|
ENRON CORP. AND PORTLAND GENERAL CORPORATION PLEASED WITH FEDERAL ENERGY REGULATORY COMMISSION'S MERGER APPROVAL
FOR IMMEDIATE RELEASE: Wednesday, February 26, 1997
HOUSTON -- Enron Corp. and Portland General Corporation
said today they are pleased with the Federal Energy Regulatory Commission's (FERC) approval of their proposed merger.
"The FERC has applied its merger guidelines quickly and
pragmatically while protecting the public interest in this pro-competitive merger decision," said Kenneth L. Lay, Enron chairman and chief executive officer. "Based on recent transactions, this merger was approved in record time and we are pleased with, and appreciate, the FERC's endorsement of pro-competitive industry restructuring."
"The Portland General and Enron merger is the first of its
kind in the industry," said Ken Harrison, Portland General chairman and chief executive officer. "We are pleased that FERC applied its new standards for reviewing mergers and have been hopeful that our merger warranted approval. To complete this merger, we have some work to do at the Oregon Public Utility Commission (OPUC), which is in progress. We are certainly looking forward to continuing our talks with the OPUC staff and reaching a mutually acceptable set of merger conditions that
the Oregon Commissioners can approve."
Approval of the Enron-Portland General merger represents the
first time the FERC has granted merger approval since October 1994. Enron and Portland General announced their proposed merger on July 22, 1996. It offers a unique opportunity to combine both companies' strengths and skills sets, will bring more product choices and competitive prices to all customer classes and establishes a company that can lead the convergence of gas and electricity as the primary sources of energy in North America in the 21st Century.
Completion of the merger remains subject to satisfaction of
regulatory approvals and other customary closing conditions. Settlement discussions with the OPUC are ongoing, with the next formal meeting scheduled for Thursday, March 6.
Enron Corp., one of the world's largest integrated natural
gas and electricity companies with approximately $16 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 in the energy market; 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:
Mark Palmer,
Enron Corp.
(713) 853-4738
Rochelle Lessner,
Portland General Corporation
(503) 464-8931
 |
