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Short-term Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2022
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
The following table summarizes BHE's and its subsidiaries' availability under their credit facilities as of December 31 (in millions):
MidAmericanNVNorthernBHE
BHEPacifiCorpFundingEnergyPowergridCanadaHomeServices
Total(1)
2022:
Credit facilities(2)
$3,500 $1,200 $1,509 $650 $296 $793 $2,925 $10,873 
Less: 
Short-term debt(245)— — — (120)(197)(557)(1,119)
Tax-exempt bond support and letters of credit
— (249)(370)— — (1)— (620)
Net credit facilities$3,255 $951 $1,139 $650 $176 $595 $2,368 $9,134 
2021:
Credit facilities(2)
$3,500 $1,200 $1,509 $650 $271 $851 $3,300 $11,281 
Less: 
Short-term debt— — — (339)(1)(245)(1,424)(2,009)
Tax-exempt bond support and letters of credit
— (218)(370)— — (1)— (589)
Net credit facilities$3,500 $982 $1,139 $311 $270 $605 $1,876 $8,683 
(1)The table does not include unused credit facilities and letters of credit for investments that are accounted for under the equity method.
(2)Includes $55 million and $1 million, respectively, drawn on capital expenditure and other uncommitted credit facilities at Northern Powergrid as of December 31, 2022 and 2021.

As of December 31, 2022, the Company was in compliance with the covenants of its credit facilities and letter of credit arrangements.
BHE

BHE has a $3.5 billion unsecured credit facility expiring in June 2025 with an unlimited number of maturity extension options subject to lender consent. This credit facility, which is for general corporate purposes, supports BHE's commercial paper program and provides for the issuance of letters of credit, has a variable interest rate based on the Secured Overnight Financing Rate ("SOFR") or a base rate, at BHE's option, plus a spread that varies based on BHE's credit ratings for its senior unsecured long-term debt securities.

As of December 31, 2022 and 2021, BHE had $245 million and $— million of commercial paper borrowings outstanding at a weighted average interest rate of 4.55% and —%, respectively. The credit facility requires that BHE's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.70 to 1.0 as of the last day of each quarter.

As of December 31, 2022 and 2021, BHE had $101 million of letters of credit outstanding outside of its credit facility. These letters of credit primarily support power purchase agreements and debt service requirements at certain subsidiaries of BHE Renewables, LLC expiring through January 2024 and have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.

PacifiCorp

PacifiCorp has a $1.2 billion unsecured credit facility expiring in June 2025 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which supports PacifiCorp's commercial paper program and certain series of its tax-exempt bond obligations and provides for the issuance of letters of credit, has a variable interest rate based on SOFR or a base rate, at PacifiCorp's option, plus a spread that varies based on PacifiCorp's credit ratings for its senior unsecured long-term debt securities.

In January 2023, PacifiCorp entered into an additional $800 million 364-day unsecured credit facility expiring in January 2024.No amounts are currently outstanding against this new credit facility.

As of December 31, 2022 and 2021, PacifiCorp did not have any commercial paper borrowings outstanding. The credit facility requires that PacifiCorp's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

As of December 31, 2022 and 2021, PacifiCorp had $38 million and $19 million, respectively, of fully available letters of credit issued under committed arrangements outside of its credit facility in support of certain transactions required by third parties that generally have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.

MidAmerican Funding

As of December 31, 2022, MidAmerican Energy has a $1.5 billion unsecured credit facility expiring in June 2025 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which supports MidAmerican Energy's commercial paper program and its variable-rate tax-exempt bond obligations and provides for the issuance of letters of credit, has a variable interest rate based on SOFR or a base rate, at MidAmerican Energy's option, plus a spread that varies based on MidAmerican Energy's credit ratings for senior unsecured long-term debt securities.

As of December 31, 2022 and 2021, MidAmerican Energy had no commercial paper borrowings outstanding. The $1.5 billion credit facility requires that MidAmerican Energy's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of any quarter.

As of December 31, 2022 and 2021, MidAmerican Energy had $34 million and $42 million, respectively, of fully available letters of credit issued under committed arrangements outside of its credit facility in support of certain transactions required by third parties that generally have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.
NV Energy

Nevada Power has a $400 million secured credit facility expiring in June 2025 and Sierra Pacific has a $250 million secured credit facility expiring in June 2025 each with an unlimited number of maturity extension options, subject to lender consent. These credit facilities, which are for general corporate purposes and provide for the issuance of letters of credit, have a variable interest rate based on SOFR or a base rate, at each of the Nevada Utilities' option, plus a spread that varies based on each of the Nevada Utilities' credit ratings for its senior secured long‑term debt securities. As of December 31, 2022 and 2021, the Nevada Utilities had borrowings of $— million and $339 million outstanding under these credit facilities at a weighted average interest rate of —% and 0.86%, respectively. Amounts due under each credit facility are collateralized by each of the Nevada Utilities' general and refunding mortgage bonds. These credit facilities require that each of the Nevada Utilities' ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

Northern Powergrid

Northern Powergrid has a £200 million unsecured credit facility expiring in December 2025 with a one-year maturity extension option remaining. The credit facility has a variable interest rate based on Sterling Overnight Index Average plus a spread that varies based on Northern Powergrid's credit ratings and a credit adjustment spread that varies based on the tenor of any borrowings. The credit facility requires that the ratio of consolidated senior total net debt, including current maturities, to regulated asset value not exceed 0.8 to 1.0 at Northern Powergrid and 0.65 to 1.0 at each of Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc as of June 30 and December 31. Northern Powergrid's interest coverage ratio shall not be less than 2.5 to 1.0.

As of December 31, 2022 and 2021, Northern Powergrid had $65 million and $— million outstanding under this facility at a weighted average interest rate of 3.56% and —%, respectively.

AltaLink

AltaLink has a C$500 million secured revolving term credit facility expiring in December 2027 with a recurring one-year extension option subject to lender consent. The credit facility, which supports AltaLink's commercial paper program and may also be used for general corporate purposes, has a variable interest rate based on the Canadian bank prime lending rate or a spread above the Bankers' Acceptance rate, at AltaLink's option, based on AltaLink's credit ratings for its senior secured long-term debt securities. In addition, AltaLink has a C$75 million secured revolving term credit facility expiring in December 2027 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit, has a variable interest rate based on the Canadian bank prime lending rate, U.S. base rate, or a spread above the Bankers' Acceptance rate, at AltaLink's option, based on AltaLink's credit ratings for its senior secured long-term debt securities.

As of December 31, 2022 and 2021, AltaLink had $89 million and $108 million outstanding under these facilities at a weighted average interest rate of 4.59% and 0.35%, respectively. The credit facilities require the ratio of consolidated indebtedness to total capitalization not exceed 0.75 to 1.0 measured as of the last day of each quarter.

AltaLink Investments, L.P. has a C$300 million unsecured revolving term credit facility expiring in December 2026 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit to a maximum of C$10 million, has a variable interest rate based on the Canadian bank prime lending rate, U.S. base rate, or a spread above the Bankers' Acceptance rate, at AltaLink Investments, L.P.'s option, based on AltaLink Investments, L.P.'s credit ratings for its senior unsecured long-term debt securities. 

AltaLink Investments, L.P. also has a C$200 million revolving term credit facility expiring in April 2023 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit to a maximum of C$10 million, has a variable interest rate based on the Canadian bank prime lending rate, U.S. base rate, or a spread above the Bankers' Acceptance rate, at AltaLink Investments, L.P.'s option, based on AltaLink Investments, L.P.'s credit ratings for its senior unsecured long-term debt securities. On an annual basis, with the consent of the lenders, AltaLink Investments, L.P. can request that the maturity date of the credit facility be extended for a further 365 days.

As of December 31, 2022 and 2021, AltaLink Investments, L.P. had $108 million and $137 million outstanding under this facility at a weighted average interest rate of 5.71% and 1.46%, respectively. The credit facilities require the ratio of consolidated total debt to capitalization not exceed 0.8 to 1.0 and earnings before interest, taxes, depreciation and amortization to interest expense for the four fiscal quarters ended not be less than 2.25 to 1.0 measured as of the last day of each quarter.
HomeServices

HomeServices has an $700 million unsecured credit facility expiring in September 2026. The credit facility, which is for general corporate purposes and provides for the issuance of letters of credit, has a variable interest rate based on the London Interbank Offered Rate ("LIBOR") or a base rate, at HomeServices' option, plus a spread that varies based on HomeServices' total net leverage ratio as of the last day of each quarter. As of December 31, 2022 and 2021, HomeServices had $115 million and $250 million, respectively, outstanding under its credit facility with a weighted average interest rate of 5.17% and 0.95%, respectively.

Through its subsidiaries, HomeServices maintains mortgage lines of credit totaling $2.2 billion and $2.6 billion as of December 31, 2022 and 2021, respectively, used for mortgage banking activities that expire beginning in March 2023 through September 2023. The mortgage lines of credit have variable rates based on the Bloomberg Short-term Bank Yield Index or SOFR, plus a spread. Collateral for these credit facilities is comprised of residential property being financed and is equal to the loans funded with the facilities. As of December 31, 2022 and 2021, HomeServices had $442 million and $1.2 billion, respectively, outstanding under these mortgage lines of credit at a weighted average interest rate of 6.09% and 1.91%, respectively.

BHE Renewables Letters of Credit

As of December 31, 2022 and 2021, certain renewable projects collectively have letters of credit outstanding of $309 million and $311 million, respectively, primarily in support of the power purchase agreements and large generator interconnection agreements associated with the projects.
PAC  
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
The following table summarizes PacifiCorp's availability under its unsecured credit facility as of December 31 (in millions):
2022:
Credit facility$1,200 
Less:
Tax-exempt bond support and letters of credit(249)
Net credit facility$951 
2021:
Credit facility$1,200 
Less:
Tax-exempt bond support(218)
Net credit facility$982 

As of December 31, 2022, PacifiCorp was in compliance with the covenants of its credit facility and letter of credit arrangements.

PacifiCorp has a $1.2 billion unsecured credit facility expiring in June 2025 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which supports PacifiCorp's commercial paper program and certain series of its tax-exempt bond obligations and provides for the issuance of letters of credit, has a variable interest rate based on the Secured Overnight Financing Rate or a base rate, at PacifiCorp's option, plus a spread that varies based on PacifiCorp's credit ratings for its senior unsecured long-term debt securities. As of December 31, 2022 and 2021, PacifiCorp did not have any commercial paper borrowings outstanding.
The credit facility requires that PacifiCorp's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

In January 2023, PacifiCorp entered into an additional $800 million 364-day unsecured credit facility expiring in January 2024. No amounts are currently outstanding against this new credit facility.

As of December 31, 2022 and 2021, PacifiCorp had $38 million and $19 million, respectively, of fully available letters of credit issued under committed arrangements outside of its credit facility in support of certain transactions required by third parties that generally have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.
MEC  
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
Interim financing of working capital needs and the construction program is obtained from unaffiliated parties through the sale of commercial paper or short-term borrowing from banks. The following table summarizes MidAmerican Energy's availability under its unsecured revolving credit facilities as of December 31 (in millions):
20222021
Credit facilities$1,505 $1,505 
Less:
Variable-rate tax-exempt bond support(370)(370)
Net credit facilities$1,135 $1,135 

As of December 31, 2022, MidAmerican Energy has a $1.5 billion unsecured credit facility expiring in June 2025 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which supports MidAmerican Energy's commercial paper program and its variable-rate tax-exempt bond obligations and provides for the issuance of letters of credit, has a variable interest rate based on the Secured Overnight Financing Rate ("SOFR") or a base rate, at MidAmerican Energy's option, plus a spread that varies based on MidAmerican Energy's credit ratings for senior unsecured long-term debt securities. Additionally, MidAmerican Energy has a $5 million unsecured credit facility, which expires June 2023 and has a variable interest rate based on SOFR, plus a spread.

MidAmerican Energy had no commercial paper borrowings outstanding of as of December 31, 2022 and 2021. The $1.5 billion credit facility requires that MidAmerican Energy's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of any quarter.

As of December 31, 2022, MidAmerican Energy was in compliance with the covenants of its credit facilities. MidAmerican Energy has authority from the FERC to issue commercial paper and bank notes aggregating $1.5 billion through April 2, 2024.

As of December 31, 2022 and 2021, MidAmerican Energy had $34 million and $42 million, respectively, of fully available letters of credit issued under committed arrangements outside of its credit facility in support of certain transactions required by third parties that generally have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.
MidAmerican Funding, LLC  
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit FacilitiesRefer to Note 7 of MidAmerican Energy's Notes to Financial Statements. In addition to MidAmerican Energy's credit facilities, MHC has a $4 million unsecured credit facility, which expires in June 2023 and has a variable interest rate based on the Secured Overnight Financing Rate, plus a spread. As of December 31, 2022 and 2021, there were no borrowings outstanding under this credit facility. As of December 31, 2022, MHC was in compliance with the covenants of its credit facility.
NPC  
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
The following table summarizes Nevada Power's availability under its credit facilities as of December 31 (in millions):

20222021
Credit facilities$400 $400 
Short-term debt— (180)
Net credit facilities$400 $220 

Nevada Power has a $400 million secured credit facility expiring in June 2025 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which is for general corporate purposes and provide for the issuance of letters of credit, has a variable interest rate based on the Secured Overnight Financing Rate ("SOFR") or a base rate, at Nevada Power's option, plus a spread that varies based on Nevada Power's credit ratings for its senior secured long‑term debt securities. As of December 31, 2022 and 2021, Nevada Power had borrowings of $— million and $180 million, respectively, outstanding under the credit facility. As of December 31, 2022 and 2021, the weighted average interest rate on borrowings outstanding was —% and 0.86%, respectively. Amounts due under Nevada Power's credit facility are collateralized by Nevada Power's general and refunding mortgage bonds. The credit facility requires Nevada Power's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.


As of December 31, 2022 and 2021, Nevada Power had $— million and $15 million, respectively, of a fully available letter of credit issued under committed arrangements in support of certain transactions required by a third party and has provisions that automatically extend the annual expiration date for an additional year unless the issuing bank elects not to renew the letter of credit prior to the expiration date.
SPPC  
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
The following table summarizes Sierra Pacific's availability under its credit facilities as of December 31 (in millions):
20222021
Credit facilities$250 $250 
Short-term debt— (159)
Net credit facilities$250 $91 

Sierra Pacific has a $250 million secured credit facility expiring in June 2025 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which is for general corporate purposes and provides for the issuance of letters of credit, has a variable interest rate based on the Secured Overnight Financing Rate or a base rate, at Sierra Pacific's option, plus a spread that varies based on Sierra Pacific's credit ratings for its senior secured long‑term debt securities. As of December 31, 2022 and 2021, Sierra Pacific had borrowings of $— million and $159 million, respectively, outstanding under the credit facility. As of December 31, 2022 and 2021, the weighted average interest rate on borrowings outstanding was —% and 0.86%, respectively. Amounts due under Sierra Pacific's credit facility are collateralized by Sierra Pacific's general and refunding mortgage bonds. The credit facility requires Sierra Pacific's ratio of debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.