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) September 6, 1996
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
On September 6, 1996 the staff (Staff) of the Oregon Public Utility Commission
(OPUC or Commission) issued its response to Portland General Electric's (PGE
or the Company) rate proposal. While Staff adopted all of the proposals in
PGE's plan including an accelerated recovery of the Company's investment in
the Trojan Nuclear Plant (Trojan), it also recommended an additional rate
decrease over PGE's filing. Staff's proposal includes price reductions
totaling $76 million and results in after tax earnings reductions for 1997
totaling $57 million, based on an allowed return on equity (ROE) of 10.0%.
PGE's plan was submitted in a context of the proposed merger between Portland
General Corporation (Portland General), PGE's parent company, and Enron Corp.
The Company's proposal includes approximately $25 million in price reductions
and results in after tax earnings reductions for 1997 of $28 million,
including the accelerated recovery of the PGE's investment in the Trojan
through an approximately $13 million, after tax, increase in amortization and
an average ROE for the 1997-1998 period of 11.54% compared to PGE's currently
authorized ROE of 11.6%.
Settlement discussions with Staff and interested parties will begin on
September 11, 1996 and continue through the following week if it appears an
agreement can be reached. If a settlement cannot be reached the OPUC may
request by September 24, 1996 that PGE file a formal rate case which must be
submitted on or before November 22, 1996. For further discussion regarding
the Company's rate proposal see PGE's and Portland General's reports on Form
10-Q for the quarter ended June 30, 1996.
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
September 10, 1996 By /S/ JOSEPH E. FELTZ
Joseph E. Feltz
Assistant Controller
Assistant Treasurer
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