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ENRON AND PORTLAND GENERAL RESPOND TO OREGON PUBLIC UTILITY COMMISSION'S SCHEDULE CHANGE
FOR IMMEDIATE RELEASE: Thursday, December 12, 1996
HOUSTON -- Enron (NYSE - ENE) and Portland General Corporation (NYSE - PGN) announced today that they are supportive of and in no way view the decision of the Oregon Public Utility Commission (OPUC) to amend the review schedule of the proposed merger as a negative course of events.
"In our discussions with the OPUC, they have indicated that no new issues have been raised by any of the interveners," said Ken Lay, Chairman and CEO of Enron. "We are confident that the merits of this merger will be recognized and we look forward to its approval in March.
"We are terribly disappointed by the overreaction of the market to this news," Lay added. "The action of the OPUC, in our view, is normal regulatory procedure, and we view it consistent with our previously announced estimate that all necessary regulatory approvals for the merger will be in hand by mid-summer 1997."
The OPUC's new final order date of March 17, 1997 will allow the OPUC staff the necessary time to fully analyze the discovery and reply comments and submit their recommendations to the commission.
While closure of discovery remains December 20, 1996, the OPUC staff preliminary recommendation is now due by January 16, 1997, the settlement conference will be January 22-24, the final staff recommendation is due by January 31, and the commission order on March 17.
Enron, one of the world's largest integrated natural gas and electricity companies with approximately $15 billion in assets, operates one of the largest natural gas transmission systems in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; markets natural gas liquids worldwide; manages the largest portfolio of fixed-price natural gas risk management contracts in the world; is among the leading entities arranging new capital to the energy industry; owns a majority interest in Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns a majority interest in Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; and is one of the largest independent developers and producers of electricity in the world. Enron is traded under the ticker symbol, "ENE."
For additional information please contact:
Diane Bazelides
(713) 853-6285
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