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 5, 1995
Registrant; State of Incorporation; IRS Employer
COMMISSION FILE NUMBER ADDRESS; AND TELEPHONE NUMBER IDENTIFICATION NO.
1-5532 PORTLAND GENERAL CORPORATION 93-0909442
(an Oregon Corporation)
121 SW Salmon Street
Portland, Oregon 97204
(503) 464-8820
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
REGULATORY MATTERS - On October 5, 1995 the staff of the Oregon Public
Utility Commission (PUC) published its initial settlement proposal on
Portland General Electric Company's (PGE or the Company) August 1995
filing requesting a revenue requirement increase for the capital and
fixed costs associated with the Coyote Springs Generation Project
(Coyote Springs), as well as Bonneville Power Administration's (BPA)
October 1995 price increase. The filing also requested recovery of the
Company's two outstanding power cost deferrals. For further background
information on PGE's consoldiated filing see Portland General's and
PGE's reports on form 10-Q for the period ended June 30, 1995.
The PUC staff's settlement proposal supports an increase of $37 million
in revenues for the Coyote Springs and BPA costs noted above. The PUC
staff proposal also supports full recovery of the $11 million of power
costs deferred from January through March 1995 along with associated
carrying costs. However, the PUC staff recommends that PGE be allowed
recovery of only $6.5 million of the $50 million of power costs
deferred from July 1993 through March 1994. The PUC staff's proposal is
based on a 9.9% return on equity and certain regulatory adjustments to
actual earnings for the April 1993 through March 1994 review period.
In accordance with Oregon law, collection of PGE's power cost deferrals
is subject to PUC review of PGE's reported earnings, adjusted for
regulatory treatment of unusual and/or non-recurring items, as well as
the determination of an appropriate rate of return on equity for a
given review period.
The PUC staff's proposal is an initial settlement proposal and is not
necessarily indicative of the final outcome of the regulatory
proceeding. However, if the PUC were to adopt the current staff
proposal the Company would be required to recognize a before tax charge
to income for the amount of deferred power costs disallowed for
recovery along with associated carrying costs. Despite the proposed
disallowance, the rate effect from adoption of the PUC staff's
proposal would be approximately PGE's requested 2.4% increase. PUC
staff's testimony is scheduled to be filed October 13, 1995 following
settlement hearings on October 9, 1995. A PUC order is expected in
November 1995.
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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 Corporation
Portland General Electric Company
October 6, 1995 By /S/ JOSEPH E. FELTZ
Joseph E. Feltz
Assistant Controller
Assistant Treasurer
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