20150310Application.pdf

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Pstrick A. Hanington
Corporate Secretary
Ms. Jean D. Jewell
Secretary
Idaho Public Utilities Commission
Statehouse
Boise,Idaho 83720
March 9,2015
Re: In the Matter of the Application of Idaho Power Company for an Order
Authorizing the Issuance and Sale of up to $500,000,000 of Applicant's
First Mortgage Bonds and Debt Securities
Case No. IPC-E- lr -O+
Dear Ms. Jewell:
Enclosed herewith for filing with the Commission are an original and seven (7) copies of
Idaho Power's Supplernental Application in the above referenced case. The Supplemental
Application requests a two-year extension of the Commission's securities issuance authorization
provided in Order No. 32786 dated April 9, 2013 in this case. Also included are seven (7) copies
of a Proposed Supplernental Order for consideration by the Commission. Idaho Power is
requesting that the Commission issue its order authorizing the requested two-year extension by
April9, 2015.
If you have any questions regarding this application, please contact me at 388-2878 or at
pharrington@idahopower. com.
ffiff?w
c:Terri Carlock
{00161116.DOC; 1}P.O. Box 70 Boke,ID 83707
p h arri n ga n@id a h o pow er. c o m
Telephone [phone], Fax [phone]
BEFORE rHE rDAHo puBl,rc urrl,rrrEs coMMr?ffis$lln _s rli{ l: t+2
IN THE MATTER OF THE APPLICATION )
oF IDAHO POWER COMPANY FOR AN )
ORDER AUTHORIZING THE ISSUANCE AND )
SALE OF UP TO $5OO,OOO,OOO OF APPLICANT'S)
FIRST MORTGAGE BONDS AND DEBT )SECURITIES )
Idaho Power Company (the "Applicant") hereby applies to the Idaho Public
Utilities Commission (the "Commission") for a Supplonental Order to extend the Commission's
securities issuance authorization in this Case for an additional two years.
BACKGROUND
On April 9, 2013, the Commission issued Order No. 32786 in this Case (the "Order"),
authorizing the Applicant to issue and sell from time to time (a) up to $500,000,000 aggregate
principal amount of one or more series of Applicant's First Mortgage Bonds, which may be
designated as secured medium-term notes (the "Bonds") and (b) up to $500,000,000 aggregate
principal amount of one or more series of unsecured debt securities of the Applicant (the "Debt
Securities"); provided, however, that the total principal amount of the Bonds and Debt Securities
to be issued and sold shall not exceed $500,000,000. A further description of the Bonds and
Debt Securities is set forth in the Applicant's original application in this Case, dated March 8,
2013, and in the Order.
Pursuant to the Order, the Applicant issued $250,000,000 of Bonds on March 6,2015, in
the form of $250,000,000 principal amount of 3.650/o First Mortgage Bonds dure 2045, Secured
Medium-Term Notes Series J. Accordingly, $250,000,000 of Bonds/Debt Securities remain
authorized for issuance under the Order.
The first ordering paragraph of the Order states in part:
{00161119.RTF; 1}
APPLICATION - 1
I i .- i __. ,- .
6ASE NO. rPCiEl6t)ti .,i. , ;,,it,,
SUPPLEMENTAL
APPLICATION
This authorization shall be for two years from the date of this Order.
Applicant may request an extension of this authorization by letter filed with the
Commission prior to the expiration of such two-year period.
Pursuant to this provision of the Order, Idaho Power is hereby requesting that the
Commission issue a Supplemental Order extending the Commission's securities authorization in
this Case for an additional two years, until April 9,2017. A Proposed Supplernental Order is
attached to this Supplemortal Application for the Commission's consideration.
PRAYER
WHEREFORE, Applicant respectfully requests that the Idaho Public Utilities
Commission issue its Supplemental Order herein, extending the securities issuance authorization
set forth in Order No. 32786 from April 9, 2015 to April 9, 2017, with all other terms and
conditions of the Order to remain in full force and effect.
DATED at Boise, Idaho this 9ft day of March,2Ol5.
IDAHO POWER COMPANY
Sr. Vice President, Chief Financial Officer
and Treasurer
{0016llI9.RTF; l}
APPLICATION - 2
BEFoRE THE rDAHo puBr.rc urrr,rrrEs coMMrssl6i({"ii:: I f'
l
IN THE MATTER OF THE APPLICATION )
oF rDAHO POWER COMPANY FOR AN )
ORDER AUTHORIZING THE ISSUANCE AND )
SALE OF UP TO $5OO,OOO,OOO OF APPLICANT'S)
FIRST MORTGAGE BONDS AND DEBT )SECURITIES )
trfit lifl,R _! pH l: h3
I l: i1.l 1 l .J .: ., , r;,, :.
CASE NO. IPC-E-15.O'Ir
PROPOSED
SUPPLEMENTAL
ORDER
On April 9, 2013, the Commission issued Order No. 32786 (the "Order") in this Case
authorizing Idaho Power Company ("Idaho Power" or the "Company") to issue and sell up to
$500,000,000 aggregate principal amount of one or more series of First Mortgage Bonds and up
to $500,000,000 aggregate principal amount of one or more series of unsecured debt securities;
provided, however, that the total principal amount of the bonds and the principal amount of the
debt securities would not exceed $500,000,000. The Commission's securities authorization in
the Order was for an initial period of two years, with the provision that Idaho Power could
request an extension of the Commission's authorization prior to the end of the two-year period:
This authorization shall be for two years from the date of this Order.
Applicant may request an extension of this authorization by letter filed with the
Commission prior to the expiration of such two-year period.
On March 9, 2015,Idaho Power filed an Application requesting that the Commission
extend the securities issuance authorization set forth in the Order for another two years, from
April 9,2015 through April 9,2017. The Company's Application avers that all other terms and
conditions of the Order would remain in full force and effect during the two-year extension.
As set forth in Idaho Power's original application, the net proceeds from the sale of the
bonds and/or debt securities will be used by the Company for the acquisition of property; the
{00080240.DOCX; l}
construction, completion, extension or improvement of its facilities; the improvement or
maintenance of its service; the discharge or lawful refunding of its obligations; and for general
purposes. To the extent the proceeds from the sale of the bonds or debt securities are not
immediately so used, the funds will be ternporarily invested in short-term discounted or interest
bearing obligations. The Commission determined at its decision meeting on
2015 that it was appropriate to approve the extension of the authorization in
the Order.
ORDER
IT IS HEREBY ORDERED that the Application of Idaho Power Company for an
extension of the securities issuance authorization in Order No. 32786 in this Case is approved.
The authorization approved by the Commission in Order No. 32786 is extended for an additional
two years, until April 9,2017. A11 other terms and conditions of Order No. 32786 shall rernain
in full force and effect during the extension.
THIS IS A FINAL ORDER. Any person interested in this Order (or in issues finally
decided by this Order) or interlocutory orders previously issued in this Case No. IPC-E-13-05
may petition for reconsideration within twenty-one (21) days of the service date of this Order
with regard to any matter decided in this Order or in interlocutory orders previously issued in this
case. Within seven (7) days after any person has petitioned for reconsideration, any other person
may cross-petition for reconsideration. See Idaho Code $ 6l-626.
DONE by Order of the Idaho Public Utilities Commission at Boise, Idaho this _ day
of _,2015.
{00080240.DOCX; l}2
PAUL zuELLANDER, Commissioner
MACK A. REDFORD, Commissioner
ATTEST:
Jean D. Jewell
Commission Secretary
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