20050118Williams Exhibit No. 8.xls

Sheet1
Shares
Annual
Cost of
Line
Issuance
Issued and
Total Book
Net Premium
Net Proceeds
Dividend
Money to
Annualized
No.
Description of Issue
Date
Outstanding
Value
and (Expense)
to Company
Requirement
Company
Cost
Guess
Principal
Cashflows
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
5% Preferred Stock, $100 Par Value
(a)

Serial Preferred, $100 Par Value
4.52% Series
7.00% Series
(b)
(c)
6.00% Series
5.00% Series
5.40% Series
4.72% Series
4.56% Series
No Par Serial Preferred, $25 Stated Value
No Par Serial Preferred, $100 Stated Value
$7.48 Series (d)
TOTAL
Cost of Preferred Stock =
(a) Issue replaced 6% and 7% preferred stock of Pacific Power & Light Company and Northwestern Electric Company
and 5% preferred stock of Mountain States Power Company, most of which sold in the 1920's and 1930's.
(b) These issues replaced an issue of The California Oregon Power Company as a result of the merger of that Company into Pacific Power & Light Co.
(d) Annual 5% sinking fund begins June 15, 2002.
Dissenting Shares Repurchased and Retired
5% Preferred Stock
695114-50-4
5.00% Serial Preferred
695114-60-3
5.40% Serial Preferred
695114-70-2
6.00% Serial Preferred
695114-80-1
7.00% Serial Preferred
695114-88-4
PACIFICORP
Electric Operations
(c) Original issue expense/premium has been fully amortized or expensed.
(e) Column 10 is the after-tax annual unamortized debt expense related to the 8 3/8% QUIDS redeemed November 2000 assuming a 37% tax rate.
(f) Column 10 is the after-tax annual unamortized debt expense related to the 8.55% QUIDS redeemed November 2000.
Unamortized expense (e)
Unamortized expense (f)
Pro Forma Cost of Preferred Stock
September 30, 2005
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00
23.00
24.00
25.00
26.00
27.00
28.00
29.00
30.00
31.00
32.00
33.00
34.00
35.00
36.00
37.00
38.00
39.00
40.00
41.00
42.00
43.00
44.00
45.00
46.00
47.00
48.00
49.00
50.00
51.00
52.00
53.00
54.00
55.00
56.00
57.00
58.00
59.00
60.00
61.00
62.00
63.00
64.00
65.00
66.00
67.00
68.00
69.00
70.00
71.00
72.00
73.00
74.00
75.00
76.00
77.00
78.00
79.00
80.00
81.00
82.00
83.00
84.00
85.00
86.00
87.00
88.00
89.00
90.00
91.00
92.00
93.00
94.00
95.00
96.00
97.00
98.00
99.00
100.00
101.00
102.00
103.00
104.00
105.00
106.00
107.00
108.00
109.00
110.00
111.00
112.00
113.00
114.00
115.00
116.00
117.00
118.00
119.00
120.00
121.00
122.00
123.00
124.00
125.00
126.00
127.00
128.00
129.00
130.00
131.00
132.00
133.00
134.00
135.00
136.00
137.00
138.00
139.00
140.00
141.00
142.00
143.00
144.00
145.00
146.00
147.00
148.00
149.00
150.00
151.00
152.00
153.00
154.00
155.00
156.00
157.00
158.00
159.00
160.00
1.00
126243.00
126533.00
70.00
220.00
$12,624,300.00
100.00
($98,049.00)
$12,526,251.00
$631,215.00
0.05
0.05
636155.82
1.00
0.05
0.05
2.00
2.00
3.00
3.00
4.00
?11?/?1?/?1955
2065.00
$206,500.00
($9,676.33)
$196,823.67
$9,333.80
206500.00
0.05
0.05
9792.67
4.00
0.05
0.05
5.00
18046.00
18060.00
14.00
$1,804,600.00
$1,804,600.00
$126,322.00
0.07
0.07
126322.00
5.00
0.07
0.07
6.00
5930.00
5932.00
2.00
$593,000.00
$593,000.00
$35,580.00
0.06
0.06
35580.00
6.00
0.06
0.06
7.00
41908.00
42000.00
30.00
62.00
$4,190,800.00
$4,190,800.00
$209,540.00
0.05
0.05
209540.00
7.00
0.05
0.05
8.00
65959.00
65960.00
1.00
$6,595,900.00
$6,595,900.00
$356,178.60
0.05
0.05
356178.60
8.00
0.05
0.05
9.00
?8?/?1?/?1963
69890.00
$6,989,000.00
($30,348.61)
$6,958,651.39
$329,880.80
0.05
0.05
331319.50
9.00
0.05
0.05
10.00
?2?/?1?/?1965
84592.00
$8,459,200.00
($49,071.21)
$8,410,128.79
$385,739.52
0.05
0.05
387990.22
10.00
0.05
0.05
11.00
11.00
12.00
12.00
13.00
?5?/?31?/?1995
67955.19
3780000.00
413399.58
23916.45
57037.00
49251.09
0.63
481.00
12.00
13.00
14.00
1995.00
84018.54
195859.99
1618002.11
33959.89
46700.92
168202.74
36615.33
90278.17
2587.95
11051.00
271464.54
67935.61
360.00
12.00
14.00
15.00
15.00
16.00
16.00
17.00
?6?/?1?/?1992
487500.00
525000.00
37500.00
48750000.00
100.00
-546281.16
840432.55
0.65
$48,203,718.84
$3,646,500.00
0.07
0.08
4.00
3740666.11
17.00
31.00
7.75
4.00
0.02
0.07
4.00
-48203718.84
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
911625.00
49661625.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.07
0.07
18.00
18.00
19.00
$90,213,300.00
($733,426.31)
$89,479,873.69
$5,730,289.72
5985518.66
19.00
0.06
0.06
20.00
20.00
21.00
21.00
22.00
0.07
22.00
23.00
23.00
24.00
24.00
25.00
25.00
26.00
26.00
27.00
27.00
28.00
28.00
29.00
29.00
30.00
30.00
31.00
31.00
32.00
32.00
744319125.00
-19368933.95
724950191.05
42561303.57
0.06
45070254.90
$220.00
$62.00
$1.00
$2.00
$14.00
$299.00