ORDER NO. 95-1341

ENTERED DEC 20 1995

THIS IS AN ELECTRONIC COPY

BEFORE THE PUBLIC UTILITY COMMISSION

OF OREGON

UF 4111(1)

DISPOSITION: APPLICATION GRANTED WITH CONDITIONS

On November 29, 1995, Idaho Power Company (Company or Idaho Power) filed a supplemental application pursuant to ORS 757.415 requesting its current authority to issue and sell up to $200,000,000 of First Mortgage Bonds (Bonds) and up to $200,000,000 in gross proceeds to Idaho Power of one or more series of its Serial Preferred Stock, Without Par Value (the Preferred Stock), be extended indefinitely subject to the condition that the company maintain at least a BBB- or higher senior secured debt rating, as indicated by the Standard and Poor’s Corporation (S&P), and Baa3 or higher rating, as indicated by Moody’s Investors’ Service, Inc. (Moody’s).

Idaho’s original authority in docket UF 4111 was granted in Order No.

93-1757 and was subsequently amended in Order No. 93-1817. The current authority expires December 31, 1995. All other terms and conditions established in Order Nos. 93-1757 and

93-1817 continue to be valid and remain in full force and effect.

On December 7, 1995, Idaho amended its application to include a more definitive statement on the use of proceeds. Idaho will use bond proceeds from the sale of bonds or preferred stock for the acquisition of utility property or the construction, extension or improvement of utility facilities; the improvement or maintenance of service; the discharge or lawful refunding of its obligations (such as relatively higher-coupon debt and maturing debt previously authorized by the Commission); and, refunding the company’s treasury expended on utility purposes. To the extent the company’s treasury is refunded, the original expenditures, or their precedents, were made for purposes described by ORS 757.415(1)(a), (1)(b), or (1)(e). To the extent that obligations are discharged or refunded, those obligations, or their precedents were used for purposes described by ORS 757.415(1)(a), (1)(b), or (1)(e).

At its December 19, 1995, public meeting, the Commission reviewed the staff recommendation and approved the application.

ORDER

IT IS ORDERED that:

The supplemental application of Idaho Power Company to issue and sell not more than $200,000,000 of first mortgage bonds and not more than $200,000,000 of its serial preferred stock is granted indefinitely, as long as the Company maintains investment-grade bond ratings from Standard & Poor’s and Moody’s as described in this order.

 

Commission Order Nos. 93-1757 and 93-1817 shall, to the extent not specifically affected by this order, remain in full force and effect.

 

Idaho shall file a statement of securities issued and a disposition of net proceeds statement as soon as possible after each such issuance.

 

 

Made, entered, and effective ________________________.

A party may request rehearing or reconsideration of this order within 60 days pursuant to ORS 756.561. A party may appeal this order pursuant to ORS 756.580.