20231018Application.pdf

RECEIVED
2023 OCTOBER 18, 2023 1:55PM
IDAHO PUBLIC
UTILITIES COMMISSION
An IDACORP Company
Ms. Jan Noriyuki
Commission Secretary
IDAHO POWER COMPANY
P.O. BOX70
BOISE, IDAHO 83707
Idaho Public Utilities Commission
11331 W. Chinden Blvd.
Building 8, Suite 201-A
Boise, ID 83714
PATRICK A. HARRINGTON
Corporate Secretary
October 18, 2023
Re: In the Matter of the Application of Idaho Power Company for an Order
Authorizing up to $600,000,000 Aggregate Principal Amount at Any One Time
Outstanding of Unsecured Borrowings
Case No. IPC-E-23-~l.s,
Dear Ms. N oriyuki:
Attached for electronic filing with the Idaho Public Utilities Commission is Idaho Power
Company's above referenced Application for authority to issue unsecured borrowings, including
a Proposed Order for the Commission's consideration. Idaho Power has also enclosed its $1,000
payment for the Commission's securities application fee for this Application.
Please contact me at [phone] or [e-mail] if you have any
questions regarding this filing.
c: Terri Carlock
.111::ly ' OfUU«-'lltlHMiPC1
Patrick A. ~~;i~n
Utilities Division Administrator
{00335008.DOC; I} P.O. Box 70 Boise, ID 83707
Telephone [phone], Fax [phone]
p/rarrington@ida/zopower.com
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION OF )
IDAHO POWER COMPANY FOR AN ORDER )
AUTHORIZING UP TO $600,000,000 )
AGGREGATE PRINCIPAL AMOUNT AT )
ANY ONE TIME OUTSTANDING OF )
UNSECURED BORROWINGS )
CASE NO. IPC-E-23 -ZlP
APPLICATION
IDAHO POWER COMPANY (the "Applicant") hereby applies for an Order
of the Idaho Public Utilities Commission (the "Commission") authorizing Applicant to
make up to $600,000,000 aggregate principal amount at any one time outstanding of
unsecured borrowings as set forth herein, pursuant to Chapter 9, Title 61, Idaho Code,
and under Rules 141 through 150 of the Commission's Rules of Procedure (the
"Rules"). Applicant's current unsecured borrowing authorization from the Commission
extends through December 31, 2026, under Order No. 34483, dated November 14,
2019, in Case No. IPC-E-19-33 (the "Current Order"). Applicant is seeking new
unsecured borrowing authorization from the Commission hereunder that would extend
through December 31, 2030, for up to $600,000,000 aggregate principal amount at any
one time outstanding of unsecured borrowings (the "Borrowings"), all as set forth in this
Application.
(1) The Applicant
Applicant is an electric public utility incorporated under the laws of the
State of Idaho, engaged principally in the generation, purchase, transmission,
distribution and sale of electric energy in an approximately 24,000 square mile area in
southern Idaho and eastern Oregon. The principal executive offices of Applicant are
APPLICATION -1 (00261226.DOCX; I}
located at 1221 W. Idaho Street, P.O. Box 70, Boise, Idaho 83707-0070; its telephone
number is [phone] .
(2) Description of Borrowings
Applicant's Borrowings hereunder will consist of (1) loans issued by
financial and other institutions and evidenced by unsecured notes or other evidence of
indebtedness of Applicant and (2) unsecured promissory notes and commercial paper
of Applicant to be issued by means of public or private placement through one or more
commercial paper dealers or agents, or directly by Applicant.
Applicant intends to secure commitments for new unsecured lines of
credit, or extensions of existing unsecured lines of credit, for its Borrowings authorized
hereunder. The unsecured lines of credit may be obtained with several financial or other
institutions, directly by Applicant or through an agent, when and if required by
Applicant's then current financial requirements (see Section (4) below, Purpose of
Issuance). Each individual line of credit commitment will provide that up to a specific
amount at any one time outstanding will be available to Applicant to draw upon for a fee
to be determined by a percentage of the credit line available, credit line utilization,
compensating balance or combination thereof.
Applicant may also make arrangements for uncommitted credit facilities
under which unsecured lines of credit would be offered to Applicant on an "as available"
basis and at negotiated interest rates. Such committed and uncommitted borrowings will
be evidenced by unsecured promissory notes or other evidence of indebtedness of
Applicant. The committed and uncommitted line of credit agreements specifying the
APPLICATION -2 {00261226.DOCX; I)
terms of Applicant's Borrowings will be filed with the Commission as Exhibit A to this
Application.
The Borrowings may include unsecured promissory notes to be issued
and sold by Applicant through one or more commercial paper dealers or agents, or
directly by Applicant, up to the limits imposed by applicable statutes, rules or
regulations. Each note issued as commercial paper will be either discounted at the rate
prevailing at the time of issuance for commercial paper of comparable quality and
maturity or will be interest bearing to be paid at maturity. Each note issued as
commercial paper will have a fixed maturity and will contain no provision for automatic
"roll over".
Applicant's main unsecured borrowing agreement is its existing Credit
Agreement authorized under the Current Order ("Existing Credit Agreement"). The
Existing Credit Agreement provides committed lines of credit from participating banks in
an aggregate principal amount at any one time outstanding of $300,000,000, with the
option of Applicant to increase the borrowing limit up to $450,000,000, subject to certain
conditions. The Existing Credit Agreement is scheduled to expire on December 7, 2026
and is on file with the Commission in IPC-E-19-33.
Applicant proposes to amend the Existing Credit Agreement or enter into a
new credit agreement in early December 2023 (in either case, the "New Credit
Agreement"). Applicant anticipates that the New Credit Agreement will provide for
committed lines of credit from participating banks in an aggregate principal amount at
any one time outstanding of $400,000,000, with the option of Applicant to increase the
borrowing limit up to $600,000,000 for the Borrowings, subject to certain conditions. The
APPLICATION -3 {00261226.DOCX; I}
proposed increase in unsecured borrowing capacity reflects Applicant's increased
operating costs since the Current Order was issued in 2019.
Applicant further anticipates that the term of the New Credit Agreement
would extend through December 2028, with two one-year extension options available
through December 2030. Applicant plans to continue to use the New Credit Agreement
primarily as a backup credit facility to enhance the credit ratings for its commercial
paper issuances, but may also borrow directly under the New Credit Agreement as it
deems necessary or desirable. Applicant will file a copy of the New Credit Agreement
with the Commission upon its execution.
Applicant's unsecured borrowing authorization under the Current Order
extends through December 31, 2026. Applicant is seeking renewed borrowing
authorization under this Application through December 31, 2030 for the Borrowings, to
cover the anticipated term of the New Credit Agreement, including the two one-year
extensions of the New Credit Agreement.
Applicant is requesting that the Commission's existing unsecured
borrowing authorization under the Current Order remain in effect for a period of twenty­
one (21) days following the date of the Commission's order hereunder ("New Order").
The 21-day period reflects the Commission's "petition for reconsideration" period that
would apply to the New Order under Section 331.01 of the Rules. At the expiration of
the 21-day petition for reconsideration period, the Commission's authorization under the
Current Order would automatically expire if no petitions for reconsideration are received.
During the 21-day petition for reconsideration period, the New Order would be in effect,
but Applicant's total authorization to issue Borrowings under the Current Order and/or
APPLICATION -4 [00261226.DOCX; I}
New Order would remain at $450,000,000 aggregate principal amount at any one time
outstanding until the expiration of the petition for reconsideration period.
(a) Amount of Borrowings
Applicant's Borrowings will not exceed a maximum $600,000,000
aggregate principal amount at any one time outstanding during the term of the
Commission's authorization hereunder. Applicant currently may borrow up to
$300,000,000 aggregate principal amount at any one time outstanding under the
Existing Credit Agreement, with the option to increase the borrowing limit to
$450,000,000 during the term of the Existing Credit Agreement. Applicant anticipates
that the New Credit Agreement will allow Applicant to borrow up to $400,000,000
aggregate principal amount at any one time outstanding, with the option to increase the
borrowing limit up to $600,000,000 during the term of the New Credit Agreement,
subject to certain conditions. Applicant will provide written notice to the Commission in
the event Applicant exercises its option to increase the borrowing limit under the New
Credit Agreement above the initial borrowing limit of $400,000,000.
(b) Interest Rate
Applicant anticipates that its Borrowings hereunder will include interest
rates that may be fixed or variable, and that the rates will be based on the Secured
Overnight Financing Rate ("SOFR") or a comparable successor rate, the applicable
prime rate, or other rate established in the borrowing arrangements, and may vary
based upon Applicant's long-term issuer rating, Applicant's corporate credit rating, or
other applicable credit rating of Applicant issued by a third-party credit rating
organization.
APPLICATION -5 (00261226.DOCX; I )
(c) Date of Issue
Applicant requests authority to make Borrowings hereunder through
December 31, 2030. Applicant anticipates that the New Credit Agreement will allow
Borrowings for an initial five (5) year period, through December 2028, with the option of
Applicant to extend the borrowing period for two one-year extensions, to December
2030. Applicant will notify the Commission in writing if it elects to exercise either of the
one-year extensions to the New Credit Agreement beyond December 2028. In no event
will the term of any of Applicant's Borrowings hereunder extend beyond December 31,
2030.
Applicant is requesting authorization to make the Borrowings as described
in this Application through December 31, 2030, so long as Applicant maintains at least a
BBB-or higher corporate credit rating, as indicated by S&P Global Ratings, and a Baa3
or higher long-term issuer rating, as indicated by Moody's Investors' Service, Inc.
Applicant requests that if its rating falls below either such rating ("Downgrade"), its
borrowing authority will continue for a period of 364 days following the date of the
Downgrade ("Continued Authorization Period"), provided that Applicant:
(1) Promptly notifies the Commission in writing of the Downgrade; and
(2) Files a supplemental application with the Commission within seven
(7) days after the Downgrade, requesting a supplemental order
("Supplemental Order") authorizing Applicant to continue to make
Borrowings as provided in the Commission's New Order,
notwithstanding the Downgrade.
APPLICATION -6 (00261226.DOCX; I}
All Borrowings by Applicant during the Continued Authorization Period, but
before the Commission's issuance of the Supplemental Order, would become due or
mature no later than the final date of the Continued Authorization Period.
(d) Date of Maturity
The proposed Borrowings will have varying maturities with a final maturity
date no later than December 31, 2030. Applicant is seeking authorization to make
Borrowings at any time hereunder so long as the borrowings made or commercial paper
issued mature no later than December 31, 2030.
(3)
(e) Voting Privileges
Not applicable.
(f)
(g)
Call or Redemption Provisions
Not applicable.
Sinking Fund or Other Provisions for Secured Payment
Not applicable.
Manner of Issuance
(a) Method of Marketing
Applicant's line of credit arrangements are expected to include one or
more lead agents, and a number of additional banks as participating agents. The New
Credit Agreement would likely include the following fees for the lead agent(s) and
participating agents: (1) an up-front arrangement fee payable to the lead agent(s)
totaling approximately 0.10% to 0.20% of the principal amount committed, (2) up-front
agent participation fees payable to all participating agents totaling approximately 0.10%
to 0.20% of the principal amount committed, (3) annual commitment facility fees
APPLICATION -7 {00261226.DOCX; I}
payable to all participating agents equal to approximately 0.15% to 0.25% of the
principal amount committed, and (4) annual administrative fees payable to the lead
agent(s) of approximately $15,000 to $30,000. The principal amount committed for
purposes of calculating the agent fees will be $400,000,000, unless the authorized
borrowing amount under the New Credit Agreement is increased as described above,
up to a maximum of $600,000,000. Other expenses relating to the New Credit
Agreement line of credit facility are estimated to include: Applicant's legal fees of
approximately $50,000, agent legal fees of approximately $50,000, and miscellaneous
expenses of approximately $25,000.
The above referenced New Credit Agreement fees are customary for the
market and will offset the agents' costs, including personnel time, travel and
administrative costs associated with negotiating and administering the unsecured lines
of credit. Applicant finds these fees are reasonable given the services provided by the
agents. With respect to commercial paper issuances, it is expected that the commercial
paper dealers or agents will sell such notes at a profit to them of not to exceed 1 /8 of 1
percent of the principal amount of each note.
(b) Terms of Sale
See Section (3)(a) above, Method of Marketing.
(c) Underwriting Discounts or Commissions
(A) See Section (3)(a) above, Method of Marketing, which
specifies the method of payment of fees to the financial or other institutions.
APPLICATION -8 {00261226.DOCX; I}
(B) It is expected that the commercial paper dealers or agents
will sell such notes at a profit to them of not to exceed 1 /8 of 1 percent of the principal
amount of each note.
(d) Sale Price
See Section (3)(c) above, Underwriting Discounts or Commissions.
(4) Purpose of Issuance
The net proceeds to be received by Applicant from the Borrowings
hereunder will be used to obtain funding for: the acquisition of property; the
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 corporate purposes.
(5) Statement of Explanation
Applicant believes and alleges the facts set forth in Section (4) above,
Purpose of Issuance, disclose that the proposed Borrowings are for a lawful object
within the corporate purposes of Applicant and c9mpatible with the public interest, and
are necessary or appropriate for, or consistent with, the proper performance by
Applicant of service as a public utility, and will not impair its ability to perform that
service.
(6) Financial Statements; Resolutions
Attached to this Application as Attachment I are Applicant's financial
statements dated as of June 30, 2023, consisting of its (A) Actual and Pro Forma
Balance Sheet and Notes to Financial Statements, (B) Statement of Capital Stock and
APPLICATION -9 { 0026 I 226. DOCX; I }
Funded Debt, (C) Contingent Liabilities, (D) Statement of Retained Earnings, and (E)
Statement of Income.
A certified copy of the resolutions of Applicant's Directors dated
September 22, 2023 authorizing the Borrowings with respect to this Application is
attached hereto as Attachment II.
(7) Proposed Order
Attached to this Application as Attachment Ill is a Proposed Order for
consideration by the Commission in this matter.
(8) Notice of Application
Notice of this Application will be published in those newspapers in
Applicant's service area listed in Rule 141 (h) of the Rules within seven (7) days after the
date hereof.
Applicant will file as Exhibit A hereto copies of the New Credit Agreement
and other agreements for the Borrowings, including committed and uncommitted
unsecured lines of credit and other borrowing arrangements hereunder, when such
agreements are entered into.
PRAYER
WHEREFORE, Applicant respectfully requests that the Idaho Public
Utilities Commission issue its order authorizing Applicant to make up to $600,000,000
aggregate principal amount at any one time outstanding of Borrowings from the service
date of the New Order through December 31, 2030, under the terms and conditions and
for the purposes set forth in this Application.
APPLICATION -10 {00261226.DOCX; I}
DATED at Boise, Idaho this 13--raay of October, 2023.
(CORPORA TE SEAL)
ATTEST:
Corpora e ecr
Idaho Power Company
APPLICATION -11
IDAHO POWER COMPANY
Brian R. Buckham
Sr. Vice President and
Chief Financial Officer
{00261226.DOCX; I}
ATTACHMENT l{A)
Actual and Pro Forma Balance Sheet and Notes to Financial Statements
{00335308.DOCX; 1}
IDAHO POWER COMPANY
CONDENSED UNCONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2023
ASSETS
Actual
Electric Plant :
In service (at original cost) ................................................................. . $ 6,984,783,242
Accumulated provision for depreciation ....................................... . (2,544,165,875)
In service -Net. ............................................................................. . 4,440,617,367
Construction work in progress ........................................................... . 990,181 ,061
Held for future use ............................................................................. . 8,859,764
Electric plant -Net. ....................................................................... . 5,439,658, 192
Investments and Other Property:
Nonutility property .............................................................................. . 4,315,656
Investment in subsidiary companies ................................................ . 17,843,410
Other .................................................................................................. . 62,613,380
Total investments and other property ................................................ . 84,772,446
Current Assets:
Cash and cash equivalents ............................................................... . 104,455,243
Receivables:
Customer ...................................................................................... . 112,729,637
Other ............................................................................................. . 79,117,575
Accrued unbilled revenues ................................................................ . 93,000,251
Materials and supplies (at average cost) .......................................... . 121,214,811
Fuel stock (at average cost) .............................................................. . 16,498,003
Prepayments ...................................................................................... . 23,702,839
Taxes receivable ................................................................................ .
Regulatory assets ............................................................................. . 174,847,477·
Other .................................................................................................. . 312,854
Total current assets ...................................................................... . 725,878,690
Deferred Debits:
Company owned life insurance ......................................................... . 77,998,766
Regulatory assets .............................................................................. . 1,381 ,398,127
Other. ................................................................................................. . 54,721,948
Total deferred debits .......................................................................... . 1,514,118,841
Total. ................................................................................................. .. $ 7,764,428.169 $
After
Adjustments Adjustments
$ 6,984,783,242
(2,544,165,875)
4,440,617,367
990,181,061
8,859,764
5,439,658, 192
4,315,656
17,843,410
62,613,380
84,772.446
600,000,000 704,455,243
112,729,637
79,117,575
93,000,251
121,214,811
16,498,003
23,702,839
174,847,477
312,854
600,000,000 1,325,878,690
77,998,766
1,381,398,127
54,721 ,948
1,514,118.841
600,000,000 $ 8,364,428, 169
IDAHO POWER COMPANY
CONDENSED UNCONSOLIDATED BALANCE SHEET
AS OF June 30. 2023
CAPITALIZATION AND LIABILITIES
Common Shares Common Shares
Authorized Outstanding Actual
Equity Capital: 50,000.000 39.150.812
Common stock ................................................................................... . $ 97.877.030 $
Premium on capital stock .................... , .............................................. . 712.257,435
Capital stock expense ........................................................................ . (2.096.925)
Retained earnings ............................................................................. .. 1.918.759.269
Accummulated other comprehensive income .................................. .. (12.629.332)
Total equity capital. ........................... , ........................................... . 2.714. 167,477
Long-Term Debt:
First mortgage bonds ........................................................................ . 2.295.000.000
Pollution control revenue bonds ....................................................... . 166. 100.000
American Falls bond guarantee ........................................................ . 19.885.000
Unamortized debt premium. discount. and issuance costs -net... ... . 1.366,666
Total long-term debt. ..................................................................... . 2,482,351 ,666
Current Liabilities:
Long-term debt due within one year ................................................. ..
Notes payable .................................................................................... .
Accounts payable ............................................................................ .. 222.976.808
Accounts payable to related parties ................................... , .............. . 59. 126.293
Income taxes accrued ........................................................................ . 33.104.628
Interest accrued ................................................................................. . 32.026.187
Accrued compensation ..................................................................... .. 47.728.321
Current regulatory liabilities .............................................................. .. 6,404.632
Advances from customers ................................................................. . 91.262.060
Other .................................................................................................. . 34.854.366
Total current liabilities ................................................................... . 527,483,295
Deferred Credits:
Regulatory liabilities associated with accumulated deferred
investment tax credits .................................................................. . 107.785,406
Deferred income taxes ...................................................................... .. 875,435.598
Regulatory liabilities ........................................................................... . 695.761.752
Pension and other postretirement benefits ....................................... . 238.776.599
Other ................................................................................................. .. 122.666,376
Total deferred credits ................................................................... .. 2,040,425,731
Total. ............................................................................................. . $ 7,764,428.169 $
After
Adjustments Adjustments
$ 97.877.030
712.257,435
(2.096.925)
1.918.759.269
(12.629,332)
2.714. 167,477
2.295.000.000
166. 100.000
19,885.000
1.366.666
2,482.351.666
600.000.000 600,000.000
222.976.808
59.126.293
33.104.628
32.026.187
47.728.321
6,404.632
91.262.060
34.854,366
600,000,000 1. 127,483,295
107.785.406
875,435.598
695.761.752
238.776.599
122,666.376
2.040,425,731
600.000,000 $ 8,364,428,169
IDAHO POWER COMPANY
STATEMENT OF ADJUSTING JOURNAL ENTRIES
As of June 30, 2023
Giving Effect to the Proposed issuance of
Short-term notes
Entry No. 1
Cash................................................................................................ $ 600,000,000
Notes payable.................................................................................................... $ 600,000,000
To record the proposed issuance of short-term
notes and the receipt of cash.
ATTACHMENT l(B)
Statement of Capital Stock and Funded Debt
(00335308.DOCX; 1}
STATEMENT OF CAPITAL STOCK AND FUNDED DEBT
IDAHO POWER COMPANY
June 30 , 2023
The following statement as to each class of the capital stock of applicant is as of June 30, 2023, the date
of the balance sheet submitted with this application:
Common Stock
(1) Description -Common Stock, $2.50 par value; 1 vote per share
(2) Amount authorized -50,000,000 shares ($125,000,000 par value)
(3) Amount outstanding -39,150,812 shares
(4) Amount held as reacquired securities -None
(5) Amount pledged by applicant -None
(6) Amount owned by affiliated corporations -All
(7) Amount held in any fund -None
Applicant's Common Stock is held by IDACORP, Inc., the holding company of
Idaho Power Company. IDACORP, lnc.'s Common Stock is registered (Pursuant
to Section 12(b) of the Securities Exchange Act of 1934) and is listed on the New
York Stock Exchange.
STATEMENT OF CAPITAL STOCK AND FUNDED DEBT (Continued)
IDAHO POWER COMPANY
June 30, 2023
The following statement as to funded debt of applicant is as of June 30, 2023, the date of the balance sheet
submitted with this application.
First Mortgage Bonds
(1)
Description
FIRST MORTGAGE BONDS:
1.90 % Series due 2030, dated as of June 22,2020, due July 15, 2030
6.00 % Series due 2032, dated as of Nov 15, 2002, due Nov 15, 2032
4.99 % Series due 2032, dated as of Dec 22, 2022, Due Dec 22, 2032
5.50 % Series due 2033, dated as of May 13, 2003, due April 1, 2033
5.50 % Series due 2034, dated as of March 26, 2004, due March 15, 2034
5.875% Series due 2034, dated as of August 16, 2004, due August 15, 2034
5.30 % Series due 2035, dated as of August 26, 2005, due August 15, 2035
6.30 % Series due 2037, dated as of June 22, 2007, due June-15, 2037
6.25 % Series due 2037, dated as of October 18, 2007, due October 15, 2037
4.85 % Series due 2040, dated as of Aug 30, 2010, due Aug 15, 2040
4.30 % Series due 2042, dated as of April 13, 2012, due April 1, 2042
5.06 % Series due 2042, dated as of Dec 22, 2022, due Dec 22, 2042
5.06 % Series due 2042, dated as of March 8, 2023, due March 8, 2043
4.00 % Series due 2043, dated as of April 8, 2013, due April 1, 2043
3.65 % Series due 2045, dated as of March 6, 2015, due March 1, 2045
4.05 % Series due 2046, dated as of March 10, 2016, due March 1, 2046
4.20 % Series due 2048, dated as of March 16, 2018, due March 1, 2048
4.20 % Series due 2048, dated as of April 3, 2020, due March 1, 2048
5.20 % Series due 2053, dated as of March 8, 2023, due March 8, 2053
5.50 % Series due 2053, dated as of March 14, 2023, due March 15, 2053
(2) Amount authorized -Limited within the maximum of $3,500,000,000 (or such
other maximum amount as may be fixed by supplemental indenture) and by
property, earnings, and other provisions of the Mortgage.
(4) Amount held as reacquired securities -None
(5) Amount pledged -None
(6) Amount owned by affiliated corporations -None
(7) Amount of sinking or other funds -None
(3)
Amount
Outstanding
80,000,000
100,000,000
23,000,000
70,000,000
50,000,000
55,000,000
60,000,000
140,000,000
100,000,000
100,000,000
75,000,000
25,000,000
60,000,000
75,000,000
250,000,000
120,000,000
220,000,000
230,000,000
62,000,000
400 I 000 I 000
2,295,000,000
For a full statement of the terms and provisions relating to the respective Series and amounts of
applicant's outstanding First Mortgage Bonds above referred to, reference is made to the Mortgage and
Deed of Trust dated as of October 1, 1937, and First to Fifty-Second Supplemental Indentures thereto, by
Idaho Power Company to Deutsche Bank Trust Company Americas (formerly known as Bankers Trust
Company), Trustees, presently on file with the Commission, under which said bonds were issued.
STATEMENT OF CAPITAL STOCK AND FUNDED DEBT (Continued)
IDAHO POWER COMPANY
June 30, 2023
Pollution Control Revenue Bonds
(A) 1 .45% Series 2003 due 2024:
( 1) Description -Pollution Control Revenue Refunding Bonds, 1.45% Series 2003 due
2024, County of Humboldt, Nevada, dated as of August 20, 2009, due December 1,
2024 (secured by First Mortgage Bonds)
(2) Amount authorized -$49,800,000
(3) Amount outstanding -$49,800,000
(4) Amount held as reacquired securities -None
(5) Amount pledged -None
(6) Amount owned by affiliated corporations -None
(7) Amount in sinking or other funds -None
(8) 1. 70% Series 2006 due 2026:
(1) Description -Pollution Control Revenue Bonds, 1.70% Series 2006 due 2026, County
of Sweetwater, Wyoming, dated as of August 20, 2009, due July 15, 2026
(2) Amount authorized -$116,300,000
(3) Amount outstanding -$116,300,000
(4) Amount held as reacquired securities -None
(5) Amount pledged -None
(6) Amount owned by affiliated corporations -None
(7) Amount in sinking or other funds -None
For a full statement of the terms and provisions relating to the outstanding Pollution Control Revenue
Bonds above referred to, reference is made to (A); Conformed Trust Indenture between Humboldt
County, Nevada and Union Bank N.A., Trustee dated October 1, 2003 as amended and supplemented by
a First Supplemental Trust Indenture, dated August 20, 2009, and Loan Agreement between Idaho Power
Company and Humboldt County; Nevada dated October 1, 2003 under which the 1 .45% Series 2003
bonds were reoffered, and (B} Conformed Trust Indenture between Sweetwater County, Wyoming, and
Union Bank, N.A., Trustee, as amended and supplemented by a First Supplemental Trust Indenture
dated August 20, 2009, and Loan Agreements between Idaho Power Company and Sweetwater County,
Wyoming, dated October 1, 2006 under which the 1. 70% Series 2006 bonds were reoffered.
ATTACHMENT l(C)
Contingent Liabilities
{00335308.DOCX; 1}
CONTINGENT LIABILITIES
IDAHO POWER COMPANY
June 30, 2023
GUARANTEES
Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which
IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming
Department of Environmental Quality, was $47.3 million at June 30, 2023, representing IERCo's
one-third share of BCC's total reclamation obligation of $141.9 million. BCC has a reclamation trust
fund set aside specifically for the purpose of paying these reclamation costs. At June 30, 2023, the
value of BCC's reclamation trust fund was $226.2 million. During the six months ended June 30,
2023, the reclamation trust fund made $2.2 million of distributions for reclamation activity costs
associated with the BCC surface mine. BCC periodically assesses the adequacy of the reclamation
trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund
maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal
sales, all of which are made to the Jim Bridger plant. Because of the existence of the fund and the
ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal.
Idaho Power enters into financial agreements and power purchase and sale agreements that
include indemnification provisions relating to various forms of claims or liabilities that may arise
from the transactions contemplated by these agreements. Generally, a maximum obligation is not
explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the
obligation under such indemnification provisions cannot be reasonably estimated. Idaho Power
periodically evaluates the likelihood of incurring costs under such indemnities based on its historical
experience and the evaluation of the specific indemnities. As of June 30, 2023, management
believe the likelihood is remote that Idaho Power would be required to perform under such
indemnification provisions or otherwise incur any significant losses with respect to such
indemnification obligations. Idaho Power has not recorded any liability on its balance sheet with
respect to these indemnification obligations.
CONTINGENCIES
Idaho Power has in the past and expects in the future to become involved in various claims,
controversies, disputes, and other contingent matters, some of which involve litigation and
regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and
regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or
penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive
issues have not been well developed, or (c) the matters involve complex or novel legal theories or a
large number of parties. In accordance with applicable accounting guidance, Idaho Power
establishes an accrual for legal proceedings when those matters proceed to a stage where they
present loss contingencies that are both probable and reasonably estimable. If the loss contingency
at issue is not both probable and reasonably estimable, Idaho Power does not establish an accrual
and the matter will continue to be monitored for any developments that would m~ke the loss
contingency both probable and reasonably estimable. As of the date of this report, Idaho Power's
accruals for loss contingencies are not material to their financial statements as a whole; however,
future accruals could be material in a given period. Idaho Power's determination is based on
currently available information, and estimates presented in financial statements and other financial
disclosures involve significant judgment and may be subject to significant uncertainty. For matters
that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and
appropriate, recovery through the ratemaking process of costs incurred, although there is no
assurance that such recovery would be granted.
CONTINGENT LIABILITIES (continued)
IDAHO POWER COMPANY
June 30, 2023
Idaho Power is party to legal claims and legal, tax, and regulatory actions and proceedings in the
ordinary course of business and, as noted above, records an accrual for associated loss
contingencies when they are probable and reasonably estimable. In connection with its utility
operations, Idaho Power is subject to claims by individuals, entities, and governmental agencies for
damages for alleged personal injury, property damage, and economic losses, relating to the
company's provision of electric service and the operation of its generation, transmission, and
distribution facilities. Some of those claims relate to electrical contacts, service quality, property
damage, and wildfires. In recent years, utilities in the western United States have been subject to
significant liability for personal injury, loss of life, property damage, trespass, and economic losses,
and in some cases, punitive damages and criminal charges, associated with wildfires that
originated from utility property, most commonly transmission and distribution lines. Idaho Power
has also regularly received claims by governmental agencies and private landowners for damages
for fires allegedly originating from Idaho Power's transmission and distribution system. As of the
date of this report, the company believes that resolution of existing claims will not have a material
adverse effect on its financial statements.
Idaho Power is also actively monitoring various pending environmental regulations and executive
orders related to environmental matters that may have a significant impact on its future operations.
Given uncertainties regarding the outcome, timing, and compliance plans for these environmental
matters, Idaho Power is unable to estimate the financial impact of these regulations.
ATTACHMENT l(D)
Statement of Retained Earnings
{00335308.DOCX; 1}
IDAHO POWER COMPANY
Condensed Statement of Unconsolidated Retained Earnings
and
Undistributed Subsidiary Earnings
For the Twelve Months Ended June 30, 2023
Retained Earnings
Retained earnings (at the beginning of period) .............................. .
Balance transferred from income .................................................... .
Dividends received from subsidiary ............................... ·-·················
Total ...................................................................... ..
Dividends:
Common Stock ....................................................................... .
Total ....................................................................... .
1,706,823,899
260,438, 108
15,000,000
1,982,262,007
78,883,054
78,883,054
Retained earnings (at end of period)................................................ $ 1,903,378,953 ==============
Undistributed Subsidiary Earnings
Balance (at beginning of period) ...................................................... .
Equity in earnings for the period ...................................................... .
Dividends paid (Debit) ...................................................................... .
21,811,131
8,569,185
(15,000,000)
Balance (at end of period)................................................................ $ 15,380,316 ===========
ATTACHMENT l(E)
Statement of Income
{00335308.DOCX; 1}
IDAHO POWER COMPANY
Condensed Statement of Unconsolidated Retained Earnings
and
Undistributed Subsidiary Earnings
For the Twelve Months Ended June 30, 2023
Retained Earnings
Retained earnings (at the beginning of period) .............................. .
Balance transferred from income .................................................... .
Dividends received from subsidiary ................................................. .
Total. ...................................................................... .
Dividends:
Common Stock ....................................................................... .
Total ....................................................................... .
1,706,823,899
260,438,108
15,000,000
1,982,262,007
78,883,054
78,883,054
Retained earnings (at end of period)................................................ =$====1='=90=3=,3=7=8=,9=5=3=
Undistributed Subsidiary Earnings
Balance (at beginning of period) ...................................................... .
Equity in earnings for the period ...................................................... .
Dividends paid (Debit) ...................................................................... .
21,811,131
8,569,185
(15,000,000)
Balance (at end of period)................................................................ $ 15,380,316 ==============
ATTACHMENT II
Certified Board Resolutions
ST A TE OF IDAHO )
COUNTY OF ADA ) ss.
CITY OF BOISE )
I, PATRICK A. HARRINGTON, the undersigned, Corporate Secretary of Idaho Power
Company (Company), do hereby certify that the following constitutes a full, true and correct
copy of the resolutions adopted at a regular meeting of the Board of Directors of the Company
held September 22, 2023, authorizing unsecured borrowings by the Company under the terms set
forth in the resolutions. I further certify that said resolutions have not been amended or rescinded
and are in full force and effect on the date hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of Oct~ber, 2023.
(CORPORATE SEAL)
Patrick A. Harrington
Corporate Secretary
RESOLVED, That for the purpose of providing in part for the financial
requirements of this Company during the calendar years 2021 through 2030,
unsecured borrowings by the Company are hereby authorized in an aggregate
principal amount not to exceed $600,000,000 at any one time outstanding,
including authorization to renew notes or other evidence of indebtedness with a
final maturity no later than December 31, 2030, such borrowings (including
renewals thereof), subject to the authority of, or in compliance with procedures of,
all governmental agencies having jurisdiction in respect thereof, to be made (1) at
such time or times, in such amount or amounts (within the above specified
aggregate maximum), for such period or periods, at such rate or rates of interest,
upon such other terms and conditions, and to be evidenced by notes or such other
evidence of indebtedness in such form or forms as shall be determined by, and (2)
under such agreement or agreements or pursuant to such arrangements as shall
have been approved by, the Chief Executive Officer, the Chief Financial Officer,
the Controller, the Chief Accounting Officer, the Treasurer or any Assistant
Treasurer of the Company (the "Authorized Officers"), as necessary or
appropriate, in view of the Company's financial requirements; and that the
Authorized Officers be and each of them hereby is authorized to execute and
deliver in the name and on behalf of the Company, all such agreements and
arrangement documents, or instruments (including amendments thereof), and to
do or cause to be done all such other things, as may be required or expedient for
the purpose of such borrowing, including the determination of a bank or banks to
act as issuing and paying agent for any promissory notes or other evidence of
indebtedness of the Company; and that the Authorized Officers be and each of
them hereby is authorized and empowered from time to time, to make, execute
and deliver in the name and on behalf of the Company, promissory notes or other
evidence of indebtedness, not to exceed an aggregate principal amount of
$600,000,000 at any one time outstanding as herein authorized; and be it
FURTHER RESOLVED, That the Authorized Officers be, and they
hereby are, authorized and directed to file applications with the Idaho Public
Utilities Commission, the Public Utility Commission of Oregon and the Wyoming
Public Service Commission, and such other commissions or regulatory agencies
identified by such officers, for any necessary or appropriate authorization in
connection with the borrowings in an aggregate principal amount not to exceed
$600,000,000 at any one time outstanding, as determined by the Authorized
Officers to be in the best interest of the Company, and to execute on behalf of the
Company and in its name and to cause to be filed with said commissions and
regulatory agencies such amendments, supplements and reports, if any, as they
deem necessary or proper in connection with such applications and with any
orders issued by the commissions and regulatory agencies; and be it
FURTHER RESOLVED, That all acts heretofore done and all documents
heretofore executed, filed or delivered by the officers of the Company in
connection with the proposed borrowings are hereby approved, ratified and
confirmed; and be it
FURTHER RESOLVED, That the Authorized Officers are hereby
severally authorized, empowered and directed to execute and deliver, for and on
behalf of the Company, a credit agreement ( or amendment to or restatement of an
existing credit agreement) that provides for loans in an aggregate principal
amount not to exceed $400,000,000 at any one time outstanding (with the ability
of the Company to increase the loans to an aggregate principal amount not to
exceed $600,000,000 at any one time outstanding, subject to such conditions as
may be set forth in the credit agreement) with agents and lenders selected by the
Authorized Officers (the "Credit Agreement"), together with any other related
documents that any such officer deems necessary or appropriate to consummate
the transactions contemplated by the Credit Agreement, and together with any
amendments thereto not inconsistent with these resolutions that are deemed
necessary or desirable by any such officer; and be it
FURTHER RESOLVED, That effective upon receipt of all necessary
regulatory approvals, authorizations or consents and the entry into such
agreements as the Authorized Officers deem necessary or appropriate, Idaho
Power Company may issue and sell its promissory notes ( commercial paper or
similar notes or other evidence of indebtedness), from time to time ( either in
physical or electronic book-entry form or otherwise) to such lenders, brokers,
dealers or placement agents as the Authorized Officers may determine, in
principal amounts not to exceed an aggregate of $600,000,000 at any one time
outstanding, each such note to be signed, if required, by one Authorized Officer as
hereinafter provided, at such prices and containing such dates, rates, maturities or
other terms as the Authorized Officer executing said notes shall deem appropriate;
provided, that no commercial paper shall be issued with a maturity date exceeding
270 days from the date of issuance; and be it
FURTHER RESOLVED, That the signature or signatures on said
promissory notes may be either the manual, electronic or facsimile signature of an
Authorized Officer or any other officer of the Company designated in writing by
any Authorized Officer; and be it
FURTHER RESOLVED, That the Authorized Officers be and each
hereby is authorized to execute and deliver on behalf of the Company an
agreement, or an amendment to an existing agreement, with Wells Fargo Bank or
any one or more other financial institutions, providing for the safekeeping,
completion, countersignature, issuance and payment of the promissory notes of
the Company; and be it
FURTHER RESOLVED, That the officers of the Company are hereby
authorized and directed to do or cause to be done any and all other acts and things
in their judgment that may be necessary or proper or as counsel may advise in
order to carry out the purpose of the foregoing resolutions.
ATTACHMENT Ill
Proposed Order
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION OF )
IDAHO POWER COMPANY FOR AN ORDER )
AUTHORIZING UP TO $600,000,000 )
AGGREGATE PRINCIPAL AMOUNT AT )
ANY ONE TIME OUTSTANDING OF )
UNSECURED BORROWINGS ) _________________ )
CASE NO. IPC-E-23-
PROPOSED ORDER
On October 18, 2023, Idaho Power Company ("Idaho Power" or "Company"), a
public utility headquartered in Boise, Idaho, providing retail electric service in southern Idaho and
eastern Oregon, filed with this Commission its application ("Application") pursuant to Chapter 9,
Title 61 of the Idaho Code and Rules 141 through 150 of the Commission's Rules of Procedure,
requesting an order authorizing Idaho Power to make up to $600,000,000 aggregate principal
amount of unsecured borrowings at any one time outstanding ("Borrowings"), under the terms set
forth in the Application. Idaho Power's current unsecured borrowing authorization from the
Commission was granted in Order No. 34483, dated November 14, 2019, in Case No. IPC-E-19-
33 (the "Current Order") and extends through December 31, 2026. The Company is seeking to
extend its borrowing authorization from the Commission through December 31, 2030 for the
Borrowings, as set forth in its Application. The Commission hereby adopts its Findings of Fact,
Conclusions of Law and Order approving the Application.
FINDINGS OF FACT
Idaho Power was incorporated on May 6, 1915 and migrated its state of
incorporation to the State of Idaho on June 30, 1989 and is duly qualified to do business in the
State ofldaho. Idaho Power's principal office is located in Boise, Idaho.
II
Idaho Power requests authorization to make Borrowings of up to $600,000,000
aggregate principal amount at any one time outstanding through December 31, 2030. Idaho Power
states that the Borrowings will consist of (1) loans issued by financial and other institutions and
evidenced by unsecured notes or other evidence of indebtedness of the Company and (2) unsecured
PROPOSED ORDER -1 {00334430.DOCX; I}
promissory notes and commercial paper of the Company to be issued by means of public or private
placement through one or more commercial paper dealers or agents, or directly by the Company.
III
Idaho Power intends to secure commitments for new unsecured lines of credit, or
extensions of existing unsecured lines of credit, for the Borrowings. The unsecured lines of credit
may be obtained with several financial or other institutions, directly by the Company or through
an agent, when and if required by the Company's then current financial requirements. Each
individual line of credit commitment will provide that up to a specific amount at any one time
outstanding will be available to the Company to draw upon for a fee to be determined by a
percentage of the credit line available, credit line utilization, compensating balance or combination
thereof.
Idaho Power may also make arrangements for uncommitted credit facilities under
which unsecured lines of credit would be offered to the Company on an "as available" basis and
at negotiated interest rates. Such committed and uncommitted Borrowings will be evidenced by
the Company's unsecured promissory notes or other evidence of indebtedness.
The Borrowings may include unsecured promissory notes to be issued and sold by
Idaho Power through one or more commercial paper dealers or agents, or directly by the Company,
up to the limits imposed by applicable statutes, rules or regulations. Each note issued as
commercial paper will be either discounted at the rate prevailing at the time of issuance for
commercial paper of comparable quality and maturity or will be interest bearing to be paid at
maturity. Each note issued as commercial paper will have a fixed maturity and will contain no
provision for automatic "roll over". The Company is seeking authorization to make Borrowings at
any time, so long as the borrowings made or commercial paper issued mature no later than
December 31, 2030.
IV
Idaho Power's mam unsecured borrowing agreement 1s its existing Credit
Agreement authorized under the Current Order ("Existing Credit Agreement"). The Existing
Credit Agreement provides committed lines of credit from participating banks in an aggregate
principal amount at any one time outstanding of $300,000,000, with the option of the Company to
increase the borrowing limit up to $450,000,000, subject to certain conditions. The Existing Credit
Agreement is scheduled to expire on December 7, 2026 and is on file with the Commission in IPC-
PROPOSED ORDER -2 {00334430.DOCX; I}
E-19-33.
The Company proposes to amend the Existing Credit Agreement or enter into a
new credit agreement in early December 2023 (in either case, the "New Credit Agreement"). The
Company anticipates that the New Credit Agreement will provide for committed lines of credit
from participating banks in an aggregate principal amount at any one time outstanding of
$400,000,000, with the option of the Company to increase the borrowing limit up to $600,000,000,
subject to certain conditions. The Company states that the proposed increase in unsecured
borrowing capacity reflects the Company's increased operating costs since the Current Order was
issued in 2019. The Company further anticipates that the term of the New Credit Agreement would
extend through December 31, 2028, with two one-year extension options through December 31,
2030.
The Company plans to continue to use the New Credit Agreement primarily as a
backup credit facility to enhance the credit ratings for its commercial paper issuances, but may
also borrow directly under the New Credit Agreement as it deems necessary or desirable. Idaho
Power will file a copy of the New Credit Agreement with the Commission upon its execution, and
will provide written notice to the Commission in the event that the Company elects to increase the
borrowing limit under the New Credit Agreement above $400,000,000, or extend the term of the
New Credit Agreement beyond December 31, 2028.
V
Idaho Power's line of credit arrangements are expected to include one or more lead
agents, and a number of additional banks as participating agents. The Company's proposed New
Credit Agreement would likely include the following fees for the lead agent(s) and participating
agents: (1) an up-front arrangement fee payable to the lead agent(s) totaling approximately 0.10%
to 0.20% of the principal amount committed, (2) up-front agent participation fees payable to all
participating agents totaling approximately 0.10% to 0.20% of the principal amount committed,
(3) annual commitment facility fees payable to all participating agents equal to approximately
0.15% to 0.25% of the principal amount committed, and (4) annual administrative fees payable to
the lead agent(s) of approximately $15,000 to $30,000. The principal amount committed for
purposes of calculating the agent fees will be $400,000,000, unless the authorized borrowing
amount under the New Credit Agreement is increased as described above, up to a maximum of
$600,000,000. Other expenses relating to the New Credit Agreement are estimated to include:
PROPOSED ORDER -3 (00334430.DOCX; I)
Idaho Power outside legal fees of approximately $50,000, agent legal fees of approximately
$50,000, and miscellaneous expenses of approximately $25,000.
Idaho Power states that the above referenced New Credit Agreement fees are
customary in the market and will offset the agents' costs, including personnel time, travel and
administrative costs associated with negotiating and administering the New Credit Agreement.
With respect to commercial paper issuances, Idaho Power expects that the commercial paper
dealers or agents will sell such notes at a profit to them of not to exceed 1/8 of 1 percent of the
principal amount of each note.
VI
Idaho Power states the purpose for which the proposed Borrowings will be made is
to obtain funding for: the acquisition of property; the 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 corporate purposes.
VII
Idaho Power requests authorization to make the Borrowings as described in its
Application through December 31, 2030, so long as the Company maintains at least a BBB-or
higher corporate credit rating, as indicated by S&P Global Ratings, and a Baa3 or higher long­
term issuer rating, as indicated by Moody's Investors' Service, Inc. Idaho Power requests that if its
rating falls below either such rating ("Downgrade"), its borrowing authority would continue for a
period of 364 days from the date of the Downgrade ("Continued Authorization Period"), provided
that the Company:
(1) Promptly notifies the Commission in writing of the Downgrade; and
(2) Files a supplemental application with the Commission within seven (7) days
after the Downgrade, requesting a supplemental order ("Supplemental
Order") authorizing Idaho Power to continue to make Borrowings as
provided in the New Order, notwithstanding the Downgrade.
Until Idaho Power receives the Supplemental Order, all Borrowings during the
Continued Authorization Period will become due or mature no later than the end of the Continued
Authorization Period.
PROPOSED ORDER -4 {00334430.DOCX; I}
CONCLUSIONS OF LAW
Idaho Power is an electrical corporation within the definition of Idaho Code § 61-
119 and is a public utility within the definition of Idaho Code§ 61-129.
The Idaho Public Utilities Commission has jurisdiction over this matter pursuant to
the provisions of Idaho Code§ 61-901 et seq., and the Application reasonably conforms to Rules
141 through 150 of the Commission's Rules of Procedures, IDAPA 31.01.01.141-150.
The method of issuance is proper.
The general purposes to which the proceeds will be put are lawful purposes under
the Public Utility Law of the State ofldaho and are compatible with the public interest. However,
this general approval of the general purposes to which the proceeds will be put is neither a finding
of fact nor a conclusion of law that any particular construction program of the Company which
may be benefited by the approval of this Application has been considered or approved by this
Order, and this Order shall not be construed to that effect.
The issuance of an Order authorizing the proposed financing does not constitute
agency determination/approval of the type of financing or the related costs for ratemaking
purposes, which determination the Commission expressly reserves until the appropriate
proceeding.
All fees have been paid by Idaho Power in accordance with Idaho Code § 61-905.
ORDER
IT IS THEREFORE ORDERED that Idaho Power Company is granted authority to
make up to $600,000,000 aggregate principal amount at any one time outstanding of Borrowings
through December 31, 2030, under the terms and conditions and for the purposes set forth in the
Company's Application and this Order. As requested in Idaho Power's Application, the
Company's borrowing authority under the Current Order will remain in effect for a period of
twenty-one (21) days following the date of this Order. The 21-day period reflects the
Commission's "petition for reconsideration" period that applies to this Order under Section 331.01
of the Rules. At the expiration of the 21-day petition for reconsideration period, the Commission's
authorization under the Current Order will automatically expire if no petitions for reconsideration
are received. During the 21-day petition for reconsideration period, this Order will be in effect, but
Idaho Power's total authorization to issue Borrowings under the Current Order and/or this Order
PROPOSED ORDER -5 {00334430.DOCX; I)
will remain at $450,000,000 aggregate principal amount at any one time outstanding until the
expiration of the petition for reconsideration period.
IT IS FURTHER ORDERED that this authorization will remain in place through
December 31, 2030, provided that the Company maintains at least a BBB-or higher corporate
credit rating, as indicated by S&P Global Ratings, and a Baa3 or higher long-term issuer rating, as
indicated by Moody's Investors' Service, Inc. If Idaho Power's rating falls below either such rating
("Downgrade"), its borrowing authority under this Order will continue for a period of 364 days
from the date of the Downgrade ("Continued Authorization Period"), provided that the Company:
(1) Promptly notifies the Commission in writing of the Downgrade; and
(2) Files a supplemental application with the Commission within seven (7) days after
the Downgrade, requesting a supplemental order ("Supplemental Order")
authorizing Idaho Power to continue to make Borrowings as provided in this Order,
notwithstanding the Downgrade.
Until Idaho Power receives the Supplemental Order, all Borrowings during the
Continued Authorization Period will become due or mature no later than the end of the Continued
Authorization Period.
Subject to the foregoing ordering paragraph relating to a Downgrade, no additional
authorization is required to carry out this transaction and no supplemental order will be issued.
IT IS FURTHER ORDERED that the Company must notify the Commission in
writing if: (1) the Company will increase the credit limit under the New Credit Agreement beyond
$400,000,000; or (2) the Company will exercise either of the one-year extensions under the New
Credit Agreement beyond December 31, 2028. The Company must provide such notice to the
Commission at least seven (7) days before the referenced event is to occur ( or, if the required
information is then unavailable, as soon thereafter as possible).
IT IS FURTHER ORDERED that Idaho Power file, as soon as available, final
exhibits as set forth in its Application.
IT IS FURTHER ORDERED that the foregoing authorization is without prejudice
to the regulatory authority of the Commission with respect to rates, utility capital structure, service
accounts, valuation, estimates for determination of cost or any other matter which may come before
this Commission pursuant to its jurisdiction and authority as provided by law.
IT IS FURTHER ORDERED that nothing in this Order and no provisions of
PROPOSED ORDER -6 {00334430.DOCX; I}
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 § 61-626.
DONE by Order of the Idaho Public Utilities Commission at Boise, Idaho this
__ day of ______ , 2023.
ATTEST:
Jan Noriyuki
Commission Secretary
PROPOSED ORDER -7
ERIC ANDERSON, PRESIDENT
JOHN R. HAMMOND, JR., COMMISSIONER
EDWARD LODGE, COMMISSIONER
{ 00334430.DOCX; I}