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ENRON/PORTLAND GENERAL MERGER RECEIVES
FINAL APPROVAL FROM OREGON PUBLIC UTILITY COMMISSION
FOR IMMEDIATE RELEASE: Wednesday, June 4, 1997
HOUSTON -- Enron Corp. and Portland General Corporation (PGC) announced today that they have received approval for their merger in a final order from the Oregon Public Utility Commission (OPUC). A PGC shareholder vote to approve the revised merger agreement is scheduled for June 24, and upon approval, the merger is expected to close shortly after the vote.
"Today's approval from the OPUC confirms that all parties will benefit from our proposed merger," said Kenneth L. Lay, chairman and CEO of Enron. "Portland General Electric's customers will enjoy the benefits of lower rates while retaining the same high quality service from their hometown utility, and the new combined company will be strategically positioned to be a leader in the rapidly deregulating and competitive electricity and gas industries."
"All of us at Portland General are enthusiastic about reaching this historic point in our company's history," said Ken Harrison, chairman and CEO of PGC. "We're eager to bring the benefits of this merger to our customers, our communities and to all Oregonians, and to introduce Enron as the state's newest - and sure to be among its finest - corporate citizens."
Enron and PGC have guaranteed benefits to PGC's customers totaling $141 million. Under the revised merger agreement announced on April 14, 1997, PGC shareholders will receive 0.9825 shares of Enron common stock for each share of PGC common stock.
"We look forward to a productive working relationship with the OPUC Commissioners and staff," Lay said. "Many challenges lie before us, including the most immediate -- to complete a blueprint to give Portland General's customers the ability to choose which company supplies their homes and businesses with their energy needs. Competition will bring lower rates and better products and services to all customers. We will be working closely with the OPUC over the next three months to develop a detailed customer choice filing for Oregon."
Enron Corp., 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; 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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