20230508Notice of Affiliate Transaction.pdf

Richard J. Garlish
Vice President and General Counsel
1407 W. North Temple, Suite 320
Salt Lake City, UT 84116
801-220-2533 Office
[e-mail]

May 8, 2023

VIA ELECTRONIC FILING

Idaho Public Utilities Commission
11331 W. Chinden Blvd.
Building 8 Suite 201A
Boise, ID 83714

Attention: Jan Noriyuki
Commission Secretary

Re: PacifiCorp Notice of Affiliate Transaction
Case No. PAC-E-05-8

Dear Ms. Noriyuki:

This letter will serve as notice pursuant to Commitment I 17(2), incorporated in the
Idaho Public Utilities Commission Order No. 29973 issued February 13, 2006, as supplemented
by Order No. 29998 March 14, 2006, in the above-referenced proceeding, approving the
acquisition of PacifiCorp by MidAmerican Energy Holdings Company (now “Berkshire
Hathaway Energy Company” or “BHE”), of an indirect affiliate interest transaction with Bank of
America N.A. (“Bank of America”). PacifiCorp intends to engage this bank as an underwriter for
an upcoming First Mortgage Bond issuance tentatively scheduled for May 2023. PacifiCorp
solicited underwriting proposals from a number of sources. Several banks responded, including
Bank of America. The Company selected Bank of America as a passive underwriter. The
selection of Bank of America was not influenced by Berkshire Hathaway’s ownership interest.

PacifiCorp is a wholly-owned, indirect subsidiary of Berkshire Hathaway Energy Company
(BHE). BHE is a subsidiary of Berkshire Hathaway, Inc (Berkshire Hathaway). Warren E.
Buffett (an individual who may be deemed to control Berkshire Hathaway), Berkshire Hathaway,
various subsidiaries of Berkshire Hathaway and various employee benefit plans of Berkshire
Hathaway subsidiaries together held an interest in excess of five percent in Bank of America.
Therefore, Berkshire Hathaway’s ownership interest in this bank may create an affiliated interest
in some PacifiCorp jurisdictions.

As a public utility, the Company is expected to acquire, construct, improve, and maintain
sufficient utility facilities to serve its customers adequately and reliably at reasonable cost.
Issuance of Bonds are part of a program to finance the Company’s facilities taking into
consideration prudent capital ratios, earning coverage tests and market uncertainties as to the
relative merits of the various types of securities the Company could sell. Accordingly, the
transaction to which Bank of America will be a party, is consistent with the public interest.
RECEIVED
Monday, May 8, 2023 2:22:13 PM
IDAHO PUBLIC
UTILITIES COMMISSION

May 8, 2023

Please do not hesitate to contact me if you have any questions.

Best Regards,

Richard J. Garlish
Vice President and General Counsel
PacifiCorp