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OREGON PUBLIC UTILITY COMMISSION STAFF INDICATES INTENTION TO RECOMMEND DISAPPROVAL OF ENRON & PORTLAND GENERAL MERGER
FOR IMMEDIATE RELEASE: Thursday, March 20, 1997
HOUSTON -- Enron Corp. has been informed by a senior member of the Oregon Public Utility Commission staff that the decision has been made by staff to recommend disapproval of the proposed merger between Enron and Portland General Corporation in the staff's final report expected to be released April 11. The staff member indicated that the staff believes that Enron's offer of $61 million in guaranteed cost savings and rate reductions does not provide sufficient benefits to meet the statutory burden required for merger approval. The staff member also indicated that the staff's most recent formal offer of $141 million in guaranteed cost savings and rate reductions would remain open until April 11.
"We are disappointed that a decision has already been made by staff to recommend disapproval of the merger, but we will make our presentation to the commission and await its decision," said Kenneth L. Lay, chairman and CEO of Enron. "As we have previously indicated, staff's proposal of $141 million is unacceptable."
Enron, one of the world's largest integrated natural gas and electric 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 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; is one of the largest independent developers and producers of electricity in the world; and is a major supplier of solar and wind renewable energy worldwide. Enron is traded under the ticker symbol, "ENE."
For additional information please contact:
Gary Foster
(713) 853-4527
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