PacificCorp buyout plan
criticized at PUC hearing
PORTLAND - A MidAmerican Energy Holding Co. proposal to buy PacifiCorp was greeted by a chorus of critics at a public hearing in Salem.
Business, consumer and environmental groups all faulted the plan on Tuesday, as did the staff of the Oregon Public Utility Commission, which is evaluating the proposed transaction.
Under state law, any company that wants to buy an Oregon utility must prove to the PUC that the transaction results in an overall benefit to customers.
``Staff is still struggling to find where in the application there are net benefits,'' said Mike Weirich, an attorney speaking on behalf of the PUC staff.
ScottishPower, based in Glasgow, Scotland, announced plans in May to sell the utility to MidAmerican of Des Moines, Iowa, for $5.1 billion in cash and $4.3 billion in assumed debt and preferred stock.