Recent Financing Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Debt Instrument [Line Items] | |
| Recent Financing Transactions | Recent Financing Transactions Long-Term Debt Senior Debt In February 2026, PacifiCorp issued $400 million of 4.25% First Mortgage Bonds due March 2029. In March 2026, PacifiCorp issued $300 million of its 4.65% First Mortgage Bonds due April 2029, $550 million of its 5.10% First Mortgage Bonds due April 2031, $800 million of its 5.45% First Mortgage Bonds due April 2033, and $850 million of its 5.80% First Mortgage Bonds due April 2036. Junior Subordinated Debt In February 2026, PacifiCorp issued $1.1 billion of its 7.125% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due August 2056. PacifiCorp will pay interest on the junior subordinated notes at a rate of 7.125% through August 2031, subject to a reset every five years, not to reset below 7.125%. In March 2026, Sierra Pacific issued $600 million of its 6.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due September 2056. Sierra Pacific will pay interest on the junior subordinated notes at a rate of 6.375% through September 2031, subject to a reset every five years not to reset below 6.375%. Credit Facilities In April 2026, PacifiCorp entered into a letter of credit agreement under which letters of credit will be made available solely to provide collateral support for surety bonds issued pursuant to a corresponding surety arrangement for supersedeas undertakings to secure the performance and stay enforcement of trial court judgments entered against PacifiCorp relating to the James case, in each case while such judgments remain pending appeal by PacifiCorp in the Oregon Court of Appeals or the Oregon Supreme Court. Refer to Note 10 for information regarding the Oregon Court of Appeals opinion issued in April 2026 associated with the James case. The letter of credit agreement provides for a two-year standby letter of credit facility for PacifiCorp in an aggregate stated amount of up to $2.55 billion. In conjunction with the letter of credit agreement, PacifiCorp entered into a committed surety facility set forth in a term sheet with an initial aggregate capacity of $2.55 billion, not to exceed availability under the letter of credit agreement, and related indemnity agreement under which the surety party is committed to issue surety bonds from time to time for PacifiCorp to secure the supersedeas undertakings described above. The surety facility must be fully secured by letters of credit. If 91 days prior to the applicable termination date of any letter of credit issued under the arrangements described above, any letter of credit obligations remain outstanding, PacifiCorp will be required to provide cash collateral to secure outstanding letter of credit obligations in an amount equal to 103% of such obligations. In April 2026, PacifiCorp received the necessary approvals from the Oregon Public Utility Commission and the Idaho Public Utilities Commission.
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| PAC | |
| Debt Instrument [Line Items] | |
| Recent Financing Transactions | Recent Financing Transactions Senior Debt In February 2026, PacifiCorp issued $400 million of 4.25% First Mortgage Bonds due March 2029. In March 2026, PacifiCorp issued $300 million of its 4.65% First Mortgage Bonds due April 2029, $550 million of its 5.10% First Mortgage Bonds due April 2031, $800 million of its 5.45% First Mortgage Bonds due April 2033, and $850 million of its 5.80% First Mortgage Bonds due April 2036. Junior Subordinated Debt In February 2026, PacifiCorp issued $1.1 billion of its 7.125% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due August 2056. PacifiCorp will pay interest on the junior subordinated notes at a rate of 7.125% through August 2031, subject to a reset every five years, not to reset below 7.125%. Credit Facilities In April 2026, PacifiCorp entered into a letter of credit agreement under which letters of credit will be made available solely to provide collateral support for surety bonds issued pursuant to a corresponding surety arrangement for supersedeas undertakings to secure the performance and stay enforcement of trial court judgments entered against PacifiCorp relating to the James case, in each case while such judgments remain pending appeal by PacifiCorp in the Oregon Court of Appeals or the Oregon Supreme Court. Refer to Note 11 for information regarding the Oregon Court of Appeals opinion issued in April 2026 associated with the James case. The letter of credit agreement provides for a two-year standby letter of credit facility for PacifiCorp in an aggregate stated amount of up to $2.55 billion. In conjunction with the letter of credit agreement, PacifiCorp entered into a committed surety facility set forth in a term sheet with an initial aggregate capacity of $2.55 billion, not to exceed availability under the letter of credit agreement, and related indemnity agreement under which the surety party is committed to issue surety bonds from time to time for PacifiCorp to secure the supersedeas undertakings described above. The surety facility must be fully secured by letters of credit. If 91 days prior to the applicable termination date of any letter of credit issued under the arrangements described above, any letter of credit obligations remain outstanding, PacifiCorp will be required to provide cash collateral to secure outstanding letter of credit obligations in an amount equal to 103% of such obligations. In April 2026, PacifiCorp received the necessary approvals from the Oregon Public Utility Commission and the Idaho Public Utilities Commission.
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| NPC | |
| Debt Instrument [Line Items] | |
| Recent Financing Transactions | Recent Financing Transactions Tax Exempt Bonds In March 2026, Nevada Power repurchased the following series of fixed-rate tax-exempt bonds: $40 million of its Clark County, Nevada Revenue Bonds Series 2017, due 2036, $40 million of its Coconino County, Arizona Pollution Control Corporation Revenue Bonds, Series 2017A, due 2032, and $13 million of its Coconino County, Arizona Pollution Control Corporate Revenue Bonds, Series 2017B, due 2039. Nevada Power purchased these bonds as required by the bond indentures. Nevada Power is holding these bonds and can re-offer them at a future date.
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| SPPC | |
| Debt Instrument [Line Items] | |
| Recent Financing Transactions | Recent Financing Transactions Junior Subordinated Debt In March 2026, Sierra Pacific issued $600 million of its 6.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due September 2056. Sierra Pacific will pay interest on the junior subordinated notes at a rate of 6.375% through September 2031, subject to a reset every five years not to reset below 6.375%.
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