Printer Friendly

Portland General Corp. and Enron announcement.

PORTLAND, Ore.--(BUSINESS WIRE)--Nov. 25, 1996--On Thursday, Nov. 21, Portland General Corp. and Enron officials committed to submitting a plan to the Oregon Public Utility Commission (OPUC) within 60 days of the merger completion to open Portland General Electric's market to competition.

If approved, the plan would bring the significant benefits of a competitive market to PGE#s customers.

The plan would allow residential, commercial and industrial customers to choose their energy provider. PGE will work closely with the Commission to fine-tune the plan. While the Commission will ultimately determine how quickly the finalized plan will be introduced, PGE said it will urge rapid implementation.

"This commitment reflects our long-standing position that competition will be good for all of our customers," says PGC Chairman and CEO Ken Harrison. "Our customers will continue to receive high-quality service from PGE and will have a choice of suppliers who can offer them innovative energy products and services."

"PGE's management team will be a leader in the movement to bring a choice of electric suppliers to all end-users," said Jeff Skilling, chairman and CEO of Enron Capital & Trade Resources. "This is entirely consistent with Enron's public position that all consumers should enjoy the benefits of customer choice."

The plan will include a proposal to separate PGE's generating facilities from its transmission and distribution system (often referred to as the poles and wires part of the business), which will position the generating side of the organization to compete more effectively in an open marketplace, and will allow the distribution side to focus on excellent customer service. It will enable customers to pay for the delivery of electricity separately from the electricity itself.

While PGE has been a strong proponent of open access, the merger will enable the company to open its market far sooner because of Enron's greater resources. If the merger is not approved, the company will continue to pursue open access, but will not be able to proceed as quickly.

PGE already has plans to conduct a series of open access pilots for both industrial and residential markets in 1997, in order to learn how to best serve customers in an open market.

"PGE and Enron are both committed to open competition," Harrison says, "But our plan will include a renewed commitment to environmental stewardship and promote continued development of clean, renewable energy resources."

The Enron/Portland General merger will be a tax-free, stock-for-stock transaction. Shareholders for both companies have approved the merger. Completion of the merger remains subject to satisfaction of regulatory approvals and other customary closing conditions, including approval by the Oregon Public Utility Commission and the Federal Energy Regulatory Commission.

CONTACT: Portland General

Rochelle Lessner, 503/464-8931
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 25, 1996
Words:448
Previous Article:VRLN) Varlen declares regular quarterly dividend.
Next Article:GT Interactive acquires Warner Interactive Europe.
Topics:


Related Articles
BRIEFCASE FUNDS WITHDRAWN FOR NORTHROP SHIPS.
Enron's meltdown.
OSU public lecture series examines 'Enron implosion'.
State may sue Enron for pension fund losses.
Business Digest.
BRIEFCASE NATIONAL ANNOUNCES TRS ASSET PURCHASE.
Good picks for PUC.
Goldschmidt admits '70s affair with teen.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters