20150401final_order_no_33264.pdf

Office of the Secretary
Service Date
April 1,2015
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF IDAHO POWER )
COMPANY’S APPLICATION FOR )CASE NO.IPC-E-15-04
AUTHORITY TO ISSUE AND SELL UP TO )
5500,000,000 OF FIRST MORTGAGE BONDS )
AND DEBT SECURITIES )ORDER NO.33264
__________________________________________________________________________________
)
On March 9,2015.Idaho Power Company applied to the Commission for an Order
authorizing the Company to issue securities under the terms and conditions of Order No.32786,
Case No.IPC-E-13-05,for another two years.Based on our review of the record,we issue this
Order approving the Application as noted below.
BACKGROUND
The Commission issued Order No.32786 on April 9,2013.In that prior Order,the
Commission authorized the Company to issue and sell up to:(a)$500,000,000 aggregate
principal amount of one or more series of First Mortgage Bonds,which may be designated as
secured medium-term notes (the “Bonds”);and (b)$500,000,000 aggregate principal amount of
one or more series of unsecured debt securities (the “Debt Securities”).The total outstanding
combined principal amounts of the Bonds and Debt Securities could not exceed $500,000,000.
The Order allowed the Company to issue these securities for an initial two-year period,and
specified that the Company could ask the Commission to extend that authority.
THE APPLICATION
With this Application,the Company asks the Commission to extend the existing
authority for another two years,from April 9,2015 through April 9,2017,as contemplated in the
prior Order.The Company has already issued a combined principal amount of $250,000,000 in
Bonds and Debt Securities under the existing authority.Accordingly,if the existing authority is
extended,the Company will be able to issue a remaining combined principal amount of
$250,000,000.All other terms and conditions from Order No.32786 would continue under the
two-year extension.
During the extension period,the Company will continue to use net proceeds from the
sale of the Bonds and Debt Securities to acquire property;build,complete,extend or improve
facilities;improve or maintain service;discharge or lawfully refund its obligations;and for
ORDERNO.33264 1
general corporate purposes.If the Company does not immediately use the proceeds,it will
temporarily invest them in short-term discounted or interest-bearing obligations.
DISCUSSION
Idaho Power is an Idaho corporation with its principal office in Boise,Idaho.The
Company is an electric corporation as defined by Idaho Code §61 -119,and a public utility as
defined in Idaho Code §61-129.The Commission has jurisdiction over this matter pursuant to
Title 61 of the Idaho Code,including without limitation Idaho Code §sS 61-501 and 61-901
through 61-909.
Based on our review of the record,we find that the Company’s Application
reasonably conforms to Rules 141 through 150 of the Commission’s Rules of Procedure (IDAPA
31.01.01.141-150),and that the Company has paid all fees required by Idaho Code §61-905.
We also find that the Company proposes to issue securities for lawful purposes under
Idaho Code §61-901,that the proposed issuance is within the Company’s corporate powers and
in the public interest,and that a formal hearing on this matter is not required.The Company is,
in essence,asking us to extend a previously authorized shelf registration for another two years,
from April 9,2015 through April 9,2017.We find it reasonable to grant the requested
extension,because it will enable the Company to take advantage of favorable market conditions
and quickly and efficiently issue the securities at lower costs while allowing for ongoing
Commission review.
As always,our approval of the issuance is not a finding of fact or a conclusion of law
that the particular use to which these funds are to be put is approved by this Order.The issuance
of an Order authorizing the proposed issuance does not constitute agency determination or
approval of the type of financing or the related costs for ratemaking purposes.The Commission
does not have before it for determination in this case and therefore does not determine the effect
of issuance on rates to be charged by the Company for service to Idaho consumers.
ORDER
IT IS HEREBY ORDERED that the Company’s Application is granted.The
authorization approved in Order No.32786 is extended for two more years,until April 9,2017.
All other terms and conditions of Order No.32786 shall remain in effect during the extension.
The Company must continue to file with the Commission:(1)copies of all Prospectuses,
Prospectus Supplements,Agent,Underwriter and Dealer agreement terms,and Pricing notice of
ORDER NO.33264 2
issuances with the terms;(2)all final documents;and (3)at least seven days before issuing the
securities,or as soon as possible after that but before the securities issue,a letter containing the
terms of issuance.
IT IS FURTHER ORDERED that the foregoing authorization is without prejudice to
the Commission’s authority over rates,utility capital structure,service accounts,valuation,
estimates for determination of cost,or any other matter that may come before the Commission
under its jurisdiction and authority as provided by law.
IT IS FURTHER ORDERED that nothing in this Order and no provisions of Chapter
9,Title 61,Idaho Code,or any act or deed done or performed in connection with this Order shall
be construed to obligate the State of Idaho to pay or guarantee in any manner whatsoever any
security authorized,issued,assumed,or guaranteed under the provisions of Chapter 9,Title 61
Idaho Code.
IT IS FURTHER ORDERED that issuance of this Order does not constitute
acceptance of the Company’s exhibits or other material accompanying the Application for any
purpose other than the issuance of this Order.
THIS IS A FINAL ORDER.Any person interested in this Order (or in issues finally
decided by this Order)or in interlocutory Orders previously issued in this case 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 §6 1-626.
ORDER NO.33264
DONE by Order of the Idaho Public Utilities Commission at Boise,Idaho this I
day of April 2015.
PAUL KJEL A R,PRESIDENT
MACK A.REDFO1,CbMMISSIONER
KRPER,COIONER
ATTEST:
ommission Secretary
0:IPC-E-I 5O4kk
ORDER NO.33264 4