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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):
October 14, 1997
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)
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Item 5. OTHER EVENTS
PacifiCorp's wholly-owned subsidiary, PacifiCorp Holdings, Inc.
(PHI), has entered into an agreement to sell Pacific Generation Company to NRG
Energy, Inc., a wholly-owned subsidiary of Northern States Power. The sales
price is $133 million. Completion of the sale is subject to certain
conditions, including the expiration or termination of all applicable waiting
periods under the Hart-Scott-Rodino Act. If the sale is completed, PacifiCorp
would recognize an after-tax gain of approximately $30 million, or
approximately $0.10 per share.
Information contained in the news release of PacifiCorp issued on
October 14, 1997 is incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibit.
99. PacifiCorp news release issued October 14, 1997.
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
__________________________________
Richard T. O'Brien
Senior Vice President and
Chief Financial Officer
Date: October 15, 1997
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INDEX TO EXHIBITS
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EXHIBIT DESCRIPTION PAGE
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99 PacifiCorp news release issued October 14, 1997.
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EXHIBIT 99
_____________________________________________________________________________
PACIFICORP NEWS RELEASE
_____________________________________________________________________________
FOR FURTHER INFORMATION CONTACT:
For investor inquiries, Angela Hult, PacifiCorp (503) 731-2192
For media inquiries, Jan Mitchell, PacifiCorp (503) 464-6261
October 14, 1997
PACIFICORP AGREES TO SALE OF PACIFIC GENERATION COMPANY
PacifiCorp (NYSE: PPW) announced today that its wholly-owned subsidiary,
PacifiCorp Holdings, Inc. (PHI), has entered into an agreement to sell Pacific
Generation Company (PGC) to NRG Energy, Inc., a wholly-owned subsidiary of
Northern States Power. The sales price is $133 million. The transaction is
expected to close in approximately 30 days, subject to approval under the
Hart-Scott-Rodino Antitrust Act.
PGC is an independent power producer with interests in 12 power generating
facilities located throughout North America, totaling 795 megawatts. These
plants use fuel sources that include coal, natural gas, hydro, biomass, waste
and wind. Almost all of the output from the plants is under contract to other
entities, typically the area's local utility.
Under the terms of the agreement, NRG retains an exclusive option until
Nov. 12, 1997 to purchase certain PGC projects which are currently under
development.
"This sale is in conjunction with our effort to acquire The Energy Group and
sharpens our focus on becoming a leading global energy supplier," said Michael
Henderson, president and chief executive officer of PHI. "It is consistent
with our previously announced plan to sell Pacific Telecom, Inc., PGC and the
majority of our financial services' assets."
On August 1, the President of the Board of Trade in the United Kingdom
referred PacifiCorp's proposed offer for The Energy Group to that country's
Monopolies and Mergers Commission (MMC) for review. PacifiCorp is committed
to cooperating fully with the MMC and moving forward with the transaction.
PacifiCorp, one of the nation's lowest-cost electricity producers, is a
multinational energy company with 1.4 million retail electric customers in the
western United States and 550,000 customers in the state of Victoria in
Australia. PacifiCorp, which has more than 10,000 megawatts of generation
capacity, also is the largest investor-owned bulk power marketer in the
western U.S., and is an active electricity and gas marketer in the eastern
U.S.
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