20230630Final_Order_No_35835.pdf

ORDER NO. 35835 1

Office of the Secretary
Service Date
June 30, 2023
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION

IN THE MATTER OF INTERMOUNTAIN
GAS COMPANY’S APPLICATION FOR
AUTHORITY TO ISSUE AND SELL
SECURITIES UP TO $50,000,000
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CASE NO. INT-G-23-02

ORDER NO. 35835

On June 2, 2023, Intermountain Gas Company (“Intermountain” or “Company”) applied
to the Idaho Public Utilities Commission (“Commission”) under Idaho Code §§ 61-901, et seq.,
for authority to issue and sell up to $50 million of unsecured notes between the months of August
and December of 2023 with maturity dates ranging from five (5) to forty (40) years. Application
at 3. The Company represented the securities will be used for one or more of the following: (1)
refinancing existing debt; (2) funding of capital expenditures; and (3) general corporate needs. Id.
at 3.
Pursuant to Idaho Code § 61-904, the Idaho Public Utilities Commission (“Commission”)
has 30 days from the filing date to issue an order. After reviewing the record, the Commission
approves the Application as discussed below.
STAFF REVIEW AND RECOMMENDATION
Staff analyzed the Application, the requested authority, proposed interest rates and loan
terms, and the requirements of Idaho Code § 61-901, et seq., and Rule 141 of the Commission’s
Rules of Procedure. Staff recommended the Commission approve the Company’s request. Staff
recommended the Company be required to file the loan documents showing the amount borrowed
and loan terms within seven (7) days of those documents being available. Staff recommended the
Company be expected to continue filing quarterly reports that include the date of issuance,
principal amount, date of maturity, and identity of payee.
FINDINGS AND DISCUSSION
The Company is a public utility in Idaho that operates as a gas corporation that engages in
the purchase, distribution, and sale of natural gas. Idaho Code §§ 61-129, 61-117. The Commission
has jurisdiction over the Application under Idaho Code §§ 61-901, et seq.
After reviewing the Application and all submitted material, we find that the proposed
transaction is in the public interest and a formal hearing on this matter is not required. Further, we
ORDER NO. 35835 2
find that the proposed issuance is for a lawful purpose and is within the Company’s corporate
powers, that the Application reasonably conforms to Rules 141 through 150 of the Commission’s
Rules of Procedure, and that the Company has paid all fees due under Idaho Code § 61-905.
Accordingly, we approve the Application and the proposed financing.
The Commission’s Order approving the proposed sale of unsecured notes and the general
purposes to which the proceeds may be put is not a determination that the Commission approves
of the particular use to which these funds will be put. This Order also is not a Commission
determination or approval of the type of financing or the related costs for ratemaking purposes.
The Commission does not have before it for determination, and so does not determine, the effect
of the proposed transaction on rates the Company will charge for electric service.
O R D E R
IT IS HEREBY ORDERED that the Company’s Application for authority to issue and sell
securities, up to $50 million, is granted.
IT IS FURTHER ORDERED that the Company shall file loan documents showing the
amount borrowed and loan terms within seven (7) days of those loan documents becoming
available.
IT IS FURTHER ORDERED that the Company must continue to file quarterly reports with
the Commission setting forth the date of issuance, principal amount, interest rate, date of maturity,
and identity of payee for all promissory notes issued during the quarter. The Company must
continue to file its capitalization ratios with the quarterly reports.
IT IS FURTHER ORDERED that the foregoing authorization is without prejudice to the
regulatory authority of the Commission with respect to rates, utility capital structure, service
accounts, valuation, estimates for determination of cost or any other matter which may come before
this Commission pursuant to its jurisdiction and authority as provided by law.
IT IS FURTHER ORDERED that nothing in this Order and no provisions of Chapter 9, Title
61, Idaho Code, or any act or deed done or performed in connection therewith shall be construed to
obligate the State of Idaho to pay or guarantee in any manner whatsoever any security authorized,
issued, assumed, or guaranteed under the provisions of Chapter 9, Title 61, Idaho Code.
IT IS FURTHER ORDERED that issuance of this Order does not constitute acceptance of
the Company’s exhibits or other materials accompanying the Application for any purpose other than
the issuance of this Order.
ORDER NO. 35835 3
THIS IS A FINAL ORDER. Any person interested in this Order may petition for
reconsideration within twenty-one (21) days of the service date of this Order. Within seven (7)
days after any person has petitioned for reconsideration, any other person may cross-petition for
reconsideration. See Idaho Code § 61-626.
DONE by Order of the Idaho Public Utilities Commission at Boise, Idaho this 30th day of
June 2023.

ERIC ANDERSON, PRESIDENT

JOHN R. HAMMOND, JR., COMMISSIONER

EDWARD LODGE, COMMISSIONER
ATTEST:

Jan Noriyuki
Commission Secretary

I:\Legal\GAS\INT-G-23-02_securities\orders\INTG2302_final_cs.docx