SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported):
November 15, 1995
PACIFICORP
(Exact name of registrant as specified in its charter)
State of Oregon 1-5152 93-0246090
(State of Incorporation) (Commission (I.R.S. Employer
File No.) Identification No.)
700 N.E. Multnomah, Suite 1600, Portland, Oregon 97232-4116
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(503) 731-2000
No Change
(Former Name or Former Address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS
Information contained in the news release issued on November 15,
1995 relating to a proposed acquisition of an Australian electric utility is
incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
c) Exhibit
99. PacifiCorp news release issued November 15, 1995.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PACIFICORP
(Registrant)
By:
Jacqueline S. Bell
Controller
Date: November 15, 1995
EXHIBIT 99
Media contacts: Jan Mitchell (503) 464-6261
Dave Kvamme (503) 464-6272
Erin MacLellan (503) 464-6268
Investor contact: Scott Hibbs (503) 731-2123
FOR IMMEDIATE RELEASE
November 15, 1995
PacifiCorp (NYSE, PPW) announced today that its wholly owned subsidiaries,
PacifiCorp Holdings, Inc. and PacifiCorp Australia Holdings Pty Ltd., have
agreed to purchase Powercor, an electric utility in southeast Australia,
for approximately $1.6 billion.
Powercor is an electric distribution business serving 570,000 customers in
suburban Melbourne and the western and central regions of the State of
Victoria. PacifiCorp serves 1.3 million retail electric customers in seven
western states through Pacific Power and Utah Power.
Powercor is one of five distribution companies being sold by the Government
of the State of Victoria this year in the first stage of privatizing
distribution and generation utilities.
"We are particularly pleased with the excellent growth opportunities
offered in Powercor's service area," said Fred Buckman, President and Chief
Executive Officer of PacifiCorp. Powercor has had the highest load growth,
3.1 percent annually since 1986, of the five electric distribution
companies in the State of Victoria.
In addition, Buckman said the stable government in Australia figured
prominently in the company's decision to pursue the opportunity offered by
the privatization of utilities in the State of Victoria.
Noting that the purchase represents the company's first significant step in
growing internationally, Buckman said, "The Powercor acquisition provides
an excellent platform for PacifiCorp to explore other opportunities in
Australia and elsewhere in Southeast Asia.
"We believe these opportunities have the potential for superior returns to
our shareholders and significant benefits to our customers in the U. S.,"
Buckman said.
The structure of the electricity business in Victoria means that, in
addition to being an electricity distributor, Powercor is also a power
marketing and aggregation company. In the western United States,
PacifiCorp is a recognized leader in buying and selling in the wholesale
power market.
"Because the State of Victoria has already started offering customers
choices of electricity suppliers, PacifiCorp will be able to bring
experience in Victoria's competitive marketplace back to the United States,
where restructuring of the electric utility industry is just getting
underway," Buckman said.
(more)
<PAGE>
PacifiCorp announced the appointment of Daniel L. Spalding as Chairman of
Powercor. Spalding will continue as Senior Vice President of PacifiCorp
and will have offices in Melbourne.
"Powercor shares the PacifiCorp commitment to providing high-quality energy
services at competitive prices, recognizing that customers in the U.S. and
Australia compete in a global economy," Spalding said from Melbourne.
"Customers will benefit through the cross-fertilization of ideas and people
between PacifiCorp and Powercor," Spalding said, noting that he anticipated
exchanges of personnel between the U. S. and Australia.
As the result of privatization, a fully-competitive wholesale power market
is expected to develop in Victoria. PacifiCorp's recognized expertise in
power marketing and aggregation and selling of unbundled power services
will be of value to Powercor.
PacifiCorp was one of the first utilities in the U. S. to open its
transmission system to access by others, and currently operates one of the
nation's largest open-access transmission systems, stretching across the
West and allowing market access to more than 50 other utilities.
PacifiCorp, with assets of $11.8 billion, reported earnings of $428 million
on revenues of $3.5 billion in 1994. Powercor, with assets of $889
million, reported earnings of $49.9 million on revenues of $557.7 million
in the year ending June 30, 1995.
The transaction will be initially financed with borrowing in the U. S. by
PacifiCorp Holdings and borrowings in Australia by PacifiCorp Australia
LLC, and an equity contribution from PacifiCorp. The purchase is expected
to close in early December.
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