SUMMARY OF THE PROSPECTUS SUPPLEMENT
In this prospectus supplement, unless otherwise indicated or the context otherwise requires, the words “Company”, “we”, “us”, “our” and “PacifiCorp” mean PacifiCorp, a company of the ‘Oregon, and its subsidiaries. References to “Mortgage” are to the Mortgage and Deed of Trust, dated January 9, 1989, as amended and supplemented, with The Bank of New York Mellon Trust Company, NA, as Trustee successor.
The following summary contains basic information about PacifiCorp and this offering. It may not contain all of the information that is important to you. The “Description of the Bonds” section of this prospectus supplement contains more detailed information regarding the terms and conditions of the bonds. The following summary is presented in its entirety by reference to the detailed information contained elsewhere in this Prospectus Supplement, the accompanying Prospectus and by the documents incorporated by reference in this Prospectus Supplement.
PacifiCorp, an indirect wholly-owned subsidiary of Berkshire Hathaway Energy Company (“BHE”), is a US-regulated electric utility company headquartered in Oregon that serves approximately 2.0 million customers of retail electricity in parts of Utah, Oregon, Wyoming, Washington, California. PacifiCorp is mainly active in the field of generation, transmission, distribution and sale of electricity. PacifiCorp’s combined service territory covers approximately 141,400 square miles and includes various regional economies in six states. No segment of the economy dominates the combined service territory, which helps mitigate PacifiCorp’s exposure to economic fluctuations. In the eastern part of the service territory, comprising Utah, Wyoming, and southeastern Idaho, the primary industries are manufacturing, mining or natural resource extraction, agriculture, technology, recreation and government. In the western part of the service territory, comprising Oregon, southern Washington, and northern California, the main industries are agriculture, manufacturing, forest products, food processing, technology, government and primary metals. In addition to retail sales, PacifiCorp buys and sells electricity in the wholesale market with other utilities, energy marketers, financial institutions and other market players to balance and optimize economic benefits of power generation, retail customer charges and existing wholesale transactions. Certain subsidiaries of PacifiCorp support its electric utility operations by providing coal mining services.
PacifiCorp’s operations are conducted under numerous franchise agreements, certificates, permits and licenses obtained from federal, state and local authorities. The average duration of franchise contracts is around 22 years. Many of these franchise agreements give the municipality the right to request a modification of the franchise agreement at a specific time during the term. PacifiCorp generally has the exclusive right to serve electrical customers in its service territories and, in turn, has an obligation to provide electrical service to those customers. In return, state utility commissions have set cost-of-service-based tariffs, which are designed to allow PacifiCorp to recoup its service delivery costs and earn a reasonable return on its investments.
PacifiCorp was incorporated under the laws of the State of Oregon in 1989 and its principal executive offices are located at 825 NE Multnomah Street, Portland, Oregon 97232, its telephone number is (888) 221-7070 and its Internet address is www.pacificorp. com. PacifiCorp provides electricity to customers in Utah, Wyoming and Idaho under the trade name of Rocky Mountain Power and to customers in Oregon, Washington and California under the trade name of Pacific Power .
All of the common shares of PacifiCorp are indirectly owned by BHE. PacifiCorp also has preferred shares outstanding which are subject to voting rights in certain limited circumstances.
For more information regarding our business and affairs, including our capital requirements, our external financing arrangements and pending legal and regulatory proceedings, including descriptions of the laws and regulations to which we are subject, the buyers potentials should refer to the documents incorporated by reference in this prospectus. supplement as described under sections entitled “Incorporation by Reference” elsewhere in this Prospectus Supplement and “Where to Find More Information” in the accompanying Prospectus.