HomeMy WebLinkAbout20110309Application.pdf~ROCKY MOUNTAINPORA DISIO OF PAFl
201 So Main. Suit 2300
Salt Lake Cit. Utah 84111
RECElV
ZOUHAR -9 AM Ii: 51
March 9, 2011
VI OVERNGHT DELIVERY
Idaho Public Service Commssion
472 W. Washigton Street
P.O. Box 83720
Boise, Idaho 83720-0074
Attention: Jean D. Jewell
Commssion Secreta
RE: Case No. PAC-E-l 1-09, In the Matter of the Application ofPACIFICORP for authority
to (1) issue its promissory notes to and borrow from commercial ban for (a) not more
th $ 1.5 bilion under revolving credit agreements, and (b) not more th $ 1. 5 bilion
under other borrowing argements; and (2) issue and sell its commercial paper in
pricipal amounts not to exceed $ 1.5 bilion outstading at anyone time.
Please fid enclosed the origial and seven (7) copies of Rocky Mounta Power's application
for an order extending the short-term debt authorities granted to the Company in Cas No. PAC-
E-06-01 for an additional five year, or though April 30, 2016, on the condition that .the
Company's senior secured debt be rated at "investment grade" by both Stadad & Poor's Rating
Service and Moody's Investor Services, Inc, and a draf order implementing the sae.
Please contact Danel Solander directly at (801)220-4014 if you have any fuer questions.
Sincerely,
11 ."I il!'-, .. !,,/,~-v
Jcr~ K. LareJ
Vice President, Reguation
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Enclosures
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Danel E. Solander
Senior Counsel
201 South Mai, Suite 2400
Salt Lae City UT 841 1 1
Telephone: (801) 220-4014
FAX: (801) 220-3299
Email: danei.solander~pacificorp.com
2nii MrlR -9 PH 12: 00
Attorneys for Rocky Mountain Power
BEFORE THE IDAHO PUBLIC UTILITIES COMMSSION
IN THE MATTR OF THE APPLICATION OF )
ROCKY MOUNTAI POWER FOR AN )
ORDER EXTENDING THE SHORT-TERM )
DEBT AUTHORITIES GRATED IN )
CASE NO. PAC-E-06-01 )
CASE NO. PAC-E-11-09
APPLICATION
COMES NOW, Rocky Mounta Power, a division of PacifiCorp (the "Company"), and
hereby applies to the Idao Public Utilties Commssion (the "Commission") for an order
extendig the short-term debt authorities grante to the Company in Case No. PAC-E-06-1 for
an additiona five year, or though April 30, 2016, on the condition that the Company's senior
secured debt be rated at "investment grde" by both Stadad & Poor's Rating Service and
Moody's Investor Services, Inc. In support of its Application, the Company sttes as follows:
1. Rocky Mountan Power is an electrcal company and public servce company in
the state of Idao, subject to the jursdiction of the Commssion with regard to its rates,
service and accounting practices. Rocky Mountan Power also provides retal electrcity
service in the states of Oregon, Californa, Washington, Uta and Wyoming. Rocky
Mounta Power's address is 201 S. Main St., Salt Lake City, Uta 84111.
2. Communcations regarding ths Application should be addrssed to:
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Ted Weston
Idaho State Manager
Rocky Mountain Power
201 South Main Stret, Suite 2300
Salt Lake City, UT 84140
Telephone: (801) 220-2963
Facsimile: (801) 220- 2798
E-mal: Ted.Weston(iPacifiCorp.com
Danel Solander
Senior Counsel
Rocky Mountan Power
201 South Mai, Suite 2300
Salt Lake City UT 84111
Telephone: (801) 220-4014
Facsimle: (801) 220-3299
E-mail: Daniel.Solander(iPacifiCorp.com
In addition, Rocky Mounta Power respectfuly requests tht all data requests
regarding ths matter be addressed to:
Bye-mail (preferred):datareguest(ipacificorp.com
By reguar mail:Data Request Response Center
PacifiCorp
825 NE Multnomah, Suite 2000
Portland, OR 97232
Inormal inquies may be diected to Ted Weston, State Manager (801) 220-2963.
3. On Febru 24,2006, PacifiCorp filed an Application requesting authorization to
borrow not more than $1.5 bilion aggregate pricipal amount in short-term debt though
April 30, 2011. On March 14, 2006, the Commssion grted the Company's
Application in Order No. 29999.
4. The Company is now requesting that the authorities grted under Case No. PAC.
E-06-0 1 be extended for an additional five years, or though April 30, 2016, on the
condition that the Company's senior secured debt be rated at "investment grade" by both
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Stadad & Poor's Rating Service and Moody's Investor Servces, Inc. The other terms
and conditions of the authorities specified in Order No. 29999 would not be chaged.
5. The Company respectfly requests that the Commssion enter its order, effective upon
issuace, authorizing the Company to (1) issue, from tie to tie through April 30, 2016, its
unsecured short-term promissory notes to and borrow from U.S. or foreign commercial ban (or
their afliates) under the followig facilties: (a) not more than $1.5 bilion in aggregate
pricipal amount outstadig at anyone tie under one or more revolving credt agreements
(Agreements); and (b) not more th $1.5 bilion in aggregate pricipal amount outstading at
anyone time under other borrowing arangements (Other Arangements); and (2) issue and sell
its commercial paper (paper) in the U.S. or overseas, from time to tie through April 30, 2016,
in aggregate pricipal amounts not to exceed $ 1.5 bilion outstadig at anyone time; provided
that the aggregate pricipal amounts outstading under the Agrements, Oter Arangements and
Paper not exceed $1.5 bilion at anyone time.
6. The Company curently ha two revolving credit ageements totaing $1.395 bilion,
under the terms of which the Company may borrow up to the ful amount or have letters of credit
issued in an amount up to $400 millon or a combination thereof. These credit agreements
curently have final termination dates of October 23, 2012 ($635 millon of commitments
presently) and July 6, 2013 ($760 milion of commitments presently).
7. Without the Commssion's extension of the authorities most recently granted in Order
No. 29999, the Company will be unble to utiliz the credit agreements afer April 30, 2011, or
to arge for the issuance of letter of credit puruat to the credit ageements. For the
Commission's reference copies of these credit agreements were previously provided on Febru
23,2006, in PAC-E-03-11 and October 31, 2007, in PAC-E-06-1. Furter, the Company will be
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signficantly limted in its abilty to issue commercial paper after April 30, 2011 without the
Commssion's extension of the authorities previously grted.
MODIFED PROCEDUR
8. Rocky Mountain Power believes tht consideration of the proposals contaed in
ths Application does not requie an evidentiar proceeding, and accordingly the
Company requests that ths Application be processed under RP 201 allowing for
consideration of issues under modfied procedure, i.e., by wrtten submissions rather than
by an evidentiar hearg.
WHEREFORE, Rocky Mountan Power respectflly request an Order extendig
the authorities granted to the Company under Case No. P AC-E-06-1 for an additiona five
years, or though April 30, 2016, on the condition tht the Company's senior secured debt
be rated at "investent grade" by both Stadad & Poor's Rating Servce and Moody's
Investor Services, Inc.
DATED: March 9,2011.
Respectfuly submitted,
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L//d~t /WJ(¿~~ - vV¡Danel E. Solander /'
Attorney for Rocky Mounta Power ,I
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