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ENRON CORP. AND PORTLAND GENERAL CORP. SIGN SETTLEMENT AGREEMENT WITH OPUC STAFF; EXPECT COMMISSION APPROVAL IN JUNE
FOR IMMEDIATE RELEASE: Tuesday, April 29, 1997
HOUSTON -- Enron Corp. and Portland General Corp. (PGC) announced today that they have finalized a settlement agreement on their proposed merger with the staff of the Oregon Public Utility Commission (OPUC) and other interested parties. The stipulation agreement will be presented to the Commissioners for their approval.
An agreement in principle was reached with the staff of the OPUC on all outstanding conditions at a settlement conference in Salem, Oregon on Thursday, April 24. Final language was completed today at a conference with the companies, staff and other interested parties. As one of the conditions of the agreement, under a revised merger agreement, the two companies will guarantee a $141 million rate decrease to PGC's retail electricity customers. A PGC shareholder vote to approve the revised merger agreement is currently scheduled for June 24, pending review of proxy materials by the Securities and Exchange Commission (SEC).
"I applaud all the parties who worked on this settlement process", said Kenneth L. Lay, chairman and CEO of Enron. "As difficult as it was at times, we are now confident that we have an agreement the Commissioners will be able to approve. All of us at Enron look forward to becoming active partners in the Portland community and joining our friends at Portland General to tackle the challenges which are ahead of us in the rapidly changing energy industry."
"I am pleased to be able to look ahead to the final Commission decision and shareholder vote in June," said Ken Harrison, Chairman and CEO of PGC. "We've worked hard to get to an agreement that will benefit our customers, shareholders, employees and communities."
Written comments on the merger are due May 2. Oral arguments before the Commission are scheduled for May 6, with a final order from the Commission issued on June 4.
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; is a leading participant in liberalized energy markets in the United Kingdom and the Nordic Countries; 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 (Enron)
(713) 853-4527
Rochelle Lessner (PGC)
(503) 464-8931
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