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):
August 5, 1996
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)
Item 5. OTHER EVENTS
Information contained in the news release issued on August 5, 1996
relating to a successful bid for the Hazelwood Power Station and associated
coal mine in Victoria, Australia by a consortium that includes PacifiCorp,
National Power PLC, Destec Energy, Inc. and the Commonwealth Bank Group of
Australia is incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
c) Exhibit
99. PacifiCorp news release issued August 5, 1996.
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: ______________________
Richard T. O'Brien
Senior Vice President and
Chief Financial Officer
Date: August 6, 1996
Exhibit 99
PACIFICORP NEWS RELEASE
Dave Kvamme, for media inquires-(503) 464-6272
Scott Hibbs, for investor inquires-(503) 731-2123
August 5, 1996
Consortium, Including PacifiCorp,
Wins Australian Power Station Bid
A consortium that includes PacifiCorp (NYSE:PPW), a major western electricity
and coal producer based in Portland, Oregon; National Power PLC, the United
Kingdom s largest thermal electricity generator, Destec Energy, Inc.
(NYSE:ENG), a leading independent power producer based in Houston, Texas, and
the Commonwealth Bank Group of Australia, announced today that it is the
successful bidder for the Hazelwood Power Station and associated coal mine in
Victoria, Australia.
The consortium, known as The Hazelwood Power Partnership, bid approximately
$1.9 billion (U.S.) for the 1600 megawatt coal-fired generating station and
associated coal mine. PacifiCorp s portion of the equity investment will be
$155 million. The financial closing of the acquisition is expected to occur
later in August or early September.
The consortium is composed of National Power (51.94 percent), PacifiCorp (19.9
percent), Destec (20 percent), and the Commonwealth Bank Group of Australia
(8.16 percent). National Power will oversee Hazelwood Plant operations and
PacifiCorp will oversee operations at the adjacent Hazelwood Mine.
PacifiCorp s investment in the Hazelwood Plant follows last year s purchase
of Powercor, an electric distribution company serving portions of Melbourne
and rural Victoria in Australia.
"The acquisition represents a significant next step for PacifiCorp in its
business development efforts in Australia," said Fred Buckman, PacifiCorp
president and chief executive officer. "While the acquisition may be mildly
dilutive to PacifiCorp earnings per share during the first 2 years, the
Hazelwood plant and mine represents a great opportunity for the members of the
consortium to generate new long-term earnings streams by applying their
operating skills in unregulated competitive Australian generation markets."
PacifiCorp and National Power both set high standards for the operation of
coal-fired power plants in their home markets and Destec brings considerable
experience as a developer and operator of power plants worldwide. In addition,
PacifiCorp is one of the leading producers of coal in the U.S. with production
of approximately 22 million tons of coal in 1995.
PacifiCorp is one of the lowest-cost producers of electricity in the U.S..
PacifiCorp provides retail energy services to 1.3 million customers in seven
western states as Pacific Power and Utah Power. Pacific Generation, a wholly-
owned independent power subsidiary of PacifiCorp, operates outside
PacifiCorp s traditional electric service area, selling power it generates to
nearby utilities.
PacifiCorp, with assets of $14 billion, reported earnings of $466 million on
revenues of $3.4 billion in 1995. Hazelwood, with assets of $540 million,
reported earnings before depreciation, interest, and taxes, of $44 million on
revenues of $143 million for year ended June 30, 1995.
The consortium expects to finance the acquisition of the Hazelwood plant and
mine with approximately $858 million in equity contributions from the partners
and $1 billion of non-recourse borrowings at the partnership level.
