20060828Affiliated interest report FY 2006.pdf

~ ~
~OUNTAIN RECEIVED
200& AUG 28 PM 12:
201 South Main, Suite 2300
Salt Lake City, Utah 84111
August 25 , 2006 IDAHO PUBLIC
UTILITIES COMMISSION
Idaho Public Utilities Commission
472 West Washington Street
Boise, ID 83720-5983
Attention: Jean Jewell
Commission Secretary
RE:FY 2006 AffIliated Interest Report
In accordance with MidArnerican Energy Holdings Company Transaction Commitment #8
approved in Docket No.P AC-05-, enclosed for filing is PacifiCorp s (d.a Rocky Mountain
Power) Affiliated Interest Report for Fiscal Year 2006. By copy ofthis letter other parties to the
proceeding are being provided notice of this filing.
It is respectfully requested that all formal correspondence and Staff requests regarding this filing
be addressed to the following:
By E-mail (preferred):datarequest~paci fi corp. com
By Fax:[phone]
By regular mail:Data Request Response Center
PacifiCorp
825 NE Multnomah, Suite 2000
Portland, OR 97232
Informal inquiries regarding this filing, or requests for copies of the report, can be directed to
Brian Dickman at [phone].
Sincerely,
--:D 1J1u
I\
Doug Larson
Vice President, Regulation
Rocky Mountain Power
Enclosure
cc: w/o enclosure: Service List in Docket No. P AC-05-
I hereby certify that on this 25th day of August, 2006, I caused to be served, via
E-mail, if address available or U.S mail, a true and correct copy ofPacifiCorp s cover
letter accompanying the Compliance Filing, Affiliated Interest Report for Fiscal Year
2006 (Commitment #8) in Case No. P AC-05-
Andrea L. Kelley R. Scott Pasley
Vice President, Regulation Assistant General Counsel
ACIFICORP R. Simp lot Company
825 NE Multnomah, Suite 2000 O. Box 27
Portland, OR 97232 Boise, ill 83702
Mail: andrea.kellvCl?2pacificoro.com Mail: spaslevCl?2simplotcom
Douglas L. Anderson Mark C. Moench
Senior Vice President & General Senior Vice President - Law
Counsel MidArnerican Energy Holdings Company
MidArnerican Energy Holdings 201 S. Main, Suite 2300
Company Salt Lake City, UT 84111
302 S. 36th Street, Suite 400 Mail: mcmoenchcmmidamerican.com
Omaha, NE 68131
Mail: danderson02midamerican.com
....
Eric L. Olsen Anthony Yankel
Racine, Olson, Nye, Budge & Bailey,29814 Lake Road
Chartered Bay Village, OH 44140
201 E. Center Mail: tonv02vankel.net
O. Box 1391
Pocatello, ill 83204-1391
Mail: eloCl?2racinelaw .net
Barton L. Kline, Senior Attorney John R. Gale
Monica B. Moen, Attorney II Vice President, Regulatory Affairs
Idaho Power Company Idaho Power Company
O. Box 70 O. Box 70
Boise, ill 83707 Boise, ill 83707
Mail: bkline02idahopower.com Mail: rgalecmidahopower.com
mmoen02idahopower.com
Brad M. Purdy Arthur F. Sandack, Esq.
Attorney at Law 8 E. Broadway, Suite 510
2019 N. 1 ih Street Salt Lake City, UT 84111
Boise, ill 83702 Mail: asandackCl?2itower.net
Mail: bmpurdvCl?2hotmail.com
Donald L. Howell, II
Deputy Attorney General
Idaho Public Utilities Commission
472 W. Washington (83702)
O. Box 83720
Boise, ill 83720-0074
Mail: donlhowell02puc.idaho.
Randall C. Budge
Racine, Olson, Nye, Budge & Bailey,
Chartered
201 E. Center
O. Box 1391
Pocatello, ill 83204-1391
Mail: rcb racinelaw.net
Katie Iverson
Brubaker & Associates
17244 W. Cordova Court
Surprise, AZ 85387
Mail: kiversonCl?2consultbai.com
David Hawk
Director, Energy Natural Resources
R. Simplot Company
O. Box 27
Boise, ID 83702
Mail: dhawk sim lotcom
m m
Terri Carlock
Accounting Supervisor
Idaho Public Utilities CommissIOn
472 W. Washington
O. Box 83720
Boise, ill 83720-0074
Mail: terri.carlock02puc.idaho.
James R. Smith
Monsanto Company
Highway 34 North
O. Box 816
Soda Springs, ill 83726
Mail: r.smith monsanto.com
Alan Herzfeld
Herzfeld & Piotrowski LLP
713 W. Franklin
O. Box 2864
Boise, ill 83701
Mail: aherzfeld net
R. Scott Pasley
Assistant General Counsel
lR. Simp lot Company
O. Box 27
Boise, ill 83702
Mail: s aslev02sim lotcom
............ .
. m . . m .
Pe yan
Supervisor Regulatory Administration
;" .
RECEIVED
2006 AUG 28
P/f'2:
urld~~~O !d;J1~lg$ION
PacifiCo rp
Affilia ted Interest Report
I '
. (
I ,, I
F or the Year Ended
March 31 2006
. /
I. Organization
A description of the PacifiCorp organization and a listing of subsidiaries
and the percentage ownership of each.
PacifiCorp (which includes PacifiCorp and its subsidiaries) is a United States electric
utility company serving retail customers in portions of the states of Utah, Oregon
Wyoming, Washington, Idaho and California. PacifiCorp generates electricity and also
engages in electricity sales and purchases on a wholesale basis. The subsidiaries of
PacifiCorp support its electric utility operations by providing coal mining and other fuel-
related services, as well as environmental remediation.
On March 21, 2006, MidArnerican Energy Holdings Company ("MEHC") completed its
purchase of all ofPacifiCorp s outstanding common stock from PacifiCorp Holdings
Inc. ("PHf'), a subsidiary of ScottishPower UK, pIc ("ScottishPower"), pursuant to the
Stock Purchase Agreement among MidArnerican, ScottishPower and PHI dated May 23
2005, as amended on March 21 2006. The cash purchase price was $5.1 billion.
PacifiCorp s common stock was directly acquired by a subsidiary ofMEHC, PPW
Holdings LLC. As a result of this transaction, MEHC controls the significant majority of
PacifiCorp s voting securities, which includes both common and preferred stock. MEHC
a global energy company based in Des Moines, Iowa, is a majority-owned subsidiary of
Berkshire Hathaway, Inc.
As a result of a settlement agreement between MEHC, the Utah Committee of Consumer
Services and Utah Industrial Energy Consumers, MEHC contributed to PacifiCorp, at no
cost, MEHC's indirect 100.0% ownership interest in Intermountain Geothermal
Company, which controls 69.3% of the steam rights associated with the geothermal field
serving PacifiCorp s Blundell Geothermal Plant in Utah. Intermountain Geothermal
Company therefore became a wholly owned subsidiary ofPacifiCorp in March 2006,
subsequent to the sale ofPacifiCorp to MEHC.
Following the closing ofPacifiCorp s sale, MEHC announced a new organizational
structure under the direction of a newly appointed chairman and chief executive officer
who oversees the company s entire operations. The PacifiCorp Energy operational unit is
responsible for PacifiCorp s electric generation, commercial and energy trading, and coal-
mining functions. The Pacific Power operational unit is responsible for delivering
electricity to customers in Oregon, Washington and California. The Rocky Mountain
Power operational unit is responsible for delivering electricity to customers in Utah
Wyoming and Idaho.
The following page provides an organization chart, in columnar form, of PacifiCorp
subsidiaries. For each subsidiary, the percentage of ownership held by its parent
company is listed, as well as the state of incorporation.
The following pages are organizational charts for MEHC including PacifiCorp.
SUBSIDIARIES OF THE COMPANY
Name of Subsidiary Approximate State of
Percentage of Jurisdiction of
Voting Securities Incorooration
Owned or Oreanization
Centralia Mining Company 100%Washington
Energy West Mining Company 100%Utah
Glenrock Coal Company 100%Wyoming
Intermountain Geothermal Company 100%Delaware
Interwest Mining Company 100%Oregon
Pacific Minerals, Inc.100%Wyoming
- Bridger Coal Co., a joint venture 66.66%Wyoming
Trapper Mining, Inc.21.40%Colorado
PacifiCorp Environmental 89.90%Oregon
Remediation Company
PacifiCorp Future Generations, Inc.100%Oregon
- Canopy Botanicals, Inc.77.85%Delaware
- Canopy Botanicals, SRL 49.00%Bolivia
PacifiCorp Investment Management, Inc.100%Oregon
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Corporate Structure
As of March 21 , 2006
Berkshire Hathaway, Inc.
....
880
MidAmericanEnergy
Holdings Company
PPW'Holdings LLC
PACIFICORP
Cehtr.ll jaM i l1ingCPn'1pahy
, ,-
E nergYV'l Et$t'Mi ni...g~c;jmpa I1Y
Gte nrQc kC oal-PeJrrtpa nY
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lnt~lWe~fMiQih CQI1'IP~QY
acifiQNUnerals.flncr -
Bridger Coarco;
(Pacific Minerals, Inc. (66.66%); Idaho Power (33,34%))
PatifiCor.P ,eijviroQme nt.I Rel'l1~l:Iia~ig,pc()m pan
' " , ,
(pac:lficotp~89.90%);Ct-t:Z~HIII(1p.~Q~))'
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- -
CanopyBotanicals,lnc,
(PacifiCorp Future Generations' Inc. (77.85%);
BP America, Ino.(22.15%))
Canopy Botanicals, SRL
(Fundacion Amigos de la Naturaleza (51.00%);
Canopy Botanicals, Inc. (49,00%))
Trapper Mil1ingll1c:
, '
(21A% Minority Interest)(SaitRi tAgriculturatlO)plpower - 32.10%);"1
Transmission, 'AsSocia liQo; I
- -
(~1;~O%);PIa~~iwrp'o'
, Pac;ifiCoI'P:,ln vestm(t ot. M al1agerrt~rlt,...1 nc.
I. A. Officers and Directors
Changes in the list of directors and officers common to
the regulated utility and the affiliated interest;
On the following pages are listed:
Changes in Directors and Officers during FY
2006.
PacifiCorp Board of Directors and Board
Committees.
PacifiCorp Officers.
Pacific Regional Board.
Utah Regional Board.
Wyoming Regional Board.
Directory of Officers and Directors with
affiliated positions as of March 31, 2006.
The positions listed for the directors and officers in each
of these sections are those positions that were held at
March 31 , 2006. The listings do not reflect changes since
that date.
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Re2ional Advisory Boards - effective January 12. 2006
Pacific Advisory Board
William B. Douglas
Keith R. McKennon
Ethel Simon- McWilliams
Nancy Wilgenbusch
Utah Advisory Board
Steven D. Bennion
Kent H. Cannon
EJ "Jake" Gam
Nolan Karras
Wyoming Advisory Board
John W. Hay ill
Brent Kunz
Maggi Maier Murdock
Peter Wold
PacifiCorp Officers and Directors with affiliated positions as of March 31, 2006
Abel, Gregory
DIRECTOR POSITIONS
Entity
Intermountain Geothermal Company
MidAmerican Energy Holdings Company
PadfiCorp
OFFICER POSmONS
Entity Title
Intermountain Geothermal Company
MidAmerican Energy Holdings Company
PadfiCorp
President
President and Chief Operating Officer
Chairman of Board and Chief Executive Officer
Fehrman, William J,
DIRECTOR POSmONS
Entity
Intermountain Geothermal Company
PacifiCorp
PacifiCorp Foundation for Learning
OFFICER POSmONS
Entity
Intermountain Geothermal Company
PadfiCorp
Title
President
President, PacifiCorp Energy
Gale, Brent E.
DIRECTOR POSmONS
Entity
PadfiCorp
PadfiCorp Future Generations, Inc.
PadfiCorp Foundation for Learning
OFFICER POSmONS
Entity Title
MidAmerican Energy Holdings Company
PadfiCorp Future Generations, Inc.
Senior Vice President
President
Goodman, Patrick J.
DIRECTOR POSITIONS
Entity
PadfiCorp
OFFICER POSmONS
Entity
Intennountain Geothermal Company
Haller, Andrew P.
DIRECTOR POSITIONS
Entity
PadfiCorp
OFFICER POSmONS
Entity
Centralia Mining Company
Centralia Mining Company
Centralia Mining Company
Energy West Mining Company
Energy West Mining Company
Energy West Mining Company
Glenrock Coal Company
Glenrock Coal Company
Glenrock Coal Company
Interwest Mining Company
Interwest Mining Company
Interwest Mining Company
Pacific Minerals, Inc.
Padfic Minerals, Inc.
Padfic Minerals, Inc.
PadfiCorp
PacifiCorp
PacifiCOrp
PacifiCorp Investment Management, Inc.
Lasich, Rob
DIRECTOR POSITIONS
Entity
Intermountain Geothermal Company
PadfiCorp
OFFICER POSmONS
Entity
Intennountain Geothermal Company
Title
Senior Vice President and O1ief Financial
Officer
Title
General Counsel
Senior Vice President
Secretary
General Counsel
Senior Vice President
Seaetary
General Counsel
Senior Vice President
Seaetary
General Counsel
Senior Vice President
Seaetary
General Counsel
Senior Vice President
Secretary
General Counsel
Senior Vice President
Seaetary
Seaetary
Title
Assistant Seaetary
Moench, Mark
DIRECTOR POSITIONS
Entity
PacifiCorp Foundation for Learning
PacifiCorp
Walje, A. Richard.
DIRECTOR POSITIONS
Entity
PacifiCorp
PacifiCorp Foundation for Learning
Watters, Stanley K.
DIRECTOR POSITIONS
Entity
PacifiCorp Foundation for Learning
PacifiCorp
Williams, Bruce N.
DIRECTOR POSmONS
Entity
OFFICER POSmONS
Entity
Centralia Mining Company
Energy West Mining Company
Glenrock Coal Company
Interwest Mining Company
Pacific Minerals, Inc.
PacifiCorp
PacifiCorp
PacifiCorp Environmental Remediation Company
PacifiCorp Future Generations, Inc.
PadfiCorp Investment Management, Inc.
PacifiCorp Investment Management, Inc.
PadfiCorp Foundation for Learning
Title
Treasurer
Treasurer
Treasurer
Treasurer
Treasurer
Vice President
Treasurer
Treasurer
Treasurer
President
Treasurer
Treasurer
I. B. Changes in Ownership
Changes in successive ownership between the regulated utility and
affiliated interest.
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I. C. - Affiliate Descriptions
A narrative of each affiliated entity with whom the regulated utility does
business. State the factor(s) giving rise to the affdiation.
Summary of narrative descriptions
For each affiliated entity
The following affiliates did business with PacifiCorp in the fiscal year ending March 31
2006. They are affiliated interests ofPacifiCorp, as defined by ORS 757.015, because
each has two or more officers or directors in common with PacifiCorp, or they meet the
ownership requirements of 5% direct or indirect ownership.
Dornoch International Insurance Limited ("DIlL") - as of March 21 2006 aformer
affiliated company and subsidiary of Scottish Power pIc. DIlL was a captive insurance
provider to PacifiCorp. PacifiCorp had no equity interest in DIlL and had no obligation
to contribute equity or loan funds to DIlL. Premium amounts were established to cover
loss claims, administrative expenses and appropriate reserves, but otherwise DIlL was
not operated to generate profits.
Eastern Desert Power, LLC - as of March 21 2006 aformer affiliated company and
subsidiary ofPPM Energy, Inc., in the business of wind energy and development.
Energy West Mining Company - subsidiary company ofPacifiCorp engaged in coal
mining related services in the production of coal at the company owned mines in Emery
County, Utah.
Enstor Operating Company, LLC - as of March 21 2006 aformer affiliated company
and subsidiary ofPPM Energy, Inc. that serves as a general partner ofKaty Storage &
Transportation LP., a Texas limited partnership. Enstor Operating Company, LLC is
involved in natural gas storage.
Intermountain Geothermal Company - subsidiary company ofPacifiCorp that, as of
March 31 , 2006, owned a 69.3 % interest in the Roosevelt Hot Springs geothermal field
serving the company s Blundell geothermal plant in Utah.
Interwest Mining Company - subsidiary company ofPacifiCorp providing
administrative, technical and management services to Energy West Mining Company,
Glenrock Coal Company and Pacific Minerals, Inc.
MEHC Insurance Services Ltd. ("MISL") - a wholly owned subsidiary of
MidArnerican Energy Holdings Company that provides a captive insurance program to
PacifiCorp. MISL covers all or significant portions ofthe property damage and liability
insurance deductibles in many ofPacifiCorp s current policies, as well as overhead
distribution and transmission line property damage. PacifiCorp has no equity interest in
MISL and has no obligation to contribute equity or loan funds to MISL. Premium
amounts are established based on a combination of actuarial assessments and market rates
to cover loss claims, administrative expenses and appropriate reserves. Certain costs
associated with the program are prepaid and amortized through March 20, 2007.
MidAmerican Energy Holdings Company - as of March 21 , 2006, parent company of
PPW Holdings LLC and subsidiary of Berkshire Hathaway, Inc.
Pacific Klamath Energy, Inc. - as of March 21 2006 aformer affiliated company and
subsidiary ofPacifiCorp Holdings, Inc. that has a contract with the city of Klamath Falls
Oregon, to maintain a 500-MW cogeneration plant.
Pacific Minerals, Inc. ("PMI") - subsidiary company ofPacifiCorp which owns 66.66%
of Bridger Coal Co., the coal mining joint venture with Idaho Energy Resources
Company ("IREC"), a subsidiary of Idaho Power.
Bridger Coal Co. - Coal mining joint venture with PMI and IREc. PMI owns 66.66%
and IREC owns 33.34% of Bridger Coal Co.
PacifiCorp Energy Canada Ltd. - as of March 21 2006 aformer affiliated company
and subsidiary of ScottishPower UK, pIc that, through its Enstor division, provides
storage products and services to third parties (firm storage, park and loan transactions).
PacifiCorp Environmental Remediation Company ("PERCO") - subsidiary company
ofPacifiCorp that evaluates, manages and resolves certain environmental remediation.
PERCO also manages a remediation trust.
PacifiCorp Financial Services, Inc. - as of March 21 2006 aformer affiliated holding
company and subsidiary ofPacifiCorp Group Holdings Company that designs and
markets a wide range of specialized financial services through its subsidiaries.
PacifiCorp Foundation for Learning - an independent non profit foundation with the
mission of advancing individual and community aspirations through learning.
PacifiCorp Group Holdings Company ("PGHC") - as of March 21 2006 aformer
affiliated holding company that facilitated businesses not regulated as an electric utility.
PacifiCorp Holdings, Inc. ("Pill") - as of March 21 , 2006, the former parent company
and taxpaying entity ofPacifiCorp.
PacifiCorp Trans, Inc. - as of March 21 2006 aformer affiliated company and
subsidiary ofPGHC that maintained PacifiCorp s corporate aircraft fleet and provided
the coordination of aircraft scheduling for PacifiCorp and its subsidiaries.
PPM Colorado Wind Ventures, Inc. - as of March 21 , 2006 aformer affiliated
company and subsidiary ofPPM Energy, Inc. in the business of wind energy and
development.
PPM Energy, Inc. - as of March 21 2006 aformer affiliated company and subsidiary of
PHI that is in the business of wholesale power trading, wind development and natural gas
transportation and storage.
PPW Holdings LLC - as of March 21 2006, the holding company for PacifiCorp and
subsidiary ofMidArnerican Energy Holdings Company.
Scottish Power UK, pIc - as of March 21 , 2006, a former affiliated company and
subsidiary of Scottish Power pIc that provided employees and other administrative
services to PacifiCorp.
Trapper Mining, Inc. - PacifiCorp owns a 21.40% interest in this entity, which operates
a coal mine at the Craig "mine-mouth" operation (generating station located next to
mine) outside Craig, Colorado. The remaining ownership in Trapper Mining, Inc. is as
follows: Salt River Project Agricultural Improvement and Power District (32.10 %), Tri
State Generation and Transmission Association, Inc. (26.57%), and Platte River Power
Authority (19.93%).
West Valley Leasing Company, LLC - as of March 21 2006 aformer affiliated
company and subsidiary ofPPM Energy, Inc. that owns the West Valley peaking
generation facility located in Utah.
I. D. Financial Statements
balance sheet and income statement for each affiliated
interest for the 12-month reporting period.
Financial statements for each affiliated interest included in
PacifiCorp and its subsidiaries' organizational structure, PPW
Holdings LLC and the PacifiCorp Foundation for Learning as
of March 31, 2006 are included under the individual tabs for
each affiliate in Section II.
Financial statements for those companies that the affiliated
interest ceased as of March 21,2006, upon the sale of
PacifiCorp to MidAmerican Energy Holdings Company, are
not included in this filing.
Financial statements for MEHC Insurance Services Ltd. are
not included in this filing.
II. Transactions
Separately, for services rendered by the regulated utility to the
affIliate and vice versa:
A description of the nature of services in reasonable detail.
The annual charges by type of service (exclude all
joint/common costs reported in Section VII).
The basis used to determine pricing.
In total, for each affiliated entity whether receiving or
providing services, show:
1. Total charges or billings.
2. The cost of providing service, including applicable taxes.
3. The margin of charges over costs.
4. Assets allocable to the services.
5. The achieved rate of return on assets.
6. The accounts charged.
Affiliated Interest Transactions Summary (a)
For the FY Ended March 31, 2006
Requirements PacifiCorp Environmental Interwest Mining Company Intennountain Geothermal
Remediation Company Company (b)
A. A description of the nature of Environmental consulting Interwest Mining Company Intermountain
services in reasonable detail:services, management fee,provides Pacific Minerals,Geothermal, which
labor, benefits, IT shared Inc., Glenrock Coal controls 69,3% of the
services and PC support.Company and Energy West steam rights associated
Mining with technical and with its geothermal field
administrative services,provides steam to
PacifiCorp s Blundell
Geothermal Plant.
B. The annual charges by type of
service (exclude a1l joint/common costs
reported in Section VII)
PacifiCorp Received Services 171,725 66,308 390,096
PacifiCorp Provided Services 714 904 542,407 None
C. The basis used to detennine
pricing:
PacifiCorp Received Services
PERCO charges are based Interwest Mining charges Intermountain Geothermal
on labor, benefits and are based on labor, benefits charges are based on
operational cost. No profit and operational cost. No labor, benefits and
is allowed.profit is allowed.operational cost. No profit
is allowed.
PacifiCorp Provided Services
Costs incurred by Costs incurred by
PacifiCorp on behalf of PacifiCorp on behalf of
subsidiaries are charged at subsidiaries are charged at
direct cost. Labor is direct cost. Labor is
charged at PacifiCorp charged at PacifiCorp
fully loaded cost plus fully loaded cost plus
administrative and general administrative and general
expense.expense,
D. In total for each affiliated entity
whether receiving or providing
services, show:
Receiving Services:
1. Total charges or billings 171,725 66,308 390 096
2. Cost of providing service, incl tax 171,725 66,308 390,096
3. The margin of charges over costs None None None
4. Assets allocable to the services None None None
5. Achieved rate of return on assets None None None
6. Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Providing Services:
1. Total charges or billings 714 904 542,407 None
2. Cost of providing service, incl tax 714 904 542,407 None
3. The margin of charges over costs None None None
4. Assets allocable to the services 551,448 None None
5. Achieved rate of return on assets 10.None None
6. Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
A1Iocation See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
(a) Detail information for each affiliated company is included under separate tabs following this summary.
(b) Mfiliated interest began March 21 , 2006, upon the purchase of PacifiCorp by MidAmerican Energy Holdings Company.
Affiliated Interest Transactions Summary (a)
For the FY Ended March 31, 2006
Requirements Energy West Mining PacifiCorp Group Holdings PacifiCorp Financial
Company Company (c)Services, Inc. (c)
A. A description of the nature of Energy West mines coal at Holding company for non Management fee, IT and
services in reasonable detail:the Company-owned regulated companies, IT and PC support.
mines in Emery County,shared services,
Utah.
B. The annual charges by type of
service (exclude all joint/common
costs reported in Section VII)
PacifiCorp Received Services 131,128,972 None None
PacifiCorp Provided Services None 360 317 812
C. The basis used to determine
pricing:
PacifiCorp Received Services Charges are based on None None
actual & reasonable costs
incuITed by EWMC in
mining company-owned
coal. No profit is allowed.
PacifiCorp Provided Services None Costs incurred by Costs incurred by
PacifiCorp on behalf of PacifiCorp on behalf of
affiliates are charged at subsidiaries are charged
direct cost. Labor is at direct cost. Labor is
charged at PacifiCorp s fully charged at PacifiCorp
loaded cost plus fully loaded cost plus
administrative and general administrative and
expense.general expense.
D. In total for each affiliated entity
whether receiving or providing
services, show:
Receiving Services:
1. Total charges or billings 131,128,972 None None
2. Cost of providing service, incl tax 131 128,972 None None
3. The margin of charges over costs None None None
4. Assets allocable to the services None None None
5. Achieved rate ofretum on assets None None None
6. Account Charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Providing Services:
1, Total charges or billings None 44,360 317,812
2. Cost of providing service, incl tax None 360 317,812
3. The margin of charges over costs None None None
4, Assets allocable to the services None 21,165 (f)21,165 (I)
5. Achieved rate ofretum on assets None 10.10.
6, Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Allocation See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
(a) Detail information for each affiliated company is included under separate tabs following this summary,
(c) Affiliated interest ceased March 21 , 2006, upon the sale ofPacifiCorp to MidAmerican Energy Holdings Company.
(I) PacifiCorp Group Holdings Company, PacifiCorp Financial Services and PacifiCorp Trans, Inc. shared allocated assets for
services rendered by PacifiCorp.
Affiliated Interest Transactions Summary (a)
For the FY Ended March 31, 2006
PPM Energy, Inc. (c)West Valley Leasing Enstor Operating
Company, LLC (c)Company, LLC (c)
A. A description of the nature of Consulting and labor Leasing company for the IT, shared services and PC
services in reasonable detail:services, management fee,West Valley Generation support
, shared services, PC facility.
support and tranSmiSSIon
wheeling services.
B. The annual charges by type of
service (exclude all joint/common
costs reported in Section VII)
PacifiCorp Received Services 951,879 16,357 060 None
PacifiCorp Provided Services 15,028,320 None 790
C. The basis used to determine
pricing:
PacifiCorp Received Services PPM charges are based on West Valley charges are None
PPM labor and benefit based on the PacifiCorp
costs and wheeling lease agreement
services set by FERC
tariff; lease costs are also
included. No profit is
allowed.
None
PacifiCorp Provided Services Transmission Wheeling Costs incurred by
services set by FERC PacifiCorp on behalf of
tariff, Costs incurred by subsidiaries are charged at
PacifiCorp on behalf of direct cost. Labor is
subsidiaries are charged at charged at PacifiCorp
direct cost. Labor is fully loaded cost plus
charged at PacifiCorp administrative and general
fully loaded cost plus expense.
administrative and general
expense.
D. In total for each affiliated entity
whether receiving or providing
services, show:
Receiving SeIV1ces:
I, Total charges or billings 951,879 16,357 060 None
2. Cost of providing service, incl tax 951,879 16,357,060 None
3. The margin of charges over costs None None None
4. Assets allocable to the services None None None
5, Achieved rate of return on assets None None None
6. Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Providing Services:
I, Total charges or billings 15,028,320 None 75,790
2. Cost of providing service, incl tax 15,028,320 None 75,790
3. The margin of charges over costs None None
4. Assets allocable to the services 037,542 (e)None None
5. Achieved rate of return on assets 10.None None
6. Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Allocation See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
(a) Detail information for each affiliated company is included under separate tabs following this summary.(c) Affiliated interest ceased March 21, 2006, upon the sale ofPacifiCorp to MidAmerican Energy Holdings Company.
(e) PPM Energy, Inc. and Pacific Klamath Energy shared allocated assets for services rendered by PacifiCorp.
Affiliated Interest Transactions Summary (a)
For the FY Ended March 31, 2006
Requirements PPM Colorado Wind Eastern Desert Power, LLC PacifiCorp Trans, Inc. (c)
Ventures, Inc. (c)(c)
A. A description of the nature of Labor and consulting Labor and consulting Labor and consulting
services in reasonable detail:services,services.services.
B. The annual charges by type of
service (exclude all joint/common costs
reported in Section Vll)
PacifiCorp Received Services None None None
PacifiCorp Provided Services 120 288 84,646
C. The basis used to determine
pricing:
PacifiCorp Received Services None None None
PacifiCorp Provided Services Costs incurred by Costs incurred by Costs incurred by
PacifiCorp on behalf of PacifiCorp on behalf of PacifiColp on behalf of
subsidiaries are charged at subsidiaries are charged at subsidiaries are charged at
direct cost. Labor is direct cost. Labor is direct cost. Labor is
charged at PacifiCorp charged at PacifiCorp charged at PacifiCorp
fully loaded cost plus fully loaded cost plus fully loaded cost plus
administrative and general administrative and general administrative and general
expense.expense.expense.
D. In total for each affiliated entity
whether receiving or providing
services, show:
Receiving ServiCes:
1. Total charges or billings None None None
2, Cost of providing service, incl tax None None None
3. The margin of charges over costs None None None
4. Assets allocable to the services None None None
5. Achieved rate ofretum on assets None None None
6. Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Providing Services:
L Total charges or billings 120 288 84,646
2. Cost of providing service, incl tax 120 288 84,646
3. The margin of charges over costs None None None
4. Assets allocable to the services None None 165 (f)
5. Achieved rate ofretum on assets None None 1 0.0%
6. Account charged See Detail under separate See Detail under separate See DetaillUlder separate
Tab Tab Tab
Allocation See DetaillUlder separate See Detail under separate See Detail under separate
Tab Tab Tab
(a) Detail infonnation for each affiliated company is included under separate tabs following this surmnary.(c) Affiliated interest ceased March 21, 2006, upon the sale ofPacifiCorp to MidAmerican Energy Holdings Company,
(f) PacifiCorp Group Holdings Company, PacifiColp Financial Services and PacifiColp Trans, Inc. shared allocated assets for
services rendered by PacifiColp.
Affiliated Interest Transactions Sununary (a)
For the FY Ended March 31, 2006
Requirements PacifiCorp Holdings, Inc.Pacific Klamath Energy,Pacific Minerals, Inc. /
(c)Inc. (c)Bridger Coal Co.
A. A description of the nature of Holding company, IT and Management fee, IT shared Bridger Coal Company
services in reasonable detail:shared services services and PC support.provides coal from the
Bridger Mine to the
Bridger Power Plant.
B. The annual charges by type of
service (exclude all joint/common costs
reported in Section VII)
PacifiCorp Received Services None None 70,581 765
PacifiCorp Provided Services 249,283 277,fJ93 14,921 167
C. The basis used to detennine
pricing:
PacifiCorp Received Services None None Charges are based on
actual & reasonable costs
incurred by Bridger Coal
Company in mining
company-owned coal. No
profit is allowed.
PacifiCorp Provided Services Costs incurred by Costs incurred by Benefits and taxes
PacifiCorp on behalf of PacifiCorp on behalf of
subsidiaries are charged at subsidiaries are charged at
direct cost. Labor is direct cost. Labor is
charged at PacifiCorp charged at PacifiCorp
fully loaded cost plus fully loaded cost plus
administrative and general administrative and general
expense,expense.
D. In total for each affiliated entity
whether receiving or providing
services, show:
Receiving Services:
1. Total charges or billings None None 70,581,765
2. Cost of providing service, incl tax None None 70,581,765
3. The margin of charges over costs None None None
4. Assets allocable to the services None None None
5. Achieved rate ofretum on assets None None None
6. Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Providing Services:
1, Total charges or billings
2. Cost of providing service, incl tax 249 283 277 ,093 14,921,167
3. The margin of charges over costs 249,283 277,093 14,921 167
4. Assets allocable to the services None None None
5. Achieved rate of return on assets None 037,542 (e)None
6. Account charged None 10,None
See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Allocation See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
(a)
(c)
(e)
Detail information for each affiliated company is included under separate tabs following this sunnnary.
Affiliated interest ceased March 21,2006, upon the sale ofPacifiCorp to MidArnerican Energy Holdings Company
PPM Energy, Inc. and Pacific Klamath Energy shared allocated assets for services rendered by PacifiCorp.
Affiliated Interest Transactions Summary (a)
For the FY Ended March 31, 2006
Requirements Trapper Mining, Inc.PacifiCorp Foundation for ScottishPower UK, pic (c)
Learning
A. A description of the nature of Trapper Mining holds Consulting and labor Consulting and labor
services in reasonable detail:PacifiCorp s interest in the services.services.
Trapper coal mine which
supplies coal to the Craig
power plant.
B. The annual charges by type of
service (exclude all joint/common costs
reported in Section VII)
PacifiCorp Received Services 106,463 None 18,572,473
PacifiCorp Provided Services None 287,503 102,409
C. The basis used to determine
pricing:
PacifiCorp Received Services Charges are based on actual None ScottishPower charges are
& reasonable cost incurred based on SP UK, pic labor
at the Trapper mine. No and benefits cost. No
profit is allowed.profit is allowed.
PacifiCorp Provided Services None Costs incurred by Costs incurred by
PacifiCorp on behalf of PacifiCorp on behalf of
subsidiaries are charged at subsidiaries are charged at
direct cost. Labor is direct cost. Labor is
charged at PacifiCorp charged at PacifiCorp
fully loaded cost plus fully loaded cost plus
administrative and general administrative and general
expense.expense.
D. In total for each affiliated entity
whether receiving or providing
services, show:
Receiving Services:
I. Total charges or billings 106,463 None 18,572,473
2. Cost of providing service, incl tax 106,463 None 572,473
3. The margin of charges over costs None None None
4, Assets allocable to the services None None None
5. Achieved rate of return on assets None None None
6. Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Providing Services:
1. Total charges or billings None 287,503 102,409
2. Cost of providing service, incl tax None 287 503 102,409
3. The margin of charges over costs None None None
4. Assets allocable to the services None None None
5, Achieved rate of return on assets None None None
6. Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Allocation See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
(a)
(c)
Detail information for each affiliated company is included under separate tabs following this sununary.
Affiliated interest ceased March 21 , 2006, upon the sale ofPacifiCoIp to MidAmerican Energy Holdings Company
Affiliated Interest Transactions Summary (a)
For the FY Ended March 31, 2006
Requirements PacifiCorp Energy Canada Domoch International MEHC Insurance Services,
Ltd. (c)Insurance Limited (Dll.) (c)Ltd. (b)
A. A description of the nature of Consulting and labor Captive Insurance covering Captive Insurance covering
services in reasonable detail:services.significant portions of the significant portions of the
property damage and property damage and
liability insurance liability insurance
deductibles for PacifiCoro.deductibles for PacifiCoro.
B. The annual charges by type of
service (exclude all joint/common costs
reported in Section VII)
PacifiCorp Received Services None 975,135 369,000 (d)
PacifiCorp Provided Services 92,231 None None
C. The basis used to determine
pricing:
PacifiCorp Received Services None Premium amounts are Premium amounts are
established based on a established based on a
combination of actuarial combination of actuarial
assessments and market assessments and market
rates to cover loss claims,rates to cover loss claims,
administrative expenses and administrative expenses and
appropriate reserves. No appropriate reserves. No
profit is allowed.profit is allowed.
PacifiCorp Provided Services Costs incurred by None None
PacifiCorp on behalf of
subsidiaries are charged at
direct cost. Labor is
charged at PacifiCorp'
fully loaded cost plus
administrative and general
expense.
D. In total for each affiliated entity
whether receiving or providing
services, show:
Receiving Services:
I. Total charges or billings None 975,135 7,369,000 (d)
2. Cost of providing service, incl tax None 975,135 369,000 (d)
3. The margin of charges over costs None None None
4. Assets allocable to the services None None None
5. Achieved rate of return on assets None None None
6. Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Providing Services:
I. Total charges or billings 92,231 None None
2. Cost of providing service, incl tax 92,231 None None
3, The margin of charges over costs None None None
4. Assets allocable to the services 223,904 None None
5. Achieved rate of return on assets 10.None None
6. Account charged See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
Allocation See Detail under separate See Detail under separate See Detail under separate
Tab Tab Tab
(a)
(b)
(c)
(d)
Detail information for each affiliated company is included under separate tabs following this summary.
Affiliated interest began March 21, 2006, upon the purchase of PacifiCorp by MidArnerican Energy Holdings Company.
Affiliated interest ceased March 21, 2006, upon the sale ofPacifiCorp to MidArnerican Energy Holdings Company.
The total is comprised of$7 151 100 prepaid insurance and $217 900 insurance expensed during March 2006.
Affiliated Interest Transactions Summary (a)
For the FY Ended March 31, 2006
Requirements PPW Holdings LLC (b)
A description of the nature of Holding company
services in reasonable detail:
B. The annual charges by type of
service (exclude all joint/common
costs reported in Section VD)
Due to PacifiCorp None
Due from PacifiCorp 883,400
C. The basis used to detennine
pricing:
Due to PacifiCorp None
Due from PacifiColp Federal and state income
taxes remitted to PPW
Holdings lLC that are
ultimately remitted to
MidArnerican Energy
Holdings Company.
D. In total for each affiliated entity
whether receiving or providing
services, show:
Receiving Services:
I. Total charges or billings None
2. Cost of providing service, incl None
tax None
3. The margin of charges over costs None
4. Assets al1ocable to the services None
5. Achieved rate of return on assets See Detail under separate
6. Account charged Tab
Providing Services:
I, Total charges or billings 883,400
2. Cost of providing service, incl tax 883,400
3. The margin of charges over costs None
4. Assets allocable to the services None
5, Achieved rate ofretum on assets None
6, Account charged See Detail under separate
Tab
Allocation See Detail under separate
Tab
(a)
(b)
Detail information for each affiliated company is included under separate tabs following this sunnnary,
Affiliated interest began March 21 , 2006, upon the purchase of PacifiCorp by MidArnerican Energy Holdings Company.
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PacifiCorp AffIliated Interest Report March 31, 2006
This page
intentionally
blank
ORDER NO.9 1 - 5 1 3
ENTERED APR 1 ~ 1991
BEFORE THE PUBLIC UTILITY COMMISSION
OF OREGON
ECCNCMle
APR 1 7 199J
U I 105 REGI"~T~('HI
In the Matter of the Application of
PACIFICORP, dba PACIFIC POWER &
LIGHT COMPANY, for an order approving a
contract for mining services with Energy West
Mining Company, an affiliated interest.
ORDER
DISPOSITION: GRANTED
On January 2, 1991, Pacific Power & Light Company, an assumed business
name of PacifiCorp (Pacific or company), filed an application with the Public Utility
Commission pursuant to ORS Chapter 757 and OAR 860-27-040, The company
requested approval of a contract for mining services (contract) with Energy West Mining
Company (EWMC), effective for accounting purposes as of October
1, 1990,
The Commission makes the following:
FINDINGS OF FACI'
Jurisdiction
Pacific is an Oregon corporation duly qualified to transact business in the
state of Oregon. Pacitic engages in the generation, purchase, transmission, distribution,
and sale of electric energy to the public in the state of Oregon, EWMC is a wholly
owned subsidiary of PacifiCorp. Pacific and EWMC have four directors and/or officers
in common.
The Proposal
Pacific has entered into a contract with EWMC dated October 1, 1990, to
provide mining services at the Cottonwood, Deer Creek, and Des-Bee-Dove coal mines,
which are now wholly owned hy Pacific. Under the contract, EWMC will operate these
coal mines and mine coal in the quantities and according to the specifications requested
by Pacific.
EWMC will direct its work force and be solely responsible for the adminis-
tration and negotiation of any collective bargaining agreements related to its
employees.
ORDER NO, 9 1 - 5 1 3
Other responsibilities of EWMC include the maintenance of safe working conditions and
appropriate safety equipment at the mines, and the operation of the mines in accor-
dance with all applicable laws and regulatio.ns. Additional services associated with the
fueling of the Hunter and Huntington steam plants, as requested by Pacific, will also be
performed by EWMCI
Pacific will loan operating capital to EWMc. The outstanding amount of
these loaned funds will not exceed $5 million at any time, EWMC will pay interest to
Pacific on loaned funds on the terms set forth in and at a rate equal to that established
under the Umbrella Loan Agreement dated April 4, 1983, among PacifiCorp and certain
of its aftiliates. All equipment and facilities reasonably necessary for the performance
EWMC's obligations will be made available without charge by Pacific.
EWMC will not acquire real property or depreciable assets with a value in
excess of $1,000, EWMC will be reimbursed only for its actual reasonable expenses, and
those expenses will not include a return on investment. EWMC will be responsible for
the inspection and maintenance of all equipment and facilities made available by Pacific,
EWMC will maintain books and records consistent with generally accepted accounting
principles, and wiIJ make its books and records available for inspection by Pacific at any
time. EWMC is precluded from engaging in any activities unrelated to the contract,
Pacific estimates that the annual cost of performing the agreement
functions will be approximately $67 million, based on mining approximately 6,7 million
tons of coal, on a total company basis, . On an Oregon allocated basis, the annual
contract cost estimate is approximately $19 million, The agreement is for the five year
period from October 1, 1990, through September 30, 1995, and may be extended by
Pacific for successive five year terms.
According to a current strategic energy policy report by outside energy
experts, Pacific has recently been successful in reducing costs at its affiliate mines, include
the Utah mines operated by EWMC This has resulted in Pacific s Utah-mined coal
being purchased at or below market prices.
EWMC has been established in a manner so that it will not earn a profit.
It is unlikely that a third party could provide services at a lower cost.
There is no indication that the proposal will impair Pacitic's ability to
provide its public utility service,
Pacific owns 84.7 percent of the Hunter plant and 100 percent of the Huntington plant.
ORDER No.9 1 - 51 3
Pacific proposes that, for accounting purposes, the agreement be approved
as of October 1, 1990. This wiIJ enable Pacific to maintain its books in conformance with
regulatory requirements.
The Commission s staff investigated the arrangement between Pacific and
EWMC and recommended that the Commission approve the application, At its public
meeting on March 19, 1991, the Commission adopted the staff recommendation,
OPINION
The following statutes are applicable to this application:
ORS 747.005 defines a public utility as inter alia. an entity which owns
operates, manages, or controls aU or part of any plant or equipment in this state for
the production, transmission, delivery, or furnishing of heat, light, or power, directly
or indirectly to the public. Pacific is a public utility subject to the Public Utility
Commission s jurisdiction,
ORS 757,015(5) defines an "affiliated interest" as "every corporation
which has two or more officers or two or more directors in common with such public
utility,EWMC and Pacific have four officers and/or directors in common; therefore
an "affiliated interest" relationship exists.
ORS 757.495 provides that no public utility shall contract with an affili-
ated interest for services without the Commission s approval. The statute was designed
to protect utility customers from abuses which may arise from less than arm s length
transactions. CP National Corporation, UF 3842, Order No. 82-593 at 2; portland
General Electric Company, UF 3739, Order No. 81-737 at 6. The standard of review is
whether the proposed contract is ". . . fair and reasonable and not contrary to the public
interest. , ,,ORS 757.495(3).
The application should he granted. The agreement with EWMC will
benefit Pacific s customers because it will promote safe amI efficient operation of the
Cottonwood and Deer Creek mines and a lower overall generation cost at the Hunter
and Huntington steam plants.
Pacific will reimhurse EWMC for all reasonable expenses incurred by
EWMC in the performance of its obligations. EWMC shall bill Pacific only actual costs
for its services.
This cost-based approach and the limitation of EWMC's activities to those
arising under the contract minimize the likelihood of cross-subsidization. Due to recent
reductions in operating costs at EWMC's Utah mines , Pacific is purchasing coal at or
ORDER No.9 1 -5 1 3
below market prices. Through the rate-making process, the Commission can ensure that
Oregon utility customers do not pay unreasonable expenses. The Commission concludes
that the agreement is fair and reasonable and not contrary to the public interest.
Pacific s contract with EWMC is not recognized for rate-making purposes
until approved by the Commission in a future rate-making proceeding. ORS 757.495(3).
Retroactive approval of the accounting treatment is appropriate due to cost account-
ing considerations. Expenditures made should be charged to accounts in the manner
directed by Federal Energy Regulatory Commission Regulations and the Commission
rules.
CONCLUSIONS OF LAW
1. Pacific is a public utility subject to the jurisdiction of the Public
Utility Commission,
An affiliated interest relationship exists between Pacific and EWMC.
3, The agreement between Pacific and EWMC is fair and reasonable
and not contrary to the public interest.
ORDER
IT IS ORDERED that:
The application of Pacific for approval of its contract dated
October 1, 1990, with the Energy West Mining Company, is
granted. This approval shall be effective for accounting
purposes as of October 1, 1990,
Pacific shall provide staff access to an books of account, as well as
all documents, data, and records of Pacific, and Pacific s affiliated
interests which pertain to the transactions between Pacific and
EWMc.
Pacific shall notify the Commission in advance of any sub-
stantive changes to the level, type, terms, or conditions of transac-
tions executed under the subject contract. Any changes which alter
the intent or extent of activities under the contract
from those approved in this order shall be submitted for approval
ORDER NO.9 1 - 5 1 S
in an upplication for a supplemental order (or other appropriate
format) in this docket.
Pacific shall comply with the annual reporting requirements for
affiliated interest transactions,
Pacific shall timely notify the Commission of all management studies
and/or analyses, internal or external audit reports, and any related
studies or reports pertaining to the agreement between Pacific
Electric Operations and Energy West Mining Company, and shall
promptly provide such information to the Commission upon request,
The Commission reseJVes the right to review for reasonableness
all financial aspects of this arrangement in any subsequent rate
proceeding.
Made, entered, and effective APR 1 ~ 1991
cy Towslee
mission Secretary
A party may request rehearing or reconsideration of this order within 60 days from the
date of seJVice pursuant to ORS 756,561. A party may appeal this order pursuant to
ORS 756.580.
nm1U1105.0RD
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TRAPPER MINING INC.
TABLE OF CONTENTS
Page
INDEPENDENT AUDITORS' REPORT
CONSOUDA TED FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31 , 2005 AND 2004:
Balance Sheets
Statements of Operations
Statements of Members' Equity
Statements of Cash Flows
Notes to Financial Statements
INDEPENDENT AUDITORS' REPORT
To the Members of
Trapper Mining Inc.
We have audited the accompanying consolidated balance sheets of Trapper Mining Inc. and subsidiary
(the "Company ) as December 31 , 2005 and 2004, and the related consolidated statements of operations
members' equity, and cash flows for the years then ended. These financial statements are the
responsibility of the Company s management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit also includes
consideration of internal control over financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Company s internal control over financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for opinion,
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31 2005 and 2004, and the results of its operations and cash
flows for the years then ended in conformity with accounting principles generally accepted in the United
States of America.
rf)~ cf
j~
LLP
June 20, 2006
TRAPPER MINING INC.
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31 , 2005 AND 2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
Accounts receivable
Supplies
Advance stripping costs
Prepaid and other current assets
Total current assets
PROPERTY, EQUIPMENT, AND FACILITIES:
Surface land and coal leaseholds
Development costs
Equipment and facilities
Total property, equipment, and facilities
Less accumulated depreciation and amortization
Property, equipment, and facilities-net
RECLAMATION RECEIVABLE FROM BUYERS
ACQUIRED GE ROYALTY
RESTRICTED FUNDS
TOTAL
See notes to consolidated financial statements.
2005 2004
564 983 787 824
962 492 340 696
454 022 716 073
518 235 421 889
417 653 725 456
917,385 13,991 938
823 707 23,905 465
834 815 834 815
806 905 873 604
465,427 613 884
(73,425 368)(73,045 689)
040 059 568 195
432 694 819,055
272,727 636 364
4,415 313 262 175
$ 6 I ,078, 178 $ 63 277,727
- 2-
2005 2004
UABILITIES AND MEMBERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
Accrued payroll expenses
Accrued production taxes
Accrued royalties
Deferred reclamation revenue
Current portion of long-term debt
Total liabilities
$ 1 537 827 $ 1 145 451
040 191 984 817
805 956 855,871
363 276 363 658
991 636
897 749 329 571
662 990 705 004
304 203 295 343
115 420 20,268,592
818 528 14,906 922
901 141 175 861
Total current liabilities
BLACK LUNG LIABILITY
ASSET RETIREMENT LIABILITY
LONG-TERM DEBT
COMMITMENTS AND CONTINGENCIES (Note 9)
MEMBERS' EQUITY 25,177 037 101 866
TOTAL $61 078 178 $63,277 727
- 3 -
TRAPPER MINING INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004
TONS OF COAL SOLD:
Contract
Spot
Total tons of coal sold
OPERATING REVENUES:
Coal sales
Reclamation
Ash disposal
Gravel sales
Total operating revenues
OPERATING COSTS AND EXPENSES:
Stripping
Mining
Production and other taxes
Royalties
Reclamation
Ash disposal
General and administrative
Gravel
Total operating costs and expenses
Income (loss) from operations
OTHER (EXPENSE) INCOME:
Interest income
Dividend income
Interest expense
Current income taxes
Gain (loss) on sale of assets
Total other income (expense)
NET INCOME (LOSS)
NET INCOME (LOSS):
From member activity
From non-member activity
Total net income (loss)
See notes to consolidated financial statements.
2005 2004
1,458,162 554 342
457 809 274 660
$ 1 915 971 $ 1 829 002
$ 39 321 ,327 $36 035 581
994 534 701 850
1 ,506 520 202,568
881 131
872 262 971 130
333 591 844 415
856 209 806 342
643 840 455 762
223 667 899 345
067 687 710 430
493 752 118 603
491 991 443 705
042 868
161 779 311 470
710,483 (340 340
331 021 103 336
265,840
(1,112 483)(564,330)
(18 516)(103)
898 826 383
364 688 (463 480)
$ 5 075 171 (803 820)
$ 4 363 740 (592 188)
711,431 (211 632)
$ 5 075 171 (803 820)
- 4-
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TRAPPER MINING INC.
CONSOUDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depm:iation and amortization
Aceretion expense
(Gain) loss on sale of assets
Change in operating assets and liabilities:
Accounts receivable
Supplies
Reclamation receivable from buyers
Reclamation liability settled
Advance stripping costs
Prepaid and other current assets
Accounts payable and accrued liabilities
Black lung liability
Total adjustments
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
Purchase ofGE royalty
Proceeds from sale of assets
Proceeds from redemption of restricted securities
Purchase of restricted securities
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of patronage distributions
Principal payments on long-tcrm debt
Procl:Cds ITom borrowings on long-term debt
Net cash (used in) provided by financing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS-Beginning of year
CASH AND CASH EQUIV ALENTS-End of year
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid for interest
Cash paid lor incomc taxes
Noncash activity
Noncash equipment acquistions include $1 ,779 248 and $1 386.493 relating to equipment financing as of
December 3 1 2005 and December 31, 2004, respectively. Additionally, the balance includes $742 849
and $0 of equipment received but not paid as of December 31, 2005 and December 3 I , 2004, respectively.
Noncash estimate change in asset retirement obligations include asset reduction of ($2 596 765), asset retirement
obligation liability of $6,640 049 and reclamation receivable from buyers of ($4 043,284) as of December 3 I , 2005,
Noncash impact was SO as of December 31, 2004,
See notes to consolidated financial statements,
- 6-
2005 2004
$ 5,075,171 (803,820)
127 751 849.280
798 986 146 826
(898,826)383
378 204 (1,351,476)
(737 949)(241 116)
656 923)195 559)
(513 661)(616 493)
(96 346)(706 977)
307 803 (391,616)
(353 041)(526 162)
860 458)
364.858 965 632
440,029 161 812
020 935)(290 610)
(15,000,000)
516 191
500 000
(658.126)(45 682)
662 870)(15,336,292)
(59 700)
299 464)(32 430)
299.464 032 430
(3,000.000)940 300
777 159 (234 180)
787,824 022,004
$ 6 564.983 $ 3,787 824
069 596 545.877
000 785
$ 2.522.097 1.386.493
TRAPPER MINING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31 , 2005 AND 2004
ORGANIZA nON AND OPERA nON OF THE COMPANY
Trapper Mining Inc., a Delaware corporation, was formed in December 1997 as a cooperative. Williams
Fork Company ("WFC") and its wholly owned operating subsidiary, Trapper Mining, Inc., a Colorado
Corporation, were merged into Trapper Mining Inc. on January I , 1998. Williams Fork Mining
Company ("WFMC"), another subsidiary of WFC was not merged and is now a wholly owned
subsidiary of Trapper Mining Inc, Trapper Mining Inc. and WFMC are collectively referred to herein as
Trapper" or the "Company ). Trapper is engaged in the business of mining, selling and delivering
coal from the Trapper Mine located near Craig, Colorado to its members under an agreement with the
Craig Power Station ("Fuel Agreement"), located adjacent to the Trapper Mine.
Cooperative member interests in Trapper are as follows:
Salt River Project Agricultural Improvement and Power District
Tri-State Generation and Transmission Association, Inc.
PacifiCorp
Platte River Power Authority
32.10 %
26.
21.40
19.
100.00 %
These four entities, together with Xcel Energy, Inc, (collectively, the "Buyers ) own and operate the
Craig Power Station.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation-During the current fiscal year the Company determined that acquisitions of
financed property and equipment, which was previously reported as a component of capital
expenditures and proceeds from borrowings on long-tenn debt, should not have been reported in the
statements of cash flows. This change has no effect on net income or the amount of cash and cash
equivalents reported. The Company s financial statements for the fiscal year ended December 31 2004
have been adjusted from amounts previously reported to reduce cash flows from investing and financing
activities by $1.4 million. Purchases of financed capital expenditures have now been presented as
supplemental disclosure of noncash items,
Principles of Consolidation- The accompanying consolidated financial statements include the
accounts of Trapper Mining lnc, and its wholly owned subsidiary, Williams Fork Mining Company. All
significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates-The preparation of financial statements in confonnity with accounting principles
generally accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period, Actual results could differ from those estimates,
- 7 -
Concentrations-The Company is potentially subject to concentration of credit risk related to cash and
cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high
quality financial institutions. The Company s funds are federally insured up to $100 000 per bank. As of
December 31 , 2005 and 2004, the funds on deposit exceed this insured amount by $6 465 000 and
$3,688 000. The Craig Power Station represented 100% of trade receivables at December 31 , 2005 and
December 31 2004, respectively, The Company believes the credit worthiness of this customer
minimizes the Company s credit risk,
Members Equity-Allocated patronage income is the portion of total patronage income which is to be
distributed on a tax basis, Deferred patronage represents the remaining amount of patronage income
which is not currently taxable or distributable to the members. Capital reserve represents the cumulative
net loss from non-member activity. Non-member activity represents that portion of contract sales
applicable to Xcel Energy, Inc. ("Xcel"), non-qualifying spot sales, ash disposal, and a portion of the
treasury function less direct and allocated costs, Allocated costs are generally determined based on the
percentage of revenue generated.
Cash and Cash Equivalents-For purposes of the statement of cash flows, the Company considers all
highly liquid investments purchased with a maturity of three months or less to be cash equivalents.
Restricted Funds-The Company accounts for its investments in accordance with Statement of
Financial Accounting Standards ("SF AS") No. 115, Accountingfor Certain Investments in Debt and
Equity Securities, At December 31 2005, Trapper held a held-to-maturity security with a fair market
value of approximately $538 000 and an amortized cost of approximately $540 000. This security was
purchased December 22, 2005. At December 31 , 2004, Trapper held a held-to-maturity security with a
fair market value of approximately $516 000 and an amortized cost of approximately $505 000. The
security bond is designated for payment under the Black Lung Liability accrual (see Note 4). Trapper
also holds a restricted cash management fund with Smith Barney Citigroup for approximately
875 000 and $3,758 000 as of December 31 2005 and 2004 respectively. Travelers Casualty and
Surety Company agreed to provide a State required bond for Trapper Mining Inc.'s mining permit as
long as Trapper collateralized a portion of the increased bond amount. The Company entered into
Travelers' Collateralized Bond Surety Program as of August 2003 and Trapper, as the "Account
Holder " has granted Travelers Casualty and Surety Company "Secured Party" a security interest in the
fund. Trapper had no available-far-sale securities as of December 31 , 2005 and December 31, 2004.
Supplies-Supplies are stated at the lower of weighted average cost or market.
Advance Stripping Costs-Advance stripping costs incurred in removing overburden from coal are
inventoried at weighted average costs and the amount that is deferred is based upon the actual coal
tonnage uncovered, footage of overburden drilled, and cubic yards of overburden blasted at year end.
This policy results in matching of stripping costs with related coal revenues.
Property, Equipment, and Facilities-Equipment and facilities costs are depreciated over the estimated
useful lives of the assets using the straight-line or units-of-production methods. Useful lives range from
3 years to 40 years. Development costs and coal leaseholds are being amortized over estimated
recoverable quantities of coal using the units-or-production method.
Revenue Recognition-Revenue is recognized when coal shipments are made and title transfers.
Income Taxes-The Company is a non-exempt cooperative and is taxed only on income from non-
member activity and any patronage income not allocated to members. Patronage income allocated or
- 8 -
distributed as patronage refunds is deductible in determining taxable income, Deferred taxes associated
with non-member activity are not significant.
Impairment of Long-Lived Assets-SF AS No. 144 Accountingfor the Impairment or Disposal of
Long-Lived Assets requires that long-lived assets be measured at the lower of carrying amount or fair
value less costs to sell. The adoption of this statement did not have a material effect on the Company
financial position or results of operations. Management does not believe current events or
circumstances indicate that its long-lived assets are impaired as of December 31 , 2005.
Reclamation-The Company is obligated under terms of its mining permit to reclaim all land impacted
by mining operations. The Company recognizes reclamation expenses in accordance with SF
No. 143. The Company s long-tenn contract with the Buyers (see Note 5) provides for the
reimbursement of current reclamation costs related to coal sales under the long-term contract.
Reimbursed costs under the long-term contract are reduced proportionately by spot coal sales made
during the year. The Company is reimbursed monthly based upon an estimate of that calendar year
actual cost of reclamation.
The Company s mining pennit requires the Company to maintain a perfonnance bond ($25.9 million at
December 3 I , 2005 and 2004) to cover the estimated final reclamation costs that may be required
following the tennination of mining operations. The long-term contract with the Buyers was amended in
April 1992 to include a provision requiring payment by the Buyers of these mine closing costs beyond
2014.
PostempLoyment Benefits-All hourly employees are entitled to one year of postemployment disability
benefits if, after the employees ' vacation and sick pay have been exhausted, they are still disabled. The
Company recognizes expense on the pay-as-you-go method, as it is not possible to reasonably estimate
the annual cost of accruing this benefit to all hourly employees. As of December 31 2005 and
December 31 2004, there were no employees utilizing this benefit.
Acquired G.E, RoyaLty-As discussed in Note 3, on March 5, 2004, the Company purchased a royalty
agreement between Trapper and G.E. where Trapper was required to pay royalties to G.E. on all coal
mined at Trapper Mine. The purchase had an effective date of January 1 2004, This asset will be
amortized using the straight-line method over the course of the estimated remaining life of the mine,
Recellt Accounting Pronouncements-The Emerging Issues Task Force of the FASB finalized
Issue No. 04-Accountingfor Stripping Costs Incurred during Production in the Mining Industry,
during 2005, Issue No. 04-6 concludes that stripping costs incurred during the production phase of a
mine are variable production costs that should be included in the costs of the inventory extracted during
the period that the stripping costs are incurred. This issue is effective for the first reporting period in
fiscal years beginning after December 15 , 2005 , with early adoption pennitted. Trapper adopted this
pronouncement on January 1 , 2006 which reduced advanced stripping costs by approximately
518,000 and reduced beginning Members ' Equity by the same amount.
- 9-
ROYALTIES
Until March 5, 2004, Trapper and General Electric Holdings, Inc. (") had a royalty agreement
pursuant to which the Company would pay G.E, a royalty ranging from 5% to 8% of an agreed-upon
value of coal sold or delivered, This value was adjusted quarterly for the effects of inflation. The
royalty agreement also specified minimum annual tonnage to be utilized in the royalty calculations. This
minimum annual tonnage was fulfilled as long as the Company met the requirements of its long-tenn
contract with the Buyers.
In addition to the royalty payments, the method chosen by Trapper prior to 1989 to calculate the royalty
to G.E. resulted in a Deferred Minimum Payment Obligation ("DMPO") due in the year 2016. During
1991 , the Company and Buyers negotiated a supplement to the long-term contract pursuant to which the
Buyers indemnified the Company for the DMPO arising from coal sales under the long-tenn contract.
This supplement extended beyond the term of the coal sales contract until the DMPO would be
satisfied. The DMPO liability was extinguished as part of the royalty buyout agreement in 2004
On March 5, 2004, Trapper Mine purchased a certain Royalty Agreement dated July 23, 1982, pursuant
to which Trapper was obligated to pay and G.E. was entitled to receive payment of royalties on all coal
mined at Trapper Mine, G.E. and Trapper reached an agreement to tenninate the Royalty Agreement
effective January 1 2004. The cost of the buyout was $15 000 000, At December 31 2005 and 2004
accumulated amortization of this asset was $2 727,272 and $1 363,636, respectively.
The Company is obligated for other royalties on its various coal leases, which range from $0.134 per
ton to 12.5% of sales price. Effective January 1, 1998, Trapper and the United States Department of the
Interior adjusted the method by which royalties under its federal leases are calculated. Royalties under
the federal leases for member coal deliveries under the Fuel Agreement and spot sales are calculated as
12.5% of mining costs, return and tax savings, while coal deliveries to Xcel under the Fuel Agreement
remained at 12.5% of sales price. The royalties are a fixed obligation and, accordingly, are billable for
tons sold under the long-tenn contract. Therefore, the Company includes the applicable amounts in
operating costs and expenses and operating revenues, respectively, in the accompanying consolidated
statements of operations,
BLACK LUNG LIABILITY
The Company has an obligation to provide black lung disability benefits under the Federal Coal Mine
Health and Safety Act to all coal miners presently employed, as well as retired miners hired subsequent
to January I , 1970.
The Company is self-insured for its black lung liability, As of December 31 2005 and December 31
2004, the Company has accrued $304,203 and $295,343, respectively, for this liability and recorded
expense of $8,860 for the year ended December 31 2005 and income of $3,458 for the year ended
December 31 , 2004. The Company maintains separate investment accounts designated for the Black
Lung Insurance Fund (see Note 2).
RELATED PARTY TRANSACTIONS
Coal Sales-The Company has a long-term coal sales contract with the Buyers which accounted for the
majority of2005 and 2004 coal sales, The contract provides for a maximum amount of fuel containing
830 trillion BTU (approximately 65 000 000 tons) to be delivered to the Buyers through
approximately the year 2014, Based on coal reserve estimates prepared by the Company s engineers, it
- 10-
is the opinion of the Company s management that adequate coal reserves exist to fulfill the long-term
contract. The contract provides for periodic escalations to the sales price based on changes in certain
cost indices (labor, royalties, etc.), and for periodic audits by the Buyers,
Percentage interests in the long-term coal sales contract held by the Buyers are as follows:
Percentage of
Coal Sales
Contract
Salt River Project Agricultural Improvement and Power District
Tri-State Generation and Transmission Association, Inc,
PacifiCorp
Platte River Power Authority
Xcel
29.00 %
24,
19.
18.
100.00 %
Ash Disposal-Trapper has contracted with the Buyers to dispose of the coal ash produced by the
Buyers' power station adjacent to Trapper Mine, Trapper is paid on a negotiated per truck load basis
and this activity is reflected as ash disposal revenue and expense in the accompanying consolidated
statements of operations.
BENEFIT PLANS
The Company has a salary deferral 401 (k) plan for all salaried employees, Employer contributions to
the Employer Basic Account generally equal 10.05% of employees' compensation and vest over a five-
year period. Employer contributions to the Supplemental Account generally equal 2.5% of employees
compensation and are 100% vested when contributed. Employee contributions are 100% vested when
contributed. Contributions to the plans are accrued and expensed in the period in which salaries and
wages are earned.
The Company also has a 401 (k) plan for hourly employees (hourly employees are also covered under a
multi-employer pension plan pursuant to their collective bargaining agreements). The hourly plan is
admin istered by the Company and full time hourly employees are eligible after 1 000 hours of service.
No employer contribution to the hourly plan is required and hourly employees may contribute up to
50% of their compensation, Such contributions are 100% vested when contributed.
Total expense under the plans was approximately $923 000 and $93 000 for the years ended
December 3 I 2005 and 2004 respectively.
ASSET RETIREMENT OBLIGA nONS
SF AS No, 143 addresses financial accounting and reporting for obligations associated with the
retirement of tangible long-lived assets and the associated asset retirement costs, The Company s asset
retirement obligation CARD") liabilities primarily consist of spending estimates related to reclaiming
surface land and support facilities at both surface and underground mines in accordance with federal
and state reclamation laws as defined by each mine permit. The obligation and corresponding asset are
recognized in the period in which the liability is incurred.
- 11 -
The Company estimates its ARO liabilities for final reclamation and mine closure based upon detailed
engineering calculations of the amount and timing of the future cash spending for a third party to
perform the required work. Spending estimates are escalated for inflation, then discounted at the credit-
adjusted risk-free rate. The Company records an ARO asset associated with the discounted liability for
final reclamation and mine closure. The obligation and corresponding asset are recognized in the period
in which the liability is incurred, The ARO asset is amortized on the straight-line method over its
expected life and the ARO liability is accreted to the projected spending date. As changes in estimates
occur (such as mine plan revisions, changes in estimated costs, or changes in timing of the perfonnance
of reclamation activities), the revisions to the obligation and asset are recognized at the appropriate
credit-adjusted risk-free rate.
A reconciliation of the Company s liability for asset retirement obligations for the years ended
December 31 , 2005 and 2004, is as follows:
Liabilities incurred
Liabilities settled
Change in estimate
Accretion expense
2005 2004
$ 20 268 592 $ 18 682 644
201 552 055 615
(513 661)(616 493)
640 049)
798 986 1 ,146 826
$14 115 420 $20 268 592
Balance-January 1 , 2005
Balance-December 31 , 2005
Trapper has an agreement with its Buyers where the Buyers will reimburse Trapper for reclamation
activities after the mine closes. At December 31,2005 and 2004, the Company had recorded a long-term
receivable of$7.432~694 and $9,819 055 respectively, These reimbursements increase the revenue that
Trapper recognizes for its reclamation activities.
DEBT
Debt as of December 3 I , 2005 and 2004, is as follows:
Long-tenn notes and mortgages
2005 2004
$ 12 818 528 $14 906 922
897 749 329 571
$16,716 277 $ 18,236,493
Current portion of notes and mortgages
Total debt
Debt consists of a five year bank loan ($12 000,000), Member Promissory Note ($1 850 000), and an
Installment Sales Contracts ($2 866 276) at December 31 , 2005.
The long-term bank loan dated March 5, 2004 is with First National Bank of the Rockies in Craig
Colorado. Trapper will pay this loan in accordance with the following payment schedule: 19 quarterly
consecutive interest payments, beginning March 3 I , 2004, and continuing on the last day of each June
September, December, and March thereafter, with interest calculated on the then unpaid principal
balance based on the Wall Street Journal Prime (at year-end prime rate was 7.25%); 15 quarterly
consecutive principal payments of$750 000 each, beginning March 31 , 2005, and continuing on the last
- 12 -
day of each June, September, December and March thereafter until December 31 , 2008, with a final
payment of $3 750 000 due December 31, 2008. The remaining balance on the bank loan as of
December 31 , 2005 was $12,000 000. This long-term loan was used to fund the G.E. Royalty Buyout
and is collateralized by leases, equipment and supplies, all accounts, chattel paper, documents
instruments, general intangibles, deposit account with lender, all minerals, and all rights and proceeds
from the Craig Station Fuel Agreement.
The Member Promissory Note dated August 22, 2003 is with Salt River Project ($593,850), Tri-State
Generation and Transmission ($491 545), Platte River Power Authority ($368 705), and Pacificorp
($395 900), The note has been extended until February 21 , 2007, and the interest rate was based on the
February 2005 Mid-Term Applicable Federal Rate Compounded Annually, which is 3.83%.
The installment sales contract is with Caterpillar Financing Agreement dated January! 9 2005 in the
amount of$I,418 923. The re-payment schedule is based on 48 equal monthly instaIlments with an
interest rate of 4.82% on the unpaid balance, The collateral is the Caterpillar Track-Type Tractor Serial
number 7PZOO938. The unpaid balance as of December 31 2005 was $1 087 028.
New debt during 2005 consists of two installment sales contracts with Caterpillar Financing Agreement
dated 12114/2005 in the amounts of $889 774 and $889 475, The re-payment schedules are based on 36
equal monthly installments with an interest rate of 6,29% on the unpaid balance, The collateral is two
Caterpillar 637G Scrapers, Serial numbers CEHO0387 and CEHO0395. The unpaid balance as of
December 31,2005 was $1 779 249,
As of December 31 , 2005 , the future principal payments on long-term debt are as follows:
Total
$ 3 897 749
806 128
012.400
$16 716 277
2006
2007
2008
COMMITMENTS AND CONTINGENCIES
In accordance with the Fuel Agreement (see Note I), cost savings that arise from increased productivity
at the Trapper Mine are shared with the Buyers, Trapper passes these savings on to the Buyers via
credits on sales invoices, To ensure the credits are appropriately passed on to the Buyers an audit of
Trapper sales invoices is performed annuaIly.
The Internal Revenue Service ("IRS") completed a review of the Company s 2000 and 2001 income tax
returns. Pursuant to their review, the tax year 2000 was closed with no adjustments. For tax year 200 I
the IRS challenged Trapper s deduction of approximately $1 000 000 of expenses related to repairs of
one of the dragline booms that failed and feIl to the ground, The IRS believes this should have been
capitalized instead of deducted as an expense. The Company has appealed this decision and believes it
has a strong case for its position.
******
- 13 -
ENTERED
94-15:
OCT 12 19~4
ORDER NO,
BEFORE THE PUBLIC UTILITY COMMISSION
OF OREGON
UI 140
In the Matter of the Application of PACIFIC
POWER & LIGHT COMPANY For an
Order Authorizing it to Enter into
Agreements with WILLIAMS FORK
COMPANY AKA TRAPPER MINING,
INc., An Affiliated Interest.
ORDER
DISPOSITION: APPLICATION APPROVED WITH CONDITIONS
On July 25, 1994 , Pacific Power & Light (PP&L or Company), an assumed
business name of PacifiCorp, filed an application pursuant to ORS 757.495 and OAR
860-27-040. The company is requesting approval of agreements with Trapper Mining, Inc.
(Trapper), an affiliated interest, to purchase coal, obtain final reclamation services and provide
shareholder funding. PP&L is requesting an effective date of April 15, 1992, for accounting
purposes.
At its public meeting on October 11, 1994, the Commission adopted the staff's
recommendation to approve the application with conditions, Staffs report is attached as
Appendix A and is incorporated in this order by reference,
Based on the application and its record, the Commission makes the following:
FINDINGS OF FACT
PP&L provides electric service to the public in Oregon. PP&L and Trapper are
affiliated interests under ORS 757.015(5) and (6) respectively, in that PP&L owns 19,3 percent
the voting control of Trapper and has two common officers with Trapper.
PP&L acquired its interest in Trapper from Colorado-Ute Electric Association
(Colorado-Ute), which, along with three other entities, were the original owners. In 1983, these
original owners purchased Trapper and formed Williams Fork Company to hold Trapper s assets,
In March, 1990, Colorado-Ute filed a Chapter 11 bankruptcy petition. The court accepted a joint
, ,- "'..,
94-1550
ORDER NO.
plan in the bankruptcy proceeding wherein PacifiCorp acquired approximately 67 percent of
Colorado-Ute s stock in Williams Fork Company. As a result, PP&L (PacifiCorp) controls 19.
percent of Trapper.
An explanation of the three agreements covered in this application is provided in
Appendix A. Under the Fuel Agreement and its March I, 1992, second supplement, PP&L'
estimated cost for Trapper coal on an Oregon basis for 1994 and 1995 is about $2,290,000 and
230,000, respectively, Under the Final Reclamation Services Agreement, PP&L's portion of
future costs is 19.28 percent, or about $2,900,000. Under the Shareholder Funding Agreement,
PP&L is responsible for 19.28 percent of any operating budget shortages. Ordering condition
No, 5 requires prompt and detailed notification to the Commission should any such shortages
occur which necessitate capital funding.
The transfer pricing policy for services purchased from an affiliate by a regulated
utility likely has been met. However, the transfer price PP&L pays to Trapper seems to include a
return component higher than the company s current Oregon-authorized 10.24 percent overall
rate of return. Ordering condition No. 4 limits the return component in Trapper s cost of service
to PP&L's current Oregon-authorized overall return,
Contract provisions provide the Conunission sufficient access to all books of
account as well as all documents, data, and records of PP&L and Trapper that pertain to
transactions between these affiliated interests,
OPINIOJ\'
Jurisdiction
ORS 757.005 defines a "public utility" as anyone electric sen'ice to the public in
Oregon. PP&L is a public utility subject to the Commission s jurisdiction.
Affiliation
An affiliated interest relationship exists between PP&L and Trapper under ORS
757.(5) and (6).
Applicable Law
ORS 757.495 requires public utilities to seek approval of contracts with affiliated
interests within 90 days after execution of the contract. The intent of the statute is to protect
ratepayers from the abuses which may arise from less than arm s length transactions. Portland
General Electric Company, UF 3739, Order No. 81-737 at 6, Failure to file within the 90-day
time limit may preclude the utility from recovering costs incurred under the contract. See
ORS 757.495,
9 4. - 1 5 5 (
ORDER NO,
ORS 757.495(3) requires the Commission to approve the contract if the
Conunission finds that the contract is "fair and reasonable and not contrary to the public interest.
However, the Commission need not determine the reasonableness of the contract for ratemaking
purposes. The Commission may reserve that issue for a subsequent proceeding.
The agreements are subject to the Commission s approval. PP&L's ratepayers
should not be harmed by the transaction. The scope and terms of the agreements are fair and
reasonable and not contrary to the public interest. PP&L' s application substantially complies
with the Commission s transier pricing policy for services purchased from an affiliate by a
regulated utility.
Contract provisions provide the Commission sufficient access to all books of
accounts as well as all documents, data, and records of PP&L and Trapper that pertain to
transactions between these affiliated interests,
CONCLUSIONS
PP&L is a public utility subject to the jurisdiction of the Commission,
An affiliated interest relationship exists between PP&L and Trapper.
The agreements between PP&L and Trapper are fair, reasonable, and not
contrary to the public interest.
The Commission should grant the application, subject to conditions.
ORDER
IT IS ORDERED that:
The application of Pacific Power & Light (PP&L), an assumed business
name of PacifiCorp, to enter into a Fuel Agreement, a Final Reclamation
Agreement and a Shareholder Funding Agreement with Trapper Mining,
Inc. (Trapper), an affiliated interest, is granted, subject to the conditions set
forth in this order. The effective date for accounting purposes only is
ApriI15 1992.
PP&L shall provide the Commission access to all books of account as well
as all documents, data, and records of PP&L and Trapper which pertain to
the affiliated interest transactions between PP&L and Trapper.
94-155
ORDER NO.
The Commission reserves the right to review for reasonableness all
financial aspects of this arrangement in any subsequent rate proceeding or
earnings review under an alternative fonn of regulation.
PP&L must notify the Conunission in advance of any substantive changes
to the agreements, including any material changes in any cost. Any
changes to the agreement tenns which alter the intent and extent
activities under the agreements from those approved in this order shall be
submitted for approval in an application for supplemental order, or other
appropriate format, in this docket.
For accounting purposes, the return component used in calculating PP&L'
Oregon cost of services received from Trapper shall be limited to PP&L'
current Oregon-authorized overall rate of return, effective April 15, 1992.
PP&L shall promptly notify the Commission with full details of any
capital funding necessary under the Shareholder Funding Agreement.
OCT 12 199it
9 4 - 1 5 5 O. CIt ~ITEM NO.
PUBLIC UTILITY COMMISSION OF OREGON
STAFF REPORT
PUBLIC MEETING DATE: October 11, 1994
REGULAR AGENDA CONSENT AGENDA..JL. EFFECTIVE DATE
SUBJECT :
October 5, 1994
Mike Kan~~hrOugh Phil
Torn Riordan
~ ~
UI 140--Pacific power & Light Company (PP&L), abn of
PacifiCorp, Application for Approval of a Fuel Agree-
ment, Final Reclamation Agreement and Shareholder
Funding Agreement with Trapper Mining, Inc. (Trapper), an
Affiliated Interest (AI)
Nyegaar~nd Mike
DATE:
TO:
FROM:
SUMMARY RECOMMENDATION:
Staff recommends approval, with conditions I of the company
AI application,
DISCUSSION:
Introduction
On July 25, 1994, PP&L filed an Al application for approval of agree-
ments with Trapper to purchase fuel (coal), obtain final reclamation
services and provide shareholder funding, PP&L and Trapper are
affiliated interests under ORS 757.015 (5) and (6), respectively, in
that PP&L owns 19.3 percent of the voting control of Trapper and has
two common officers with Trapper, PP&L requests that the Commission
approve the agreements for, accounting purposes, effective April, 1992,
when PP&L acquired its interest in Trapper
History and Backqround
PP&L acquired its interest in Trapper Mining, Inc. from Colorado-Ute
Electric Association (Colorado-Ute), which along with three other
entities were the original owners. These parties on March 1, 1973
executed the Craig Station Fuel Agreement (Fuel Agreement) with Utah
International, Inc. The Fuel Agreement / which will end July 1, 2014,
covered coal provision from Trapper mine to the Craig Generating
Station in Utah. In 1983, these original owners purchased Trapper and
formed Williams Fork Company to hold Trapper s assets. Colorado-Ute
in March, 1990 filed a Chapter 11 bankruptcy petition. Under a Joint
Plan in the bankruptcy proceeding which the court accepted , PacifiCorp
acquired approximately 67 percent of Colorado-Ute s stock in Williams
Fork Company. As a result of this transaction, PP&L (PacifiCorp)
controls 19.28 percent of Trapper.
APPENDIX A
PAGE 1 OF 4
94-155
Mike Kane
October 5, 1994
Page Two
PP&L, under the Fuel Agreement, second supplement, March 1, 1992, pays
Trapper about $18 per ton or approximately $7.5 million annually on a
total company basis and about $2.26 million on an Oregon basis. The
estimated cost to PP&L for Trapper coal for 1994 and 1995 is about
$2.29 and $2,23 million, respectively, on an Oregon basis. A system
energy factor is used to allocate the coal cost which is recorded in
FERC account 151, Fuel Stock.
In addition to the Fuel Agreement, there is the Final Reclamation
Services Agreement, which establish a mechanism to reimburse Trapper
for costs of performing the reclamation work that may be required at
Trapper mine following the termination of surface mining operations
and to establish a fair method for allocating such costs when they are
known and incurred. PP&L's portion of such costs is likewise 19,
percent, based on the Fuel Agreement Currently, it is estimated that
PP&L's share of these future costs would be about $2.9 million.
The last agreement, dated March I, 1992, is the Shareholder Funding
Agreement which provides a mechanism for providing capital necessary
to cover operating budget shortages of Trapper, To date, no such
shortages have occurred. PP&L would be responsible for 19.28 percent
of the shortages, if they occur. Proposed order condition no. 5
requires PP&L to promptly notify the Commission of the full details
any such occurrence.
Issues
Staff has investigated the following issues:
Scope of Services
Transfer Pricing and Cost Allocation
Demonstration of Public Interest Compliance
Records Availability, Audit Provisions , and Reporting Requirements
Scope of Services
- -
The agreements ' services of providing fuel (coal)
and final reclamation, although essential to PP&L's proper provision
of electric utility service at its Craig Generating Station, are not
considered to be a transfer of any of PP&L's basic management functione
to Trapper. These agreement services will only enhance PP&L's ability
to adequately perform its utility functions.
Transfer Pricina and Cost Allocation Procedures
- -
The Commission
transfer pricing policy for goods or services purchased from an
affiliate by a regulated utility is that the goods or services shall
be priced at the lower of cost cr market, This policy likely has been
met in this agreement between PP&L and Trapper, because the Fuel
APPEND! X A
PAGE 2 OF 4
9 4 " 1 5 5
Mike Kane
October 5, 1994
Page Three
Agreement was originally negotiated as an " arms length " contract and
presently operates under the same terms and conditions. However, the
transfer price PP&L pays to Trapper for coal seems to include a return
component higher than PP&L's current Oregon-authorized 10.24 percent
overall rate of return. This issue is diminished by fuel cost
reductions resulting from Trapper s operating efficiencies at itsmine. The reductions are passed on to PP&L and the other owners.
alleviate any transfer price concern, I have proposed order condition
no. 4 which requires PP&L to limit the return component in Trapper
cost of service to PP&l' s current Oregon-authorized overall return.
In addition, staff believes, due to the nature of the services and the
cost of the arrangement with Trapper , that it is reasonable that PP&L
would select Trapper rather than an external source.
Demonstration of Public Interest Compliance PP&L's ratepayers are
likely not harmed by this transaction because the utility will be
paying a cost of service rate that is a market rate for the services
from Trapper. Also, PP&L's total operating cost with the adjusted
return component for the services is not more than what PP&L's cost
would be to provide the same services on its own. Trapper s larger
operation attains economies of scale and results in a lower cost of
service than PP&L would alone.
Records Availabilitv, Audit Provisions. and Reportinq Reauirements
Staff believes that the basic agreements contain provisions that allow
the Commission adequate access to records and provision for auditing
transactions between PP&L and Trapper. Also, condition No.1 provides
staff full records access,
Concl usion
Based upon staff's investigat ion and ~eview of this request, I conclude
the following:
Pacific Power & Light Company is a public utility subject to the
jurisdiction of the Oregon Public Utility Commission.
An aff iliated interest relationship exists between Pacific power,
and Light Company and Trapper Mining, Inc.
This application appears fair and reasonable and not contrary to thepublic interest.
APPENDl X A
01lr:1= :z: f"'Il= 4
94-155
Mike Kane
October 5, 1994
Page Four
STAFF RECOMMENDATION:
Therefore, based upon the discussion and conclus~on noted above, I
recommend approval of the application of Pacific Power & Light Company
to enter into agreements for acco~nting purposes effective April , 1992
wi th Trapper Mining, Inc., for fuel and final reclamation services,
and shareholder funding subject to the following conditions:
PP&L shall provide staff access to ~ll books of account, as well
as all documents, data, and records of PP&L and PP&L's affiliated
interests which pertain to the transaction (s) between PP&L and itsaffiliated interest, Trapper,
The Commission reserves the right to review for reasonableness
all financial aspects of this arrangement in any subsequent rateproceeding or earnings review under an al ternati ve form ofregulation.
PP&L shall notify the Commission in advance of any substantive
changes to the agreement, including any material changes in any
cost. Any changes to the agreement terms which alter the intent
and extent of activities under the agreement from those approved
herein shall be submitted for approval in an application for
supplemental order (or their appropriate format) in this docket,
For accounting purposes, the return component used in calculating
PP&L's Oregon cost of services received from Trapper shall be
limited to PP&L's current Ore3on-authorized overall rate of return,effective April , 1992.
PP&L shall promptly notify the Commission with full details of any
capital funding necessary under the Shareholder Funding Agreement,
TPR/ 1311HH
cc:Bill Warren
Administrative Hearings Division
APPENDI X A
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III. Loans
For intercompany loans to or from affiliates and
separately for short-term and long-term loans:
The month-end amounts outstanding.
The highest amount during the year.
description of the terms and conditions,
including basis for interest rates.
The total amount of interest charged or
credited and the weighted average interest
rate.
LOAN SUMMARY
2005-2006
COMBINED NET PACIFICORP PACIFIC
REQUIREMENTS INTERCOMPANY BAlANCES GROUP HOLDINGS MINERALS INC,
III. For inter-company loans to or from affiliates:
A. The month-end amounts outstanding for
short-term and long-term loans:
Short-term loans:
April See Accompanying Detail See Accompanying Detail See Accompanying Detail
May
June
July
August
September
October
November
December
January 06 N/A*
February 06 N/A*
March 06 N/A*
Long-term loans:N/A N/A N/A
B. The highest amount during the year
separately for short-term and long-term
loans:
Maximum loan to affiliate:
Short-term loans:
Amount $6,576,093 $6,576 093
Date February 15, 2006 VARIOUS February 15 2006
Maximum loan to affiliate:
Long-term loans:
Amount N/A N/A N/A
Date N/A N/A N/A
Maximum loan from affiliate:
Short-term loans:
Amount $29 637,207 $16,000 000 $22,019 207
Date 9/21/05 9/21/05 4/19/2005
Maximum loan from affiliate:
Long-term loans:
Amount N/A N/A N/A
Date N/A N/A N/A
C. A description of the terms and See Umbrella Loan See Umbrella Loan See Umbrella Loan
conditions for loans including the Agreement on file at Agreement on file at Agreement on file at
basis for interest rates:the commission the commission the commission
D. The total amount of interest charged or
credited and the weighted average rate
of interest separately for short-term
and long-term loans:
Short-term loans
Interest paid $324 778.$4,060.$320,718.
Interest received $40 022,$0.$40.022.
Interest rates:
April See Accompanying Detail See Accompanying Detail See Accompanying Detail
May
June
July
August
September
October
November
December
January 06 N/A*
February 06 N/A*
March 06 N/A*
Long-term loans
Interest charged or credited N/A N/A N/A
Weiahted averaoe interest rate N/A N/A N/A
. Loan cancelled January 1 , 2006
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2
IV. Debt Guarantees
If the parent guarantees any debt of affiliated interests,
identify the entities involved, the nature of the debt, the
original amount, the highest amount during the year and
the balance as of the end of the year.
PacifiCorp does not guarantee the debt of its subsidiaries.
V. Other Transactions
A description of affiliated interest transactions other than
services, loans or debt guarantees. Such transactions
might include, among other things, asset transfers or
equipment leases. State the annual charges or values used
for assets and the basis used to determine pricing.
All transactions between PacifiCorp and its affiliates are
reported in other sections of this report.
VI. Employee Transfers
By affiliate and job title, provide the total number of
executive, management, and professional/technical
employees transferred to and from the utility.
affiliate, provide the total number of other employees
transferred to and from the utility.
Report of Employee Transfers to Affiliates
In FY Ending March 31 , 2006
Executive, Management, and ProfessionallTechnical Employees
Affiliate Job Title
PPM Energy, Inc,Accountant
Administrative Assistant
Analyst
Attendant, Facilities
Attorney
Buyer
Consultant
Director
Manager
Vice President
Total
Count
Report of Employee Transfers from Affiliates
In FY Ending March 31 , 2006
Executive, Management, and ProfessionallTechnical Employees
Affiliate CountJob Title
PPM Energy, Inc.Analyst
Trader
Total
VII. Cost Allocations
description of each intra-company cost allocation procedure
and a schedule of cost amounts, by account, transferred between
regulated and non-regulated segments of the company.
During the period April 1 , 2005, through March 21 , 2006, PacifiCorp operated under the Group
Corporate Cost Recharge Policy ("GCCRP") and service agreements with its affiliated interests.
The GCCRP provided a methodology and rationale to support the allocation of Group Corporate
charges across the four ScottishPower UK, pIc divisions (this included PPM Energy, Inc.
PacifiCorp and the two UK business units: UK Infrastructure and UK Division). The service
agreements governed the provision of necessary corporate services to and from PacifiCorp
including legal, government and corporate affairs, tax, financial, risk management, human
resources and environmental.
Following the acquistion ofPacifiCorp by MidArnerican Energy Holdings Company ("MEHC"
on March 21 2006, PacifiCorp became a subidiary ofMEHC thus terminating the GCCRP and
use of the Three Factor Formula allocating PacifiCorp expenses among:
a) PacifiCorp
b) PPM Energy, Inc.
c) Pacific Klamath Energy, Inc.
d) PacifiCorp Financial Services, Inc.
e) PacifiCorp Environmental Remediation Company
f) PacifiCorp Trans, Inc.
On March 31 2006, PacifiCorp entered into an Intercompany Administrative Services
Agreement ("IASA") between MEHC and its subsidiaries. The IASA covers:
a) services by executive, management, professional, technical and clerical
employees;
b) financial services, payroll processing services, employee benefits participation
supply chain and purchase order processing services, tax and accounting services
contract negotiaion and adminstration services, risk management services
environmental services and engineering and technical services;
c) the use of office facilities, including but not limited to office space, conference
rooms, furniture, equipment, machinery, supplies, computers and computer
software, insurance policies and other personal property; and
d) the use of automobiles, airplanes, other vehicles and equipment.
There were no services provided by MEHC or its subsidiaries to or from PacifiCorp prior to
March 31 2006.
The following pages contain:
a) PacifiCorp Corporate Group Expense Allocation and supporting documents
b) ScottishPower Group Corporatee Costs Allocation for fiscal year ending March
2006
c) ScottishPower Group Corporate Cost Recharge Policy
d) MEHC Intercompany Administrative Services Agreement
PacifiCorp
CORPORATE GROUP EXPENSE ALLOCATION
FY Ending March 31, 2006
PERCENT (1)ORGANIZATION
FY 2006 Actual
Allocation
Corporate Group Expenses Excluding Shareholder Services:
92,51 % Electric Operations $ 16 711,873.
14% PacifiCorp Environmental Remediation Company
57% PacifiCorp Financial Services, Inc.
60% PPM Energy, Inc.
17% Pacific Klamath Energy, Inc,
01 % PacifiCorp Trans, Inc.
26,085.
103 740,
191 430.
30,653,
803.
100,00% Total (2)$ 18 065,587.
(1) Percentages for allocation purposes are derived from the three factor formula,
(2) The subsidiaries are billed an estimated allocation during the year. A true-up of this estimate
is done in the following year to adjust the amount billed to the subsidiary to actual expenses,
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GROUP CORPORATE COST RECHARGE POLICY
Approved by the Executive Team on 28 August 2003
Index
Objective
Decision Tree
Direct Charging of External Costs
Directly Allocated Costs
Apponioned Costs
IT Costs
PacifiCorp Specific Requirements
Accounting Policies
Corporate Cost Control
Change Control Process
Divisional Costs being transferred to Group Corporate
Joint Purchasing
Key Contacts
Appendices
1. Billing Addresses
2. Basket of Indicators
3. Business employees who have a Group role
4. UK based Group employees - T & E card listing
1"'
Group Corporate Cost Recharge Policy Final
Policy
This policy provides a methodology and rationale to suppon the allocation of Group
Corporate charges across the four divisions; PacifiCorp, Infrastructure, UK Division and
PPM. The policy objectives are that it:
Supports a fair and equitable allocation of the costs to the divisions;
Takes full cognisance of all UK and US regulatory rules and merger
comminnents.
In addition to the benefit of allocating the costs on a more equitable basis, divisions will
have enhanced control over their costs since more will be subject to direct charging.
Each division has the responsibility to develop their own policy to further allocate these
costs across their businesses as appropriate. The divisional policies must ensure
compliance with regulatory legislation and be consistent with the group objectives as
stated above.
The policy will be noted within the Sensitive Affiliate Disclosure Section ofPacifiCorp
OQ/I OK and compliance with it will be subject to audit and regulatory scrutiny,
I Decision Tree
Directly
Allocated
Group Corporate Cost Recharge Policy Final
Yes
Divisions and or
Corporate to arrange
for separate
procurement and
invoicing.
Yes
Allocate directly to
either INF or UKD.
Allocate directly to
either PPW or PPM,
PPW PacifiCorp
(~."
Apponiomnent using PPM PPM Energy
basket of indicators INF Infrastructure
DKD UK Division
Group Corporate Cost Recharge Policy Final
...
Direct Charging of External Costs
The key principle is that direct charging will take place where applicable. Costs directly
attributable to a division are therefore directly charged. This reduces the total value of
costs that require to be respread.
This will include costs which have historically been charged to Group Corporate e.g. the
external audit fee or where Group Corporate have undertaken any activity which is
directly applicable to one division, in both cases the associated charges will now be
directly charged,
It is the responsibility of the originating function to highlight prior to the commencement
of a specific activity if direct charging is applicable. If direct charging occurs the
originating function should take the necessary steps when procuring goods or services to
ensure that suppliers issue separate bills based on contracts which are signed and
approved in accordance with each division s governance procedures.
Invoices should be addressed to the divisions as detailed in Appendix 1.
II.Directly Allocated Costs
When direct charging is not deemed appropriate the opportunity to undertake direct
allocation will be reviewed e.g. L TIP costs allocated via actual scheme membership,
support costs for the SMG conference allocated via SMG population and staff magazine
costs which are allocated based on circulation lists.
As detailed on page 2, costs will be split either directly to one of the four divisions or
geographically prior to further split across either PacifiCorplPPM or INFIUKD. Costs
will be split in accordance with the basket of indicators e.g. if the INF and UKD split
within the basket was 30/20 the apportionment across the UK businesses would therefore
be on a 3:2 ratio.
III.Apportioned Costs
Group Corporate costs including salary and non salary expenditure that are not subject to
either direct charging or direct allocation will be apportioned, using the basket of
indicators as detailed in Appendix 2.
The four elements cUlTently included in the basket of indicators are:
Share of total turnover
Share of operating profit (pre goodwill and exceptionals)
Share of net assets
. ,
Share of employee numbers
Review of the appropriateness of this basket of indicators will be carried out on an
annual basis.
Group Corporate Cost Recharge Policy Final
IV.IT Costs
Information Technology Business Services (ITBS) are responsible for the procurement
and charging of all UK incurred IT expenditure. As appropriate these are charged
directly to INF, UKD and Group Corporate.
Any IT expenditure incurred by PacifiCorp or PPM for UK based activities should be
recharged to JTBS directly. Prior approval should be sought from ITBS and PacifiCorp
before any rechargeable IT costs are incun-ed.
The procurement and recharging of IT costs are covered by the joint PacifiCorp/ITBS
policy 'Requesting IT staff resources between the UK and US'
PacifiCorp Specific Requirements
Regulatory Review
All US regulatory issues will be controlled and managed by the US Regulatory team
within PacifiCorp. It is the responsibility of the PacifiCorp regulatory team to advise
Group Corporate of any changes in their requirements.
The US Regulatory Team will review all corporate cross charges to determine the
applicability to ratemaking and the benefits derived by US customers and guide the
appropriate accounting for such costs.
Group Corporate costs recharged to the US will be tracked at the level of detail required
by US regulators, as detailed in the following section 'Supporting Documentation
Affiliate Rules
If PacifiCorp obtains specific regulatory approval to provide or receive seIVices from an
affiliate, cross charges may occur on a basis consistent with the regulatory order
authorising the transactions. Washington State regulations and a Utah merger
commitment require commission approval prior to new affiliate transactions. The policy
becomes fully effective upon regulatory approval by the state regulatory commissions.
Direct charges
Oregon legislation prohibits affiliates paying bills from third party vendors for each other
and then cross charging the responsible affiliate unless they have a commission order
approving the activity, therefore direct charging is required. If a company receives a billthat is the responsibility of an affiliate, the vendor should be instructed to issue an invoice
to the correct affiliate.
Where direct charges for the US divisions arise the vendor should be instructed to invoice
either PacifiCorp or PPM directly. The contract must meet either PacifiCorp and PPM
procurement policy terms and must be approved according to PacifiCorp and PPM
governance.
Group Corporate Cost Recharge Policy Final
Requirements of the US Public Utilities Holding Company Act of 1935.
Under section 13(b) of PUHCA, Scottish Power pIc may not charge its subsidiary
companies for services perfonned on their behalf. Those costs are to be borne by
ScottishPower s shareholder. However, pursuant to the Financing Order issued by the
SEC on December 6, 2000, employees or officers of SPUK may charge for services
provided to SPUK associate companies (including PacifiCorp). Recharges between
SPUK and US companies would take place at cost, not the lower of cost or market. In the
context of ratemaking, PacifiCorp will have to demonstrate and reconcile the lower
cost or market value, but cost must be used for the charge.
International travel and expenses
, Where Group Corporate staff undertake regular travel to the US, their travel and expenses
will be charged directly to the US divisions via a travel and expenses (T &E) card.
Employees in receipt of a T &E card should comply with the rules detailed in PacifiCorp
Management Rules and Guidelines and the PacifiCorp Business Expense
Policy. A dedicated resource trom Corporate Business Services (CBS) will arrange for
the cards to be issued and will administer their associated costing.
Employees returning trom a US trip will need to provide supporting receipts and details
of the allocation between the two US divisions PacifiCorp and PPM, which will nonnally
be supported by diary arrangements. The Group Corporate Controller Team will
administer co-ordination of the supporting details. In specific cases certain trips will not
be charged to the US regulated entity.
Individuals who will receive a T &E card are detailed on Appendix 4, subsequent
amendments will be managed through the change control process detailed in Section
Vill.
Supporting Documentation
US Regulatory requirements stipulate that supporting documentation must be maintained
in the US to support recovery of Group Corporate charges, which are recharged toPacifiCorp.
The infonnation requirements are:
Copy of the original invoice.
Written explanation of the charges describing what they are and how PacifiCorp
benefited trom the activity.
Details of the allocation method and its appropriateness.
Key business contact who could respond to questions from the regulatory auditors.
Salary and non salary expenditure apportioned using the 4-factor basket of indicators will
be reviewed for reasonableness twice a year and documented appropriately.
I '
Group Corporate Cost Recharge Policy Final
Where costs have been directly allocated on a pre-determined basis, rationale for the
split, including support for it is required. This could involve review of the diary and
expense details.
All records are required to be retained for 5 years from the date when the expenditure
was incurred.
As detailed in Section I direct charging should take place where applicable which will
ensure that all supporting documentation is controlled and retained by PacifiCorp or
PPM.
International Assignees
All costs associated with International Assignees will continue to be managed and
controlled by Group HR in line with their policy.
VI.Accounting Policies
Budgets and Forecasts
The Group Corporate Controller will provide details of the Group Corporate cost
allocation for inclusion in the budget and forecasts.
The basket of indicators split applied to the budget figures will be based on the previous
year s reported figures. From 2004/05 onwards during the first forecast of the year the
basket of indictors will be updated to reflect the year-end position and this will be applied
to the reforecast Group Corporate costs.
Forecast submissions should be updated to reflect changes incurred as a result of charges
now being directly charged to the division.
Actual Charges
On a quarterly basis, although not in line with the calendar quarter ends PacifiCorp and
PPM will be invoiced with their appropriate share of Group Corporate Costs, with
accruals being posted for the interim months. The charges will be reported through their
statutory accounts.
INF and UKD will receive notification of their Group Corporate recharge via a quarterly
accrual, which will be invoiced on an annual basis.
The invoice will be supported by an analysis of the charge necessary to comply with
appropriate regulatory requirements.
Any disputes with the invoiced amounts will be resolved before the next quarter through
liaison between the Divisional and Group Corporate finance teams. Unresolved disputes
will be arbitrated by the Group Corporate Controller.
Group Corporate Cost Recharge Policy Final
Apportionment Details
All apportioned costs both salary and non salary will be respread across the four divisions
using the basket of indicators as detailed in Section ill,
Taxation
Both the UK and US tax codes contain similar provisions regulating the taxability of
cross charges within international groups. Their basic philosophy is that, for tax
purposes, the parties should deal with each other on an arms-length basis irrespective of
the amount that they actually charge each other.
US regulatory rules
In the context of ScottishPower this means that recharges between the UK and
companies should take place at cost. In the context of ratemaking, the Company will
demonstrate the lower of cost or market value.
Taxation rules
The only issue arises in respect of internal labour and other internal costs where the tax
rules would look for these to be recharged at market value. It is, however, recognised
that the application of a mark up to produce an approximation to market value would
produce a conflict with the requirements of the US regulatory regime. Since regulatory
or other constraints prevent the charging of a mark up an adjustment may be necessary in
the tax computation of the charging company to add it to taxable profits to produce a
corresponding increase in the tax charge. Similarly if the mark up was too great then the
paying company may be denied relief for the amount that is considered to exceed market
value. The exact level of mark up for tax computation purposes is a matter for
negotiation with the relevant fiscal authorities.
VII.Corporate Cost Control
Ongoing control, reporting and quarterly recharging of all Group Corporate costs are
managed by the Group Corporate Controller.
Application of this policy and ongoing compliance with its content will be administered
and managed by the Group Corporate Controller.
VIII.Change control process
The Group Corporate Controller will be responsible for the ongoing administration of this
policy. Individuals within Group Corporate and the divisions have a duty to advise
of any alterations to their own or team details.
Any changes to the individuals listed on the attached appendices should be advised to the
Group Corporate Controller who will seek approval from the Director, Perfonnance
Management and Control.
Group Corporate Cost Recharge Policy Final
IX,Divisional costs being transferred to Group Corporate
Costs incurred by the divisions will not be reallocated to the Group Corporate Centre.
Exceptions to this are where employees are identified as having a Group role but reside
within a US division. Only their UK portion of their salary costs and any other related
costs, which have received prior approval from the Group Corporate Controller, will be
transferred to Group Corporate for allocation between the INF and UKD.
Joint purchasing
A listing of employees identified as undertaking a Group Corporate role but residing
within a business is inCluded within Appendix 3.
Subsequent changes to this list will be managed through a change control process
detailed in Section Vill.
US based employees who are recognised, as having this Group Corporate role will be
issued with UK Credit Cards, to cover their UK travel and expenses.
This policy does not prohibit or indeed remove the potential benefits derived from joint
purchasing. However, joint purchases must comply with all legal, regulatory and
governance policies in both the UK and US. In addition, vendors must be instructed to
issue the divisions with separate invoices
XI,Key Contacts
Director, Performance Management & Control
44 141 5664632
Heather Chalmers
Heather, Chalmers~SconishPower .com
Group Corporate Controller
44 141 5664693
Susan Logan
Susan.Lo gan(g)SconishPower, com
Corporate Accountant
44 141 5664722
Valerie Sim
v alerie.Si~ScottishPower ,com
Group Corporate HR -International Assignees
44 141 5664643
Elaine Campbell
Elaine. Campbe II ~SconishPower. com
ITBS - Financial Manager
44 141 700 3703
John Kelly
J ohn,Ke 11 y~SconishP ower ,com
CBS -Financial Controller
9001 503 813 6001
Kathryn Hymas
Kathrvn.ymastWPac i fiC om.com
PPM -Director, Finance
9001 503813 5654
Scott Jacobson
Scon.acobson~PP MEnergy. com
FinalGroup Corporate Cost Recharge Policy
Appendix 1
Billing Addresses
PPW
PPM
UK Wires
UK Division
Group Corporate
ITBS
PacifiCorp
Attn: Cost Recovery Accounting, LCT 19
PO Box 3040
Portland, Oregon 97208
PPM Energy Inc
650 NE Holladay, Suite 700
Portland
Oregon 97232
Power Systems Head Office
Accounts Payable Section
Avondale House
Phoenix Crescent
Strathc1yde Business Park
Bellshill
MIA 3NJ
UK Division Shared Service
Accounts Payable Section
Cathcart Business Park
Spean Street
Glasgow, G444BE
ScottishPower
1 Atlantic Quay
Glasgow, G2 SSP
ITBS
Data Centre
Cathcart Business Park
Spean Street
Glasgow, G44 4BE
Group Corporate Cost Recharge Policy Final
Appendix 2
Basket of indicators,
Group Corporate Finance will update this basket on an annual basis following publication
of the statutory accounts.
ScoltWlPOWtl' ok
COl1IOralr Costs - calrulalieo of Otl'CtIIl8J!tS rol' ruol'tsdlue 11001 or common COils.
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Group Corporate Cost Recharge Policy Final
Appendix 3
Employees identified as having a Group role but residing within a business.
Employee Host Division Group Function
M Pittman PacifiCorp
J Fryer PacifiCorp Finance - Credit Risk
B Klein PacifiCorp Finance- Group Energy
R Sherrard PacifiCorp External CommunIcations
D McDonald PacifiCorp HR Learning & Development
Group Colporate Cost Recharge Policy Final
Appendix 4
UK. based employees who will have a T &E card.
Department Name PacifiCorp budget
centre
Board , Charles Miller Smith TBA
Ian Russell I TBA
David Nish
James Stanley
Dominic Frv
Andrew Mitchell
Simon Lowth
External Reponine:Keith Cochrane David Mendez
Stuan MacDonald
Performance Heather Chalmers Brian Galloway
Management and Robert McKenzie
Conttol June Dickson
Taxation Heather Self Larrv Maron
Robert MacDonald
Stewart Wood
Treasurv Adrian Coats Bruce Williams
Donald Wright
Internal Audit New Director of lA Stephen Cairns
Human Resources Steve Dunn Linda Wah
Sandy Begbie
Nil!el Johnson
Colin Duthie
David Ambercrombie
Jack Kelly
Geore:e Kirk
, Risk; Insurance Steuhen Henderson Bob Klein
JacQueline Redmond
Communications Andrew Jamieson Rachel Sherrard
Ann Hood
Malcolm Scott
StrateIN Sheelal!b Duffield Andv MacRitchie
lain Patterson
Rod Morrison
Fred Dinnine:
Secretarial Alan McCullough
Elaine Fenruson
Donald McPherson
Gordon Irvin!!
BEFORE THE
IDAHO PUBLIC UTILITIES COMMISSION
PACIFICORP
COMPLIANCE FILING EXHIBIT NO.
Corporate Cost Control
September 2003
Compliance Filing Exhibit No.
Corporate Cost Control
Internal Control Overview
Corporate Controller Team
Corporate Costs are managed by the following team who report to the Director, Performance Management and Control.
Monthly Reports
To support this experienced and qualified team in controlling the Corporate Costs a series of monthly reports, page 3, are
produced which provide a regular overview of the costs being incurred,
Ownership of the Corporate Costs is the responsibility of each Executive Team Functional Director, being the key
recipients of the monthly reports. The Corporate Controller team support the Corporate Directors manage their costs
through regular dialogue to discuss the actual, budget and forecast costs being reported thus a regular and timely analysis
of the costs is maintained. Reports to support the costs are always supported by a narrative, which explains the reasons
for the variances and the corrective action being taken to address any variances from budget. Regular feedback is
requested from the recipients of the reports to ensure they continue to achieve their objective of assisting them in
managing the cost profile of their department.
The Executive Team report contains a separate Corporate Centre Cost Report reviewed at the monthly Executive Team
meeting which is chaired by the Chief Executive. This report provides the whole Executive Team with an up to date
position of the costs incurred reasons for variances and a year-end forecast position.
Corporate Function Scorecards
All Corporate Function scorecards, which are produced monthly, are reported in the Executive Team Report, include a
metric, which has the following components:
Value Lever:
Objective:
Metric:
Control operating expenditure
Cost effectiveness of the Corporate Function
Corporate Function Expenditure Vs Budget
This level of review is indicative of the continual focus, which Group Corporate applies to its cost base.
. .
Compliance Filing Exlnoit No.
Levels of Autborisation
Two other conttol policies, which apply to all Corporate Costs, are the Expenses and Authorisation Limits policies,
which follow nonnal company procedures of explaining what type and level of costs can be incurred for expenses and
for each individual their level of authorisation.
Prior to processing the payment of all expenses and Corporate Costs authorisations are confirmed by the Banking
Section to ensure appropriate manager s approval has been sought and that the costs do not exceed their level of
authority.
Payroll Costs
Payroll expenses account for around 50% of the Corporate Costs. All payroll charges are conttolled by a series of
separate monthly reconciliations undertaken by the Corporate Conttoller team. In addition any changes to the payroll
listing are strictly conttoUed and monitored by the Group Human Resources Department who have an internal level of
authorisation which is adhered to depending on the natUre of the update.
External Audit Review
On a quarterly basis an External Audit review of the Corporate Centte fInancial records is undertaken by PWC, Their
work covers a review of the whole fInancial statements of the Corporate Centre to ensure compliance with all the
internal and external conttols. From an External review perspective the Corporate Centre is tteated like a Business Unit
with a dedicated team being responsible for applying the same level of scrutiny.
. ,
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---,---
INTERCOMPANY ADMINISTRATIVE SERVICES AGREEMENT
BETWEEN
MIDAMERICAN ENERGY HOLDINGS COMPANY
AND
ITS SUBSIDIARIES
This Intercompany Administrative Services Agreement ("Agreemenr) is entered into as of March 31 , 2006
by and between MidAmerican Energy Holdings Company (hereinafter the .Company") and its direct and
indirect subsidiaries (hereinafter the .Subsidiaries ) (each a "Party" and together the "Parties
WHEREAS, the Company provides senior management, executive oversight and other administrative
services that provide value to and benefit the Subsidiaries as entities in the consolidated group;
WHEREAS, the Subsidiaries have access to professional, technical and other specialized resources that
the Company may wish to utilize from time to time in the provision of such administrative services: and
WHEREAS, the Company and Subsidiaries may desire to utilize the professional, technical and other
specialized resources of certain Subsidiaries;
NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein, the
Company and Subsidiaries agree as follows:
ARTICLE 1. PROVISION OF ADMINISTRATIVE SERVICES
Upon and subject to the terms of this Agreement, services will be provided between and among the
Company and its Subsidiaries that are not directly applicable to the production, distribution or sale of a
product or service available to customers of the Co""any or fts subsidiaries ("Administrative Services
For purposes ofthis Agreement, Administrative Services shall include, but not be limited to the following:
a) services by executive, management, professional, technical and clerical employees;
b) financial services, payroll processing services, employee benefits participation, supply chain and
purchase order processing services, tax and accounting services, contract negotiation and
administration services, risk management services, environmental services and engineering and
technical services;
c) the use of office fecilnies, including but not limned to office space, conference rooms, furnnure,
equipment, machinery, supplies, computers and computer software, insurance policies and other
personal property;
d) the use of automobiles, airplanes, other vehicles and equipment;
To obtain specialized expertise or to achieve efficiencies, the following situations may arise under this
Agreement whereby Administrative Services may be provided between and among the Company and its
Subsidiaries:
a) The Company may directly assign or allocate common costs to the Subsidiaries,
b) The Company may procure Administrative Services from the Subsidiaries for ~s own benefit,
c) The Company may procure Administrative Services from the Subsidiaries for subsequent
allocation to some or all Subsidiaries commonly benefiting, or
d) The Subsidiaries may procure Administrative Services from each other.
ARTICLE 2. DEFINrTlONS
For purposes of this Agreement these terms shall be defined as follows:
(a) KLaws" shall mean any law, statute, rule, regulation or ordinance.
(b) KState Commissions. shall mean any state public utility commission or state public seIVice
commission wnh jurisdiction over a rate-regulated Party.
(c) "Subsidiaries" shall mean current and future direct and indirect majority-owned subsidiaries of the
Company.
ARTICLE 3. EFFECTIVE DATE
This Agreement shall be effective as of the date set forth above; provided, however, that in those jurisdictions in
which regulatory approval is required before the Agreement becomes effective, the effective date shall be as of
the date of such approval.
ARTICLE 4. CHARGES AND PAYMENT
(a) CHARGES,
Parties shall charge for Administrative Services on the following basis:
(i) Direct Charges: The Party receiving the benefit of Administrative Services ("Recipient Party") will
be charged for the operating costs incurred by the Party providing the Administrative Services
eProviding Party") , including. but not Dmited to, allocable salary and wages. incentives, paid
absences, payroll taxes, payroll addnives (insurance premiums, hea~h care and retirement
benefits and the like), direct non-labor costs, if any, and similar expenses, and reimbursement of
out-of-pocket third party costs and expenses.
(ii) Service Charges: Costs that are impractical to charge directly but for which a cosVbenefit
relationship can be reasonably identified. A practical allocation method will be established by
Providing Party that allocates the cost of this service equnably and consistently to the Recipient
Party. Any changes in the methodology will be communicated in writing to rate-regulated
subsidiaries at least 180 days before the implementation of the change.
(iii) Allocations: Costs incurred for the general benefit of the entire corporate group for which direct
charging and service charges are not practical. An allocation methodology will be established
and used consistently from year to year. Any chanQe5. to the methodology will be communicated
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in wrhing to rate-regulated subsidiaries at least 180 days before the implementation of the
change.
The charges constitute full compensation to the Providing Party for all charges, costs and expenses
incurred by the Providing Party on behalf of the Recipient Party in providing the Administrative Services,
unless otherwise specifically agreed to in wrhing between the Parties.
If events or circumstances arise which, in the opinion of the Parties, render the costs of providing any
Administrative Services materially different tram those charged under a specific rate or formula then in
effect, the specific rate or formulas shall be equitably adjusted to take into account such events or changed
circumstances.
Providing Parties will bill each and all Recipient Parties, as appropriate. for Administrative Services
rendered under this Agreement in as specific a manner as practicable. To the extent that direct charging
for services rendered is not practicable, the Providing Party may utilize allocation methodologies to assign
charges for services rendered to the Recipient Party, reflective of the drivers of such costs. Such
allocation methodologies may utilize allocation bases that include, but are not Umned to: employee labor,
employee counts, assets, and muRi-factor allocation formulae.
Any cost allocation methodology for the assignment of corporate and affiliate costs will comply wnh the
following principles:
i) For Administrative Services rendered to a rate-regulated subsidiary of the Company or each
cost category subject to allocation to rate-regulated subsidiaries by the Company, the
Company must be able to demonstrate that such service or cost category is reasonable for the
rate-regulated subsidiary for the performance of its regulated operations, is not duplicative of
Administrative Services already being performed within the rate-regulated subsidiary, and is
reasonable and prudent.
ii) The Company and Providing Parties will have in place positive time reporting systems
adequate to support the allocation and assignment of costs of executives and other relevant
personnel to Recipient Parties.
iii) Parties must maintain records sufficient to specifically identify costs subject to allocation,
particularly wnh respect to their origin, In addition, the records must be adequately supported
in a manner sufficient to justify recovery of the costs in rates of rate-regulated subsidiaries.
iv) It is the responsibility of rate-regulated Recipient Parties to this Agreement to ensure that costs
which would have been denied recovery in rates had such costs been directly incurred by the
regulated operation are appropriately identified and segregated in the books of the regulated
operation,
(b) PAYMENT.
(0 Each Providing Party shall bill the Recipient Party monthly for all charges pursuant to
this Agreement via billings to the Company. The Company. in its capacity as a clearinghouse for
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intercot11)any charges wtthin the Company shall aggregate all charges and bill all Recipient Parties in a
single bill. Full payment to or by the Company for all Administrative Services shall be made by the end of
the calendar month following the intercompany charge. Charges shall be supported by reasonable
documentation, which may be maintained in electronic form.
(ii) The Parties shall make adjustments to charges as required to reflect the discovery of
errors or omissions or changes in the charges. The Parties shall conduct a true-up process at least
quarterly and more frequently if necessary to adjust charges based on reconciliation of amounts charged
and costs incurred, It is the intent of the Parties that such true-up process will be conducted using
substantially the same process, procedures and methods of review as have been in effect prior to
execution of this Agreement by the Parties.
ARTICLE 5. GENERAL OBLIGATIONS: STANDARD OF CARE
Rate-regulated Parties wDl comply wnh all applicable State and Federal Laws regarding affiliated interest
transactions, including timely filing of applications and reports, The Parties agree not to cross-subsidize
between the rate-regulated and non-rate-regulated businesses or between any rate-regulated businesses,
and shall comply with any applicable State Commission Laws and orders, Subject to the terms of this
Agreement, the Parties shall perform their obligations hereunder in a commercially reasonable manner.
ARTICLE 6. TAXES
Each Party shall bear all taxes, duties and other similar charges except taxes based upon its gross income
(and any related interest and penalties), imposed as a resun of ns receipt of Administrative Services under
this Agreement, including without limitation sales, use, and value.added taxes,
ARTICLE 7. ACCOUNTING AND AUDITING
Providing Parties and the Company shall maintain such books and records as are necessary to support the
charges for Administrative Services, in sufficient detail as may be necessary to enable the Parties to satisfy
applicable regulatory requirements (MRecords ). All Parties:
(a) shall provide access to the Records at all reasonable times;
(b) shall maintain the Records in accordance whh good record management practices and with at
least the same degree of cof11)leteness, accuracy and care as h maintains for its own records; and
(c) shall maintain its own accounting records, separate from the other Party's accounting records.
Subject to the provisions of this Agreement, Records supporting intercompany biHings shall be available for
inspection and copying by any qualified representative or agent of enher Party or Us affiliates, at the
expense of the inquiring Party, In addhion, State Commission staff or agents may audft the accounting
records of Providing Parties that form the basis for charges to rate-regulated subsidiaries, to determine the
reasonableness of allocation factors used by the Providing Party to assign costs to the Recipient Party and
amounts subject to allocation or direct charges. All Parties agree to cooperate fully with such audits.
Page 4
ARTICLE 8. BUDGETING
In advance of each budget year, Providing Parties shall prepare and deliver to the Recipient Parties, for
their review and approval, a proposed budget for Administrative Services to be performed during that year.
The approved schedule of budgeted Administrative Services shall evidence the base level of
Administrative Services, The schedule shall be updated at least annually. Each Party shall promptly notify
the other Party in writing of any requested material change to the budget costs for any service being
provided.
ARTICLE 9. COOPERATION WITH OTHERS
The Parties will use good faRh efforts to cooperate wnh each other in all matters relating to the provision
and receipt of Administrative Services, Such good faith cooperation will include providing electronic access
in the same manner as provided other vendors and contractors to systems used in connection with
Administrative Services and using commercially reasonable efforts to obtain all consents, licenses,
sublicenses or approvals necessary to permR each Party to perform its obligations, Each Party shall make
available to the other Party any information required or reasonably requested by the other Party regarding
the performance of any Administrative Service and shall be responsible for timely providing that information
and for the accuracy and completeness of that information; provided, however, that a Party shall not be
liable for not providing any information that is subject 10 a confidentiality obligation owed by ft to a person or
regulatory body other than an affiliate of R or the other Party. Either Party shall not be liable for any
impairment of any Administrative Service caused by R not receiving information, eRher timely or at all, or by
ft receiving inaccurate or incomplete information from the other Party that is required or reasonably
requested regarding that Administrative Service, The Parties will cooperate with each other in making such
information available as needed in the event of any and all internal or external audits, utility regulatory
proceedings, legal actions or dispute resolution, Each Party shall fully cooperate and coordinate wRh each
others employees and contractors who may be awarded other work. The Parties shall not commit or permit
any act, which will interfere with the performance of or receipt of Administrative Services by either Party'
employees or contractors,
ARTICLE 10. COMPLIANCE WITH ALL LAWS
Each Party shall be responsible for (0 "s compliance wRh all laws and governmental regulations affecting
its business, including but not limned to, laws and governmental regulations governing federal and state
affiliate transactions, workers' compensation, heafth, safety and security, and (ii) any use" may make
the Administrative Services to assist in complying wfth such laws and governmental regulations.
ARTICLE 11. UMrTATION OF LIABILITY
NotwRhstanding any other provision of this Agreement and except for (a) rights provided under Article 12 in
connection wRh Third-Party Claims, (b) direct or actual damages as a resutt of a breach of this Agreement,
and (c) liability caused by a Party's negligence or willful misconduct, no Party nor their respective directors,
officers, employees and agents, will have any liability to any other Party, or their respective directors,
officers, employees and agents, whether based on contract, warranty, tort, strict liability, or any other
theory, for any indirect, incidental, consequential, special damages, and no Party, as a result of providing a
Service pursuant to this Agreement, shall be liable to any other Party for more than the cost of the
Administrative Service(s) related to the claim or damages.
Page 5
ARTICLE 12. INDEMNIFICATION
Each of the Parties wUl indemnify, defend, and hold harmless each other Party, members of"s Board of
Directors. officers, employees and agents against and from any third-party claims resulting from any
negligence or willful misconduct of a Party's employees, agents, representatives or subcontractors of any
tier, their employees, agents or representatives in the performance or nonperformance of tts obligations
under this Agreement or in any way related to this Agreement. If a Third-Party claim arising out of or in
connection wtth this Agreement results from negligence of muniple Parties (including their employees,
agents, suppliers and subcontractors), each Party will bear liability wtth respect to the Third-Party Claim in
proportion to its own negligence.
ARTICLE 13. DISPUTE RESOLUTION
The Parties shall promptly resolve any conflicts arising underthls Agreement and such resolution shall be
final. If applicable. adjustments to the charges will be made as required to reflect the discovery of errors or
omissions in the charges. If the Parties are unable to resolve any service, perfonnance or budget issues or if
there is a material breach of this Agreement that has not been corrected within ninety (90) days, representatives
of the affected Parties will meet profl1)tly to review and resolve those issues in good faith,
ARTICLE 14. TERMINA ON FOR CON ENIENCE
A Party may terminate its participation in this Agreement etther wtth respect to all, or wnh respect to any
one or more, of the Administrative Services provided hereunder at any time and from time to time, for any
reason or no reason, by giving notice of termination at least sixty (60) days in advance of the effective date
of the termination to enable the other Party to adjust "s available staffing and facilities, In the event of any
termination wtth respect to one or more, but less than all, Administrative Services, this Agreement shall
continue in full force and effect wnh respect to any Administrative Services not terminated hereby. If this
Agreement is terminated in whole or in part, the Parties will cooperate in good fanh with each other in all
reasonable respects in order to effect an efficient transition and to minimize the disruption to the business
of all Parties, including the assignment or transfer of the rights and obligations under any contracts.
Transttional assistance service shall include organizing and delivering records and documents necessary
to allow continuation of the Administrative Services, including derlVering such materials in electronic forms
and versions as reasonably requested by the Party,
ARTICLE 15. CONFIDENTIAL INFORMA TlONJNONDISCLOSURE
To the fuUest extent allowed by law, the provision of any Administrative Service or reimbursement for any
Administrative Service provided pursuant to this Agreement shall not operate to impair or waive any
privilege available to enher Party in connection wtth the Administrative Service, its provision or
reimbursement for the Administrative Service,
All Parties will maintain in confidence Confidential Information provided to each other in connection with this
Agreement and will use the Confidential Information solely for the purpose of carrying out its obligations
under this Agreement. The term Confidential Information means any oral or written information, (including
without limtation, computer programs, code, macros or instructions) which is made available to the Company, its
Page 6
Subsidiaries or one of its representatives, regardless of the manner in which such information is furnished.
Confidential Information also includes the following:
a. All Information regarding the Administrative Services, including, but not limited to, price, costs,
methods of operation and software, shall be maintained in confidence,
b. Systems used to perform the Administrative Services provided hereunder are confidential and
proprietary to the Company, its Subsidiaries or third parties. Both Parties shall treat these systems and all
related procedures and documentation as confidential and proprietary to the Company, its Subsidiaries or
its third party vendors.
c. All systems, procedures and related materials provided to either Party are for its internal use
only and only as related to the Administrative Services or any of the underlying systems used to provide
the Administrative Services,
Notwithstanding anything in this Article 15 to the contrary, the term lConfidentiallnformationl does not include
any information which (0 at the time of disclosure is generally available to and known by the pubIC (other than as
a resun of an unpermitted disclosure made directly or indirectly by a Party), (ii) was available to a Party on a non-
confidential basis from another source (provided that such source is not or was not bound by a confidentiality
agreement with a Party or had any other duty of confidentiality to a Party), or (iiij has been independently
acquired or developed without violating any of the obligations under this Agreement
The Parties shall use good faith efforts at the termination or expiration of this Agreement to ensure that all user
access and passwords are cancelled,
All Confidential Information supplied or developed by a Party shall be and remain the sole and exclusive
property of the Party who supplied or developed ft.
ARTICLE 16. PERMrrrED DISCLOSURE
Notwithstanding provisions of this Agreement to the contrary, each Party may disclose Confidential
Information (i) to the extent required by a State Commission, a court of competent jurisdiction or other
governmental authority or otherwise as required by law, including without limitation disclosure obligations
imposed under the federal securities laws, provided that such Party has given the other Party prior notice
of such requirement when legally permissible to permn the other Party to take such legal action to prevent
the disclosure as n deems reasonable, appropriate or necessary, or (iQ on a Ineed-to-know. basis under
an obligation of confidentiality to its consultants, legal counsel, affiliates, accountants, banks and other
financing sources and their advisors.
ARTICLE 17. SUBCONTRACTORS
To the extent provided herein, the Parties shall be fully responsible for the acts or omissions of any
subcontractors of any tier and of all persons employed by such subcontractors and shall maintain complete
Page 7
control over all such subcontractors. " being understood and agreed that not anything contained herein
shall be deemed to create any contractual relation between the subcontractor of any tier and the Parties.
ARTICLE 18. NONWAIVER
The failure of a Party to insist upon or enforce strict performance of any of the terms of this Agreement or to
exercise any rights herein shall not be construed as a waiver or relinquishment to any extent of Us right to
enforce such terms or rights on any Mure occasion.
ARTICLE 19. SEVERABILITY
Any provision of this Agreement prohibtted or rendered unenforceable by operation of law shall be
ineffective only to the extent of such prohibftion or unenforceability without invalidating the remaining
provisions of this Agreement.
ARTICLE 20. ENTIRE AGREEMENTIDOCUMENTS INCORPORATED BY REFERENCE
All understandings, representations, warranties, agreements and any referenced attachments, if any.
existing between the Parties regarding the subject matter hereof are merged into this Agreement, which
fully and completely express the agreement of the Parties wnh respect to the subject matter hereof.
ARTICLE 21. OTHER AGREEMENTS
This Agreement does not address or govern the Parties' relationship involving: (a) the tax allocation
agreement nor (b) any other relationships not specifically identified herein, All such relationships not
addressed or governed by this Agreement will be governed and controlled by a separate agreement or
tariff specifically addressing and governing those relationships or by applicable Laws or orders.
Page 8
This Agreement has been duly executed on behalf of the Parties as follows:
MlDAMERICAN ENERGY HOLDINGS COMPANY
By.
Patrick J. Goodman
T~: Sr, Vice President &
Chief Financial Officer
---
PPW HOLDINGS LLC
By:
~~~
Brian K. Bankel
T~ Vice President & Treasurer
CE ELECTRIC UK FUNDING COMPANY
By. PJ(~
Patrick J. Goodman
Title: Director
Brian K. Hankel
T~: Vice PreRident & Treasurer
KR HOLDING, LLC
By.
Patrick J. Goodman
Title: Vice Presi dent & Treasurer~~s,INC.
Brian K. Hankel
T~: Vice President & Treasurer
CE CASECNAN WATER AND ENERGY COMPANY61~~
Brian K. Hankel
Vice President & ~reasurer
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