20050414Request for clarification.pdf

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F' n r'-"BEFORE THE IDAHO PUBLIC UTILITIES COMMISSrON ~,-,~.
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IN THE MATTER OF THE APPLICATION OF
IDAHO POWER COMPANY FOR AN ORDER
AUTHORIZING UP TO $300 000 000
AGGREGATE PRINCIPAL AMOUNT AT
ANY ONE TIME OUTSTANDING OF
SHORT -TERM BORROWINGS
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CASE No~ettLb~-&ot-'it~l!SSfClN
REQUEST FOR
CLARIFICATION
IDAHO POWER COMPANY (the "Applicant") hereby files this Request for
Clarification from the Idaho Public Utilities Commission (the "Commission ), pursuant to Rule
53.02 of the Commision s Rules of Practice and Procedure, requesting clarification of the
Commission s Order No. 29736, issued March 28, 2005, in the above referenced case (the "Order
Specifically, Applicant requests clarification of the second ordering paragraph on page 3 of the
Order, which states:
IT IS FURTHER ORDERED that such authority exists only as long as the
Company s bond ratings remain investment grade (BBB- or higher by Standard &
Poor s Rating Service and Baa3 by Moody s Investors' Service , Inc.
Applicant desires to clarify that if its first mortgage bond ratings fall below the
investment grade levels referenced in said ordering paragraph (the "Downgrade ), Applicant's
authority to incur short-term borrowings and issue commercial paper as provided in the Order will
not terminate, but instead such authority will continue for a period of 364 days from the date of the
Downgrade (the "Continued Authorization Period"
).
Applicant requests such authority under the
following conditions:
(1)Applicant will promptly notify the Commission in writing of the Downgrade.
APPLICATION -
H:\Short-Term-IPUC App 2005-Clarification.doc
(2)Applicant will file a supplemental application with the Commission within 7
days after the Downgrade, requesting a supplemental order (the "Supplemental Order ) authorizing
Applicant to continue to incur short-term borrowings and issue commercial paper as provided in the
Order, notwithstanding the Downgrade.
(3)Until Applicant receives the Supplemental Order, any short-term borrowings
incurred or commercial paper issued by Applicant during the Continued Authorization Period will
become due or mature no later than the final date of the Continued Authorization Period.
PRA YER
WHEREFORE, Applicant requests that the Idaho Public Utilities Commission issue a
clarification of the Order in the manner set forth in this Request for Clarification.
DATED at Boise, Idaho this J3+2ay of April, 2005.
IDAHO POWER COMPANY
Isl Dennis C. Gribble
Vice President and Treasurer
APPLICATION - 2
H:\Short-Term-IPUC App 2005-Clarification.doc