HomeMy WebLinkAboutIPC9621.docxDECISION MEMORANDUM
TO:COMMISSIONER NELSON
COMMISSIONER SMITH
COMMISSIONER HANSEN
MYRNA WALTERS
DON HOWELL
STEPHANIE MILLER
DAVE SCHUNKE
SUSAN HAMLIN
GARY RICHARDSON
TONYA CLARK
BEV BARKER
WORKING FILE
FROM:TERRI CARLOCK
DATE:NOVEMBER 7, 1996
RE:IDAHO POWER COMPANY APPLICATION FOR SHORT-TERM DEBT AUTHORITY, CASE NO. IPC-E-96-21
RECOMMENDATION: APPROVAL
Idaho Power Company (IPC) requests authority to incur short-term debt up to $200 million for five years from January 1, 1997 through December 31, 2001. The current authority expires December 31, 1996. IPC may incur debt with committed or uncommitted lines of credit, unsecured promissory notes and/or commercial paper at fixed or variable interest rates and various maturities to be determined at the time the debt is incurred.
The proceeds from the short-term debt will be used to obtain temporary, interim working capital needs. The capital structure as of June 30, 1996 consists of 44.79% debt, 8.80% preferred stock and 46.41% common equity. Current short-term debt amounts to $65.1 million. Current short-term debt represents 4.3% of the capital structure while the full $200 million would be 13.3% of the capital structure.
STAFF RECOMMENDATION
Staff recommends approval of the short-term debt through December 31, 2001.
COMMISSION DECISION
Should the short-term debt authority through December 31, 2001 be approved?
M:\TCARLOC\WPFILES\SECURITI\IPC9621.DMTerri Carlock