ?
to entities organized
States of the United
an opinion on the concept
was a "State" under the
under the laws of
States of America and
A. Yes. In my opinion the Idaho Legislature
referred only
another
did not
of the
referI25
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Leroy, Supp. Reb. 1
Avista Corporation
thereby to foreign nations or their subdivisi-ons by the
term "states. " As made cl-ear by the legislative history,
it did not contemplate Canadian Provinces. Therefore, the
Province of Ontario is not a "state" wj-thin the meaning
of the statute.
O. What is the basis for
A Upon undertaking this
Engagement (Exh. No.
examined the statute
Number 25 which became
your opinion?
assignment pursuant to my
15, Schedule 1), f
ln
Letter of
initially
House Bi-11
its original form,
Session Laws of 1951,
4). The Journafs of theChapter 3 (Exh. No. 15, Schedu1e
Idaho Legislature for the House
22, 1951 (col1ective1y Exh. No.15,
Idaho Code S61-327 was passed under
rufes through both chambers in a
and the Senate, January
Schedule 3) show that
suspension of the
single day. The Report
15, Schedul-e 5)(Exh. No.of the Attorney General-
clarifies the "statute was patently aimed at preventing
Public Utility Districts of the State of
the operatlng
acquisition by
Wasi!49!q4 of properties
located in
of the Washington
Northern Idaho. "Water Power Company ("WWP")
(Emphasis added)
Although no official notes or transcripts of
committee hearings or fl-oor debates on the Bill exist,
the Idaho Daily Statesman of January 23, 1951 contained
verbatim and summary descriptions from the passage
process which confirmed and
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Leroy, Supp. Reb. B
Avista Corporation
expanded upon the Attorney Generalrs comment. Most
specifically, the Legislators are recorded as fearing a
l-oss of property tax revenue and, to a lesser degree,
Commission regulatory control, if the utility operating
property became owned by Washington State utility
districts. The following is excerpted from the January
23,1951 edition of the Idaho Statesman, at p. 6 (See
Exh. No. 15, Schedul-e 6):
Then Rep. David Doane (Ada), dssistant
Republlcan floor leader, opened the debate for thebil-l's supporters. He explained that the major
purpose was to protect power users of ldaho,
partlcularly 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 deaI,
we don't know," said Doane, tbut it is essential-
that this bill be passed right away.'
This context makes it cl-ear that the phrase "state"
arose in the context of, and intended most broadly to
apply to, the units or municipal subdivisions of ldaho's
sister states notably Washington. In its ordinary,
plain and simple meaning, "state" means "state, " not a
foreign province or al-ien nation.
0. Is there additional- evidence providing context
for this legisJ-ation?
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Leroy, Supp. Reb. 9Avista Corporatj-on
A. Yes. The "Thirty-Eirst Biennial Report of the
Attorney General of Idaho (1951 - L952)", at p.10, (see
Exh. No. 15, Schedu.l-e 5) describes the genesj-s of this
legislation, noting that it was "patently aimed" at
preventing acquisition by Washington public utility
districts ("PUD's") of the operating property of
Washington Water Power ("WWP", the company name changed
from WWP to Avista) in State of Idaho:
The 1951 Legislature enacted a statute which:
forbade acquisition by a municipal corporation of
another state of facilities for the generation or
transmission of electrlcal energy in Idaho. The
statute was patent.ly aimed at preventing acquisitionby Public UtiJ-ity District of the State of
Washington of the operating properties of the
Washington Water Power Company located in North
Idaho, The enactment of the statute was productlve
of the most time consuming litigatj-on in which theoffice has been engaged in the period reported j-n
this report. Our efforts were directed at the
problem of securing enforcement of the new statute.
O. Has this Commission expressed a position on
foreign ownership?
A. Yes. My understanding is that the Commission
has not been historically concerned when foreign-related
utilities, some with shareholding by governmental units
or subdivisions organized under the l-aws of other
nations, have been involved in prior uti-lity regulatory
acquisitions, merely because some foreign ownershi-p was
invol-ved. To the25
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Leroy, Supp. Reb. 10Avista Corporation
contrary, the Commission has recognized the reality that
"j-ncreased globa1izatj-on" has made the concept of an
"American" company more obscure and that an entity named
"Scottish Power" does not constitute the government of
Scotland.l Idaho Code 561-327 has no bearing on Province
of Ontario's involvement with Hydro One by virtue of any
reasonable interpretation of "state".
O. Were you able to reach an opinion on the second
question as to what concept of governmental corporate
control is precluded by Idaho Code S6L-321?
A. Even if "state" coufd be somehow construed to
cover the Province of Ontarj-o, there stil-l is no "direct
or i-ndirect" transfer of property from Avista to the
Province of Ontario or even to Hydro One within the
meaninq
faw. The
control tt
minority
of a corporation
sharehofders was
of the statute (Idaho Code 561-327), under fdaho
emerging and modern
definition of the statute
concept of "effective
some block or combination of
within the intended
adopted by the ldaho
by
not
AS
Legislature in 1951. Nor woul-d the Idaho Supreme Court,
per its prior decisions, impute such a concept to the
statutory words in Idaho Code S61-321 of "controlIed,
1 Bl-ack's Law Dictionary, 1Oth Editj-ons, (2074), p.40325
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Avista Corporatj-on
directly or indirectly. "
that law, means majority
Control of a corporatj-on, under
shareholding.
O. What is the basis for your opinion?
A. Idaho Code 567-321, as noted, was designed to
prevent a Ioss of tax revenue and regulatory authority.
The words of the l-aw "acquired by, directly or
indirectly" and "owned or controlled, directly or
indirectly" were chosen to prevent those ends. Neither
the Commission nor the taxpayers of the State of Idaho
suffer any such debility here as a resul-t of the retained
minority stock holding of t.he Province of Ontario, since
Avista remains ful1y subject to l-ocal taxation and
regulatory enforcement obligations.
Where "effective, " or less than majority corporate
control has been proscribed or intended by the Idaho
Legislature, the wording of such statutes have
specifically so stated, with detail-ed descrlptions. In
the absence of such extended language, using the plain,
simple and ordlnary test of the Idaho Supreme Court,
"control" within 6l-327 means "ownership of more than 50%
of the shares of a corporation. "2 The threat perceived
and prevented by House Bill 26 in 1951 was the complete
divestiture of utility assets to the ownership and
control of a government entity.
2 Black's Law Dictionary, 1Oth Editions, (2014), p.403
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The Idaho Supreme Court, has not, 1n the best of my
knowledge, applied a more re1axed understanding of
"corporate control" where a majority ownership was not
present, dt least absent specific statutory language to
that effect.
None of Hydro One, its indirect subsidi-ary, Olympus
Equlty LLC or Avista is a government entity owned or
controlled, directly or indirectly by the Province of
Ontario, within the simple "majority of ownership" test
envisioned by Idaho Code 56l-327.
0. What, then, is the meaning of the reference to
"indirect" control- is the statute?
A. As is typical in any legislature drafti-ng, the
objective is to prevent the doing of something that is
specifically proscribed in the statute, by use of a
stratagem that "skirts" the legislature by some other
means. For example, were the Washington PUD's to set up
a special purpose entity (non-PUD) to directly "own" the
property of WWP, they cou1d have attempted to "skirt"
Idaho Code 567-321.
O. To what degree of professional certainty do you
hold these opinions?
A. I am very comfortable, given the sources
examj-ned, legislative history and reasoning expressed
above and with
Leroy, Supp. Reb. 12
Avj-sta Corporation
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the additional detail as explained in my written opinion,
that the conclusions reached are so1id, substantial- and
defenslble. The Commission endeavors to be consistent and
predi-ctable in its decision-making process to assure and
protect the public interest. The Idaho Supreme Court is a
conservative body which practices and defends strict
construction of statutes and the discernment legislative
intent. My oplnions here expressed are consistent with my
professional experj-ence and objectivity and with the
tradltions of the Court.
O. Since issuing your written opinion on October
26, 2078, has any other matter arj-sen or testimony been
presented whlch should be discussed as to these issues?
A. Yes. f have now al-so read the November 6th,
20!B Testimony of Terri Carlock, Idaho PUC Utilities
Division Administrator, which provides the Staff analysis
of the proposed Avista transaction. At pages 2 and 3 of
her comments, Ms. Carlock addresses, without any real
discussion or elaboration, the issue of "foreign
ownership. " She raised the concern that ldaho Code
561-327 "may" provide a total- bar to the proposed merger,
but is quick to note that she is not an attoro€y, and is
simply of f ering Staf f ' s bel-ief that
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"the Commission should analyze this possibility prior to
maki-ng a final determination."3
I believe that my research, reasoning and opinions
as explained above are well-supported and can be relied
upon by the Commission to reach a final- determj-nation
that fdaho Code 561-327 is not applicable to thls
transaction.
A. In summary, how should the Commission regard
this issue?
A. As the utility operating property remains in
Avista's ownership, the Commissi-on retains unfettered
regulatory control over the entity and no loss of state
property taxation base is experienced. Accordingly, the
Legislature's concerns addressed in Idaho Code S61-327 do
not come into play with this transaction.
O. Does that conclude your testimony?
A. It does.
3 Carl-ock testimony at p, ]f25
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208 .8 90. s19B
LEROY (X)
Avista Corporation
(The following proceedings were had in
open hearing. )
MR. MEYER: He's ready for cross.
COMMISSIONER KELLANDER: Okay; so he's
ready for cross, and l-et's move back to Mr. Purdy.
MR. PURDY: I have no questJ-ons.
COMMISSIONER KELLANDER: Mr. Richardson.
MR. RICHARDSON: Thahk you, Mr. Chairman.
I have no questions.
COMM]SSIONER KELLANDER :Did I mi-ss a body
thenover there? Is someone underneath the table? Okay,
we're going to pass on you. Mr. Williams.
MR. WfLLIAMS: No questions.
MR. BAXTER: No questions.
COMMISS]ONER KELLANDER: Staff.
CROSS_EXAMINATION
BY MR. i(ARPEN :
O Yes, good afternoon, Mr. Leroy. How are
you?
A
a
regard to the
transaction.
Counsel-or.
You provided testimony
application of 67-327 on
I just have a couple of
and research with
the proposed
questions. We cano25
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208.890.5198
LEROY (x)
Avista Corporation
maybe plug a few holes that
First of all, I didn't see
proposed
holding
curious,
the Commission might have.
in your analysls of the
relates to thetransaction anything as it
company, the Olympus holding
did you examine that?
company. I'm
A Yes, I don't believe the resul-t is any
different as to Olympus. As to state, the question was
did it apply to the Province of Ontario. That doesn't
particularly translate any differently as to Olympus and
as to the issue of control. It didn't apply any
differently as to Olympus per my result.
a So if I were to tell- you that Olympus was
incorporated in the State of Defaware, you would assume
that it did not apply to state under your analysis; is
that correct?
A No. The State of Del-aware is certainly
not the Province of Ontario, but and I understand the
Staff has made a further dialogue and stipulation as to
redomesticate Olympus into Idaho. I think that further
emphasj-zes that there's no 321 issue, but there's no 32'l
issue if Olympus remains j-n Del-aware either.
O Okay. Are you familiar with Idaho Code
73-1_13?
A Not off the top of my head.
O Okay; so 73-1-13 is an Idaho Code that's25
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208.890.5198
LEROY (X)
Avista Corporatlon
t it Ied,
dlrect s
"Constructi-on of V[ords and Phrases" and
that the language of statute should be
plain, usual-, and ordinary meaning and not
legislative intent as the guide. Rather,
1aw gives it what is the plain meaning.
look
it
given its
to
the trier of
A That's fine. I'm comfortable with that
definition. Itrs consistent with the fdaho Supreme Court
cases that T've cited in my memo to reach the conclusions
I've reached.
O Okay. Now, with regard to your analysis
of state, I think you go into kind of a lengthy
legislative history as far as the legislature's j-ntent
with regard to state. You dldn't rea1Iy expand, and I'm
assuming I can get you to do so now, on what you believe
the plain meaning of state is.
A We1l, I believe that I address both in my
memorandum, the exhlbit at page 10, where I dlscuss the
concept of state. I initially conclude that state does
have a plain and ordinary meaning. In English parlance,
it's either a condition, a state of consciousness, or one
of the 50 United States as is typically used j-n our
language. In the context of what the legislature did in
1951, it's clearly state of the United States.
O Okay; so now, as far as control goes, you
deferred to a dictionary definition, Bl-ack's Lawa25
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Dictionary. In fact, is that accurate in your testimony?
A Thatrs correct, I made reference to that,
yes -
0 Okay; so if I read to you from Black's Law
Dictionary the definition of state being the political
system of a body of people who are politlcally organized,
a system of rules by which jurisdiction and authority are
exercj-sed over such a body of people, would you challenge
that ?
A No, not at al-I. There's certainly a
generic definitlon of state and that is such a
definition. If you conclude that that's ambi-guous, then
we would look at the legislative hlstory.
O Now, your testimony today is that the
definition is not ambiguous; is that correct?
A My testimony is as I outl-ined that under
either condition, deeming it to be p1ain, ordinary, and
simple in the context in which it was drafted, which I
do, state means state of the United States, but if one
were to take the al-ternative position that it's
ambiguous, the legislative history makes it even more
cfear that it means state of the United States.
O Coul-d a dictionary definitj-on make it
cl-ear?
A Cou1d a dictionary definition make it
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LEROY (X)
Avista Corporation
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cl-ear?
O Yeah, lega1 definition.
A Certainly, it's re1evant once you take all
things into consideration.
O How about Supreme Court precedence?
A Certainly.
O Now, are you familiar with, I bel-j-eve
it's, a 1983 ldaho Power case that spoke to the issue of
67-321 ? Tt's Idaho Power v. State.
A Yes.
O Are you familiar with their conclusion as
to the prohibitlons on 6l-327 and if they came to a
conclusj-on with regard to what state meant?
A If you'd read me the deflniti-on, f 'd be
f amiliar wit.h it.
O WelI, if I told you that they did not come
to a concl-usion on what state meant, would that -- woul-d
you agree with that?
A I don't recall the language which you're
referring to, which j-s why I asked you to read it.
O I do not have it in front of me, but if I
were to tel-l you that the Supreme Court came to the
conclusion that it was a preclusion on governmental
entities, would that woul-d you disagree with that?
A Again, if you're not precise, f can't be
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Avista Corporation
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208 .8 90. 5198
LEROY (X)
Avista Corporation
precise either.
O Okay, I'l-1 move on. Now, with the
of control-, again, I'm referring to your testimony
but it also defines control in a
concept
and
your memo with regard to 50 percent, I thi-nk, is what
your conclusion came to based on the dictionary
definition of what control- means; is that accurate?
A More than 50 percent, yes, under the
Black's Law Dlctionary definition of corporate control.
O Yes. Now, you also refer to a couple of
different provisions of Idaho Code, including Idaho Code
Section 26-2102 regarding banks and banking.
A I do as examples of when the legislature
could specify particul-ar thresholds of control that would
be utilized for specific subsets of statute and specific
subsets of enforcement, not necessarily applicable to
this word control-.
O Okay. Now, I'm assuming you also
investigated fdaho Code Section 30-1601, which is the
conrmerce section. You don't have it directly in here,
similar way that 26-2102
does.
A Yes, I did slte that at page 74 of my
memo
O Now,' both of those definitions of control,
controlling, or controlled by contemplate, and I quote25
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208.890.5198
LEROY (X)
Avista Corporation
here, "A person's beneficial ownership of 10 percent or
more of the voting
shares" is what i-s
power of a
defined as
difference between
corporation' s outstanding
control-r So how do you
or the preference for theexplain the
Bl-ack's Law
definition
Dictionary definition
of control-?
versus the legislative
A Well, the legislatlve definition of
control-r ds T've outl-ined again on page 14 of my
memoranda, applies in those two subsections to particular
sets of 1aw, to particuLar acts, and to particular
enforcement situations; one by the Secretary of State,
one by the Department of Finance. As I noted, also, in
page t4 of my memo, I cited an Idaho Supreme Court case
wherein the holding is that simply because one section of
the Idaho Code defines a word in the same way or in a
particular way does not mean that it would be exported
into other sections or acts of the Idaho Code and
utilized for other purposes, so the word control- can mean
different things for different purposes in different
statutes, just as it does in the two that I cited.
One of them says for a certain purpose,
10 percent control is appropriate. The other statute
says 20 percent controf is appropriate; so what that does
is indlcate that you simply must l-ook to the particular
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208.890.5198
LEROY (X)
Avista Corporation
f or a parti-cul-ar purpose. That's what I've done in my
memorandum to conclude that in this instance, the Idaho
legislature in 1951 wanted us to l-ook for corporate
controf of 50 percent or more of the outstanding stock of
an entity.
O So do you believe, then, that that's stiIl
a plain and unambiguous definition of control?
A
If you
in the first alternative, the Blackrs Law
Dictionary definltion of corporate control-, it's 50
percent or more.
thi-nk the case is
If you want to assume it's ambiguous, I
Again, I think you can
wlsh to assume that it's
approach it either
simple and used asway.
r did
the
even stronger,
legisfature was
because you go
examining and
back to
therelook at what
were looking
that was the
at a situation of 100 percent takeover
they
and
kind of control that they were concerned
about, control of property and giving that property a
characterization of non-taxable or not subject to
regulation. In that instance, in fact, they were talking
about 100 percent control.
O Okay. Now, on page 10 of your
speak a little bitsupplemental rebutta1 testimony, you
about the Scottish Power merger excuse me, page 9 and
10, and you recognlze the reali-ty of increased
globalization in the concept of an American company. In25
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208.890.5198
LEROY (X)
Avista Corporation
your examinatlon of t.he Scottish
familiar with how much a share of
Power case, are you
ownershi-p Scotl-and
owned in Scottish Power or the province or district it
was in?
A I think as I cited in my memorandum, the
rel-evance of the Scottish Power citation is that there
for the first
l-ooked at. the
with a foreign
forward way lndicated that the
of an American corporation is
foreign ownership
O Let me stop
knowMy question is do
of Scottish Power
AMy
I'll- state it more
examine this issue
you
was in place
preface was
precisely.
time in 1999, this Commission
issue of foreign ownership of
sounding name and I think in
corporation or
changlng. The
took on and
utility
very
the nature
nature of
a
a
you. That wasn't my question.
ownershlphow much government
during that transaction?
to get
What I
to the point and
did
and determine whether
was relevant and the dicta of this Commission was
relevant, I asked
of stockhol-ding at
stock registry, I
15 million shares
sounded as if they were
I'm unaware of whether
1n trying to
or not that case
to receive information about the nature
that time and per a United Kingdom
believe there were 15,000 I'm sorry,
of some dozen or more entities that
a government-type entity hol-ding.
the Scottish government held anyo25
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208 .890.5198
LEROY (X)
Avista Corporation
position in
government
time of its
o
you know if
percent of
A
private holdings.
entity that held 40
that corporation, but there
sounding sharehol-ders of that
merger.
Okay; so 1et me ask this
were at l-east 12
that question as to
there was no public
entity at the
another way: Do
there was any owner that owned 40 plus
Scottish Power?
I did not examine
f'm aware that
percent or more.
O Okay, and then my last question for you is
what rate are you billing at right now?
A $400 an hour.
MR. KARPEN: Thank you. Nothing
further.
COMMISSIONER KELLANDER: We coul-dn't have
gotten him up earl-ier? A11 right, Mr. Semanko.
MR. SEMANKO: Thank you.
CROSS-EXAMINATION
BY MR. SEMANKO:
Good afternoon, Mr
Counselor.
Leroy.
Before we started, you won't hol-d it.get
foragal-nst me that I voted you for Governor in 1986.
t,
A
O
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208 .8 90. s198
LEROY (X)
Avista Corporation
You were the first bumper sticker on my car. I just had
to get that out of the way.
A Had you voted 3,500 more times, I would
have been Governor.
0 I'l-l- take that as a no, you won't hold it
against me. Mr. Leroy, in your rebuttal- testimony on
page 2, l-ines 6 and 7, you mention that you've argued
frequently before the Idaho Supreme Court,' correct?
We're at page 2, lines 6 and 1 .
A I bel-ieve the adverb frequently was to
describe appearances not only before the Idaho Supreme
Court, but various federal courts, that is correct.
a You're much too modest, so it's true that
you were the Attorney General- of the State of Idaho at
the time of the Idaho Power Company versus State decision
in 1983; correct?
A That's true.
O Did you in fact through the office of the
Public UtilltiesAttorney General represent the
Commission in that case?
A As wel-l as the Idaho Department of Water
Resources, yes.
O And Fish and Game as wel-1?
Likely, yes.
Are you famll-iar with the findings and
1\
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208.890.5198
LEROY (X)
Avista Corporation
conclusions in that decision?
A Generally, yes.
O So in the case of the
famous 661, Pacific 2nd 1 41 104 Idaho
read to you
heading No.
61-331, the
subordinated
electricity,
and 67-328.
a couple of provisions.
3, Effect of Idaho Code
court's 1oca11y
575, I'm going to
No. 1 under the
Section 6t-327 to
attorney
is that
for
correct ?
A The position of the state was that water
rights were operatj-ng utility properties and, therefore,
this statute should apply. The holding in the case was
PUC asserts that if Idaho Power has
water rights used in the generation of
it has vlolated Idaho Code Section 6l-327
My question is so in this case, you as the
the PUC was arguing a viol-ation of 67-321 ;
rights were not utility property and the
of whether or not 321 appli-ed to that
of circumstances was never reached by the
But you did argue that positlon for the
that such water
so the question
particular set
court.
o
PUC?
A The PUC made
state water rights issue
O Very good.
Idaho Code Section 67-321
of
a catch-a1I approach on the
321 and 328, it is true.
The next sentence says that
provides generally thatz5
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208.890.5198
LEROY (X)
Avista Corporation
property in
transmission of electricity
out-of-stateany manner to
entities, or
PUC. Is that
court overturning that?
A No, the
decision in that single
remains the hol-di-ng of
so general and attempts
particularly useful in
this transaction.
O Nevertheless,
organizatj-ons, governmental-
subject to regulation by the
A Yes, and the
the state used
the PUC.
in the generation or
shall not be transferred in
organizations, governmental-
any entity not subject to regulation by the
do you have any reason to disagree with
that statement? Has there been a further decision by the
attempt by the court in the
sentence using the word generally
the court, but it is because it is
to compress the statute not
guiding the application of 321 to
j-t does say out-of-state
entities, or any entity not
PUC, correct?
modifier is not sub;ect to
regulation by
transaction,
PUC.
entity?
As applied
subject to
to the instant
regulation by the
O fs the Provj-nce of Ontario a governmental-
Yoc
Is it subject to regulation by the PUC?
No.
Avista is
A
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O The next sentence, the l-ast one I'11 read
in this sectj-on says, Idaho Code Section 67-328 provides
that any transfer of such property must be approved by
the PUC after public hearings, so my question is if a
transaction does not survive the bar in 67-327, is the
Commission obligated to look at it under 6L-328?
A No, and I think that's why this opinion of
mine was sought. I think that's why my opinion is
important. That's why I think it's j-mportant that the
Staff has asked for additional concessions on this
question by domesticating Olympus Equity in Idaho, but
clearly, 327 1s as you suggest by your question a
precursor.
O And then finaI1y, on the next page of the
opinJ-on, it says, while we agree that the language of the
statute, Idaho Code Section 6L-327 to 61-331, is very
broad in forbidding any transfer "directl-y or indirectly
in any manner whatsoever" neverthel-essr we hold they're
inapplicabl-e to abandonment or forfeiture of a water
rightr so again, was the determination based on a narrow
interpret.ation of what type of entity was forbidden from
ownership or was it based on the type of facility that
was in question as being owned, the water rights?
A As f indicated in my earlier answer, this
decision turned on the water rights question and not on
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Avista Corporatj-on
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LEROY (X)
Avista Corporation
the entity question.
a AndI
different attorneys
might get dj-fferent oplnions from
and politicians on this question, but
is that decision good law?
A As to the water rights question?
O As to the questions it addresses.
A It has set a 1aw in Idaho at the
present.
O I'm so glad Mr. Karpen asked how much
you're getting paid. On page 3 --
A Page 3 of
O your testimony, I'm sorry, you mention
that you've collected data, broadly researched the
statute 6!-327 and then you have a list of oh, fj-ve or
six things t.hat you consul-ted on page 3. Do you reca1l
that testimony?
A I do.
0 So you reviewed the 1951 legislative
journals, 1951 session Iaw, report of the Attorney
General from 1951 and an Idaho Statesman article from
1951, I assume, because that was the year the Act was
passed?
A Correct.
0 Are you aware of any amendments to the
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Avista Corporation
A Iam.
O And when were those made?
A 1982.
O And did you review I donrt see on the
Iist here that you reviewed any of the documents around
that amendment.
A This list is not complete as to what I
reviewed. This l-ist is merely those exhibits which I
have proposed to the Commission which are rel-evant to the
points that I make and relevant to the decision f think
the Commission musL make. As you'1I note in my
memorandum, f reviewed a consi-derably broad -- a broader
set of documents and materials and among them was the
l9B2 amendment, of course.
O And do you recaff the legislation that was
enacted in 7982, the Bill number?
A Do I recall- it?
O The Bill number.
A I donrt recal-I it, but I know that it's
Exhibit B to a motion you filed on behalf of your client
submitted.
to someone
and contained in an affidavit that you have
O Was it a motion or a response
else's motion?
ft's styled response in opposition.
Does House Bill 412 sound right for the
A
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208.890.5198
LEROY (X)
Avista Corporation
7982 amendments?
it, yes.
revi-ew House BiIl 412?Did you
I have.
And what stood out
A The word --
amendment is contained 1n
existing statute 327. It
content of 321. It deals
we1I,
A
o
A
That is
seven l-ines at
to you,
first of
if anything?
all, the
the end of the
does not address the principal
only with cooperative
electrical corporations organized under the laws of
another state. The word state is used four ti-mes in the
text: once with regard to the l-aws of another state;
once with regard to the l-aws of the State of Idaho; once
with regard to the phrase this state; and again with
regard to the State of Idaho within that seven lines.
What that tel-ls me is that the legislature in L982 was
concerned with electrical co-ops organi-zed under laws of
another state, and that further confirms my earlier
opinion that 31 years earlier, the Idaho legislature was
dealing with states, although I don't think it's
particularly useful- to try to impute legislative history
from 31 years l-ater into what the legislation did 31
years previously.
O This was, was it not, one year before the
Idaho Power Company decision by the Idaho Supreme Court,25
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LEROY (X)
Avista Corporation
though?
A Say that again.
O One year before the 1983 Supreme Court
opinion in the Idaho Power case?
A I am not sure of the effective date of
this statute, but that is when the legislature met,
yes.
0 Did you look at the title of House BitI
47 2?
I see it.
Do you notice the word foreign?
I do.
It applies to foreign cooperatj-ve
notwithstanding the fact that
A
n
A
o
el-ectrical corporations,
the language in the Act
do you explain that?
tafks about another state. How
A I explain that because the word foreign is
used in many contexts and it makes cIear, in my opinion,
though the title of a bill is not part of the l-aw itself,
the l-aw itsel-f is written independently, but I concl-ude
that it's a natural reference to the other states or
states other than Idaho by virtue of the text that
f ol-lows in the seven l-ines of the amendment. Foreign
doesn't mean foreign nation in that context. It means
foreign state, a state other than the State of ldaho,25
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208.890.5198
LEROY (X)
Avlsta Corporatj-on
just as the text below states.
O So the titles in your experience and
opinion assist in determining J-egislative intent?
A A title can be useful, certainly, but
againr ds I've indicated in my prior answer, the title is
an attempt to summarize briefly the contents of what
fol-Iow for legislators who are swiftly reading the bi11.
The tj.tl-e does not become l-aw and in this context, the
word foreign has nothing to do with anything other than a
state except Idaho as the text of the statute makes
cl-ear.
O How about a statement of purpose? Can a
statement of purpose be helpful in determining
leglslative intent?
A Yes.
0 Did you look at the statement of purpose
for Idaho House Bill 412?
A r did.
O And does the first sentence say that the
amendment a1l-ows forelgn
Idaho
entities not subject to
regulatlon by the
acquire electrical-utility property in this state if such
regulated Idaho public utili-typroperty is not owned by a
and it goes on?
A That's the way it reads, yes.
Public Utilities Commission to
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A The word state or another state of the
union is not included therein; correct?
A Not in the text of the statement of
purpose.
O So did you look up the definition of a
foreign entity?
A It was not necessary for me to do so.
O Are committee minutes helpful in defining
Iegislative i-ntent on a bill?
A Yes.
O Did you look at the legislatj-ve committee
minutes on House Bill 412?
A I have, your exhibit as to your affidavit,
yes.
O So on page 3 of the February Bth, 7982,
State Affairs Committee meeting,
the legislation which wil-l- alIow
the witnessr "explained
foreign entities not
subject to regulation by
He didn't use the words
the Idaho PUC, " and it
other states or states
goes on.
of the
union j-n his testimony; correct?
A No, it referred to the entities referred
to in the statute.
O And this is testimony before the Senate
State Affairs Commi-ttee, members of the legislature;
correct?25
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A Those committees those committee
members who were present would have been involved in this
testimony, yes.
O So is it fair to say that this witness'
understanding was that it applied to foreign entities?
A Itrs fair to say that in the context of
the speclfics of the legislation, either the secretary to
the committee or the witness himsel-f used the word
foreign to mean other states than Idaho, y€s.
a And, of course, it is in the statement of
purpose as well-; correct?
A Correct.
O In your experience, is a statement of
purpose something that legislators often l-ook to before
they vote or consider a bill?
A Yes, as wel-l- the title to the
legislation.
O Did you have occasion to look at the
session l-aws after the adoption of House Bill 472?
A r did.
O Was that again in looking at my
affldavit?
A It is.
0 And agai-n j-n the titl-e, doesn't it use the
word foreign?
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208.890. s198
LEROY (X)
Avista Corporatlon
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208 .8 90 . s1 98
LEROY (X)
Avista Corporation
A It simply reprints the title of House B11I
472, both of which use the word foreign,
O Have you had occasion to
Attorney General opinion or, I'm sorry,
7982?covers the year
The which, sir?
the year 1982.
summary of
time ?
could have been, yes.
0 Always a
A f have not.
O Do you know if it includes any klnd of
thls particular legislative amendment?
A Because f've not reviewed it I do not.
O Were you the Attorney General at that
A It depends on exactly which period, but I
yes -
review the
report that
dapper suit in the phot.os; so
that none of this 7982
you rea11y look at in depth until
A
O The Attorney General report that covers
would it be fair to
legislative history
you had a chance to
say
did
look at my affidavit?
A I examj-ned the wording of the amendment.
I did not go beyond it and research it simply because it
clearly did not pertain to this transaction. You have
researched it in greater depth and my testimony would
stand as to the val-ue of that additional research, though25
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208 .8 90. 5198
LEROY (X)
Avista Corporation
I think it was a worthy effort.
O In response to your statement
I'm sorry I didn't return your phone call-s.
on page 4,
rr did
reasonableprompt me to do some
determining what the
the legislation was
dictionary from that
research. Wou1d it be l-n
definitlon of state was at the ti-me
in 1951 to look at apassed
time period?
As I indicated to counsel withA Certalnly.
the PUC, looklng at ordinary, plain meanings, it's not
uncoflrmon that courts, both federal- and state, begin with
a dictionary definition.
O Are you familj-ar with the state
legislative library?
A Yes.
0 Where is it l-ocated?
A The Capitol Buildi-ng.
O First fl-oor and it's separate and distinct
and different than the state law library,' correct?
A Correct.
O Are you aware that there's a 1953
Webster's New International Dictionary, Second Edition,
Unabridged 1953 in that legislative library?
A I am not.
O And are you aware that the definition of
state in that dictionary from 1953 incl-udes a politicalo25
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body or body politic; any body of people occupying a
definite territory and politically organized under one
government, one that is sovereign or not subject to
external- control?
A f am not familiar that that dictionary had
that definition, but frm not surprised. The definition
of state can be very generic. That's why it must be
examined in context in particufar legisJ-ation.
O Are you familiar with some of the other
Public Utility statutes that use the word state?
A Not specifically.
O Are you famil-iar with Idaho Code 6l-7L4?
Are you familiar with that? Do you have it in front of
you?
A Not off the top of my head, Dor sir.
O A11 right. 61-114, Eoreign and Interstate
Commerce. Neither this Act, nor any provision thereof,
except when specifically so stated, shal-I apply or be
construed to apply to commerce with foreign nations or
commerce among the several sLates of the unlon, and it
goes on from 1913, so by that language, does the
legislature know how in the PUC statutes to use the term
several states of the union?
A They did in that instance, y€s.
O Did they do that in 61,-327 38 years
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Avista Corporation
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208.890. s198
LEROY (X)
Avista Corporatj-on
later?
A
u
They did not.
Are you familiar with Idaho Code Sectlon
62-7 05?
A No, sir.
O Dealing with
utilities enacted in l-903,
railroads and other public
rights of way for electric
of America or any
or corporation
be incorporated
in t.he United States
Any person, company,
that may hereinafter
power companies
agency thereof.
incorporated or
under the l-aws of this state or any state or
the United States and it goes oo, so in that
statute, did the legislature know how to use
any state or territory of the Unlted States?
A Yes, they did.
O And did they do that 48 years
6t-327 ?
A No, they did not.
O Have you had a chance to
of comments submitted by the public in
A The which comments?
territory of
particular
the phrase
later in
review hundreds
this matter?
O The hundreds of comments submitted by the
public in this matter.
A f have not.
O Can you please turn to page 5 of your25
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208.890. s198
LEROY (X)
Avista Corporation
testimony? That's the statute in question; correct?
A Thatrs the what?
O On page 5, that's the statute in question,
6L-321 .
A It is.
0 On the next page, ofl page 6 of your
testimony, you discuss what question you were asked to
examine, whether the language refers to the preclusion of
the ownership of util-ity property used to generate or
supply electric energy by any government or corporation
existing under the Iaws of any other state, whether that
would apply, et cetera. Do you reca1I that testimony?
A I do.
0 Can you indicate on page 5 which portion
of the statute that question examines by lines?
A It would be the first portion of the
statute prior to the f irst semicol-on in l-ine 24, that
section between line 72 and line 24.
O Woul-d it maybe be the first semicofon on
l-ine 77 ?
you directing
asking you if
said the first
Are
I'm
at line 24 or you
semicolon is on l-ine
yourself to line
your examination ended
semicol-on. The f irst
A
o
A Not on
7f, 1s it not?
the copy of the testi-mony that I25
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208 .8 90. 5198
LEROY (X)
Avista Corporation
have at page 5
o
semicolon.
Line 7f, under the laws of any other state
f'm referring to
copy f have with me
, perhaps we have
the same semicolon
up here it's
I'm sorry,
AOh di f ferent
you are,
Iine 24.
I apologize.
pagination.
yes. On the
I'm looking
ends under
on
at your
the faws
O Okay,
supplemental
of any other
rebuttal
state;
page 5,
correct ?
so it
A Correct.
O fs
provisions beyond
weren't asked to
it fair to say that the additional-
that you didn't spend any time or
rea1Iy l-ook at?
A No, that's not true. I 1ooked at the
entirety of the statute.
O So what does a semicol-on j-n a statute
indicate? What is that l-ine of demarcation indicating?
A Wel-l-, there's no generic answer to that.
You'd have to l-ook at the statute itsel-f . In this case,
there are three separate "or" clauses fol-lowing that and
the "or's" in a sense relate back to the initial clause,
which talks about the prohibition of transfer of utility
property.
O So is it fair to say that there are four
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LEROY (X)
Avista Corporation
under the statute?
A There are three that were adopted in
1951.
O A11 right; so starting on line 13 after
the words directly or indirectly, by any means or devj-ce
whatsoever, f assume that's the first one, any government
or governmental- or politicaf unit organlzed or existing
under the l-aws of the state of any other state, that
would be precluded from ownership,' correct?
A Yes, although because we have different
pagination, it wou1d be better for the record and better
for me
MR. MEYER: Excuse me, ildy I provide, I
think, the same page with the right paglnation so we can
communicate better?
COMMISSIONER KELLANDER: Without
objection, please approach the witness.
MR. SEMANKO: Thank you, I apologize. I'm
not sure why it's different.
(Mr. Meyer approached the witness.)
THE WITNESS: Thank you, counselor.
MR. SEMANKO: So I'11- withdraw my previous
question si-nce I referred to line numbers. No, I'11 keep
my same questj-on now that you're on the same page with
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208.890.5198
LEROY (X)
Avista Corporation
THE W]TNESS:
MR. SEMANKO:
Literally.
I'11 wi-thdraw and start
over
O BY MR. SEMANKO: So after the words in
l-ines 72 and 13, directly or indirectly, by any means or
devi-ce whatsoever, the clause that starts any government
and ends on line L1 before the semicolon of any other
state, is that the first bar in the statute?
A Yes, as you and I have discussed in the
l-ast couple questions, that would be the principal
provision.
O Then startlng on line 71 after the
semicolon, or any person, firm, association, corporation
or organization acting, and it goes oD, in concert or
arrangement with any such governmental or political unit,
going al-I the way down to l-ine 24 to the semicolon, is
that the second type of bar?
A Yes, I call that the first "or" cl-ause.
O So we've got two so fari correct?
A Correct.
O And then starting on line 24, or any
company, corporation, organized or existing under the
laws of this state or any other state, whose j-ssued
capital stock, controll-ed directly or indirectly, by any
such governmental- or political- unit, a1J- the way down tot25
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208.890.5198
LEROY (X)Avista Corporation
line 33, the semicolon there, is that a third separate
bar?
A f refer to that as the second 'rorrr clause.
0 And then line 33 starts at the end after
the semicolon, or any company, association, organi-zation
or corporation, organized under the l-aws of any other
state and it goes on to the next semicolon, that wou1d be
a fourth one; correct?
A Yes, if you consider it.
O And then the 1982 amendments pick up after
the semicolon on line 42; is that correct?
A Correct.
O And qualify that last, that fourth, one;
correct ?
A Correct.
O And you examj-ned all four of these?
A Yes, although as I indicated, the
principal provision in the first two "or" provi-sions are
those most applicable here.
0 You testified earl-ier about corporate
control- and your written testimony includes discussi-on of
corporate control. Do you recal-l that?
A I do.
O Did you say that or something to the
be dictated or modifiedeffect that corporate control can25
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by statute, what constitutes corporate control?
A Corporate control can be defined by
statute as it is i-n the two j-nstances we previously
discussed, yes.
O Can it be defined or characterized in an
agreement?
A Certainly.
O Does your definition or understanding of
corporate control- change in an instance where a
two-thirds vote is required as opposed to a simple
maj ority?
A There's no such reference i-n the statute
and so that is not subject of my opinion.
a Woul-d it change if a 40 percent vote could
determine the outcome of a particular matter?
A Not so far as the language of the statute
and the Iegislative intent.
O And you'd have the same answer about an
agreement?
A About what?
O About an agreement.
A Correct.
O Were you present for the testimony of
Hydro One Chair Woods this morning?
A I was.
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Avista Corporation
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O Do you disagree with anything that he
testified to this morning?
A I sitting 1n the far back corner could not
hear al-I of the testimony. Those portions I heard seemed
to be consistent with the written testimony that I've
seen prefiled.
O On the bottom of page 6 going forward to
page 'l of your testimony, you talk about states not
referring to foreign nati-ons. Do you recal-l- that
testimony?
A I do.
O Does your opi-nion there change or need to
be qualified at all after reviewing the 1982 amendments
and legislati-ve history?
A No, not at all.
O Even after use of the term forei-gn
entities throughout?
A As I indicated in my
the word foreign to the extent that
1982 amendment can ifl-uminate what
testimony, the use of
anything about the
happened 31 years
statute itself makes
to is state other than
in that sense, but
earl ier,
it clear
the State
foreign
foreign
because of the text of the
that the foreign referred
of Idaho, a foreign state
as to the United States, not a reference to
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208.890.5198
LEROY (x)
Avista Corporation
O So from your
and as an efected official,
is it unusual for a piece
experience in the Statehouse
attorney in other capacities,
of legislation to be advanced
by use of an example?
you'11 have to amplify that
more. I don't understand it.
by a particular
A
O
A
question a bit
O
legislator
By use of?
An example.
I 'm af rai-d
For example,
fear of
if 6I-327 was advanced with
the example of the public utility districts in
the State of Washington taking over Washington Water
Power Company assets in north Idaho, is that an example
that was used to pass that legislation?
A I don't believe f would use the word
example to character:-ze what we have reported through the
Idaho Statesman as the deta1l of that legislative history
or from the Attorney General's report of 1951 and '52
that recounts that legislative history. I don't mean to
quibble, but j-t's not merely an example. ft's a
statement of fact that was a principal motivation for a
swift, immediate, irregular acti-on by the Idaho
legislature under suspension of rules passing a bill- on
the same day wlth the Governor signing it the next day.
It certainly is an example looking back, but j-t was the
state of fact at the time.o 25
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208 .8 90 . 5198
LEROY (x)
Avista Corporation
O Is that particular I'm sorry, f forgot
the words you used. I'11- use scenario. Is that
particular scenario of the PUD 1n Washington taking over
WWP the only transaction, potential- transaction, that's
barred by this statute?
A No, I think you must read the words of a
statute and apply it to future transactions, includi-ng
this one. Now, that's the reason I was retained here,
but if you conclude that there's ambiguity in the
statute, then it certainly is instructive as to what was
intended to be barred then and in the future.
O
government in
this property;
A
u
Province of
A government
Do you think
Ontario be abl-e
of certain profile, yes.
that they intended that the
to acquire that property in
So the legislature clearly intended that a
Washington State not be abl-e to acquj-re
correct ?
1951?
A As f conclude in my opinion, I think the
Province of Ontario was beyond the pale, beyond the
thrust and definitions of this legislation.
O So as the legislature consj-dered that
Iegislation in 1951, it woul-d have been okay for the
Province of Ontario to do what the State of Washington's
Pub1ic Utility District coul-d not do; is that correct?o 25
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208.890.5198
LEROY (X)
Avista Corporation
A As the Idaho legislature adopted this
statute using the words they used, they never i-ntended it
to apply to the Province of Ontarj-o, that's my
concl-usion.
O Do the t982 amendments, statement of
purpose, titIe, committee testimony all using the words
foreign entities in their understanding of the statute
change that conclusion at all?
MR. MEYER: Mr. Chairman, I object. This
Iine of questioning has been asked and answered, what is
the effect of the '82 amendments, what is the effect of
the nomencl-ature of "foreign entities", so we've been
around this track at least twice, maybe three times. I
woul-d object on that basis.
COMMISSIONER KELLANDER: Mr. Semanko.
MR. SEMANKO: My l-ast questi-on.
COMMISSIONER KELLANDER: Let's hear it.
O BY MR. SEMANKO:Okay.
1951 to
On page
protect
B was the
impetus of the legislation in
Page B ofA
o
portion there
legislatlon in
Idaho?
A
Of your testimony, f'm sorry, the indented
design of theI'm looking at. Was the
1951 to protect power users in north
Correct, ds well as the general impacts of25
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LEROY (X)
Avista Corporation
regulation through the Idaho PUC and to avoid the l-oss of
general property tax revenues to the entirety of the
state.
O Thank you. Would your analysis change if
the Province of Ont.ario owned 100 percent of Hydro One?
A No.
O Why not?
A It's not a state.
O If it was a state, would it change your
analysis ?
MEYER: Object.
SEMANKO: I can ask that question,
can't L?
MR. MEYER: Well, it's a circular. You're
asking the witness to assume
MR. SEMANKO: I'11- withdraw the question.
I can see where we're going here.
O BY MR. SEMANKO: The statute 6l-327 does
not 1iteral1y say majority shareholding is required for
control; correct?
A No.
O Are you aware that the Province of Ontario
has another role with Hydro One other than being a
shareholder?
A I need more specifics as to what you're
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208.890.5198
LEROY (X)
Avista Corporation
inquiring about.
O Are you
Province of Ontario has
controls certain aspects
familiar with the role that the
r_n passr_ng
of Hydro
read some
legislation that
One?
of the testimony with
there are lssues of
are addressed
A Yes, I've
regard to that and understand that
that nature, all of
appropriately by the
Section 328.
O Does
which I bel-ieve
Commission under the provisions of
the Commission have control or
authority or jurisdiction over the Province of Ontario?
A It does not generally have such
jurisdiction, DO.
O On the top of page 14, the fast page of
your rebuttal testimony, supplemental- rebutta1 testimony,
you note that Commission Staff states, "the Commission
should analyze this possibility, " referring to 67-321
being a potential bar to the transaction, "pri-or to
making a final determination. " Do you agree or disagree
with that suggestion?
A What I was quoting there was Ms. Carlock's
subsequently fil-ed testimony fil-ed subsequent to my
reaching of that opinion. I bel-ieve that it was
important for the Staff and for the participants as it is
for the Commission to examine 327 and that's why I was25
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208.890.5198
LEROY (Com)
Avista Corporation
retained. That's why I bel-abored as hard as I did to
express the concl-usions that I have here today and I have
in writing. It's an important issue.
MR. SEMANKO: Thank you very much for your
time. I have no further questions.
COMMISSIONER KELLANDER :Thank you, and do
Commission? I justwe have questi-ons from members of the
have maybe one.
EXAMINAT]ON
BY COMMISS]ONER KELLANDER:
O Mr. Leroy, welcome. fs this your first
time here?
A As a witness, y€s, sir.
O Okay. Wel-l-, welcome. I guess I 'd like to
get to, and it's perhaps quibbling over words, but the
word independent you rai-se in your testimony on page 2
for the flrst time, in essence, saylng it's an
independent interpretation, and I guess when I see the
word independent and I look at some of the proceedings
here, that generally means alI the parties got together
and sald, "Look, hre're going to look for a facil-itator.
We're going to look to somebody to give us an independent
opinion on X, Y, Z matter and we're al-l- going to agree ono25
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208.890.5198
LEROY (Com)
Avista Corporation
who that indlvidual is that provides that." Is that what
the independence to which I refer was my understanding
with Avista when hired that I had no predispositi-on on
this issue, that I woul-d broadly research it and reach a
conc1usion on a reasoned basis given my professional-
background and expertise. That's the independence to
which I refer.
happened here?
A f don't
was contacted or I was
O Okay.
I'm going to ask it
I didn't ask it, so
say that your 1ega1
position in support
be here today on the
know by what process, Mr. Chair, I
singled out to be contacted, but
f feel bad about asking this, but
feel bad ifI would probablyanyway.
I'ff go
position
ahead and ask it, but let's
didn't
of the merger,
support Avista's
do you think you would
witness stand?
I don't have any idea whether I would have
but I would have faithfully reported my
have renderedAvlsta and I faithfully woul-d
them the same bill that I rendered them for thls
concfuslon.
COMMISS]ONER
A
been called,
position to
answer. By the
funding, you do
fees. I'm ;ust
KELLANDER: Appropriate
looking for intervening
as your basis for 1egal
out. Mr. Leroy, thank you
wdy, anybody
not use $400
Iaying that25
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208.890.5198
LEROY (Com)
Avista Corporation
very much
apologies
for your testimony. Oh, we have a question, oy
Commissioner Anderson.
EXAM]NATION
BY COMMISSIONER ANDERSON:
O Thank you, Mr. Leroy, and I have an
observation and a question. When you go to your exhibit
on this particular article and it I just have one
question quickly. I served in the legislation myself.
Oftentimes legislation moves forward very quickly and
it's usually the fear component that is part of that
moving quickly and from your previous testimony, this was
aII done wlthin a day and the Governor signed it the next
morning and I know how it is to be excluded sometimes in
that environment. One thing this article does touch on
is that not even the north Idaho legislators were
informed prior, nor did they have an opportunity to even
consuft with their constituenci-es, and that's part of the
language in that articl-e, and so when you use that as a
reference, I mean sometimes hasty legislation isn't the
best legislation, and al-l this does to me more than
anything is perhaps raise red flags. Do you concur with
my assessment?
A Commissioner, f think your recitation anda25
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your unique experience as a legislator give you an
understanding that this Bill was broadly drawn, hastily
drawn, hastily advanced. As you know, one member of the
minority in, I believe, each House expressed a need for
more time or a desire for more consideration or
consultation, but the timing of this unknown in its
sculpted transaction in New York clearly was either
fearful- or a great motivator for the legislature to
suspend the rules and hastily adopt this legislation.
O Just one folIow-up question. In trying to
fol-l-ow the train of thought that Mr. Semanko was going
down, I think that the question I have from his
inquisitive essay there, if your definition of state,
which you've outl-ined quite well what your j-nterpretation
of state means, by extension, if we were talking about
states or cooperatives or whatever el-se and those were
prohibited from having an action to be abl-e to take
property from Idaho, wouldn't by extension the
legislature al-so bel-ieve that that woul-d be a foreign
entity?
A f'm sorry, I donft understand your
question, Commissioner.
O Forgive me, I probably didn't phrase that
well-. If your definition of state
A Meaning state of the United States.
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208.890.5198
LEROY (Com)
Avista Corporation
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0 State of the United States and the State
of Washington in this particular case was prohibited by
this J-egislation, by 32'l , from taking possession of a
utility here in fdaho, wouldn't by extension that it
wou1d also mean foreign entity, a foreign power? Could
you extrapolate on that?
A Sure, I think it's an important concept in
terms of statutory interpretation that we l-ook first at
the ordl-nary, simple, plain meaning. The ordinary,
simple, plain meaning of state, ds I indicated in my
earliest testimony, was either a condition of some kind,
a state of consciousness or in the typical usage in our
language State of Washington, State of Idaho, that sort
of thing if referring to a governmental entity in this
country.
Can the term state in the broadest sense
and the dictionary sense incl-ude something more amorphous
or include a foreign nation, certainly, and if you
determine that you donrt want to l-ook at the simple,
plain meaning of state, which I just described, then you
Iook at the legislatj-ve history, assuming that there's
some ambiguity about the word state, and in that context
where you're deallng with the State of Washington and the
State of Idaho, it makes it in my opinlon even more clear
that you're not talking about a foreign nation or a
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LEROY (Com)
Avista Corporation
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208.890. s198
LEROY (Com)
Avista Corporation
provj-nce of Canada.
COMMISSIONER ANDERSON: Thank you.
THE WITNESS: To add a final sentence, the
question is not what's in the dictionary, the question is
what was in the mind of the legislators using that word
state in 1951 and clearly, most narrowly, it was the
State of Washington.
COMMfSSIONER ANDERSON: Thank you.
COMMISSIONER KELLANDER: And we're ready
for redirect.
MR. MEYER: I have no redirect. Thank
you.
COMMISSIONER KELLANDER: Mr. Leroy, thank
for your testimony today. We appreciate your appearance.
This would probably be an appropriate point for me to
reference that I wll-l- be asking for lega} briefs on Title
67-327 and just to give everybody a heads-up, unless
anybody has a problem, f'm going to say 10 days at the
conclusion of this hearing, and on that, because I think
it's a significant enough secti-on of statute, I'd like to
see Avista, as well- as the holding company Olympus and
al-so Hydro One,
because I think
included in that analysis of 6L-321,
it is important for the Commission to
very ful1y understand and vet that section of statue as
we prepare to deliberate, so just to put you all on)q
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208.890.5198
notice, that's our intent.
MR. MEYER: Thank you.
COMMISSIONER KELLANDER :
MR. KARPEN: Mr. President, for
Thank you.
a matter
of clarity,
real fond of
if they can
extra credit
do you wish to impose any page limitations?
COMMISSIONER KELLANDER: You know, I'm
10 pages and I give everybody bonus points
do it in l-ess than 10. There will be no
for extra pages. Thank you. Mr. Leroy,
thank you.
(The witness Ieft the stand. )
COMMISSTONER KELLANDER :
of respect to everyone's bladders, we
10-minute break.
(Recess. )
COMMISSIONER KELLANDER :
the record and I know that there was a
Leroy to be excused for the remainder
that was made, I think, initiall-y this
granted.
MR. MEYER: Thank you.
COMMI SS IONER KELLANDER :
will take a
And I think out
Let's go back on
request for Mr.
of this hearing and
morning, so that's
while we're on the topic
6L-321, is there anything
MR. MEYER:
And Mr. Meyer,
of testimony in reference to
else I need to be aware of?
Yes, there is. We wil-J, no25
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208.890.5198
longer be
of Coll-ins
offering the testimony, supplemental- testimony,
Sprague.
COMM] SSIONER KELLANDER :Okay, greati so,
then, officially for notice, that testimony which
comprises basi-caIly 11 pages will not be in the record
and will not considered as we move forward eventual-Iy to
deliberate on this case, so thank you.
MR. MEYER: Yes, thank you.
ThankCOMMISS]ONER KELLANDER :
will strlke him from the l-ist of witnesses
Okay,' so we're, then, ready to proceed and
forward, I believe, on that magic lj-st, we
as being the next witness. Is that still-
AS
AS
you, and we
we11.
we move
had Mr. Dobson
the case?
MS. VANDER STOEP: Yes, President
Kjellander. Before that, I wou1d like to address
something that came up earlier this morning regarding the
board affirmation that. was addressed during Mr. Woodsr
testimony and there was a request for the ful-l
affirmation that was considered by the board of
directors.
COMMISSIONER KELLANDER: Yes.
MS. VANDER STOEP:We right after the
it to all of thelunch break distri-buted of
parties in the
can provide you
a copy
have
now, and then, additionally, have seven
room. We copies of it here that I
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208.890. s198
copies to present to be entered into the record.
COMMTSSIONER KELLANDER: ExceIl-ent. As we
enter it into the record,
exhibit numberr so do you
with regard to exhibits?
MS. VANDER
it's 1ike1y going to need an
have any idea where we're at
STOEP: Seventeen.
COMMISSIONER KELLANDER :Seventeen, okay;
what we'11 referso sub;ect to
to it and Mr.
check, itrs 11 and that's
Semanko, that
MR. SEMANKO:
addressed your concern?
Abso1utely, thank you.
COMMISSIONER KELLANDER: Thank you very
much. That w1ll- be Exhibit 71 and if you would, please
go ahead and give that to us.
MS. VANDER STOEP: Okay.
COMMISS]ONER KELLANDER: ThanK
(Ms. Vander Stoep distributing
(Hydro One Limited Exhibit No.
marked for identification. )
COMMISSIONER KELLANDER: And, a1so, when
you return to
attorney who
your microphone, since you are not the same
you.
documents. )
L'l was
cross, if you could just
record as you call up Mr.identify yourself for
Dobson.
Thank
ready to continue.
did the l-ast
the
you very much. f be1ieve we're
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208.890.5198
DOBSON (Di)
Hydro One Limited
MS. VANDER STOEP:Your Honor, fry name is
Hydro One Limited and weKari Vander Stoep.
wou]d call like to
next witness.
I represent
call acting CEO Paul Dobson as the
COMMISSIONER KELLANDER: Mr. Dobson, if
you would take the stand.
PAUL M. DOBSON,
produced as a witness at the instance of
Limited, having been first duly sworn to
was examined and testif ied as fol-l-ows:
Hydro One
tel-l the truth,
DIRECT EXAMINATION
BY MS. VANDER STOEP:
a Good afternoon.
A Good afternoon.
O Please state your name,your business
have with Hydroaddress, and the
One Limited.
present positions you
A
CEO for Hydro
Bay Street in
0
acting CEO?
My name is Paul Dobson.
One Limited. My business
I'm the acting
address is 483
Toronto,
How long
Canada -
have you held your position as
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208.890.5198
DOBSON (Di)
Hydro One Limited
A Since July 11th of this year.
a And prior to that, did you have other
positions with Hydro One Limited?
A Yes, I was the chief financial officer
sj-nce March 1st of this year.
O What are your current duties and
responsibil-ities as President and acting CEO of Hydro
One?
A As the acting CEO, I manage the affairs of
a day-to-day basis assuring that we reach
I also i-nteract with the external
such as investors, bondholders, the press,
the company on
our targets.
stakeholders,
analysts, et
O
and professional
One?
A
Uni-versity
an MBA from
and CMA. I
financials,
cetera.
Can you please describe your educational
background prior to coming to Hydro
Sure. I have a bachel-or's degree f rom the
of Waterloo in management accounting. I have
the University of Western Ontario. f'm a CPA
worked for CIBC for 10 years in various
finance strategy, and business
I also worked for Centrica plc, which is a
They own Direct Energy in North America,
the U.S. f worked for them 15 years in
rol-es and operation and customer servi-ce
l-n
development.
UK company.
Canada and
various finance
rofes as welI;25
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DOBSON (Di)
Hydro One Limited
most recently as chief financiaf officer of Direct Energy
Houston, whichNorth America, which is a company based in
has about $15 bill-ion in revenue.
O Did you sponsor supplemental testimony
that was fil-ed on September 24Lh, 2078?
A Yes.
O And if I asked you the questions in that
testimony today, would your answers sti1l be the same?
A Yes, it would.
O Did you al-so sponsor rebuttal testimony
that was f iled on November l-4th, 2018?
A Yes.
O And if I asked you those questions today,
would your answers still be the same?
A Yes.
O Did you al-so sponsor Schedule l- of Exhibit
B to the supplemental testimony that you fil-ed which was
your biography?
A Yes.
O Is that stilI an accurate exhibit?
A Yes, it is.
O Did you sponsor Schedul-e 2 to Exhibit I
which was Avista's l-etter extending the merger agreement
to March 29th?
A Yes.25
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O And is that still an accurate exhibit?
A Yes, it is.
MS. VANDER STOEP: Your Honors, Hydro One
moves for the admission and spreading of the supplemental
testimony dated September 24th, 20L8, of Mr. Dobson as
well as his rebuttal testj-mony of November 14th, 2018,
and Exhibit 8, Schedules 1 and 2.
COMMISSIONER KELLANDER: Thank you.
Without objection, we'11- spread the testj-mony across the
record as if read and admit the re]evant exhiblts as
described by counsel-.
(Hydro One Limited Exhibit Nos. 8 e L'7
were admitted into evidence. )
(The fol-lowing prefiled supplemental- and
rebuttal testimonies of Mr. Paul Dobson are spread upon
the record. )
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DOBSON (Di)
Hydro One Limited
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I. INTRODUCTION
O. Please state your name, business address and
Hydro One Limited.present positions
My name
is 483 Bay
wit.h
A is PauI M. Dobson, and my business
address Street, South Tower, 8th F1oor,
Toronto, Ontario M5G 2P5. I am the acting President and
Hydro One LimitedChief Executive Officer ( "CEO" )
( "HYdro One" 1 . r
O. Have you fil-ed direct
this proceeding?
A. No.
O. Are you sponsoring any
for
and rebuttal testimony in
exhibits that accompany
your testimony?
A. Yes. Attached
' Exh. No. 8,
Biography
' Exh. No. B,
to my testimony is:
Schedulel-PaulM.Dobson
Schedufe 2 - Avista Extension of
End Date to March 29, 2079
1 Prior to September 6, 2O\8 I was afso the Chief Financiaf officer ("CEo")
of Hydro One. On Septemlcer 6, 2018, Christopher Lopez was appointed as
Acting CFO of Hydro One. I will continue my role as Hydro One's Acting
Presj-dent and CEO. See AVU-E-7'l-09, AVU-G-17-05, Supplemental Report on
Hydro One Management Chanqes (Sep. 7, 20LB) .
Dobson, Supp 1
Hydro One Limited
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Dobson, Supp 2
Hydro One Limited
A tabl-e of contents for my testimony is as follows:
I. INTRODUCTION 1
II. BACKGROUND )
ITI. COMMITMENT TO MERGER 3
Summary of Testimony
0. Pfease summarize your testimony.
A My testimony introduces myself
President and CEO and reiterates
as Hydro One's
acting Hydro One's
commitment to the merger.
II. BACKGROI'IID
0. Please descrj-be your professi-ona1 background.
A. I hold an honours bachel-or's degree from the
Unlversity of Waterloo as well as an MBA from the
University of Western Ontario and I am a CPA, CMA. I
worked at CIBC for 10 years in finance, strategy and
business development roles in both Canada and the United
States. Since 2003, I have held senior leadership
positions in finance, operati-ons, informatj-on technology
and customer service across the Centrica Group, the
parent company of Direct Energy. Prior to joining Hydro
One in 2018, I served as CFO for Direct Energy Ltd.
(Direct Energy), Houston, Texas, where I was responsible
for overall- financial leadership of a $15 billion revenuet25
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Dobson, Supp 3
Hydro One Limited
business with three million customers in Canada and the
United States. Pl-ease see my attached Biography (Exh. No.
8, Schedule 1) for more detail-.
O. When did you become CFO of Hydro One?
A. I became CFO of Hydro One on March !, 2018.
0. What was your role as CFO of Hydro One?
A. I was responsible for the following l-ines of
busj-ness: Corporate Finance (incl-uding Treasury) , Risk,
Regulatory Affairs, Internal Audit, Investor Relations,
Technology, and Pensions.
O. When did you become acting President and CEO of
Hydro One?
A. I became acting President and CEO of Hydro One
on July lL, 2018.
O. When you became acting President and CEO of
Hydro One, did you continue your rofe as CFO?
A. Yes, I continued my role as CFO until
Christopher Lopez was appointed Acting CFO on September
6, 2078.
III. COMMII!{ENT TO MERGER
Does Hydro One
Yes. We remain
remain committed to this merger?o.
A.
strategic
!9, 2otg
affirming
committed
rational-e for the merger
the Hydro One Board passed
Hydro
to the merger and the
remains. On September
a resolution
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Hydro One Limited
One's obligations under the Merger Agreement and Hydro
One's intent to consummate the transaction. See
Supplemental Testimony of Thomas D. Woods. On the same
dry, Avista uni1aterally extended the end date for the
Hydro One-Avista merger from September 30, 2018 to March
29, 2019. See Exh. No. 8, Schedule 2.
A
t,
A
When do you anticipate this merger closlng?
of this year.We anticipate closing in Q4
Does this concl-ude your testimony?
Yes it does.
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I. INTRODUCTION
O. Please state your name, business address and
present posi-tions with Hydro One Limited.
A. My name is Paul M. Dobson, and my business
address is 483 Bay Street, South Tower, Bth Floor,
Toronto, Ontario M5G 2P5. I am the acting President and
Chief Executive Officer ( "CEO" ) for Hydro One Limited
("HYdro One").l
0. Have you filed direct, rebuttal, and
supplemental testimony in this proceedi-ng?
A. Yes. I filed supplemental testj-mony on
September 24, 20!8.
O. Are you sponsoring any exhibits that accompany
your testimony?
A. No.
A tabl-e of contents f or my testi-mony is as fol-l-ows:
DESCRIPTION Page
I INTRODUCTION
I]. COMPL]ANCE W]TH IDAHO CODE 561-328 2
1 Prior to September 6, 2018, I was also the Chief Einancial Officer ("CEO")
of Hydro One. On September 6, 20L8, Chri-stopher Lopez was appointed as
Acting CEO of Hydro One. I will continue my role as Hydro One's Acting
President and CEO. See AVU-E-17-09, AVU-G-17-05, SuppJ-emental- Report on
Hydro One Management Changes (Sep. 7, 2078\ .
1
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Dobson, Supp. Reb. 2
Hydro One Limited
Summary of leEligtcny
O. Pfease summarize
A. Hydro One agrees
Utilities Commission Staff
the transaction is in the
testimony.
the Idaho Publ-ic
your
with
("Staff") testimony that: (a)
public interest, (b) the cost
will not be increasedof and rates for supplying service
by reason of the transaction, and (c) Hydro One has the
bona fide intent and financial ability to operate and
maintain Avista in
fdaho
public servj-ce
Code S61-328.
in Idaho, all as
required by
II.
O. fn direct testimony filed
Terri Carl-ock is asked
on November 6th,
the
coMPLrAlrcE wrTH rDArro coDE s61-328
Staff witness following
believe the
be met?" Are you
question on page 4, l-ines 9-10: "Do
requirements of Idaho Code S61-328
familiar with that testimony?
A. Yes, I am.
you
wiIl
O. In response to
states, oD page 4, l-ines
that question, Ms
ll-25 z
Carlock
Yes, I befieve Idaho Code 562-328 (3) requirementswill be met. The transaction is consistent with thepublic interest because the Stipulated Commitmentsprotect Idaho customers, provide financial ratecredits, provide funding for other customer benefits
and enhance programs. The Stipulated Commitments
also assure that the cost of and rates for supplylng
service will- not be increased by reason of such
transaction. Rating agency reports and publicly
availabl-e fi-nanclal statements document that Hydro
One has the bona fide flnancial-25
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Dobson, Supp. Reb. 3
Hydro One Limited
ability to operate and maintaln said property in
the public service. The testimony of Hydro One and
the Stipulated Commitments reinforce that Hydro One
has the bona fide intent to operate and maintain
said property in the public service.
Do you agree with Ms. Carlock that this transactj-on
meets the approval requirements of Idaho Code S61-328?
A. Yes, I agree that the transaction meets the
requirements for approval under Idaho Code 561-328.
o. wirh respect to Idaho
the following, on
, of her November
Code S61-328 (3) (a), Ms.
Car]ock states page 7 , l-ine 20, through
page B, lj-ne 3 6th testimony:
. For the transaction to be in the public
interest, overall there must be no harm. Throughout
this case, it has been the intent of Staff to see
customers receive a net overall- financial- benefit.
Commltments including ring-fencing provisions have
been agreed to in the Settlement by most Idahoparties that I believe wil-l- provide financialbenefits that 1ike1y will not occur absent the
merger while protecting customers from negative
operational, structural- or financial harm.
25
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Do you agree with Ms. Carlock's testimony regarding
the public interest prong of fdaho Code 561-328 (3) (a) ?
A. Yes, I wholeheartedly agree that the
transaction goes beyond the no harm standard and provides
an overall benefit to Avista customers. In addition to
the benefits described by Ms. Carlock, the transaction
provides the following additional benefits to Avistars
Idaho customers, among others: (1) Avista's Idaho
customers wilI receive a
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Hydro One Limited
rate credit totaling approximately $15.8 mil-l-ion, (2)
approximately $5.3 mi-l-l-ion j-n funding for energy
efficiency, weatherization, conservation, and low-income
assistance programsi and (3) increased charitabl-e
contributions, al1 of which woul-d not occur absent the
proposed transaction.2
O. Ms. Carlock discusses the proposed
transaction' s with Idaho Code Sectioncompliance
in a couple67-328 (3) (b)
testimony.
Iine B, Ms.
of places in her November 6th
First, ofl page 3, l-ine 74, through page 4l
Carlock states:
Any customer rate increase must be approved by the
Idaho Commission before Avi-sta can increase rates to
Idaho Avista customers. Idaho Code S61-328 requlres
t.hat "the cost of and rates for supplying service
wil-l not be increased by reason of such
transaction" .
In the normal course of its responsibil-ities Staff
audits all costs to verify the costs are actually
incurred, correctly recorded but more importantly
that al-l- costs are reasonably incurred to provide
services to ldaho customers. Greater scrutiny is
made for any transactions, activJ-ties or all-ocationsto Avista from any affiliated entities. Tn thisinstance fol-l-owi-ng the merger, an affll-iate woul-d
incl-ude Hydro One, any subsidiary, or jointly ownedentities directly assigning or al1ocating costs to
Avista. Staff wil-1 verify that no costs are incl-uded
in customer rates that are not at the lower of the
actual cost or market comparison. Although this is a
normal part of the Staff audit function it 1s al-sopart of the ring-fencing provisions and the
commitments f rom Avj-sta and Hydro One.
2These benefits and others are more fu11y described and discussed in Section
fI of Scott L. Morris'Rebuttal Testimony filed on November L4, 2OLB.25
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Hydro One Limited
A. Yes.
O. Ms.
of service on
page 5, l-ines
that customer
result of the
Are you famil-iar with this testimony?
Carlock next addresses the costs and rates
page 5 of her November 6th testimony. On
1-3, she is asked: "How can you be assured
rates will- not increase at Avista as a
merger transaction?" Ms. Carlock responds,
lines 4-27, ds follows:
The regulatory responsibility of the Commission
Staff and ultimately the Commissioners making the
final- decisions for the Idaho Publ-ic Utilities
Commission will not change. Staff will continue to
rigorously revi-ew capital investments, ongoing
operating costs, changes in revenues and the overall-
operations of Avista. When unreasonable costs are
identified or operating decisions by management donot support just and reasonable costs to provide
safe and reliable utility services to customers at
reasonable rates, Staff recommends fj-nanclal-
adjustments and changes to programs during
proceedings before the Commission. This will- not
change depending on the ownership of Avista.
The requirement and commi-tments assure customerrates will not increase as a resul-t of the merger
transaction. It isn't however an assurance that
rates will not i-ncrease due to normal operating
requirements and cost increases.
Are you famil-iar with that testimony?
A. Yes.
0. Do you agree with Ms. Carlock that the
transaction meets the requirements of ldaho Code
s6L-328 (3 ) (b) ?
A. Yes, I agree that the cost of service and rates25
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Hydro One Limited
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Hydro One Limited
addition to the ]daho PubIic Utilities Commission's and
Staff 's rol-es in
reasonable,
ensuring
One has
that rates are just and
provided assurances, in
Commitment
Hydro
No. 76,that customer rates w1l-1 not increase
as a resul-t of the Proposed Transaction. Commitment No.
L6 reads as follows:
16. Treatment of Net Cost Savings: Hydro One
commits that Avlsta customer rates will not increaseas a result of the Proposed Transaction. Hydro Onewill hold Avista customers harmless from any suchrate increase. Further, any net cost savings thatAvista may achieve as a result of the ProposedTransaction w11l- be reflected in subsequent rateproceedings, as such savings materialize. To the
extent the savings are refl-ected in base retail
rates they wifl offset the Rate Credit to customers,
up to the offsetable portion of the Rate Credit.
In addi-tion, under Commitment No. 66, Avista is
prohibited from seeking cost recovery for any of the
commitments funded or arranged by Hydro One, and Hydro
One may not seek to recover those funds from ratepayers
in Canada or the United States. Commitment No. 66 reads
as f ol-l-ows:
66. Sources of E'unds for Hydro One Comnitnents:
Throughout this list of merger commitments, any
commitment that states Hydro One wil-1 arrangefunding is not contingent on Hydro One's ability to
arrange funding, particularly from outside sources,but is a firm commitment to provide the dolfar
amount specified over the time period specified andfor the purposes speclfied. To the extent Avista has
retaj-ned earnings that are available for payment ofdividends to Olympus Equity LLC consistent with the
ring fencing provlsions of this list of merger
commitments, such retained earnings may be used.
Funds available from other Hydro One affiliates may
be used without limitation. Avistao25
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Hydro One
Reb. 1
Limited
wil-I not seek cost recovery for any of the
commitments funded or arranged by Hydro One in thisl-ist of merger commitments. Hydro One will not seek
cost recovery for such funds from ratepayers in
Canada or the United States.
0. With respect to Idaho Code 561-328 (3) (c), Staff
witness Ms. Carl-ock concludes, on page 4, lj-nes t9-25,
that:
Rating agency reports and publicly available
financial statements document that Hydro One has the
bona fide financial abilj-ty to operate and maintain
sald property in the public service. The testimony
of Hydro One and the Stipulated Commitmentsreinforce that Hydro One has the bona fide intent to
operate and maintain said property in the publ1c
service.
Are you famil-iar with that testimony?
A. Yes.
O. Do you agree with Ms. Carlock's concl-usions
regarding Hydro One's bona flde intent and financial
ability to operate and maintain Avista in publj-c service?
A. Yes, I certainly agree that Hydro One has both
the bona fide intent and the financial ability to operate
and maintain Avista in public service in Idaho. Mr.
Lopez, Hydro One's acting Chief Financial Officer,
addresses Hydro One's bona fide intent and financial
ability to operate and maintain Avista in public service
in further detail in his rebuttal- testimony in Section
III of Christopher F. Lopez's Rebuttal Testimony fil-ed on
November 74, 2018.25
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Hydro One Limited
O. Do you have any reason to believe that the
Province of Ontario would affect Hydro One's bona fide
intent and/or financial ability to operate and maintain
Avista in public service in ldaho?
A. No. As di-scussed in the rebuttal- testimony of
Mr. Woods, Chair of the Hydro One Board of Directors,3
the Province is an investor in and not a manager of Hydro
One. The Province, ds Hydro One's largest sharehol-der,
has some ability to infl-uence Hydro One's governance.
Apart from its authority over certain executj-ve
compensat.ion matters under the Hydro One AccountabiTity
Act, however, the Province does not have the authority to
manage Hydro One's business affairs, j-ncluding Hydro
One's bona fide intent and financial ability to run
Avista after the close of the proposed transaction.
O. Does this conclude your rebuttal testimony?
A. Yes it does.
3 See AVU-E-17-09/AVU-G-17-05 - Rebuttal Testimony of Thomas D. woods at
SS II-III (Nov. 14, 20tB) .
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CSB REPORTTNG
208 .8 90. 5198
DOBSON (X)
Hydro One Limited
(The fol-lowing proceedings were had in
open hearing. )
MS. VANDER STOEP: Mr. Dobson is now
availabl-e for cross-examination.
COMMISSIONER KELLANDER: Thank you. Let's
move to the back row, Mr. Purdy.
MR. PURDY: I have no cross. Thank you.
COMMISSIONER KELLANDER: MT. Otto.
MR. OTTO: No questions, Mr. Commj-ssioner.
COMMISSIONER KELLANDER: Mr. Richardson.
MR. RICHARDSON: Thank you, Mr. Chairman,
no questions.
COMMISSIONER KELLANDER: Thank you.
Mr. Williams.
MR. WILLIAMS: Just a couple of questions,
Mr. Chair.
COMMISSIONER KELLANDER: Please proceed.
CROSS_EXAMINATION
BY MR. WILLIAMS:
Good afternoon, Mr.
Good afternoon.
Dobson.
O My name is
Idaho Eorest Group, which
Ron Wll-l-iams and I represent
is a large industrial customer
o
A
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208.890.5198
DOBSON (X)
Hydro One Limited
of Avista and were you here this morning when I asked Mr.
Woods a couple of questions?
A Yes, I was.
O And so I'm going to ask you roughly the
same guestions, but do you understand why there could be
a fear of foot-dragging or backsliding by fdaho Forest
Group -- backsliding by Hydro One when it comes to some
of the commitments that Avi-sta and Hydro One have made in
this case?
A Do I understand that I understand that
there could be a concern, but I would also state that
Hydro One is fu1Iy committed to everythlng that we've put
forth in that agreement.
O And some of that fear arises because Idaho
Eorest Group has no establ-ished relationship with Hydro
you understand as Mr. Woods alsoOne, so do you
testified that some of the settlement we11, settlement
commitments contained in
the jurisdicti-on of the
A Yes.
O And do we
the document submit Hydro One to
Idaho Commission; correct?
al-so have your word and pledge
in thls case
CEO of Hydro
ensure that
rn your
One that
One
capacity
you will
does notHydro
withbacks Iiding respect to the
as the acting President and
use your authority to
engage in foot-dragging or
commitments it has made25
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208.890.5198
DOBSON (X)
Hydro One Limited
to the Avista ratepayers?
A Yes, absolutely.
O One last question, are you a candidate to
be are you part of the candidate pool for the next CEO
position of Hydro One?
A Yes, I am.
MR. WILLIAMS: Al-l- rightr Do further
questions, Mr. Chairman.
COMMISSIONER KELLANDER: Thank you. Let's
move to Mr. Baxter.
MR. BAXTER: Thank you, Mr. Chairmanr Do
questions.
COMMISSIONER KELLANDER: MT . Karpen,
thank you.
. Semanko.
. Chairman.
MR. KARPEN: No questions,
MR. SEMANKO: Thank you, Mr
CROSS-EXAMINATION
BY MR. SEMANKO:
COMMISSIONER KELLANDER: MT
A
A
Mr. Dobson, wel-come to Boise.
Thank you.
Appreciate you being here today.
This is a beautiful- city.
I'm going to refer to your supplemental25
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CSB REPORTING
208 .8 90 . 5198
DOBSON (X)
Hydro One Limited
testimony that was just
front of you?
A I believe
0 AndIam
discuss the extension of
September 30th of
Do you recalI that
A I'm
O ilm
Are we on the
admitted. Do you have that in
sor yes.
on page 4 and on that
the end date for the
page, You
merger from
this year to March 29Lh of next year.
testimony?
sorry, I --
sorry, page
one again?
4, Dobson's supplemental.
wrong
Coul-d be.Page 4 you said?
I'm under the titl-e CommitmentI'm sorry,
to Merger, Roman Numeral III.
MS. VANDER STOEP: Mr. Dobson, make sure
you're looking at your supplemental testimony as opposed
to your rebuttal- testimony.
THE WITNESS: If you could remind me what
tab it is.
MR. MEYER: May I just approach the
witness ?
COMMISSIONER KELLANDER: If you coul-d give
him a copy of that quickly, that woul-d be very helpfu1.
Thank you.
(Mr. Meyer approached the witness.)
THE WITNESS: Irm sorry, page 4 you said?
A
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208.890.5198
DOBSON (X)
Hydro One Limited
O BY MR. SEMANKO: Yes, page 4. It should
start, "One's obligations under the Merger Agreement" at
the top.
A Right.
Okay,
of the
your testimony talks roughly about
the extension merger
of next
date from
year. Do
O
2078, to March 29Lh
September 3Oth,
you recal-I that
anticipate
correct ?
everyone, what is
in quarter one of
testimony?
A Yes.
O And then you further say you
closing in the fourth quarter of this year;
A That's correct.
0 Just so it's clear to
the consequence, if dny, of closing
next year as opposed to quarter four
A The consequence is not
of this year?
terribly material.
We would have to raise in terms of consolidating our
that for 2018. If wefinancial records, we would not do
hadn't closed the transaction in 2018, then we woul-d not
consol-idate the companies together. We would be raising
our financing in Ql as well to coincide with the closing,
and we woul-d anticipate doing that aII before March
29th.
O Am I correct in assuming that the
consequences of closing beyond March 29th of next yearI25
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208.890.5198
DOBSON (X)
Hydro One Limited
would be much different than that?
Thatrs correct.
Can you explain what those consequences
would be, if
A
o
understandlng
Hydro One, to
u
now actually
that in front
A
a
you can?
We11,
is that
decide
Thank
to your
of you?
I do.
have to agree,
to come up with
in time, and so
a whole new
that matter
I'm not a lawyer,
the parties would
but my
have
to
to agree,
eitherAvista and Hydro One would
extend the transaction or
transaction at that point
would have to be referred to the board, our board of
how to proceed.
you for clearing that
rebuttal testimony.
up, so f am
Do you have
And I'm on page 4 of that as weII, some
questions, you talk about the rate credit
at the top of page 4; correct?
more clarifying
of $15.8 mill-ion
A
o
or wou]d be
A
a five-year
O
A
Yes.
How much of that roughly is a rate credit
a rate credit to fdaho customers of Avista?
AII of it to be paid out, I believe, over
period.
A11 of the 15.8 is Idaho?
Yes.25
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208.890.5198
DOBSON (X)
Hydro One Limited
O And thls rate credit is temporary, as you
i-s that correct?said, the first five yearsi
A To be paid out over five years, Yes.
in the recordO So the earfier discussion
about year six through ten is not applicable anymore?
A I believe year six through ten also refers
to the 5.3 million in funding, which is on line 2 of page
4, that is to be paid out over ten years, so I think the
year six to ten may refer to that.
O And these rate credits would not precl-ude
Avista/Hydro One from seeking a rate increase in front of
the Commission; correct?
A Only to the extent that the rationafe for
the rate increase and for the cost increases had nothing
do with this merger agreement, so if costs went up, sdy,
the cost of steel, for example, went up, nothing to do
with this merger agreement, just generally went up in the
economy, you know, something along those l-ines, something
material along those lj-nes, Avista could ask for a rate
increase to offset that.
O But there is no freeze or stay-out
provision or anything l-ike that? If the circumstances
warrant, you can come for a rate increase to the
Commission; correct?
A I'm not sure I understand what you're25
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208.890. s198
DOBSON (X)
Hydro One Limited
asking
O Is there anything that prohibits you from
seeking a rate
ir?
A
a rate hearing
increase if the circumstances require
No. Under the normal course of going for
and rate increases, there would be nothing
the costs andto stop us. The Commission would examine
make sure that they
with
were prudent and right and had
nothing to do the merger.
if there were aO And rate increase during
this credit period, would the credit serve to reduce the
amount of the rate increase?
A I bel-ieve that's how it would work, yes,
I believe that'sso it would be applied against that
how it woul-d work.
O Thank you;
discuss Ms. Carlock of the
rate increases and costs.
testimony?
A Yes.
so the remainder of page 4 you
regardingStaff's testimony
Do you recal-I that
O Can you tell
service after the
A The cost, if
you mean the cost
us what will- be the cost of
supplying merger cl-oses?
f could understand your
of supplying service inquestion,
Avista?,)tr
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CSB REPORTING
208 .8 90. 5198
DOBSON (X)
Hydro One Limited
o Yes.
A Yes, I mean the costs will be pretty much
as they are today and the Avista team would come forward
to the various commissions with the cost and a busi-ness
plan and an investment plan and ask the Commission to
review those costs, ensure that they're prudent and
right, and ask for a rate increase on top of that,
simil-ar as to exactly the samer ds a matter of fact,
as what they do today.
O So just to be clear, you're saying the day
effective, the cost of serviceafter the merger
would be the same
becomes
as 1t is today, basically? Nothing is
going to change?
A There will
to think is there
be no increase in cost. I'm
trying going to be credits. Other than
the credits that we're talklng about here, the rate
credits, more or less everything will be the same.
MR. MEYER: ft's not my witness, but Mr.
Patrick Ehrbar, head of the rates department, would be
maybe a more appropriate witness and they're good
questions, but I think these are Avista-type questions.
COMMISSIONER KELLANDER: Mr. Semanko,
woul-d you be willing to accept that and when we get that
witness up if you need to ask specific questions in
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Hydro One Limited
that process woul-d move forward, woul-d that might
suffice ?
MR. SEMANKO: Your Honor, if I could, I
will attempt to taylor my questions to the Hydro One
witness to Hydro One's end of the cost equation for
Avista.
COMMISSIONER KELLANDER: Fair enough.
O BY MR. SEMANKO: So what costs are
a1l-ocated to Avista by Hydro One the day after the merger
closes ?
A There won't be any costs that Irm aware
that are going to be allocated from Hydro One to
Avista.
O How about at the end of year one, will
there be any costs allocated from your company to
Avista?
A There will- be no costs al-l-ocated.
O How about the end of year two?
A As far as I'm aware, there will be no
costs allocated for which rate recovery wil-1 be sought.
O So is it your testimony that no costs wil1
be assigned
A
from Hydro One to Avista?
If you're referring to
costs, you know, corporate overheads
to Avista, that's correct, none wil-l-
Hydro One corporate
and such be assigned
be assigned to25
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Avista.
0 By anyone in the Hydro One family?
A You mean other legal entities wlthin
O f 'm sorry, wil-l they be assigning any
costs to Avista? The reason I'm asking these questions
is there's a whole the stipulatj-ons are replete with
book reviews and potential- audits and we're going to l-ook
at costs that are allocated and so lrm just trying to get
an understanding w111 there be any costs allocated by the
Hydro One family of corporations to Avista?
A No, the costs of Avista will- not increase
as a resul-t of the merger. I think that's commitment
16.
O Is this something that could be summarized
and put in writlng and submitted to the Commission in the
form of a stipulation?
A I believe it's already covered under
commitment No. ]-6.
a Can you read what you're referrj-ng to?
A Commitment 76, "Hydro One commlts that
Avista customer rates will not increase as a resul-t of
the Proposed Transaction. Hydro One will hofd 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
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Hydro One Limited
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Hydro One Limited
subsequent rate proceedings, as such savings material-ize.
To the extent the savinqs are reflected in base retail
rates they will offset the Rate Credit to customers, up
to the offsetable portion of the Rate Credit. "
O So in your review of that commitment,
Hydro One would not be assigning any costs to Avista; is
that correct?
That's correct.
And if the Commission required addltional
clarification using the word cost, would Hydro One be
amenabl-e to that?
A I would have to 1et my legal counsel-
review such wording.
O Fair enough, thank you. If costs were
al-located to Avista, those woul-d be recoverable in
ordinary course; correct?
A Costs from Hydro One?
O To Avista.
A There will not be any costs from Hydro One
all-ocated to Avista.
O But if there were, they would be
recoverabl-e; correct?
A They woul-d be reviewed by the Commission.
If we felt that they were just and prudent costs borne by
Avista, generated by Avista, not as a resul-t of this
A
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Hydro One Limited
transaction, they wou1d be reviewed by the Commission and
they woul-d opine and/or approve or disallow the incl-usion
of those costs in rate setting.
O But stipulatj-on No. 16 would preclude
that; right?
A If they were related to the merger, yes.
"related to theO What does that mean,
mergertt ?
A Transaction costs, corporate overhead
a1location as well. I can't predict, you know, wel-I into
the future what other costs may come up, but it is our
intention that none of those costs would be a]located to
Avista, and so Avista's cost base would stay the same
more or less as it is today, subject to the other credits
that we have agreed to.
MR. SEMANKO: That's all the questions I
have for this witness. Thank you. Thank you, sir.
COMMISSIONER KELLANDER: Thank you. Are
there any questions from members of the Commission?
COMMISSIONER KELLANDER: I have just one.
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Hydro One Limited
BY COMMISSIONER KELLANDER:
EXAMINATION
heard he
Mr. Woods. I was a
with the Minister of
actually would cast
to the Province's votes, and
one I asked your colleague earlier,
Iittle confused with the relationship
Energy who I believe is the one that
a vote for shareholders in reference
O It's
in listening to hls
was elected and then f heardresponse, I think I
he was appointed by the Premler. I guess I'm just trying
theto understand exactly how this person becomes
Minister of Energy.
A Sure. Wel-l-, 1i-ke in many other
jurisdictions, he is an el-ected member of the Provincial
parliament.
O Okay; so that's how he gets elected.
A And of that pool of members of the
Provincial parliament, the Premier selects who he wants
as the minister of each one of the departments.
O Thatrs very he1pfu1, so that helps me
distinguish, then, between the elected and the appointed
component of it, so once they're appointed, do they serve
dt, we refer to it as serving at, the pleasure of your
appointing authority? fs there a fixed term or can the
Premier on their own if they want to shift gears pick25
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someone else out of that el-ected pool?
A I'm not an expert in these such matters,
but the Premier can, I believe the Premier can, reshuffl-e
their cabinet and does from tlme to time, similar to what
they do 1n the U. S. as wel-l.
O Okay, and while you're here, and I
apologize for this question, but the relationship of
Canadian governments to the Queen, for example, are
unique to me from my perspective, and f see the reference
to the Queen in the testj-mony here, help me with that.
Tel-l me about that relationship. I'm just curj-ous, does
she come over and say hey or what?
A She comes over occasj-onaIly, yes, or the
Royal Eamily visits from time to time, but it stems back
from the time of the Commonwealth and the Queen and
Canada is still- part of the Commonwealth, but their power
and influence is very, very l-imited. It's very much more
of a figurehead. They don't really direct in any way,
materia1 wdy, the direction of government policy in any
way. They are more of a figurehead and so they have very
litt1e power to influence the affairs of the Canadian
government at any l-evel-.
COMMISSIONER KELLANDER: Okay, thank you.
Any other questions? Any redirect?
MS. VANDER STOEP: Yes, Your Honor.
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Hydro One Limited
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Hydro One Limited
BY MS. VANDER STOEP:
from Mr. Semanko regarding
A Yes.
O Is it your
example, Avista and Hydro
products that are necessary
the coststerritories that
example,
through a
O Mr. Dobson, do you recal}
REDIRECT EXAMINAT]ON
al-l-ocation of
the questioning
costs ?
understanding that
One engaged in the
af, for
purchase of
utility poles would be allocated to Avista
for service in their
alfocable to Avista for, for
here at the Commisslon?
companies
together
costs for
ratemaking process
A Yes, that's a
coming together to
and I would assume
both Hydro One and
example of the
procurement sourcing
going to lead to lower
good
bring
that's
for Avista and that would be
passed, that cost savings woul-d be passed, to Avista.
O Are Mr. Lopez
with cost al-focation issues
and Mr. Ehrbar more famil-iar
than you are?
A Much more so.
0 Is Mr. Scarlett more familiar with the
constitutional- rel-ationship between the Province and the
Commonwealth?
A I bel-ieve he is.
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LOPEZ (Di)
Hydro One Limited
I have.
COMMISSIONER KELLANDER: Thank you, but I
think you did well enough.
THE WITNESS: Thank you very much.
(The witness left the stand. )
COMMISSIONER KELLANDER: We're ready for
the next witness. I think next on the schedu]e we had
Christopher Lopez and since we'11 be shlftlng Iegal
counsel again, we'11 just have you identlfy yourself for
the record once you get situated.
MS. THOMAS: This is Ltz Thomas again on
behalf of Hydro One.
CHRISTOPHER F. LOPEZ,
produced as a witness
Limited, havlng been
at the instance of
first
Hydro One
tell the truth,
was examined and testified
duly sworn to
as follows:
DIRECT EXAMINATION
BY MS. THOMAS:
name, your
with Hydro
O Mr. Lopez, could you please state your
business address, and your present positions
One?
A My name is Christopher Lopez and my25
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LOPEZ (Dr)
Hydro One Llmited
business address is 483 Bay Street, Toronto, and I'm the
acting chief financial- officer of Hydro One.
O How long have you held that position?
A Since September 6. Prior to September 6,
20L8, I was a senior vice president of Hydro One.
O What are your duties and responsibilities
as the acting CFO?
A I'm responsibl-e for lines of business such
as corporate fj-nance, including treasury and tax,
internal- audit, investor relati-ons, daily governance, and
pensions.
0 Could you please descrj-be your educational-
and professional- background?
A I received a Bachelor of Commerce in
accounting and finance from Edith Cowan Uni-versity in
L996. I qualified from the Institute of Chartered
Accountants in Austral,ia in 1999. I received a graduate
diploma in corporate governance and directorships from
the Australian Instit.ute of Company Directors in 2007.
Prior to joining Hydro One, I was a vice
president of plannlng and mergers and acquisitions at
TransAlta from 20Ll to 2015. Prior to that, I was
director of operations finance at TransAlta in Calgary
from 2001 to 2071,. I was country financial- controller
for TransAl-ta in Australia from 2002 to 2001 .25
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Hydro One Limited
O
September L4,
A
o
your prefiled
the same?
A
o
Did you sponsor direct testimony filed on
2OLB?
Yes, I did.
If I asked you
testimony there,
the questions set forth in
would the answers today be
Yes.
Did you
24,
I
fil-ed on September
sponsor supplementa1 testimony
2078?
did.A
O
Yes,
And again, if I asked you the questions
set forth there, would your answers be the same?
A Yes.
0 Did you sponsor supplemental rebuttal
testimony filed on November 14, 20L8?
A Yes, I did.
O And again, if I asked you the questions
there, would your answers be the same?
A Yes.
O Did you sponsor certain exhibits to
accompany your testimony?
A Yes, I did.
O Did you sponsor Exhiblt No. 4, Schedule L,
your resume?
A Yes, I did.25
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Hydro One Limited
O Is that exhibit still accurate?
A Yes, it is,
now acting chief financial
except for the fact that f'm
officer. At that point f was
a senl_or vl-ce president of finance.
Did you sponsor Exhibit No. 4, Schedule 2,
and post-transaction corporate structure of Hydro
Limited with your direct testimony on September 14,
a
pre-
One
20]-1 ?
Yes, I did.
Is that exhibit
Yes, except as
still- accurate?
was discussed this morning
in two respects on the post-closing org chart, which is
page 2 of that exhibit. First, w€ drop the two
intermediate LLC's, because they are no longer needed now
that U.S. tax enacted tax reform in early 20L8. Second,
Olympus LLC w111 now be an Idaho entlty instead of a
Del-aware entity. We did this at the suggestion of the
Staff and we understand that this change wlth this
change Staff believes that the transaction fu11y complies
with Idaho Code Section 6L'327.
MS. THOMAS: Your Honor, I have prepared a
that had that org chart.
in the errata this
witness, I can hand it
substitute page for the exhibit
Itrs the same org chart that was
A
n
A
morning. If I may approach the
out or if you would rather not have it25
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Hydro One Limited
COMMISSIONER KELLANDER: That sounds fine.
Why don't you go ahead and do that. That wdy, we'1l al-I
be on the same page.
(Ms. Thomas distrlbuting documents. )
O BY MS. THOMAS: Mr. Lopez, do you have
before you a document that's designated Exhibit No. 4 and
on the very bottom line it says revised November 26,
2078?
A Yes.
0 Is this a revised page 2 of the Exhibit
No. 4 that was fil-ed in 201,'l?
A Yes.
0 Does this exhibit refl-ect the current
proposed post-closing corporate structure with the
revisj-ons that you described?
A Yes, it does.
MS. THOMAS: We would like to ask that
this Exhibit 4 be made an exhibit in the record. I think
it woul-d be Exhibit 18.
COMMISSIONER KELLANDER: Okay; so I think
are probably right, it
last one? L'7 was the
would be Exhibit 18. What was
one we just added, so Exhibit
would be correct,
state for
and as further clarification if we
you
the
18
could just
No. 4 right
the record, it does
now, again the relationship
say Exhibit
just for the25
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Hydro One Limited
record so we can keep it c1ean.
MS. THOMAS: Yes, this is a revised page 2
of Exhiblt 4 and we're asking that it be designated as
Exhibit 18.
COMMISSIONER KELLANDER: Thank you.
(Hydro One Limi-ted Exhibit No. 18 was
marked for identification. )
COMMISSIONER KELLANDER: Pl-ease proceed.
MS. THOMAS: Thank you, Your Honor.
O BY MS. THOMAS: Mr. Lopez, did you also
sponsor Exhlbit 4, Schedule 3, Hydro One's 20\6 Annua1
Report and 2016 Annual fnformation Eorm?
A Yes, I did.
O Is that exhibit still- accurate?
A Yes, it is.
MS. THOMAS: Your Honor, Hydro One woul-d
like to move the admission of the fol-lowing documents:
Mr. Lopez's supplemental testimony filed on September 24,
2078, his rebuttal testimony filed on November 74, 20!8,
his direct testimony filed on September 74, 2017, his
Exhibit 4, Schedules 1, 2, and 3, and we've already
addressed the revised page to Exhibit 4.
COMMISSIONER KELLANDER: So without
objection, we w111 admit the testimony and spread it
across the record as if read and admit the exhibits.25
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(Hydro One Limited Exhibit Nos. 4 and 18
were admitted into evidence. )
(The following prefiled direct,
supplemental-, and rebuttal- testimonies of Mr. Christopher
Lopez are spread upon the record. )
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Lopez, Di 1
Hydro One Limited
I. INTRODUCTION
O. Please state your name and business address.
A. My name is Christopher F. Lopez, and my
business address is 483 Bay Street, South Tower, 8th
Eloor, Toronto, Ontario M5G 2P5.
O. By whom are you employed and in what capacity?
A. f am Senior Vice President of Finance for Hydro
One Limited ("Hydro One"). Hydro One is a major North
Amerj-can electric transmission and distribution utility,
serving more than 1. 3 mil-l,ion residential and business
customers in Ontario, Canada.
O. Please summari-ze your education and business
experience.
A. I received a Bachelor of Commerce in accounting
and finance from Edith Cowan University in 1,996. I
qualified from the Institute of Chartered Accountants i-n
Australia in 1999. I received a graduate diploma in
corporate governance and directorships from the
Australian Institute of Company Di-rectors in 2001.
Prior to joining Hydro One, f was the Vj-ce President
of Planning and Mergers & Acquisitions at TransA1ta from
2071 to 2015. Prior to that, I was Director of
Operations Finance at TransAlta in Calgary from 2001 to
201L, and was Country
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Lopez, Di 2
Hydro One Limited
Financial Control-1er for TransAlta j-n Austral-ia, from
2002 to 2001.
0. Have you provided
A. Yes, a copy of my
experience prior to joining
Exhiblt No. 4, Schedu]e 1.
su@
a copy of your r6sum6?
r6sum6 that covers my
Hydro One is j-ncl-uded as
O. What is the purpose of your direct testimony in
this proceeding?
A. The purpose of my
describe the
testimony is as f oll-ows:
Proposed Transactj-on;
discuss Hydro One's corporate structure
and where Avista Corporation ("Avista")
wifl reside withln that structure;
discuss Hydro One'sfi-nancial strength;
capital structure and
describe Hydro One's financing for, andthe mechanics of, the Proposed
Transaction;
describe Avista's post-transaction accessto capit.al;
enumerate certain financlal, structural,
and ring-fencing commitments that Hydro
One and Avista are proposing as part of
their request for approval of the Proposed
Transaction; and
describe the Rate Credits i-ncluded as part
of the Proposed Transaction.
A table of contents of my testimony is as follows:
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Lopez, Di 3
Hydro One Limited
Description Paqe
I SUMMARY OF THE PROPOSED TRANSACTION.3
I]. POST-TRANSACTION CORPORATE STRUCTURE 5
III. HYDRO ONE'S CURRENT CAPITAL STRUCTURE AND
EINANCIAL STRENGTH 7
IV. PROPOSED TRANSACTION EINANC]NG 13
V. AVISTA'S POST_CLOSING ACCESS TO CAP]TAL.15
VI. RATE CRED]TS. . . .21
0.
testimony?
A
Are you sponsoring exhibits with your
Yes. Attached to my testlmony are:
, Schedule 1: ChristopherExhibit No. 4
Lopez R6sum6
Exhibit No. 4, Schedule 2z
Post-Transaction Corporate
Hydro One Limited
Pre- and
Structure of
Exhibit No.
2016 Annual
Information
4, Schedul-e 3: Hydro One's
Report and 2015 Annua1
Form
I. ST'MMARY OF THE PROPOSED TRA}ISACTION
O. Please describe Hydro One's proposed
acquisition of Avista.
A. The boards of directors for Hydro One and
Avista unanimously approved an all-cash transactj-on
pursuant to which Avista shareholders wil-l- receive $53
per common share, representing a 242 premJ-um to Avista'sI25
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closing share price of $42.14 on July 18, 2071. Avista
shareholders will receive cash consideration totaling
approximately $3. 4 bil-l-ion.
Lopez, Di 3a
Hydro One Limited
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Upon completlon of the transaction, based on pro forma
financial information at March 31, 201,7, following the
merger, Hydro One's total- assets will increase from
approximately C$25.4 billion to approximately C$34.9
bil-l-i-on. Together, Hydro One and Avj-sta will serve more
than two mil-1ion end*use customersl and will- operate
across multiple North Amerj-can jurisdictions, including
Ontario, Washington, Idaho, Oregon, Montana and Alaska.
Once acquired by Hydro One, Avista wil-l be operated
much as it is today, with the same management team, and
it wil-1 continue to be headquartered in Spokane,
Washington.
The terms of the transaction are set forth in the
Agreement and Plan of Merger (the "Merger Agreement")
dated as of July 79, 2077 among Hydro One Limited,
Olympus Holding Corp., Olympus Corp. and Avista which has
been provided as Exhibit No. 3, Schedu1e 3 to Avista
Thies' testimony and i-n Appendix 2 to the Joint
Application. Under the terms of the Merger Agreement,
Hydro One would acquire Avista through the merger of
Olympus Corp. with and i-nto Avista, with Avista as the
surviving corporation and a wholIy-owned, indirect
subsidiary of Hydro One. No material changes are
expected to
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Hydro One Limited
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1 Including 1.3 million Hydro One electric customers, 378,000 Avista
electric customers, and 342,000 Avista natural gas customers.
Lopez, Di 4a
Hydro One Limited
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the operations, management, or corporate structure of
Avista and its subsi-diaries -
II. POST-TRJA}ISACTION CORPORATE STRUCTTJRE
O. Please explain Hydro One's post-transaction
corporate structure.
A. Upon completion of the transaction, Avista will
be an indirect, wholly-owned subsidiary of Hydro One as
il-lustrated in the following organizational chart, which
is included in Appendix 1 to the Joint Application and is
Exhibit No. 4, Schedule 2 to my testimony:
I].]-ustration No. 1:
i
I
Lopez, Di 5
Hydro One Limited
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Hydro One Limited
O. Why is Hydro One employing this type of
structure ?
A. The structure has been set up to provide
segregation between the rate-regulated business in the
United States and the Ontario rate-regul-ated business,
which is hel-d by Hydro One Inc. Subsequent to the
transaction, Avista will be a who11y-owned subsidiary of
Olympus Equity LLC, which 1s a bankruptcy-remote entity
with no debt. Together with the ring-fenclng provisJ-ons
described later in my testimony, this structure insul-ates
Avista and its customers from any potential- financla1
weakness at Olympus Equity LLC or other entities up the
chain from Olympus Equity LLC.
O. Why is Hydro One creating three intermediate
subsidiaries between Avista / Olympus Equity LLC and the
Canadian Sub?
A. The entities are created for Canadian tax
planning purposes and to manage intercorporate funds
f l-ows.
O. Will this corporate structure result in any
additional- costs that will be recovered through Avista
ratepayers?
A. No.This corporate structure wiII not resul-t
in any additional costs to be recovered from Avista
ratepayers.25
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0. Have Hydro One and Avista offered
commitments to ensure that Avista ratepayers
protected
ring-fenclng
w1l-] be
Lopez, Di 6a
Hydro One Limited
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from any transactj-ons that wil-f occur in relation to
these subsi-diaries ?
A. Yes. These ring-fencing commitments will be
explained in more detail l-ater in my testimony. Olympus
2 LLC will not operate or own any business and will- limit
its activities to investing in and attending to its
sharehol-dings in Olympus Equity LLC, which, in turn, wi-1I
not operate or own any busi-ness and wil-l- limit its
activities to investing in and attending to its
sharehol-dings i-n Avista. Furthermore, there will be no
cross-subsidization of unregulated activities by Avista
customers, and Avista will provide access to books and
records required to verify or examine transactions with
Avista or that resul-t in costs that may be allocable to
Avista.
III.HYDRO O}IE ' S CT'RRENT CAPITA], STRUCTT'RE A}iID
FINA}ICIAI, STRENGTH
0. Does Hydro One have financial statements that
a 10K or 10Q in the United States?are similar to
A. Yes. Exhibit No. 4, Schedule
contains Hydro One's 2016 AnnuaI Report
3 to my testi-mony
and 2016 Annual
Information Form filed with
regulators. These are al-so
the Joint Application.
Canadian Securities
contained in Appendix 6 to
Lopez, Di 7
Hydro One Limited
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Hydro One Limited
a. PIease descrj-be Hydro One's current capital
structure.
A. Table 1 bel-ow shows that, on a consolidated
basis, Hydro One's balance sheet as at December 31, 2016,
reflects a capital structure that is approximately 538
debt and 47? equity.
r*lc1
Ar at DEEElntE[:il,llE5:
Long-tcrmdefrt payattle wiiltit orc ye*
Shrt-tErm mtespqPtle
{.orE-t€rmd€tt
raar- (Esh andcdr eeriva{ents
Totd Oebt
characterize the
its bal-ance sheet, how would
financial strength of Hydro
f cao x of rdc cqird
602
4E
lop7E
you
One?
{so}
1.1,OSg
Tgtal shsEholders' Eqdty 10,O17
Tota! capitat 21,1L6
a. To what extent has Hydro One employed long-term
debt in its capital structure?
A. As at December 31, 2016, of the 538 debt in
Hydro One's capital- structure, approximately 51% is
long-term debt., which is defined as debt instruments with
maturj-ty of 12
0. Given
months or greater.
53fr
47t
A. As
in my Exhibit
shown in the financiaf statements contained
No. 4, Schedu1e 3 , Hydro One maj-ntains a
it with access to capital.strong bal-ance sheet providing
This is25
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Hydro One Limited
recognized by
strong ratings
O. What
the rating agencies, dS reflected in the
of Hydro One.
are the credlt ratings that are currently
One by the major credit rating
did the ratings agencj-es respond to
assigned to Hydro
agenc j-es, and how
announcement of the transaction?
A. On July 19, 2011, following the announcement
of the transaction, Standard and Poors ("S&P") affirmed
an 'A' long-term corporate credit rating for Hydro One
and revised the outlook to Negative from Stable. It
mentioned the negative outl-ook on Hydro One refl-ects its
view that the Avista acquisition signals a shift in Hydro
One's business strategy, whi-ch will align the company
with its global peers.
On July 79, 2071, fol-lowing the announcement of the
transaction, Moody's affirmed the ratings of Hydro One
fnc.'s: (i) senior unsecured regular bonds (A3); (ii)
senior unsecured medium-note program ( (P)A3) ; and (ij-i)
senior unsecured commercial paper (P-2). At the same
time, Moody's changed the outlook on Hydro One Inc. to
Negative from Stable. It mentioned that the negative
outlook on Hydro One Inc. reflects 1ts view that the
probability of extraordi-nary support from the Provi-nce of
Ontario ("Province") will be reduced fol-lowing the
transaction.25
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Hydro One Limited
The rating agency DBRS (originally known as Dominion
Bond Rating) rates Hydro One Inc. 's long-term debt at A
(High) and its short-term debt at R1 (Iow). It expressed
its view that, should the merger be financed as
contemplated
on Hydro One
in the announcement, it will- have no impact
Inc. ts credit profile.
equity does the Province own in HydroO. How much
One?
A. As of June 30, 2011, the
approximately 49.92 of Hydro One's
Province owns
common shares.
o.
of equity
Please explain the laws that govern the level
that the Province must maintain in Hydro One.
A. The Province has a preemptive right to
subscribe to up to 45% of any new equity. If the
Province's ownership in Hydro One drops below 402, then
the Provi-nce has an obligation to increase ownership to
meet or exceed 402. No other shareholder may own more
than 10% of Hydro One, so Hydro One is essentially
take-over proof.
0. How do the provincial- laws requiring the
Government of Ontario to maintain a 402 equity interest
in Hydro One impact Hydro One's abll-ity to issue
addi-tional equlty?
Under theA
of the issuance of
Electricity Act,
additionaf voting
1998 , if as a resul-t
securitj-es by Hydro25
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One Limited, the Province of Ontario owns less than 40e"
of the outstanding number of voting securitj-es of Hydro
One Limited,
Lopez, Di 10a
Hydro One Limited
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Hydro One Limited
the Province is required to take steps to increase its
ownership to not l-ess than 409. of the outstanding voting
securi-ties. In order to assist the Province in meeting
its ownership obligations under the Electricity Act,
1998, under the governance agreement with the Province,
Hydro One has granted the Province a preemptive right to
subscribe for and purchase up to 452 of any proposed
issuance by Hydro One Limited of voting securities or
securities that are convertible or exchangeable into
voting securities (other than certain specified excl-uded
issuances). Any offered securities not subscribed for
and purchased by the Province pursuant to its preemptive
right may be issued to any other person pursuant to the
proposed offering.
Hydro One is permitted to issue voting securities or
securities that are convertible into or exchangeable for
voting securities at any time, provided that it must
first give the Provj-nce the opportunity to subscribe for
the number of securities to which it is entitled to
pursuant to its preemptive right before offering them to
others.
O. Does the fact that Hydro One is only traded on
access to capital?
on the Toronto
the Toronto Stock Exchange impact its
A. Hydro
Stock Exchange
One Limlted's Iisting
(TSX) requires it to comply with25
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applicable TSX rul-es regarding additional- listlngs in the
event that the company
Lopez, Di 11a
Hydro One Limited
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Hydro One Limited
proposes to j-ssue additional- common shares in the future.
Any such listing will require prior approval of the TSX
and, depending on the size of the issuance or other
factors, the TSX could require shareholder approval of
the issuance as a condition of j-ts approval. However,
TSX in and of itsel-f does not limit thelisting on the
company's access to equity.
Hydro One Limited may in the future determine that
listing its
increase its access to equity. Under
agreement
required
with the Province, Hydro One
to maintaj-n a listing of its
the Toronto Stock Exchange, but it is
on any other stock exchange in
common shares on a second
it maintai-ns its
exchange would
the governance
Limited is
common shares on
not prevented from
the future (solisting
long as
o.
approve
A
approve
o
regulate
fs the Ontario
TSX listing as weII).
Electric Board ( "OEB" )requlred
equity?to approve Hydro
A. No, the
approve issuance
O. Does
One's proposals to issue more
OEB has no jurisdlction to
of new equity by Hydro One.
review and
Hydro
No,
Hydro
What
Hydro
the OEB have jurisdiction to review and
One's acqulsition of Avista?
the OEB has no jurisdiction to revj-ew and
One's acquisition of Avista.
styJ-e of rate regulation does OEB use to
One?t 25
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Hydro One Limited
A. The OEB's scheme for regulating Hydro One
Networks Inc. is a hybrid of cost-based rates with an
allowed equity return and performance-based regulation.
O. Please describe the steps that wil-l- be taken to
effectuate the transaction.
A. Olympus Holding Corp., a Delaware CorporatJ-on,
and an indirect who1ly-owned subsidiary of Hydro One,
proposes to acquire al-l of the shares of Avista through a
merger of a who1Iy-owned indirect subsldiary, Olympus
Corp., and Avista. After the merger, Avista will be the
surviving corporation and Olympus Corp. wil-l cease to
exist.
O. Please describe how the acquisitj-on of Avista
by Hydro One wj-Il be financed.
A. Hydro One is committed to maintaining an
investment-grade balance sheet through and after
completion of the acquisition. Hydro One plans to
flnance this aIl--cash transaction using a mix of long-,
medium- and short-term debt together with a convertible
debenture instal-lment receipts offering. Hydro One is
plannlng to issue the debt financing in U.S. dol-l-ars
totaling US$2.6 billion (and issued convertibl-e debenture
installment receipts in Canada of C$1.54 billion or
approxlmately US$1.2 billion). We expect25
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IV. PROPOSED TR;A}ISACTION FINA}ICING
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Hydro One Limited
the convertibl-e debenture to be fully converted to
of the transaction.
equity
Thearound the time of the closing
planned US$ debt financing contemplates a combination of
and 30-year US$ denominated notes.5-year,10-year
o. will Avista pJ-edge any assets or guarantee any
purpose of the acquisitionof these transactions for the
of Avista by Hydro One?
A. No. Avista has not and will not pledge any
assets or guarantee any of the transactions necessary for
this acquisition.
O. What is Hydro One's current estimate of the
excess of the purchase price over the vafue of Avlsta as
of the expected closing date?
A. The boards of directors for Hydro One and
Avista approved an al-l-cash transaction through which
Avista shareholders will receive $53 per common share,
representing a 242 premium to the market val-ue of
Avista's shares of $42.14 on July 18, 2011. The
estimated excess of the purchase price over the book
val-ue of Avista's net assets is approximately $1.1
biflion as of June 30, 2071.
O. In and of itself r ds a resul-t of the closing of
this transaction, will Avista's financial statements
change?
A. No. Avista's U.S. financial statements,25
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prepared using generall-y accepted accounting principles
("GAAP" ) , wil-l-
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Hydro One Limited
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not be impacted by the closing of this transaction.
Avista will maintain its own accounting system, separate
from Hydro One's accounting system. The acquisition will
be accounted for in accordance with GAAP. The premium
paid by
accounts
utility
As
below, Hydro One
the acquisition
rates.
on the
wi]-1 continue
indicated by
Holding Corp.
access to all
Hydro One for Avista will- be recorded in the
of the acqui-sition company and not in the
accounts of Avista.
indicated in the merger
and Avista wi-l-l-
commitments described
not
O
A
premium in Avista's
Will the proposed transaction have any impact
availability of Avista's books and records?
No. Al-1 Avista financial- books and records
propose to recover
regulated retail
and Avj-sta wi-ll provide
below, Olympus
the Commi-ssi-on
records of
of accountr ds wel-l- as all documents,
their affiliated interests, which
the acquisition by Hydro One affect
capital ?
to be avail-abl-e to the Commission. As
the commitments described
books
data, and
pertain to
interests.
transacti-ons between Avista and its affil-iated
V. AVISTA'S POST-CLOSING ACCESS TO CAPITAL
O. How wil-l-
Avista's access to
Lopez, Di 15
Hydro One Limited
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A. We bel-ieve Avista's access to capital will be
enhanced in l1ght of Hydro One's strong bal-ance sheet. On
July
Lopez, Di 15a
Hydro One Limited
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Lopez, Di 16
Hydro One Limited
t9, 20L1, S&P affirmed its BBB' issuer rating on Avista
and revised the outl-ook to positi-ve from stable. S&P
noted that the positive outl-ook refl-ects the potential-
for higher ratings on Avista if the acquisition is
completed as proposed. Higher ratings would provide
Avista with enhanced access to debt capital.
O. Wilt Avista maintai-n its own capital structure
and, if so, how w1l-l- that affect its cost of capital for
ratemaking?
A. Yes, Avista will maintain its own balance
sheet. We have committed that Avistars cost of capital
for ratemaking purposes wil-1 be no greater than it would
have been absent this transaction.
O. Will Avista maintain separate credit ratings?
A. Yes, Hydro One
rating for Avj-sta from at
statistical- rating agency
O. Please describe
and Avi-sta wil-l- seek a separate
recognizedleast one nationally
( "Rating Agency" ) .
opportunities for Hydro One and
Avista to share certain costs.
A. Initlally, Hydro One and Avista do not expect
there to be signiflcant opportunities for cost sharing.
Over time, however, Hydro One and Avista will l-ook for
opportunities to share certain costs such as IT
investments. Further, Hydro One and Avista wilI benefit
from increased purchasing power.25
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O. Does Hydro One make any commitment with respect
to how corporate costs will be allocated?
A. Yes. Commitment 23 provides that Avista will
file cost al-l-ocation methodologles used to allocate to
Avista any cost related to Olympus Holding Corp. or its
other subsidiaries and that Avista will bear the burden
of proof in any general rate case that any corporate and
affiliate cost all-ocation methodology it proposes is
reasonabfe for ratemaking purposes. Also, Avi-sta witness
Ehrbar sponsors as Exhiblt No. '7 , Schedul-e 3, the
"Protocol for Direct Assj-gnment of Costs Between Avista
and Hydro One".
Avista will notify the Commission of
structure that affects Avista's
any change in
corporate andcorporate
affiliate
revisions
cost allocation methodologies and will propose
to such cost allocation methodologies to
accommodate such changes.
O. Do the Joint Applicants make any coflrmitment
with respect to Commission auditing of such allocations?
A. Yes, Olympus Holding Corp. and Avista commit to
provide audit rights with respect to the documents
supporting any costs that may be allocabl-e to Avista.
Pl-ease refer to "Access to and Maintenance of Books and
Records" (Commitment No. 22) in Appendix B (Master List
of Commitments) to the Joint Application.
Lopez, Di 71
Hydro One Limited
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.Az- .+
Ring-Fencing Merger Commitments
a. Please describe the "ring-fencing" protections
the Jolnt Applicants wifl employ to isolate Avista from
Hydro One and Hydro One's other subsidiaries.
A. Hydro One commi-ts to the following ring-fencing
protections to isolate Avista from Hydro One and Hydro
One's other subsidiaries. The following descriptions are
merely summaries of these commitments. The complete text
of these ring-fencing commitments is set forth in
Appendix B to the Joint Application and in Exhibit No. 3,
Schedule 4 sponsored by Avista wj-tness Thies.
' Olynpus qg)4y Ll9: Commitnent 42 provides
that Hydro One will include an entity,
designated as "Olympus Equity LLC, " between
Avista and Olympus 2 LLC. Fol-l-owing closing of
the Proposed Transacti-on, all of the common
stock of Avista will- be owned by Olympus Equity
LLC, which is a Delaware 1imited liability
company. Olympus Equity LLC is a whoIIy-owned
subsidiary of Olympus 2 LLC. Olympus Equity LLC
is a bankruptcy-remote special purpose entity,
and will not have debt.
Independent Directors and Managers: Commitment
40 provides that at l-east one of the nine
members of the board of directors of Avista
Lopez, Di 18
Hydro One Limited
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will- be an Independent Director who j-s not a
member, stockholder, director
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Hydro One Limited
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(except as an independent director of Avista or
Olympus Equity LLC), officer, oL employee of Hydro
One or its affiliates. At least one of the members
of the board of directors of Olympus Equity LLC wil_l_
be an independent director who is not a member,
stockholder, director (except as an independent
director of Olympus Equi-ty LLC or Avista), officer,
or employee of Hydro One or its affiliates. The
same individual may serve as an independent director
of both Avista and Olympus Equity LLC.
Bankruptcy Protections: Commitnent 40 provides that
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 (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.
Non-Con so l- idat ion Op inion :Connitllent 41 provides
that wlthin ninety (90) days of the Proposed
Transaction closing, Avista and Olympus Holding
Corp. will file a non-consolidation opinion wlth the
Commission which concludes, subject to customary
assumptions and
Lopez, Di 19
Hydro One Limited
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exceptions, that the ring-fencing provisions are
sufficient that a bankruptcy court would not order
the substantlve consoli-dation of the assets and
liabilities of Avista with those of Olympus Holding
subsldiaries (other thanCorp.
Avista and its subsidlaries) .
Separate Books and Records:Commitmeat. 2L provides
that Avista wil-l- maintain separate books and
records.
Restriction on Pfe of UtiLity Assets: Commitrnent
43 provides that Avista wilI agree to prohibitions
against loans or pledges of utility assets to Hydro
One, Olympus Holding Corp., or any of their
subsidiaries or affiliates, without Commi-ssion
approval.
Hol-d Harmf ess; Notice to Lenders; Restr-z ction on
Acquisitions and Dispositions: Commitment 44
includes a number of provisions designed to ensure
Avista's customers are held harmless from certain
events and that such events are subject to
regulatory supervision :
' Avlsta customers must be held harmless
from any buslness and flnanciaf risk
or its afflllates or
exposures associated with Olympus
Corp., Hydro One, and Hydro One's
Holding
other
Lopez, Di 20
Hydro One Limited
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af f il-iates.
Prospective lenders must receive a notice
explaining the ring-fencing provisions.
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Hydro One Limited
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Hydro One Limlted
Avista commits that Avj-sta's regulated
utility customers will- be held harml-ess
from the liabilities of any unregulated
activity of Avista or Hydro One and its
affil-iates. In any proceeding before the
Commission involving rates of Avista, the
fair rate of return for Avista will be
determined without regard to any adverse
are demonstrated to bethatconsequences
attributable to unregulated activities.
Measures provlding for separate financial
and accounting treatment will be
establ-ished for each unregulated activity.
Olympus Holding Corp. and Avista wil-l-
notify the Commission subsequent to
Olympus Holding Corp.'s board approval and
as soon as practicabl-e foll-owing any
public announcement of: (1) any
acquisition by Olympus Holding Corp. of a
regulated or unregulated business that is
equivalent to five (5) percent or more of
the capitalization of Avista; or (2) the
change in effective contro1 or acquisition
of any material part of Avista by any
other firm, whether by merger,
combination, transfer of stock or assets.25
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Neither Avista nor Olympus Holding Corp.
wil-1 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
resul-ts in a change of contro1 of Avista.
Within sixty (60) days fol-l-owing the
notj-ce required by this subsectj-on
(c) (ii) (2), Avista and Olympus Holding
Corp. or its subsidiariesr ds appropriate,
will- seek Commission approval of any sale
or transfer of any material part of
Avista. The term "materlal part of Avista"
means any sale or transfer of stock
representing ten percent (10%) or more of
the equity ownership of Avista.
If and when any subsidiary of Avista
becomes a subsidiary of Hydro One or one
of its subsidiaries other than Avj-sta,
Avista will so advise the Commission
within thirty (30) days and wil-l- submit to
the Commission a written document setting
forth Avista I s proposed corporate and
affiliate cost al1ocation methodologies.
Lopez, Di 22
Hydro One Limited
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Corporate Structu Cost Al-l-ocation: Conmitnent
23 establishes that Avista wil-l- provide cost
allocation methodologies used to allocate to Avista
any costs related to Olympus Holding Corp. or its
other subsidiaries, and commits that there will- be
no cross-subsidization by Avista customers of
unregulated activities.
Avista wil-l- notify
in corporate structure
corporate and affiliate
the Commission of any change
that affects Avista's
cost allocation
methodologies. Avista will propose revisions to
such cost allocation methodologies to accommodate
such changes.
o1 :
Commitnent 45 provides that Olympus 2 LLC will- not
operate or own any business and will- l-imit its
activities to investing in and attending to its
shareholdings in Olympus Equity LLC, which, in turn,
wil-I not operate or own any business and w1l-l limit
its activj-ties to investing in and attending to its
shareholdings in Avista.
Access to and Maintenance of Books and Recordsz
CommitmenL 22 provides that Olympus Holding Corp.
and its subsidiaries, including Avista, wil-l provide
reasonable access to Avista's books and records;
ACCCS S
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Hydro One Limlted
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to financial information and filings; audit rights
with respect to the documents supporting any
costs that may be all-ocable to Avista; and access
Avista's board minutes, audit reports, and
information provided to credit rating agencies
pertaining to Avista.
Utility-Level Debt, Preferred Stock and Ratingsz
Commitment 34 provides that Avista will maintain
separate debt and preferred stock, if dny, to
support its utility operations.
Ratemaking Cost of Delt and Equity: Commitment- 24
+^
provides that
cost of debt
Avista's cost
been absent
ratemaking
debt costs
purposes:
wifl be no
Avista will not advocate for a higher
what
(a ) Determinat j-on of Avista ' s
higher than such costs would
or equity
of debt
capital as compared to
or equity capital- would have
Hydro One's ownership. For future
have been assuming Avista's credit ratings by at
least one lndustry recognized rating agency,
including, but not limited to, S&P, Moodyrs, Fitch
or Morningstar, in effect on the day before the
Proposed Transaction closes and applying those
credit ratlngs to then-current debt, unless Avista
proves that a l-ower credit rating is caused by
circumstances or devel-opments not the resul-t of
Lopez, Di 24
Hydro One Limited
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financial risks or other characteristics of the
Proposed Transaction; (b) Avista
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Hydro One Limited
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
(c) Determination
rate cases wiIl incl-ude
equity in future
sel-ecti-on and use
of the Proposed
of the allowed
Transaction; and
return on general
of one or
common
more proxy group(s) of companies engaged in
buslnesses substantially si-milar to Avista, without
any limitation related to Avista's ownership
structure.
Avista CapitaT Structurez Commitnent 25 provides
of thethat at al-l- times following
Proposed Transaction, Avista
the closing
wil-l- have a
equity ratio of not less than 44 percent (as
calculated for ratemaking purposes) except to the
extent the Commission establ-ishes a lower equity
ratio for Avista for ratemaking purposes.
Restrictions on Upward Dividends and Distributions:
Cornnitment 36 imposes the following restrictj-ons on
and distributions:Avista's upward dividends
If either (i) Avj-sta's corporate
credit/issuer rating as determined by at
least one industry recognized rating
agency, including, but not limited to,
S&P, Moody's, Fltch, or
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Continued
Morningstar is investment grade or (il)
the ratio of Avistars EBITDA to Avista's
interest expense is greater than or equal
to 3.0, then distributions from Avista to
Olympus Equity LLC shal-I not be limited so
long as Avista's equlty ratio is equal to
or greater than 44 percent on the date of
such Avista distribution after giving
effect to such Avista distribution, except
to the extent the Commission establ-ishes a
lower equity ratio for ratemaking
purposes. Both the EBITDA and equity
ratio shal-l be cal-cul-ated on the same
basis that such calcul-ations would be made
for ratemaking purposes for regulated
utility operations.
Under any other circumstances,
distributions from Avista to Olympus
Equity LLC are allowed only with prior
Commission approval.
Credit Ratinqs: Commitnent 35 provides
that each of Hydro One and Avista wil-I 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
Lopez, Di 26
Hydro One Limited
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maintain a separate credit rating for Avista from at
l-east one Rating Agency
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Hydro One Limited
within the ninety (90) days following the closing of
the Proposed Transaction. If Hydro One and Avista
are unable to obtai-n or maj-ntain the separate rating
for Avista, they will- make a filj-ng wj-th the
Commission explaining the basis for their failure to
obtain or maintain such separate credit
this proceeding
rating for
Avista, and parties to
opportunity to
commitments.
No Amendment of
partj-cipate and propose additional-
Ring Fenclng Provis j-ons: Comitment
46 provides that Olympus Holding Corp. and Avista
commit that no material amendments, revisions or
modifications will be made to the ring-fencing
provisions as specified in these regulatory
commitments without prior Commission approval-
pursuant to a limited re-opener for the sole purpose
of addressing the ring-fenci-ng provisions.
VI. RATE CREDITS
O. Will Avista
wil-l- have an
provide Rate
Transaction?
Credits to customers
as part of the
A. Yes.
Proposed
Customers will see immediate financial
benefits in the form of proposed retaj-l-
("Rate Credj-ts") beginning at the cl-ose of
Rate Credits
the Proposed
and Hydro OneTransaction. Through Cornmitment 18, Avista25
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are proposing to flow through to Avistars retail-
customers in Idaho,
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Lopez, Di 28
Hydro One Limited
Washington, and Oregon a Rate Credit of $31.5 mill-ion
over a 1O-year period, beginning at the time the merger
closes. The Rate Credit consists of two components, and
reflect.s an increased level of savings in years 6-10 as
illustrated in the table be1ow.
Two-Step Rate Crcdit Proposal
Annual Crcdit
Yean l-5
Annual Credit
Yean 6-10 Total Credit
Total Credit $2.65 Millbn $3.65 Million $31.50 Million
Oftetable Credit $1.70 Millbn $2.70 Million $22.00 Million
Comqitment 18 further provides that the Total Rate
following
and the
Credit to customers for the first five years
the closing would be
credit woul-d increase
$2.65 millJ-on per year,
to $3.65 million per year for the
last five years of the 1-0-year perlod. A portion of the
annual total- Rate Credit would be offsetable, as
indicated in the tabl-e above. During the 1O-year period
the financial- benefits will be flowed through t.o
customers either through the separate Rate Credit
described above or through a reductlon to the underlying
cost of service as these benefits are reflected in the
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the cl-ose, the $2.65 million benefit will
customers through a separate Rate Credit,
reduction in costs has
be provided to
as long as the
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not already been refl-ected in base retail- rates for
Avistars customers.
Commitnent 18 also provides that to the extent
Avista demonstrates in a future rate proceeding that cost
savings, or benefits, dj-rectly 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-
effectively represents
rate of return durlng
not offsetabl-e
finally provides that the $31.5
Rate Credit that is
acceptance by Hydro
the 1O-year period.
Commitnent 18
One of a fower
mill-ion represents
flowed through to Avistars customers, elther 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 ffowed through
to customers 1n base retail rates in general rate cases
in total Rate Credits foras they occur. The increase
years 6-10 will provide time for Avlsta and Hydro One to
fevel- ofidentify and capture over time
benefits, directly related to
that can be fl-owed through to
the "floor" of beneflts that will be
an increased
the Proposed Transaction,
customers. Avista and
Lopez, Di 29
Hydro One Limited
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Hydro One believe additional efficiencies (beneflts) will-
be real-ized
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over time from the sharing of best practices, technology
and innovation between the two companies. It wil-l- take
time, however, to identify and capture these benefits.
The l-evel of annual net cost savings (and/or net
benefits) will be tracked and reported on an annual
basis, and compared against the offsetabl-e l-evel of
savings. Mr. Thies provides additional- detail-s rel-ated to
the proposed Rate Credit.
O. Does this conclude your direct testimony?
A. Yes, it does.10
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Hydro One Limited
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Lopez, Supp 1
Hydro One Limi-ted
I. INTRODUCTION
O. P1ease state your name, busj-ness address and
present position with Hydro One Limited.
A. My name is Christopher F. Lopez, and my
business address 1s 483 Bay Street, South Tower, 8th
El-oor, Toronto, Ontario M5G 2P5. On September 6, 20LB I
was appointed as Acting Chief Financial Officer ( "CFO" )
for Hydro One Limited ( "Hydro One" ) . Prior to September
6, 20LB I was Senior Vice President of Finance for Hydro
One.1
O. Have you filed testimony in this proceeding?
A. Yes. My prior testimony describes the proposed
merger ("Proposed Transaction"), the corporate structure,
financing arrangements, ring-fencing, access to capital,
rate credits, cost all-ocatj-ons and related benefits to
Avista's customers.
0. Are you sponsoring any exhibj-ts that accompany
your testimony?
A. No.
A tabl-e of contents for my testimony is as fol-l-ows:
I. ]NTRODUCT]ON.1
II. SUMMARY OE RECENT DEVELOPMENTS IN ONTARIO 3
II]. FINANCIAL STRENGTH OE HYDRO ONE....1
]V. AVISTA'S ACCESS TO CAP]TAL 71
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1 See AVU-E-17-09, AVU-G-17-05, Supplemental- Report on Hydro One Management
Changes (Sep. 7, 2078\ .
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Hydro One Limited
V. RING_FENCING COMMITMENTS. .79
V]. PROPOSED TRANSACTION EINANCING 25
V]I. AV]STA'S FUTURE FINANCIAL HEALTH 26
Sunmrary pf ferliniqrry
0. Pl-ease summarize your testimony.
A. My supplemental testi-mony will describe recent
events and demonstrate that the benefits of this
transactj-on for Avista ratepayers remain unchanged since
the parties' settlement documents were filedz and that
recent political developments in Ontario create no risks
for Avista or its customers. Specifically, I wilI:
' Summarize the recent developments in Ontario;
' Summar)-ze and reaffirm my previ-ous testimony
explalning how Hydro One is financially healthy and
Avista will benefit from having a parent with strong
access to capital markets,'
' Review the merger commj-tments relating to Hydro
One's financial support for Avista;
Confirm that Hydro One stands by these commitments
benefits associatedand conti-nues
with having a
and
to provlde
financially
the
healthy parent company;
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2 evu-e-17-09, AVU-G-17-05, Stipulation and settlement (Apri1 13, 2018)
(i-ncluding Appendix A, "Master List of Commitments in ldaho"); see afso,
AVU-E-17-09, AVU-G-17-05, Avista and Hydro One Joint Comments in Support of
Stipulation and Settlement (June 20. 2018).
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Hydro One Limited
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Hydro One Limited
Explain why the Ontario el-ection, the
Letter Agreement between the Province
July 11, 2018
of Ontari-o
(the "Province") and Hydro One (the "July 2018
Letter Agreement") and subsequent events have
effect on these commitments and benefits.
no
II. SI'MMARY OF RECENT DEVELOPMENTS IN ONTARIO
O. Pl-ease summarj-ze recent developments relating
to management of Hydro One.
A. There are four developments that I wiff
summarize: the June '7, 20tB election; the July 20J.8
Letter Agreement,' the Hydro One AccountabiLity Act, 2078;
and the August 14, 20tg appointment of new board members.
O. Please describe the June 7, 2018 electj-on as it
rel-ates to Hydro One.
A. On June '7, 20L8, voters in the Province elected
a new majority government 1ed by Premier Doug Eord of the
Progressive Conservative Party, which replaced the
previous Liberal- government 1ed by former premier
Kathl-een Wynne. The new government was sworn in on June
29, 2018. During the campaign, Mr. Ford stated that he
wanted to remove Hydro One's chief executive officer
( "CEO" ) Mayo Schmidt and some or a1l of the members of
Hydro One's Board of Directors ( "Board" ) .I 25
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Lopez, Supp 4
Hydro One Limited
During the campaign, members of a different
political party, the New Democratic Party or "NDPs, "
stated that they would try to "bring Hydro One back into
public hands" by buying back some or al-l of Hydro One's
shares held by entitles other than the Province. The
NDPs did not win enough seats to form the provincial
members of thegovernment. Mr. Ford and other
Progressive Conservative Party (the "Conservatives"), by
contrast, made no suggestion that they would support
returning Hydro One to Crown Corporation status. Although
the NDPs and the Conservatives were essentially tied in
votlng po11s, the Conservatives won a majorlty of seats
in the legislature.
O. Please describe the July 2018 Letter Agreement.
A. On July 71, 2078, the 1st Session of the 42nd
Parl-iament of the Legislative Assembly of Ontario
commenced. The same dry, Hydro One, on beha1f of itself
and 1ts wholIy-owned subsidiary, Hydro One Inc. ("HOI"),
announced that following an approach by Hydro One to the
Province, they had entered into an agreement for the
purpose of the orderly replacement of the Hydro One and
HOI boards and the retirement of Mayo Schmidt as the CEO
effective July 71, 2018. See prefiled Supplemental
Testimony of James Scarlett ("Scarl-ett Testimony") and
Exh. No. 10, Schedul-e 1 thereto (July 207825
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Letter Agreement). The Scarl-ett Testimony describes the
July 2078 Letter Agreement in detail-.
0. Please describe the Hydro One AccountabiTity
Act, 2018.
A. On July 16, 20!8, the new Provincj-al- government
introduced Bill 2, the Urgent Prioritjes Act, 2078, which
enacts or amends various statutes via Schedules to the
Bil1. It received Royal Assent on July 25, 20L8, and is
therefore i-n fu1l force and effect. The Schedules come
into force as provided in each Schedule. Schedule 1 is a
new Act entitled the Hydro One Accountabil-ity Act, 2078
(the "Act") and took effect on August 15, 2078. This
Schedule deal-s with the compensati-on framework (and
related discl-osure obligations) for the directors, CEO
and executives of Hydro One and its subsidiaries (except
subsidiari-es incorporated in jurisdictions outside
Canada). The Scarlett Testimony describes the Act in
detail. Exh. No. 10, Schedul-e 2 Lo the Scarlett
Testimony contains a copy of the Act.
This legislatj-on has no impact on (1) Hydro One's
contractual commitment to proceed with its acqulsition of
Avista, (2) the settlement stipulations Hydro One
negotiated with parties in Idaho and other statesr or (3)
the Commisslon's authority to continue to regulate Avista
if the merger with Hydro One is consummated.
Lopez, Supp 5
Hydro One Limited
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O. Please descri-be the new Hydro One Board.
A. The new Hydro
74, 20L8. The members
One Board was announced on August
and the process for
detail in the prefiled
Chalr Thomas Woods
of the Board
their appointment are described in
Supplemental- Testimony of Hydro One
and the Scarl-ett Testimony.
O. Do any of these developments affect Hydro One's
proposed acquisition of Avista?
A. No, they do not affect the Proposed
Transaction, and Hydro One remains committed to the
Proposed Transaction. The transaction was designed to
stand the test of tj-me, through changes in personnel at
any l-eve}. The Hydro One AccountabiLity Act has no
appli-cation to Avista because it specifically refers to
Hydro One and its subsidiaries (except subsidiaries
incorporated in jurisdictions outside Canada). The
appointment of the new Hydro One Board, consist.ent with
the Governance Agreement,3 demonstrates that Hydro One
is continuing to operate as it has in the past. Hydro
One is stable and financially strong. Hydro One remains
ful1y capable of performing all- of its obligati-ons under
al-1 the merger commitments.
3 See Scarlett Testimony, Exh. No. 10, Schedule 3
Lopez, Supp 6
Hydro One Limited
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Lopez, Supp 1
Hydro One Limited
III. FINAI{CIAI STRENGTH OF HYDRO ONE
O. You previously testified that Hydro One was
financially strong and is viewed by credit rating
agencies as a prudent, wel-l--managed company. Is that
still the case?
A. Yes, the credit rating agencies continue to
view Hydro One as a prudent, wel1-managed company. This
is demonstrated by strong investment grade credit ratings
from Moody's Investors Service ("Moody's"), Standard &
Poor's ("S&P"), and Dominion Bond Rating Service
("DBRS"): (i) HOI has an "A- (CreditWatch Negative)"
Iong-term credit ratlng from S&P, a "Baa1 (Stable
Outl-ook)" rating on senior unsecured debt from Moody's,
and an "A (High) (Stable Outlook) " rating from DBRS; and
(ii) Hydro One has an "A- (CreditWatch Negative)" j,ssuer
credit rating from S&P. By comparison, Avista's credit
ratlngs are "BBB (CreditWatch Positi-ve) " from S&P and
"Baa1 (Negative Outl-ook) " f rom Moody' s. Hydro One' s
investment grade credj-t ratings indicate that the company
has access to capital on reasonabl-e terms and conditions.
O. Have rating agencies commented on the recent
developments that you describe?
A. Yes, several have commented. For example, oo
July L6, 201,8, Moodyrs published its "Credit Outl-ook"
report. This is a bi-weekly report outlining Moody'satr
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outlook
JuJ-y 76,
on credit implications of current events. The
20!B report
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Hydro One Limited
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Lopez, Supp B
Hydro One Limlted
includes a section on Hydro One entit1ed "Hydro One's
Board and CEO Are Forced Out, a Credit Negative." The
report concl-udes that "Ontario's willingness to force out
the current board clearly demonstrates that the utility
is not immune to direct political interference, a credit
negative. " The report al-so concludes that if the
Province foll-ows through on its promise to reduce some
customer rates by L2Z, and that reduction reduces Hydro
One's revenue and cash fIow, it woul-d be materially
credit negative for Hydro One. Reiterating previous
statements by Moody's,a the report states that Hydro
One's completion of the acquisition of Avista is credit
negative for both Hydro One and HOI. Fina11y, the report
notes that Hydro One woufd be fol-Iowing an established
process for establishment of a new board.
On September 13, 2018, S&P issued a report titled
"Hydro One Ltd. And Subsidiary Downgraded To 'A-' On
Lower Governance Assessment; Ratlngs Remaj-n on Credit
Watch."5 S&P lowered its issuer credit ratings on Hydro
One and its subsidiary
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4 See Moody's Investor Service, Rating Acti-on: Moody's downgrades HoI to
Baal from A3; ratj-ng outlook stable (June 20, 2018),https: / /www moodys. com/
research/Moodys-downgrades -Hydro-One-Inc-to-Baa1-f rom-A3-rating--PR 3B 552 3 ;
see also, Moody's Investor Service, Rating Action: Moody's Affirms Hydro
One's senior unsecured A3 ratings; outfook changed to negative (July 19,
2011), https : / /www.moodys . com/research/Mood s-Affirms-Hvdro-One s - seni o r-
unsecured-A3-ratings-outf ook-changed--PR 37 0 02 1 .
5 A.rista filed a copy of thls report in this docket on September 11 , 2018.
Lopez, Supp 8a
Hydro One Limlted
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Lopez, Supp 9
Hydro One Limited
Hydro One Inc. to 'A-' from 'A'. Al-1 ratj-ngs remain on
CreditWatch with negative implications.
S&P explained the one-notch downgrade as follows:
The Government of Ontario recently implemented
Teqislation, requirinq Hydro One's board ofdirectors to estabfish a new executive compensation
framework for the board, CEO, and other executiizes.
The legisTation al-so amends the current Ontario
Energy Board Act, requiring the Ontario Energy Boardto excl-ude any compensation paid to the CEO and
other executives from consumer rates.
We consider such action as a qovernance deficiency
rel-ated to Hydro One's ownership structure and are
lowerinq our management and governance (M&G)
assessment on Hydro One Ltd. (HOL) and Hydro One
Inc. (HOI) to fair from satisfactory.
Hydro One's credlt rating remains investment grade.
Further, the legislation clted by S&P as the reason for
the downgrade, the Hydro One Accountability Act, 2078,
applies only to Hydro One's subsidiaries in Canada, and
therefore, would not appfy to Avista if the proposed
merger is consummated.
o. Did
change Moody's
A. No,
O. Have
the publication
credit rating
it did not.
the recent
of Moody's Credit Outlook
of HOI or Hydro One?
developments you described
credit ratlngs of Hydro One byresulted in
Moody' s or
any changes to
DBRS ?
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Hydro One Limited
A. No, they have not. Neither Moody's nor DBRS
have ratings for Hydro One (that is, Hydro One Limited).
HOI, the company that hol-ds our regulated utility in
Ontario, has ratings from Moody's and from DBRS. Those
ratings likewise have not changed as a resul-t of recent
developments.
O. Are these sorts of comments from rating
agencies cause for concern about the flnancial health of
Hydro One and its suitability as a parent company for
Avista?
A. No, they are not.
O. Please explain.
A. First, the ratings themselves demonstrate that
the rating agencies believe Hydro One remains financially
commented onsound. None of the issues that the agencies
resulted in a change to the actual- ratings. Strong
investment grade credit ratings indicate that the company
has access to capital on reasonabl-e terms and conditions.
Hydro One's second quart.er resul-ts, announced on
August !4, 2018, underscore its financial stability.
Hydro One reported earni-ngs per share (EPS) of Canadian
$0.34 and adjusted EPS of Canadian $0.33, compared to
Canadian $0.20 in the prior year, an increase of 102 and
652, respectively.6 Our "culture of conti-nuous
improvement yielded high25
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6 News Refease, Hydro One, Hydro One Reports Strong Second Quarter Results,
(Aug. 14, 20lB),nttp://nva.oo"e.m .9onl2Q!B Qq LLEyq!9 4!e:B9p9I!!(Iast visited Aug. 74, 2078).Strong-Se rter-Resufts
Lopez, Supp 10a
Hydro One Limited
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Hydro One Limited
performance metrics at the contact centre, billing
accuracy
further
in excess of regulatory requi-rements and a
Canadian $6 mi111on decrease in overdue accounts
receivable due to proactive support programs. "7 Paul-
Dobson, our Actlng President and CEO, stated that,
"'Hydro One's strong second quarter financiaf resul-ts
coupled with continuously improving operational and
customer service metrics hiqhlight the underlying
strength of the business as well as the Company's
positive momentum since the Initial- Publ-ic Offering in
2 015 . "'B
In Q2, Hydro One obtained Canadian $4.4 biIlion in
credit l-ines. HOI obtained Canadian $1.4 bil-l-ion i-n
long-term debt. The long-term debt incl-uded a Canadlan
$750 million 31-year tranche that was issued at a 3.632,
the lowest interest rate in the history of the company.
Second, Hydro One remains a very suitable parent
company for Avista for al-l- the reasons discussed in prior
testlmony. The companies are cultural-1y aligned. Hydro
One's market capitalization 1s approximately three times
the size of Avista and will provlde Avista with improved
access to capital markets as described in Section IV
below. Hydro One is a strategic lnvestor, rather than a
financial investor, and its
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Hydro One Limited
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interests are aligned with Avista's for long-term
success. Hydro One has made a number of commitments to
preserve Avista's ability to run its own business on an
ongoing basj-s, for the benefit of Avista's customers.
Eina1Iy, Avista is wholly protected from any
potential financial turbulence at Hydro One by the
financial and ring-fencing commitments described in
Section V below.
O. Have the recent developments you described
resulted in any changes to Hydro One's stock price?
A. Hydro One's stock price has changed, although
it is impossi-ble to know all the causes for the changes.
Hydro One's stock price decreased Canadian $1.21 (or
6.0U) in the month ended July 31 to close at Canadian
$19.0. This decline was greater than the average decl-ine
of 3.9eo in the Utilities - Regulated sector for the same
period.9 During the month of August, Hydro Oners stock
price stabilized, and cl-osed at Canadian $19.28 on August
31. The stock price has continued to fj-rm, closing at
$19.85 on September 18.
O. Are changes in Hydro One's stock price cause
for concern about Hydro One's abiJ-ity to finance the
Proposed Transaction and to satisfy such merger
commitments as providing equity on an as-needed basis and
maintaining
Lopez, Supp 12
Hydro One Limited
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9 News Bites Canadian Markets, Monthly: Hydro One foses CAD620 niLLion
(US$474 niLfion) in I4Cap i-n Ju7y, biggest drop in UtiLities - Regulated
sector (July 31, 2018), LexisNexis Newsdesk (subscription req'd).
Lopez, Supp 72a
Hydro One Limited
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investment-grade ratings for Hydro One and Avista?
A. No, the changes in Hydro One's stock price have
no meaningful impact on the Proposed Transaction.
O. Please explain.
A. Since May 2018, Hydro One's access to capital
and its ability to flnance Avista remains largely
unchanged. The decline in Hydro One's stock price does
not impact Hydro One's ability to finance the Proposed
Transaction. We expect the convertible debentures to be
fulIy converted to equity at the previously agreed equity
price around the time of the closing of the Proposed
Transaction. The equity from the convertible debentures,
and the planned US$2.6 biltion debt financing, which is
supported by the US$2.6 billion in bridge financing, is
sufficient to fund the Lransaction.
Within our current plans we have sufficient
financing flexibil-ity to satisfy the merger commitments.
Shoufd Hydro One need to access equity markets to meet
the merger commitments, it would issue new equi-ty at the
prevaillng price at that time.
O. Is the !22 el-ectricity rate reduction proposed
by the Provincial government cause for concern about
Hydro One's ability to finance the Proposed Transaction
and to satisfy its merger commitments?
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Hydro One Limited
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A. No, this proposal has no impact on the Proposed
Transaction.
0. Please explain.
A. First, it should be noted that Hydro One has
not proposed any rate reductions. Moreover, Hydro One
does not anticipate that any eJ-ectricity rate reductions
proposed by the Province of Ontario wil-l have any impact
on Hydro One's ability to either: a) operate and maintain
Avista operations in Idaho, or b) fund the rate credlt
and other commitments stipulated in the Idaho Stipulated
Settlement.
Hydro One does not intend its acquisition of Avista
to supplement Hydro One's rate revenue in lts Ontario
service terrltory. To the contrary, the acquisition of
Avista is a strategic investment: (a) it expands Hydro
One's reach into a new geographical market and into the
gas distribution business, (b) it creates geographic
diversification and (c) it increases scale. Like Avista,
Hydro One earns a regulated rate of return and the
regulatory constraints on rates are a universal fact of
the utility business, not something specific to Hydro
One. This deal is in no way intended to subsidize the
rates of Hydro One customers, but rather, it is part of a
strategy of diversification and growth with a partner
that is a strong cultura1 match.
Lopez, Supp 74
Hydro One Limited
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With respect to operations in Idaho, Hydro One
remafns
Lopez, Supp L4a
Hydro One Limited
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an effective and competent parent company for Avista. The
numerous ring-fencing commitments agreed to in Idaho were
developed to ensure, among other things, that Avista
wou1d not be subj ected to inf l-uence by the Province of
Ontario. Indeed, Avista's ability to operate and maintain
its business would not have been dlrectly affected by any
of the recent actions by the Province of Ontario.
O. Several- of the commj-tments (collectively,
"stipulated Commitments" and individuallyr "Stipulated
Commitment") in the Tdaho Stipulated Settlement require
Avista's shareholder, Hydro One, and not Avista's
ratepayers, to provide funding for certain programs
(Stipul-ated Commitment Nos. 11 Community Contributions;
19 Rate Credits; 58 Funding for Energy Effi-ciency,
Weatherization, Conservation, and Low-fncome Assistance
Programs, 6l - Community Contributions; 10 - Montana
Community Transition Fund). How can the Idaho Pubfic
Utilities Commission (the "Commission") be certain that
funding wil-l- be avall-able for these Stipulated
Commitments in liqht of the developments described above?
A. First, with respect to the $15.8 mil-l-ion rate
credit provided in Stipulated Commitment No. 79, that
credit wil-l- slmply flow through to Avista customers in
the bills j-ssued by Avista without Hydro One having to
take any action.
Lopez, Supp 15
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Hydro One Limited
Shortly after the merger, Avista will fil-e a tariff rider
requesting approval, which wil-1 ensure Avista's Idaho
customers begin receiving the benefit of the rate credi-t
immediately. Although no funds will fl-ow from Hydro One
to Avj-sta, Hydro One wil-I bear the burden of these rate
credlts, ds they will reduce the earnings potentially
availabl-e to Hydro One as dividends. The rate credit
constitutes the bulk of Hydro One's funding commitments.
Second, Stipulated Commitment No. 66 establishes
that if Avista has retained earnings that would otherwise
be available to Hydro One as dividends, those retained
earnings can be used to fund Stipulated Commj-tment Nos.
ll, 58, 6L, and 70: "To the extent Avista has retained
earnings that are available for payment of dividends to
Olympus Equi-ty LLC consistent with the ring fencing
provisions of this list of merger commitments, such
retained earnings may be used. Eunds avail-able from
other Hydro One affiliates may be used without
limitation. "10 In essence, funds otherwise avail-able for
payment of dividends to Olympus Equity and on up the
chain will- j-nstead be directed to funding these
commitments:(i) $5,308,847 over 10 years
weatherlzation, conservation,
to fund energy
and }ow-incomeefficiency,
assistance
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10 Avista's abitity to use retained earnings to meet these commitments also
wilf be qoverned by Hydro One's commitments in Stipulated Commitment Nos.
26, 34, 36-37.
Lopez,
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programs (Sti-pul-ated Commitment No.58); (ii) $4,500,000
fund (Stipulatedfor a Colstrip community transition
Commitment No. 10); and (iii) the charitable
contributions in Stipulated Commitment Nos. 11 and 67.
With thi-s approach, there is no need for cash to flow
from Hydro One
Third, as above, Hydro One remains
I have no reason to think thatfinancially
wil,l change.
Fourth,
healthy and
the Commission wifl- have full enforcement
authority over the binding commj-tments incl-uded in the
Stipulated Settlementr ds described in more detail j-n the
Scarlett Testimony.
to Avista.
discussed
Fina11y, to the extent that
the Province will not provide the
commitments, the Province will not
holding company, Avista's access to
Avista is a relatively small utillty
there is concern that
funding for
be i-nvolved
these
in meeting
of Hydrothese commitments the obligations are those
One, not of its shareholders
IV. AVISTA' S ACCESS TO CAPITAI
O. How will having Hydro One as a parent affect
Avista's access to capital?
A. By being part of a larger,financially strong
capital wil-1 improve.
company as compared
Lopez, Supp tl
Hydro One Limited
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with other utility companies in the U.S. As shown in
Avista CEO
Lopez, Supp 7la
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Scott Morris's testimonyr ll Bank of America Merril-l Lynch
determined that at the time the Hydro One acquisition was
announced in July 2071, Avista's market capitalization of
$2.7 billion was smaller than all but four
publicly-traded U.S. el-ectric utilities covered by Value
Line. Post-merger, the combined Hydro One/Avista company
woul-d have a market capitallzation of approximately $13
bill-ion, placing the new combined company near the middle
of U.S. electric util-ities by market capitalizatj-on.
Being part of the larger Hydro One organization wil-I
provide Avlsta with increased scale that may enhance its
ability to compete for capital with larger utility
holding companies in the U.S. Hydro One has deep and
broad banking relationships. Banks aggressively pursue
Hydro One's business. Once Avista is part of Hydro One,
it too may real-ize the benefits of Hydro One's strong
f inancial- rel-ationships. Many small- and medium size
utility companies, such as Avista, are finding that
mergers that allow them to increase their size and
financial strength are important in order to a1low them
continued access to capital- markets on reasonable terms
to finance the ongoing capital needs associated with
serving their customers.
11 Morris Exh. No. 1, Schedul-e 1
Lopez, Supp 18
Hydro One Limited
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V. RING-FENCING COMMIT!{ENTS
a. Please describe the merger commitments that
"ring-fence" Avista's financj-a1 posltion and insulate
Avista's customers from any adverse financial impacts
associated with the Proposed Transaction.
A. Hydro One, Avj-sta, and a1I parties
(coll-ectively, the "Parties") f1led a Stipulated
Settlement on April 73, 2078. The Parties negotiated
numerous commitments designed to provide separate
governance and financial ring-fencing between Avista and
Hydro One. Certain of these merger commitments were
developed to ensure that Avista cannot be subjected to
political interference or influence by the Province. Key
provj-sions include:
Avista Board Conposition. Avista will have a
nine-member board separate from Hydro One that wil-l-
govern Avista's management and operations. Three of the
five Avista directors sel-ected by Hydro One (not by the
Province) must be independent under NYSE rul-es. Further,
those three directors must be residents of the Pacific
Northwest. See Stipul-ated Commitment No. 3.
Ollmpus g . Olympus
Equity LLC's three-member board must include one
independent director. See Stipulated Commitment No. 43.
Lopez, Supp 19
Hydro One Limited
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Avista Executive Management. Avista will seek to
retain the executive management currentJ-y in p1ace, and
replacements must be sel-ected by Avistars board -- not
Hydro One. See Stipul-ated Commitment No. 2.
EnpJ.oyee Retention. Avista' s employees will- be
retained. See Stipulated Commitment Nos. 9, 10.
Equity Support from Hydro One.Hydro One is
required to provide Avista with enough equity so that
Avista can access debt on reasonable terms. See
Stlpulated Commitment No. 34. Therefore, neither Hydro
One, nor the Province, can deprive Avista of its capital
and assets.
Separate Avista Credit Ratings. Avlsta wilI
continue to have 1ts own credit ratings. Hydro One and
Avista agree to notify the Commission within two business
days of any downgrade of Avj-stafs credit rating to a
non-investment grade status. See Stlpulated Commitment
Nos. 36, 31. Therefore, again, neither Hydro One, nor
the Province, can deprive Avista of its capital and
assets.
Restrictions on Dividends. Avista wil-l- be
prohibited from issulng
metrics reJ-ating to the
debt coverage
keep retained
dividends if certain
equity floor, credit
are not met. BaslcalJ-y, this
earnings at the Avista level
financial
ratings and
operates to
where they
Lopez, Supp 20
Hydro One Limited
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wil-I improve Avista's financial strength. See Stipul-ated
Commltment No. 38. This too
Lopez, Supp 20a
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Hydro One Limited
Bankruptcy Proceedings. Several of the Stipulated
Commitments protect Avista
proceedings that
from being
are not in
drawn into
the best interestbankruptcy
of Avista and its customers. Avista will i-ssue a s ingle
Shareshare of preferred
to an independent
Schedule 1). The
place Avista into
Commitment No. 42.
stock referred to as the Gol-den
third party (see Thies Exh.
vote of this share will be
vol-untary bankruptcy. See
Further, Avista's entry
No. 72,
required to
Stipulated
lnto
vol-untary bankruptcy woul-d require the consent of a
two-thirds majority of al-l- of its directors, including
the affirmative vote of at least one of the Independent
Directors at Avista. See Stipulated Commitment No. 43.
Hydro One and Avista must also provide a
non-consolidation opinion to confirm the effectiveness of
the rJ-ng-fencing measures to prevent the substantive
consol-idation of the assets and Ilabilities of Avista
with t.hose of the entities above it in the corporate
chain of ownership. See Stipulated Commitment No. 44.
The corporate structure al-so incl-udes Olympus Equity LLC,
a bankruptcy-remote special purpose entity that will have
no debt. See Stipulated Commitment No. 45. Therefore,neither Hydro One, nor the Province, can obtain Avistars25
308
prevents Hydro One from depriving Avista of its capital
and assets.
Golden Share and Other Protections agrainst
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Hydro One Limited
capital and assets through
that would be in the best
a bankruptcy proceeding unless
interests of Avista's
customers.
Restriction on Pledge of Assets Avista's utility
assets can be pledged only for the benefit of Avista, not.
Hydro One. See Stipulated Commitment No. 46. Therefore,
neither Hydro One nor the Province can strip Avista of
1ts capital and assets.
O. In 11ght of recent events, have Hydro One and
Avista proposed any additional- commitments?
A. Yes, Avista and Hydro One have
additional commitment to provide further
such that Avista will-
agreed upon an
protection to
be able toAvista's employees,
continue to recruit
employee tal-ent base
and retain the most highly qualified
for our customers:
Avista Employee Compensation: Any decisionsregarding Avista employee compensation shal-1 be madeby the Avista Board consistent with the terms of the
Merger Agreement between Hydro One and Avista, andcurrent market standards and prevailing practices ofrelevant U.S. el-ectric 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 accordancewith the foregoing shall not be subject to change by
Hydro One or the Hydro One Board.12
O. In addition to the above commitment which Hydro
One and Avista have already proposed, would you adopt any
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12 avu-s-17-09, AVU-G-17-05, Letter from Joint Applicants Regarding Update
on Recent Changes in Hydro One Management (Jul-y 18, 2018), pp. 5-6.
Lopez, Supp 22a
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Hydro One Limited
addltional commitments relating to financial matters?
A. Yes, although Hydro One and Avista believe the
current Idaho commitments are sufficiently
Idaho from
management, or rate
any potentlal-
changes at
wllling to adopt
Oregon commitments in Idaho.
Oregoa Stipulated Comitueat No. 39 (ao corytarablecomituent in ldabo)
Foreigzt Exchange and Hedging on Dividends Payments
and AJ-J-ocations
Avista and Parent agree that Avista ratepayers wlfl
be held harmless from any currency exchange or
related cash fl-ow smoothing or hedging costs
pertaining to activities beyond Avista's Oregon
utility operati-ons and not usual and customary prior
to cfose of the Proposed Transaction.
Or gon StiPulated Cowitunt
Stitr:ulated Conl,nitlaer:t No. 25)
Cost of CapitalAvista and Parent agree that Avista's Cost ofCapital, including Avista's Rate of Return (ROR),
common equity, and Long-Term Debt, shall not be morecostly after the close of Proposed Transaction than
they would have been absent the ProposedTransaction. Consistent with Commitment 35 (a) ,Avista bears the burden of proving that increases inAvista's Cost of Capital, including Avista's ROR,
common equity, and Long-Term Debt, is caused by
cj-rcumstances or developments that are unrelated tothe financial risks or other characteri-stics of the
Proposed Transact j-on.
Oregion StiP.uJ-ated Contrnifueat No. 54 (no coryarablecomitueat in Id.aho
robust to
insulate Avista's customers in
effects of
Hydro One,
any of the
political,
Hydro One
fol Iowing
and Avlsta would be
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Hydro One Limlted
Avista Cash FLowsAvista commits, and Parent agrees, that prior to
upward dividends from Avista to Olympus Equity LLC,Avista cash flows wifl not be comingled in common
accounts with cash flows for other purposes ateither 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 subaccountsthat are separate from Avista accounts and
subaccounts, sufficient to cause handling of cashflows to be entirely consistent with Avista's
corporate purposes.
VI. PROPOSED TRA}ISACTION FINAI{CING
0. Please describe how the acquisition of Avista
by Hydro One wilf be financed.
A. As I previously testifi-ed, Hydro One is
committed to maintainj-ng an investment-grade bal-ance
sheet through and after completion of the acquisition.
Hydro One plans to finance this aIl-cash transaction
using a mix of long-, medium- and short-term debt
together with a convertibl-e debenture instal1ment
receipts offering. Hydro One is planning to issue the
debt financing in U.S. dollars totaling US$2.6 bil-l-ion
(and j-ssued convertibl-e debenture instal-l-ment receipts in
Canada of Canadian $1.54 bil-l-ion or approximately US$1.2
bil-lion). We expect the convertible debenture to be
fulJ-y converted to equity around the time of the closing
of the Proposed Transaction. The planned US$ debt
financlng contemplates a combination of S-year, 1O-year
and 30-year US$ denominated notes.t 25
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Hydro One Limited
O. Have recent developments led to any changes IN
this plan?
A. No, the financj-ng plan described above is stil-l-
l_n place.
VII. AVISTA'S E"UTURE FINANCIAT HEJAI,TH
O. Do the commj-tments in the Application ensure
that Hydro One will- preserve Avistars financial health?
A. As previously discussed, there is evj-dence that
Avista's credit rating may be improved as a result of the
Proposed Transactj-on in fact, Avista's credit rating
outl-ook was revised from Stable to Positive by S&P upon
announcement of the deal-. Further, Hydro One has
specifically committed to maintain Avj-sta's actual common
equity ratio at a level- no l-ess than 44 percent. See
Stipulated Commitment No. 26. Hydro One is committed to
provide equity to support Avista's capital structure
designed to aIlow Avista access to debt financing under
reasonable terms and on a sustai-nable basis. See
Stipulated Commitment No. 34. An interlocking provision,
Stipulated Commitment No. 25, provides that, "Avista will
not advocate for, and Hydro One agrees Avista wil-I not
advocate for, a hlgher cost of debt or equity capital- as
compared to what Avj-sta's cost of debt or equity capital
woul-d have been absent Hydro Oners ownership." Thus,25
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Hydro One has fuI1y protected Avista's financial health
against any negatlve effects from the Proposed
Transaction.
O. Does this conclude your supplemental testimony?
A. Yes it does.
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Hydro One Limited
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I. INTRODUCTION
O. Pl-ease state your name, business address and
present position with Hydro One Limited.
A. My name is Chrlstopher F. Lopez, and my
business address is 483 Bay Street, South Tower, 8th
Floor, Toronto, Ontario M5G 2P5. On September 6, 2078 I
was appointed as Acting Chief Einancial Officer ( "CFO" )
for Hydro One Limited ("Hydro One"). Prior to September
6, 2078 I was Senior Vice President of Einance for Hydro
One. 1
O. Have you filed direct, rebuttal, or
supplemental testimony in this proceeding?
A. Yes. I fil-ed direct testimony on September L4,
2011 and supplementaf testimony on September 24, 201,8.
0. Are you sponsoring any exhibits that accompany
your testimony?
A. No.
A table of contents for my testimony is as follows:
]. INTRODUCTION
II. NEW SETTLEMENT COMMITMENTS DESIGNED TO ADDRESS
PROV]NCE'S MINORITY SHAREHOLDING IN HYDRO ONE. .....2
]II. COMPLIANCE WITH IDAHO CODE S 67-328
1 See AVU-E-17-09, AVU-G-17-05, Supplementaf Report on Hydro One Management
Chanqes (Sep. 7, 20LB) .
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Hydro One Limited
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I
Summary of Testimony
O. Please summarize your testimony.
A. I wil-l- discuss how we worked with IPUC Staff
and other parties to modify certain Stipulated
Commitments and add others to resolve concerns that the
Provlnce as a minority shareholder in Hydro One might
somehow undermine Avistars financial integrity; and how
the Proposed Transaction meets the standards of Idaho
Code S 6L-328.
II. NEW SETTLEMENT COMMITI{ENTS DESIGNED TO ADDRESS
PROVINCE'S MINORITY STIAREHOLDING IN HYDRO ONE
O. fPUC Staff testified that amendments to
Stipulated Commitment No. 3B help resol-ve concerns that
the Province will- attempt to undermine Avista's financial-
integrity by demanding dividends from Avista.2 Can you
provide more detail on those amendments and why they will
protect Avista?
A. The amendments provi-de additional- protection to
Avista in two ways.
First, Stipulated Commitment No. 38 establishes a
44e" mlnimum equity ratio for purposes of allowing
dividends. As agreed to in Apri1, the 442 floor for
purposes of dividends in Stipulated Commitment No. 38
would have been automatically adjusted downward if
Lopez, Supp. Reb. 2
Hydro One Limited
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Avista's equity ratio for ratemaking
2 avu-e-11-Og/Avu-G-17-05 - Direct Testimony of Terri Carlock at pg
(Nov. 6, 20LB) ("Car1ock Direct Testimony").
1
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Hydro One Limited
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purposes were set below 442. As amended, the commitment
no longer provides for an automatic adjustment. Instead,
the Parties have agreed that if Avista's equity ratj-o for
ratemaking purposes is set below 442, the Commission
shoul-d consider whether any adjustment should be made to
the minimum equity ratio for divi-dend purposes. This
provides additional- protection to Avista by giving the
Commission a opportunity to review the proper minj-mum
equity ratio for divi-dend purposes if there is a proposal
to drop the equlty layer for ratemaking purposes to 44%.
Second, as amended, Stipulated Commitment No. 38 now
contains a new subparagraph d. This prohibits the
comingling of Avista cash flows with cash fl-ows at Hydro
One and its other af f iliates prior to Avj-sta's j-ssuance
of dividends. It also requires that Avista's accounts
and subaccounts be kept separately from accounts of the
other entities.
O. Di-d Hydro One, Avista, IPUC Staff , and other
parties to this proceeding develop further amendments to
the Stipulated Commitments to address concerns of
Provincial- influence that could harm Avista?
A. Yes. These other amendments are detail-ed in
the Rebuttal Testimony of James Scarlett for Hydro One
Limited, filed November L4, 20lB ("Scarlett Rebuttal-
Testimony" ) .
Lopez, Supp. Reb. 3
Hydro One Limited
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Hydro One Limj-ted
III. COMPLIAT{CE WITH IDAIIO CODE S 6L-328
O. Does IPUC Staff conclude that the Proposed
Transaction complies with fdaho Code S 67-328?3
A. Yes; IPUC Staff concl-udes that (i) the Proposed
Transaction 1s consistent with the public j-nterest (Idaho
Code S 6L-328(3) (a)),4 (ii) Avista's cost of and rates
for supplying service will- not be increased by reason of
the Proposed Transaction (Idaho Code S 6L-328 (3) (b) ),s
and (iii) Hydro One has the bona fide intent and
financial- ability to operate and maintain Avista in the
public service (Idaho Code S 6l-328 (3) (c) ) 6
O. Do you agree with IPUC Staff that the Proposed
Transaction complies with Idaho Code S 67-328?
A. Yes.
0. Which of the Stipulated Commitments in Exhibit
101 to Terri Carlock's Direct Testimony
Proposed Transaction is consistent with
interest (Idaho Code S 67-328 (3) (a) ) ?
A. Hydro One, Avista, IPUC Staff,
Paper Corporation ("C1earwater"), Idaho
(Idaho Forest Group), Idaho Conservatlon
ensures that the
the public
and Cl-earwater
Forest Group, LLC
League ("ICL"),
3 Carlock Direct Testimony at pgs
4 Carfock Dj-rect Testimony at pgs
5 Carlock Direct Testimony at pgs
6 Carlock Direct Testimony at pgs
2-(
4, f ines 71,-25 .
?-q
4, lines 19-25.
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Hydro One Llmited
the Communi-ty Action Partnership Association of Idaho
("CAPAf") and the Washington and Northern Idaho District
Council of Laborers ("WNIDCL") agreed to numerous
Stipulated Commitments that ensure that the public
interest wil-l- be served by the Proposed Transactj-on.7
They fall- into several groups.
Financlal- Integrity. As noted by IPUC Staff,s the
following Stipulated Commitments protect Avista's
financial integrity after the Proposed Transaction is
consunrmated:
' 34 - Capital Structure Support: Hydro One wilf
provi-de equity support designed to allow Avj-sta
access to debt financing on reasonable terms.
' 35 Utility-Level Debt and Preferred Stock: To
protect Avista's financial integrity, Avista
wil-1 maintain separate debt to support its
utillty operations.
36 - Continued Credit
continue to be rated
Ratings: Avista wil-1
by at least one credit
rating agency.
31 Credit Ratings Notificatj-on:
notify the
downgrade
Commi-ssion in the event
Avista will
of a ratings
status.to non-investment grade
7 Revised Exhibit A to Flrst Amendment to Stipulation and Settl-ement
(sponsored by Staff Witness Carl-ock as Exhibit 101).
8 Carfock Direct Testimony at pg. 9.25
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Hydro One Limited
' 38 Restrictions on Upwards Dividends and
Distributions: Avista is prohibited from making
upwards distributions of dividends under
certain circumstances that could be indicators
of f i-nancial weakness.
' 39 - Pension Funding: Avista will maintain a
sound pension fundlng policy.
' 40 - SEC Reporting Requirements: Avista wil-l-
comply with applicable SEC reporting
requirements.
' 4L - Compliance with the Sarbanes-Ox1ey Act:
Avista will comply with applicable requirements
of the Sarbanes-Oxley Act.
Protection against Bankruptry. As noted by IPUC
Staff, e the following Stipulated Commitments establ-ish
ring-fencing to protect Avista from bankruptcy in the
event of financial distress at entitles above Avista in
the corporate chain:
42 Golden Share: Avista's entry into
require thewouldvoluntary bankruptcy
affirmative vote of the hol-der of the Gol-den
a
Share.
43 Independent Directors:Avista's entry into
inclusi-on of Avistavoluntary bankruptcy or the
in bankruptcy proceedings would require the25
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consent of
9 Carfock Direct Testimony at pg. 9
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Hydro One Limited
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Hydro One Limited
a two-thirds majority of al-l- of its
directors, including the affirmative vote of at
l-east one of its Independent Directors.
44 - Non-Consol-idation Opinion: Avista and
Hydro One will provide the Commission with a
non-consolidation opinion to confirm that with
these ring-fencing measures, a bankruptcy court
woul-d not order the substantive consolidation
of the assets and liabilities of Avista with
its' parent companies.
45 - Olympus Equity LLC: Avista's immediate
parent, Olympus Equity LLC, wil-l- be a debt-free
and bankruptcy-remote special- purpose entity.
46 Restriction on Pledge of Utility Assets:
Avistars utility assets can be pledged only for
the benefit of Avista, not Hydro One. Thus, the
Hydro One
and assets
lnterests.
41 HoId
cannot strip Avista of its capital
for the benefit of the Canadian
Harmfess; Notlce to Lenders;
and Dispositions:
harmless for Hydro
Restriction on Acquisition
Hydro
One' s
One will hold Avista
business risks and wil-l- notify lenders of
the ring-fencing requirements.
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Hydro One Llmited
48 - Olympus Hol-di-ng Corp. and Olympus Equity
LLC Sub-entities: Avista's immediate parent,
Olympus Equity LLC, wiII l-imit its activities
to Avista, and Olympus Holding Corp. wil-l- limit
its activities to Olympus Equity LLC.
49 - No Amendment: None of the commitments may
be amended without prior Commission approval.
50 - No Inter Company Debt: Avista wil-l- obtain
Commission approval before enterj-ng into any
inter-company debt transactlons with Olympus
Holding Corp., Hydro One, or any of their
subsidiaries or affiliates.
51 - No Inter Company
from lending money to
Lending: Prohibits Avista
Olympus Holding Corp.,
thei-r subsidiaries orofHydro One,
affiliates
or any
without prior Commission
Staff also notes
approval.
that theRegulatory Commitments. IPUC
10 Carlock Direct Testimony at pg. 925
324
Regulatory Stipulated Commitment Nos. 20 - 33 constitute
part. of the overall financial protections. l0 f agree.
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O. Besides these Stipulated Commitments, what
other factors demonstrate that the Proposed Transaction
is consistent with the public interest (Idaho Code S
6t-328 (3) (a) ) ?
A. The Proposed Transaction is consistent with the
public interest in many ways. Avista's Idaho customers
will receive $15.8 mill-ion rate credits and a number of
financial protections that do not exist today, such as
the restrictions on dividends in Stipulated Commitment
No. 38. Avista customers can expect benefits as a resul-t
of the financial- and business stability associated with
being owned by a larger utility. Avista's customers will-
benefit from the backing of another, larger utility with
a strong balance sheet, a credlt rating higher than
Avista's, and a customer base somewhat similar to
Avista's.
Furthermore, the broader public in Idaho will
benefit from the Stipulated Commitments relating to
funding of approximately $5.3 million for energy
efficiency, weatherization, conservation, and low-income
assistance programs (No. 5B); 1oca1 staffing (No. 10),
charitabl-e contributions (Nos. 11 and 67) , community
j-nvolvement (No. 72) , and economic development (NO. 13);
efforts to improve the penetration of low income programs
(No. 64); and outreach to trlbal communities (No. 65) .
Lopez, Supp. Reb. 9
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Hydro One Limited
O. Which of the Stipulated Commitments ensure that
Avista's cost of and rates for supplying service will- not
be increased by reason of
Code S 61"-328 (3) (b) )?
A. Several of the
in tandem to ensure that
the Proposed Transaction (Idaho
Stipulated Commitments funct.ion
the Proposed Transaction wil-l-
not result in any increase to Avj-stars cost of and rates
f or supplying service. These incl-ude:
' L6 - Treatment of Net Cost Savings: Hydro One
commits that Avista customer rates will not
increase as a resul-t of the Proposed
Transactj-on. Hydro One wilI al-so hold Avista
customers harmless from any such rate increase.
Any net cost savings attributed to the Proposed
Transaction wil-l be refl-ected in subsequent
rate proceedings.
' 71 - Treatment of Transaction Costs: Costs
associated with the Proposed Transaction cannot
be recovered from Avista customers.
' l-B Travef Expenses: Limits Avista's corporate
travel- expenses recoverable in rates.
' 19 - Rate Credits: A Rate Credit totaling
approximately $15.8 million will fl-ow to
Avista's
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retail customers in Idaho in the first
five (5) years after the merger cl-oses.
' 24 - Avista's customers wilt not
cross-subsidize unregulated activities. Hydro
One costs will not be al-l-ocated or charged to
Avista's ratepayers absent specific Commj-ssion
authorization.
' 25 - Avista will not advocate for a cost of
debt or equity that is higher than what
Avista's cost of debt or equity capital would
have been absent Hydro One's ownership.
' 50 and 51 There will be no inter-company debt
or lending with out Commission approval.
' 66 - Sources of Funds for Hydro one
Commitments: Hydro One's funding commitments
are not contlngent and are not
rate-recoverabl-e .
O. Besides these Stipulated Commitments, what
other factors demonstrate that Avista's cost of and rates
for supplying service will- not be increased by reason of
the Proposed Transaction (Idaho Code S 6l-328 (3) (b) ) ?
A. The Commission wil-l- have ample opportunity in
Avista's next Idaho general rate case and all subsequent
rate cases to review all- costs that make up the revenue
requirement and assure itsel-f that Avista and Hydro One
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have lived up to their commitments that are designed to
ensure Avistars cost
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Hydro One Limited
of service and rates will not increase by reason of the
Proposed Transaction. The Commission, not Avista, nor
Hydro One, sets rates for Idaho customers. Those rates
are developed based on a thorough and substantial-
evidentiary record of expert written and oral- testimony,
exhibits, and work papers that include detailed
accounting and cost allocation records, which document
Avista's cost to provide service to Avistars Idaho
customers.
a. Which of the Stipulated Commitments in
101 to Terri Carlock's Direct Testimony ensures
the bona fide intent and financiaf
Exhibit
that
abilityHydro One
to operate
has
and maintain Avista in the public service
(Idaho Code S 67-328 (3) (c) ) ?
A. A number of the commitments relating
evidence of record,
the bona fide intent and
to
financial integrity, as weII as
demonstrate that Hydro One has
other
financial abillty to operate and maintain Avista 1n the
public service. The relevant Stipulated Commitments
incl-ude:
' The many commitments that impose specific
financj-al burdens on Hydro One, such as
Stipulated Commi-tment Nos. 11 and 6L
(charitable contributions) ; t9 (rate credits) ;
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Hydro One Limited
34 Capital Structure Support: Hydro One will
provide equity support desJ-gned to a1low Avista
access to debt financing on reasonabl-e terms.
' 66 Sources of Eunds for Hydro One
Commitments: Hydro One's funding for specific
commitments is not contingent on Hydro One's
ability to arrange funding, but is a firm
commitment to provide the dollar amount
speclfied.
O. Besides these Stipulated Commltments, what
other factors demonstrate that Hydro One has the bona
fide intent and financiat ability to operate and maintain
Avista in the public service (Idaho Code S 67-328 (3) (c) ) ?
A. Hydro One's financial ability to operate and
maintain Avista is demonstrated by its strong credit
rating, which is hlgher than Avistars; its size; its
ready access to capital on reasonable terms and
conditions; and the fact that convertibl-e debentures are
already in place as an element of financlng for the
transactlon. This is detailed in my prior testimony in
Section III of my supplemental testimony filed September
24, 2018.
Hydro One's bona fide intent to
Avj-sta is demonstrated by the effort
invested in this transaction and the
operate and maintain
that Hydro One has
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done to identify areas where we can achieve efficiencies
and
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implement best practices. See Direct Testimony of Mayo
M. Schmidt at pg. 28 (Sept.14,2011).
0. Does this conclude your rebuttal- testimony?
A. Yes 1t does.
Lopez, Supp. Reb. 74
Hydro One Llmited
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CSB REPORTING
208.8 90.5198
LOPEZ (X)
Hydro One Llmited
(The following proceedings were had 1n
open hearing. )
MS. THOMAS : Mr. Lope z Ls avail-abl-e f or
cross-examination.
COMMISSIONER KELLANDER: Thank you.
Mr. Purdy.
MR. PURDY: I have none. Thank you
COMMISSIONER KELLANDER: Mr. Otto.
MR. OTTO: No questions.
COMMISSIONER KELLANDER: Mr. Richardson.
MR. RICHARDSON: Thank you, Mr. Chairman,
no questions.
COMMISSIONER KELLANDER: Thank you.
Mr. Wil-Iiams.
MR. WILLIAMS: No questions.
MR. BAXTER: Mr. Chai-rman,no questions.
questions, andCOMM]SSIONER KELLANDER: No
Mr. Karpen.
MR. KARPEN: So I only have a couple.
CROSS_EXAMINAT]ON
BY MR. KARPEN:
O On page !4 of your supplemental testimony,
the three reasons that Hydro Oneyou explain or expand
is acquiri-ng Avista;
on
geography and into a gasI25
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CSB REPORTING
208.890. s198
LOPEZ (X)
Hydro One Limited
distribution business, geographic diversification, and an
increase in scal-e. I'm assumj-ng it also makes financial
sense. You're looking to get some financial gain from
the merger;
A
o
is that accurate?
stipulation to
the first five
accurate?
A
O
That's correct
Now, in effect, that Iimits or represents
of returnan acceptance by Hydro One of a fower rate
during that period; is that accurate?
you are
Avista?
A That's correct.
O Can you identify the rate of return that
expecting during that first five years from
A I canrt specifically, but what I
That's correct.
Now, you have also committed in the
provide a rate credit of 15.8 million over
years after the merger closes; is that
earns
woul-d say
today inis that the rate of return that Hydro One
Ontario 1s roughly nine percent. The rate
Washington and fdaho is higher than that,
adjusted that in terms of what we think is
we can move forward on that basis.
of return in
so we just
acceptable and
O And after the five years, f'm assuming
that you expect glven the efimination of that rate credit25
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208.8 90.5198
LOPEZ (X)
Hydro One Li-mited
that that rate of return would go up; is that accurate?
A Correct.
O And how is Hydro One going to be
receiving, I guess, money from Avista? How are they
going to make the money from Avista? Can you explain
that ?
ASo
equity under the
so that would be
external shareholder,
record, so we get the
Avista today makes a return on its
current arrangements with various PUCs,
the same. Instead of paying it to an
we're now the one shareholder of
same return that woul-d have gone to
its shareholders in the past, so that's exactly the way
it wlll- be done.
o
something like
So for a simpleton
the dividends that
you would say
to
customers by 12
if you've got a
point me to
like me,
would go
shareholders now goes to the single sharehol-der; is that
accurate ?
A CorrecL, the dividends and the earnings,
yeah.
O Okay, you have spoken a little bit about
the Province of Ontari-o's commitment to reduce rates by
72 percent, Hydro One rates to Hydro One
percent. You're famil-iar with that?
A I'm familiar wlth it, but
question on my testimony, if you coul-d lust25
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208.890.5198
LOPEZ (X)
Hydro One Limited
where it is, that would be heIpful.
O Page 13 of your supplemental- testimony,
you say
eJ-ectricity
government
not a cause
A
0
three provisions as
as I explained in my first question, that you're also
financial galn through those
and perhaps even before that rate
the question is, "Is the 12 percent
rate reduction proposed by the Provincial
cause for concern?" Is 1t fair to say it's
for concern?
Yes.
And then you explain and you include these
as why you're purchasing Avistafar
looking to Avista for a
dividends. I'm curious
credit runs out, woul-d Hydro One be
any more
that 72
dividends out of Avista in
looking
order to
to squeeze
accompli-sh
percent rate reductj-on?
A No, therers no l-ink between the 72 percent
rate reduction for Ontario and Avista. We made
investment in Avista and we'fI get a return for that. We
will seek to become as efficient as we can be in Ontario
under that construct as wel-l-, and to give an example for
the Commissioners, since 20L5, so since Hydro One was
taken pubJ-ic, had public ownership, we've reduced total
O&M expense by six percent in normal terms, so over, you
know, r 15 Do, you go to '16, 'tl , we reduced j-t, so
think about inflation woul-d take you up two to fouro25
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208.890. s198
LOPEZ (X)
Hydro One Limited
percent per
O&M expense
everything
be. We'II
should have gone up
six percent, so we
four, the actual
are doing
utility we can
and we'l-l-
year, w€
went down
we can to be the most efflcient
continue to do that in Ontario
continue to do that with al-l- other energy producers and
those that provide the energy to
So f guess maybe
wdy, there's kind of
got the
reducing
Hydro One stream
expenditures and
One,separate
You're
consumers in Ontario.
to put it again in a more0
simpleton' s
got. You've
to focus on
within Hydro
income fl-ow
and thatrs
coming in
accurate ?
streams that you've
and you're trying
controlling costs
from the Avista
keeping those two
two
that's
separate; is that
A
corporately and
Correct. They are completely separate
they are going to be regulated by
Ontario has the same construct where theyseparate
regulate
PUCs.
the
a rate case
sponsored by
returns that we 9et, so we go
there. Avista would present a
their board of di-rectors. We
in and present
rate case here
do the same in
Ontario, so they're completely separate. We would hope
that we would share knowledge on how to reduce costs, how
to use lnnovation to bring better outcomes to our
customers, so that's the way we woul-d hope to expand on
that.
O Now, once the dividend that flows out of)\
337
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Avista into Hydro One makes its way up the chain back to
Hydro One, is there an ability for the I guess what
happens to that money once it flows out of Avista back up
to Hydro One? Does it go to Hydro One shareholders or
A It goes into corporate resources
effectively, so Hydro One pays a dividend to each
shareholder. It's published. It's set between 70 and 80
percent of consolidated earnings, So as those earnings
come up, we wil-l- pay a portion of those dividends out to
shareholders. Avista will retain the funds that it needs
and we've got also a commitment to give the equity it
requires, when required, to fund its business, and Hydro
One does the same thing on the Ontario side.
O Okay; so theoretically, if the Hydro One
entity, which I believe Mr. Woods' testified is in l-ine
with the goals of the Province in reducing those rates,
were to try to do that, it could do it effectively in two
ways, it sounds l-ike to me: one, through reducing costs
and expenditures from Hydro One; ot t two, increasing its
income stream through efficiencies gained at Avista,
which theoretically in turn would increase the dividend
that flows through to Hydro One; is that accurate?
A I think the earnlngs in Hydro One, so
think about it as Avista runs its business and there's a
return on that, the customers get a servi-ce for the price
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Hydro One Limited
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208 .8 90 . 5198
LOPEZ
Hydro One Limited
that they agreed
Once the profits
onr the same thing goes on j-n Ontario.
from those two businesses roll out, that
at that point, so I don't see
those rates to be used to
belongs to the sharehol-ders
dividends and earnings above
reduce electricity rates at all-. I think j-n Ontario
we're entitled to a fair rate of returnr so we would
still expect to see that occur.
they can question how quickly we'reNow,
the assets.reinvesting in
you can reduce
down the 1J-ne,
documents that
the record. I
If you want to i-nvest slower,
you need to expect some outages
coul-d make if they wanted to reduce rates, but that would
be completely separat.e to Avista.
O Okay, and then as far as the rate of
return goes in Idaho, ds you understand it, this
Commission stil1 has jurisdiction over that issue?
A Absolutely.
MR. KARPEN: Okay, thank you. I have no
further questions.
COMMISSIONER KELLANDER: Thank you.
Mr. Semanko.
MR. SEMANKO: Mr. Chairman, before I start
my cross-examinati-on, I mentioned earfier I had some
rates, but
so those are the kind of trade-offs they
I was golng
have handed
to be referring to that are in
those out to counsel-r so Io25
339
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woul-d like to ask the witness about some of those
documents. I guess I'm looking for a littl-e guidance
here. They're in the record. The excerpts coul-d
certainly be marked as exhibits. They are an Ontario
Energy Board decision from earlier this year,' a previous
decision of this Commission in Scottish Power; and the
Montana Merger proceeding decision from July.
COMMISSIONER KELLANDER: And did you say
they were already in the record?
MR. SEMANKO: They're in the record.
COMMfSSIONER KELLANDER: Why don't we go
ahead and put exhibit numbers on them and that wll-l- make
it a l-ot cl-eaner and easier to track. What are your
numbers?
MR. SEMANKO: Ontario Energy Board
decisi-on would be 801.
COMMISSIONER KELLANDER: Okay.
MR. SEMANKO: The PUC decision Order
No. 28273 wou]d be 802, and the Avista cover l-etter with
the Montana Merger Proceedings decision would be 803.
These are al-l- excerpts. I don't have every page.
COMMfSSIONER KELLANDER: Which makes sense
that we give them separate exhibit numbers, whj-ch is
fine.
MR. SEMANKO: I don't know if there's a
CSB REPORTING
208 .8 90. 5198
LOPEZ
Hydro One Limited
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208.8 90.5198
LOPEZ
Hydro One Limited
question of the admissibility. These are all Orders and
decisions of the
COMMISSIONER KELLANDER: The Commission
can
The
always
other I have
to get a
that's 801, 802, and 803
(Avista
801-803 were marked for
MR. SEMANKO: Absolutely.
COMMISSIONER KELLANDER: Fantastic, and
its own Orders, so we're fine.
is would 1t be possible for us
Customer Group Exhibit Nos.
identification. )
review one of
questlon
copy?
MR. SEMANKO: If I may approach?
COMMISSIONER KELLANDER: Absolutely, thank
you.
(Mr. Semanko approached the Bench. )
COMMISSIONER KELLANDER: Just while we're
at somewhat of a breaking point, just a reminder as far
as Commission Rules are considered, if I shoul-d somehow
fail- to mention towards the end of all this that all-
these exhibits that have been previously presented and
put into the record, we have a rule that sort of catches
everything that says once they've been admitted, they're
therer so if I fail- to say anything at the end, just
recognize they're all- part of the record at that point,
so Mr. Semanko, if you would fike to proceed.)q
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LOPEZ
Hydro One Limited
MR. SEMANKO: May I ask counsel and the
witness if they would
time to review any of
11ke the witness to have additional-
these before we get started?
I t.hink Mr. Lopez will let us
additional time. We don't
yes. f don't
Power decision to
object to the admission of the exhibits, but we wou1d
like the opportunity to present complete copies of the
exhibits if after revj-ew we that think a complete copy
woul-d be more useful.
COMMISSIONER KELLANDER: That sounds fair
enough and unless I misheard you earlier, Mr. Semanko,
these are segments of exhibits that are already in the
record?
MS. THOMAS:
know as he goes if he needs
MR. SEMANKO: Excerpts,
think you would want the whole Scottish
be
COMMISSIONER KELLANDER: f've read that
one enough. Thank you.
MR. SEMANKO: Just to be clear, the
testimony or, f'm
by Avista Customer
sorry, the comments
Group Exhibit A was
that were submitted
the
Exhibit 801. Exhibit B was the entirety of
entirety of
what's 802,
and Avista submitted the Montana decisionr So those are
al-l- in the record.
COMMISSIONER KELLANDER: Okay, thank yout25
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208.890. s198
LOPEZ (x)
Hydro One Limited
and we'11 also take your comments into consideration as
wel-l-, counsel, so please proceed.
CROSS_EXAMINATION
BY MR. SEMANKO:
O Mr. Lopez,
Can I ask you, how far is
A Itrs closer
thank you for being here today
from Calgary, so I live in
Calgary, but Toronto is probably, if you can
flight, it would be four hours, but without a
flight, it's more like six to seven.
get a direct
direct
it from Toronto to Boise?
of your
now been
direct testimony anda
that corporate
A
o
A
o
I'm on page 5
structure has revi sed,' correct ?
Let me just get there. That's correct.
Illustration No. 1.
Correct.
I know the Province is not on here and it
woul-dn't be appropriate for them to be included in the
corporate structure, but with reference to this
illustratj-on, can
relationship is in
and the Province?
other?
you describe to us what the
your mind as
How do those
the CFO between Hydro One
two rel-ate to each
A So Hydro One is a company and it has25
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208.890.5198
LOPEZ (X)
Hydro One Limlted
shareholders, so the top box there that says, "Hydro One
Limited (Ontario Corporation) , " the Province of Ontario
has a 47 percent ownership j-nterest in that box or that
company.
O How about the Provincers legislative
authority and ability to I'11- just l-eave it at that.
How about their legj-slative authority as it rel-ates to
Hydro One?
A I think it's the same as any other
legislative
Ontario.
in Ontario. It has the same
corporate trading in
weII as certain agreements, correct,
between the corporation and the Province?
A Correct,
that was agreed between
the major shareholder.
corporate
authority
testimony
busines ses
business.
over any
OAs
AI1
about the
in the U
right, page
segregation
. S. and the
6, you talk in
between rate
your
regulated
there's the governance agreement
the government and the company as
a And the Hydro One Act applies specifically
to Hydro One; correct?
It does.A
O
Does this mean there
Ontario regulated
are no shared costs going
lnto the future between these two regulated business
sets ?25
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LOPEZ (X)
Hydro One Limited
A I think the way I'd characterize it is
there is I heard Mr. Dobson before, there is no
intention to aflocate any corporate costs to that area
that would be shared with ratepayers of Avj-sta. Avista
has some unregulated business that there may be some
all-ocation between Hydro One and that part of the Avista
business, but again, that woul-d not affect Avista
ratepayers in any way/ shape, or form.
There may be the opportunity in the
future, and I hope there is, that we could purchase
material-s together as a larger business and those direct
materials would be allocated, so an idea woul-d be how
many poles
20 percent
would have
costs, and
1ater, I'm
woul-d be allocated
we purchase a year, if we can purchase them at
cheaper, w€ would do that together and then we
a very transparent way of al-locating those
f 'm thinking in the commitments we'l-l get to
sure, we actually set out there that no costs
until it was approved by the
Commission.
O Are there IikeIy some costs that will be
al-located to Avista from Hydro One?
A There could be in the future. There is
nothing planned at this point in time, but we would l-ook
to work together to say how can we be more efficient and
more effective as two companies without impacting the25
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208.890.5198
LOPEZ (X)
Hydro One Limited
ratepayer or if we're going to
and again, in the
impact the ratepayer in a
commitments, it says that
relevant commission
positive wdy,
that would not
approved that
specifically.
o
A
a]location to
occur until- the
methodol-ogy and that allocation
Which would be when?
It would be before it occurred, before any
an Avista ratepayer.
O So the commitments speak, do they not,
about the cost allocation methodology not being required
to be submitted until a rate case; is that correct?
A So I think Mr. Ehrbar could teII you the
exact timing of it. He wiff be more up to speed with it,
but the part that f 'm ta1king about is l-et me get it
here it is commi-tment 24 of Exhibit A and it's the
second paragraph. "Avista wilf not charge to customers
expenses al-located or directly assigned by Hydro One
except as specifically authorized for recovery in rates
by the CommissioD, " and that was a newly-added piece
since the first stipulated commitments that were entered
into earlier this year.
O So 1n your mind, does that answer the
question of whether the cost structure for Avista
well, strike that. f'1I wait for Mr. Ehrbar for that.
If you could l-ook at 803, Exhibit 803, do you have that25
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208.890.5198
LOPEZ (X)
Hydro One Limited
document in front of you?
A I do. Just to make sure I've got it
correct, what is the title on that document?
I'm sorry, 802. Trm sorry, 802.
Okay.
That woul-d be the Order No. 28273;
A Okay, I've got that.
O Are you familiar with this document at
A I am not.
O Are you familiar with the Scotti-sh Power
o
A
correct ?
al- l- ?
merger, PacifiCorp merger
other states in the United
that occurred in Idaho and
States about 20 years ago?
f don't have any
to No. 34 in the
the service date
the date of this
A I'm aware it occurred.
specifics on it.
O So I'm going to take you
Order on page 14 and as you can see on
on the front, November 15th of 1999 was
Order. No. 34 says, "On June 18, " so some six months,
seven months before, five months before, this Order was
issued, "Scottish Power/PacifiCorp provided the
Commissj-onr " this Commission, "and other jurisdictional-
state rate regulators a proposed methodology for the
all-ocation of corporate and affi-l-iate J-nvestments,25
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208.890.5198
LOPEZ (X)
Hydro One Limited
expenses, and overheads and a statement of where each of
the Scottish Power principal corporate departments will
sit in the corporate structure. This document would
constitute a draft of what is to be filed regarding cost
allocati-ons with the Securities and Exchange Commission.
On October 29th, 7999, PacifiCorp/Scottish Power
schedul-ed a conference/meeting with state and other
interested regulators to discuss the proposed corporate
and affil-iate cost all-ocation methodology. Eurther
conferences/meetings will be scheduled as needed to
discuss the cost allocation issue. "
Do you understand that paragraph?
A I do.
O So my simple question is why Hydro
One/Avista is not providing a proposed methodology to the
commissions 1n this proposed merger?
A I think the intentlon is not, as Mr.
Dobson said the intention is not, to have any direct or
all-ocated costs at the outset. If they were to come, it
wou1d come some point down the track. I think you asked
before,
be some
ti-me to
making
would it be one, would it be two, three, it would
point in the future. We would have sufficient
go through this
VI
process and agree to it before
al-l-ocations.those charges
So youO don't need to do it because you25
348
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