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) December 1, 1997
Registrant; State of Incorporation; IRS Employer
COMMISSION FILE NUMBER ADDRESS; AND TELEPHONE NUMBER IDENTIFICATION NO.
1-5532-99 PORTLAND GENERAL ELECTRIC COMPANY 93-0256820
(an Oregon Corporation)
121 SW Salmon Street
Portland, Oregon 97204
(503) 464-8000
121 S.W. SALMON STREET, PORTLAND, OREGON 97204
(Address of principal executive offices) (zip
code)
Registrant's telephone number, including area code 503-464-8820
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ITEM 5. OTHER EVENTS
CUSTOMER CHOICE IMPLEMENTATION PROPOSAL - Portland General Electric Company
(PGE), a wholly-owned subsidiary of Enron Corp. (Enron), has filed a proposal
before the Oregon Public Utilities Commission (OPUC) which would give all of
its customers a choice of electricity providers and provide a forecasted price
decrease of $108 million or about 10% as early as December, 1998. PGE's
Customer Choice Implementation Proposal includes new tariffs and a new
structure for the company. If approved by the OPUC, PGE would become a
regulated transmission and distribution company focused on delivering, but not
selling electricity. PGE would continue to operate and maintain the electricity
delivery system and handle outage restoration, while other competitive
companies would market power to customers over that system. To effect this
restructuring PGE is asking for OPUC approval to sell all its generating
assets, which represent approximately 27% of PGE's total assets, and power
supply and purchase contracts. A sale of PGE's supply portfolio would allow the
OPUC to put a dollar value on "transition costs," the costs that a utility
company would be unable to recover in a competitive market. PGE is seeking
full recovery of these transition costs.
RESIDENTIAL EXCHANGE PROGRAM - PGE has filed a request with the OPUC seeking an
11.9 percent rate increase effective January, 1998 for its residential and
small farm customers. This request is due to the Bonneville Power
Administration's (BPA) elimination of the Residential Exchange Credit. Exchange
benefits, and any related changes in the amount of benefits, have generally
passed directly to PGE's customers in the form of price increases or decreases.
WNP-3 SETTLEMENT EXCHANGE AGREEMENT - The Federal Energy Regulatory Commission
(FERC) approved the transfer to Enron, of PGE's rights and certain obligations
under the WNP-3 Settlement Exchange Agreement (WSA) and the long-term power
sale agreement with the Western Area Power Administration.
For further background information regarding Customer Choice, the Residential
Exchange Program and the WNP-3 Settlement Exchange Agreement see the PGE
report on Form 10-Q for the quarter ended September 30, 1997.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
Portland General Electric Company
December 17, 1997 By /S/ JOSEPH E. FELTZ
Joseph E. Feltz
Controller
Assistant Treasurer