File No. 69-233
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C.
FORM U-3A-2
Statement by Holding Company Claiming Exemption Under
Rule 2 from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
PORTLAND GENERAL CORPORATION
Exhibits A, B and C Attached
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
its statement claiming exemption as a holding company from the provisions of
the Public Utility Holding Company Act of 1935, and submits the following
information:
1. Name, State of Organization, location and business of Claimant and
every subsidiary:
Claimant - Portland General Corporation, Oregon, Portland, Oregon,
holding company
Subsidiaries - Portland General Electric Company, Oregon, Portland,
Oregon, electric utility
Portland General Transport Corporation, Oregon,
Portland, Oregon, sale of segmented gas pipeline
capacity, currently inactive
121 S.W. Salmon St. Corporation, Oregon, Portland,
Oregon, leases PGE headquarters
World Trade Center Northwest Corporation,
Oregon, Portland, Oregon, development of
World Trade Center complex in Portland, Oregon
Portland General Holdings, Inc., Oregon, Portland,
Oregon, holds stock in companies with interests in real
estate development, leasing, investments, energy services
and power brokering, and independent power production
Portland General Energy Systems, Inc., Oregon,
Portland, Oregon, energy system design,
installation and maintenance
PLC-Kalamazoo, Inc., Oregon, Portland, Oregon,
development, acquisition and operation of co-
generation and independent power projects,
currently inactive
<PAGE>
Columbia-Willamette Development Company,
Oregon, Portland, Oregon, real estate development,
currently inactive
Columbia Willamette Leasing, Inc., Oregon,
Portland, Oregon, equipment leasing
Rail Leasing Inc., Oregon, Portland, Oregon,
equipment leasing
Tule Hub Services Company, Oregon, Portland,
Oregon, electric hub services
Palm Springs Utility Solutions, Inc., Oregon,
Portland, Oregon, municipal energy services
Portland General Power Marketing Co., Oregon
Portland, Oregon, power marketing services
Portland General Property Holdings, Inc., Oregon
Portland, Oregon, real property holdings in Texas
Bonneville Pacific Corporation, Delaware, Salt
Lake City, Utah, co-generation and independent
power producer*
* Bonneville Pacific Corporation ("BPCO") has filed for
protection under Chapter 11 of the federal Bankruptcy Code.
Portland General Holdings, Inc. Is a shareholder and creditor of
BPCO. During 1996 Portland General Holdings, Inc. settled all
disputes with BPCO with regard to the bankruptcy proceedings. As
a result of the settlement, Portland General Holdings, Inc.
decreased its stock holdings to 2,000,000 shares of BPCO
common stock. Since 1992 Portland General Holdings, Inc. has not
been a member of the Creditors Committee or otherwise involved in
the operations of BPCO, and has not known the ownership status of
the BPCO subsidiaries. As a result of the settlement, the
listing of BPCO subsidiaries as of December 31, 1992, in prior
filings, has been deleted from this report.
The following companies were dissolved in 1996:
CWDC Resources Inc., Oregon, Portland, Oregon
real estate development
Columbia Willamette Investment Company, Oregon,
Portland, Oregon, investments
2. A brief description of properties of Claimant and each subsidiary
public utility used for generation, transmission and distribution of electric
energy for sale, including location of principal generating plants,
transmission lines and distribution facilities:
Claimant -
Portland General Corporation has no properties other than the stock
of its subsidiaries and an immaterial amount of office equipment and
furniture. Its only public utility subsidiary is Portland General
Electric Company ("PGE").
<PAGE>
Public Utility Subsidiary -
PGE is engaged in the generation, purchase, transmission,
distribution and sale of electric energy in Oregon. PGE has a
321 MW ownership interest in generating plants in Washington
(1 plant) and Montana (2 plants), comprising approximately 15% of
its total generating capacity. PGE sells electric energy at
wholesale in interstate commerce to electric utilities located in
other states, primarily California. PGE purchases electric energy
from public utility districts located in the State of Washington and
from nonassociated utilities in Oregon, Washington, Montana, Idaho,
Arizona, New Mexico, California and Canada. PGE purchases surplus
electric energy from the Bonneville Power Administration ("BPA"), a
federal agency that markets electric energy generated by federal
hydroelectric dams located on the Columbia River in Oregon and
Washington.
PGE owns wholly or jointly the following generating facilities:
Net Percent of
Capability Company's
NAME LOCATION (MW) INTEREST FUEL
Sullivan West Linn, OR 16 100.0 Hydro
Faraday Estacada, OR 44 100.0 Hydro
River Mill Estacada, OR 23 100.0 Hydro
Bull Run Bull Run, OR 22 100.0 Hydro
Oak Grove Three Lynx, OR 44 100.0 Hydro
Pelton Madras, OR 108 100.0 Hydro
North Fork Estacada, OR 54 100.0 Hydro
Round Butte Madras, OR 300 100.0 Hydro
Centralia Centralia, WA 1,310 2.5 Coal
Bethel Salem, OR 116 100.0 Gas or Oil
Beaver Clatskanie, OR 500 100.0 Gas or Oil
Boardman Boardman, OR 507 65.0 Coal
Colstrip 3&4 Colstrip, MT 1,440 20.0 Coal
Coyote Springs Boardman, OR 241 100.0 Gas or Oil
PGE's electric distribution system is located within its service
territory in Oregon. PGE serves an area of 3,170 square miles,
including 54 incorporated cities. PGE has transmission lines for
the delivery of electricity from its plants located in Oregon to its
service territory or to the Northwest grid. Electric energy from
the plants located in other states is delivered to PGE over the
Northwest grid. PGE owns 20% of the Pacific Northwest Intertie, a
4,800 MW transmission facility between John Day, in Northern Oregon,
and Malin, in Southern Oregon near the California border. This line
is used primarily for interstate sales and purchases of electric
energy among BPA, utilities in the Pacific Northwest, including PGE,
and California utilities.
PGE has a 90% ownership interest in a 20 inch diameter natural gas
pipeline that runs approximately 18 miles from its Beaver generating
plant, located in Clatskanie, Oregon, to Cowlitz County Washington
where it interconnects with the interstate gas distribution system
of Northwest Pipeline Company.
<PAGE>
3. Information for calendar year 1996 with respect to Claimant and its
utility subsidiaries:
(a) Number of kWh of electric energy sold at retail and wholesale -
retail: 17,558,693,000 kWh
wholesale: 10,187,788,000 kWh
(b) Number of kWh of electric energy distributed at retail outside
state in which each Company is organized -
none
(c) Number of kWh of electric energy sold at wholesale outside the
state in which each Company is organized or at the state line -
9,326,289,000 kWh - Delivery of electric energy is primarily at
the Malin substation in Southern Oregon with ultimate use in
California.
(d) Number of kWh of electric energy purchased outside the state in
which each Company is organized or at the state line -
PGE purchased electric energy from certain nonassociated
utilities, municipalities, wholesale marketers, and public
authorities, such as BPA and public utility districts, which are
either located in or have generation facilities located outside
the state of Oregon:
14,534,066,000 kWh - Delivery of electric energy is through
BPA transmission lines to PGE interconnections in Oregon.
4. Information for calendar year 1996 with respect to Claimant and each
interest it holds directly or indirectly in an EWG or a foreign
utility company, stating monetary amounts in United States dollars:
(a) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for
the generation, transmission and distribution of electric energy
for sale or for the distribution at retail of natural or
manufactured gas.
None.
(b) Name of each system company that holds an interest in such EWG or
foreign utility company; and description of the interest held.
None.
(c) Type and amount of capital invested, directly or indirectly, by
the holding company claiming exemption; any direct or indirect
guarantee of the security of the EWG or foreign utility company
by the holding company claiming exemption; and any debt or
other financial obligation for which there is recourse,
directly or indirectly, to the holding company claiming
exemption or another system company, other than the EWG or
foreign utility company.
None.
<PAGE>
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
None.
(e) Identify any service, sales or construction contract(s)
between EWG or foreign utility company and a system company, and
describe the services to be rendered or goods sold and fees or
revenues under such agreement(s).
N/A
<PAGE>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME EXHIBIT A
For the year ended December 31, 1996
(Thousands of Dollars)
<TABLE>
<CAPTION>
Portland
Portland General Columbia First Point Portland PowerLink
General Electric Willamette Rail Communication General Kalamazoo
Corp. Company Leasing Leasing Company Holdings Corporation
-------- ---------- ---------- ------- ------------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $6,619 $1,109,831 $1,697 - - $466 -
-------- ---------- ---------- ------- ------------- -------- -----------
OPERATING EXPENSES
Purchased power and fuel - 316,729 - - - - -
Production and distribution - 81,968 - - - - -
Maintenance and repairs - 55,508 - - - - -
Administrative and other 9,085 111,308 411 59 - 759 -
Depreciation and amortization 85 154,586 - - - (1) -
Taxes other than income taxes 291 52,325 18 - - (1) -
-------- ---------- ---------- ------- ------------- -------- -----------
9,461 772,424 429 59 - 757 -
-------- ---------- ---------- ------- ------------- -------- -----------
OPERATING INCOME BEFORE TAXES (2,842) 337,407 1,268 (59) - (291) -
Income taxes (2,698) 112,661 575 (24) - (533) 7
-------- ---------- ---------- ------- ------------- -------- -----------
NET OPERATING INCOME (LOSS) (144) 224,746 693 (35) - 242 (7)
OTHER INCOME (DEDUCTIONS)
AFUDC - 1,642 - - - - -
Interest expense (2,433) (77,158) - - - (673) -
Equity in earnings of
subsidiaries 152,689 - (35) - - 376 -
Preferred dividend of
subsidiary - - - - - - -
Other - net of income tax (20,576) 6,685 697 - (392) (377) -
-------- ---------- ---------- ------- ------------- -------- -----------
NET INCOME (LOSS) 129,536 155,915 1,355 (35) (392) (432) (7)
Preferred dividend requirement 2,793
-------- ---------- ---------- ------- ------------- -------- -----------
NET INCOME (LOSS) $129,536 $153,122 $1,355 ($35) ($392) ($432) ($7)
======== ========== ========== ======= ============= ======== ===========
</TABLE>
<TABLE>
<CAPTION>
ELIMINATIONS
-------- -------
DEBIT CREDIT CONSOLIDATED
-------- ------- ------------
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $6,797 (D) $1,111,816
-------- ------- ------------
OPERATING EXPENSES
Purchased power and fuel $316,729
Production and distribution $81,968
Maintenance and repairs $55,508
Administrative and other 5,741 (D) $115,881
Depreciation and amortization $154,670
Taxes other than income taxes 120 (D) $52,513
-------- ------- ------------
5,861 777,269
-------- ------- ------------
OPERATING INCOME BEFORE TAXES 6,797 5,861 334,547
Income taxes $109,988
-------- ------- ------------
NET OPERATING INCOME (LOSS) 6,797 5,861 224,559
OTHER INCOME (DEDUCTIONS)
AFUDC $1,642
Interest expense 1,084 (D) ($79,180)
Equity in earnings of
subsidiaries 153,611 (A) 581 (D) -
Preferred dividend of
subsidiary 2,793 (E) ($2,793)
Other - net of income tax 729 (D) ($14,692)
-------- ------- ------------
NET INCOME (LOSS) 163,930 7,526 129,536
Preferred dividend requirement 2,793 (E) -
-------- ------- ------------
NET INCOME (LOSS) $163,930 $10,319 $129,536
======== ======= ============
</TABLE>
<PAGE>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS EXHIBIT A
For the Year ended December 31, 1996
(thousands of dollars)
<TABLE>
<CAPTION>
Portland Portland Columbia Columbia Rail Columbia First
General General Willamette Willamette Leasing Willamette Point
Corporation Electric Development Leasing Investment Communication
Company Company Company Company
<S> <C> <C> <C> <C> <C> <C> <C>
----------- -------- ----------- ---------- ------- ---------- -------------
Balance at beginning of year $143,270 $246,282 ($67,047) $6,560 $1,532 ($34,689) 0
Net income (loss) -
from income statement 129,536 153,122 - 1,355 (35) - (392)
----------- -------- ----------- ---------- ------- ---------- -------------
272,806 399,404 (67,047) 7,915 1,497 (34,689) (392)
Dividends declared 65,516 105,187 - - - - -
Transfer to parent/adjs - - 67,047 - - 34,689 -
ESOP tax benefit and
Preferred stock adjs - (2,093) - - - - -
----------- -------- ----------- ---------- ------- ---------- -------------
Balance at end of year $207,290 $292,124 $0 $7,915 $1,497 $0 ($392)
=========== ======== =========== ========== ======= ========== =============
</TABLE>
<TABLE>
<CAPTION>
Portland PowerLink CONSOLIDATED
General Kalamazoo ELIMINATIONS
Holdings Corporation
DEBIT CREDIT
<S> <C> <C> <C> <C> <C> <C> <C>
--------- ----------- -------- -------- ------------
Balance at beginning of year ($141,030) ($2,622) $16,371 (B) 135,885
Net income (loss) -
from income statement (432) (7) 153,611 (A) 129,536
--------- ----------- -------- -------- ------------
(141,462) (2,629) 169,982 265,421
Dividends declared - - - 105,187 (A) 65,516
Transfer to parent/adjs (66,924) - 34,812 (B) -
ESOP tax benefit and
Preferred stock adjs - (2,093)
--------- ----------- -------- -------- ------------
Balance at end of year ($208,386) ($2,629) $204,794 $105,187 197,812
========= =========== ======== ======== ============
</TABLE>
<PAGE>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
EXHIBIT A
At December 31, 1996
(Thousands of Dollars)
<TABLE>
<CAPTION>
Portland
Portland General Columbia First Point Portland PowerLink
General Electric Willamette Rail Communication General Kalamazoo
ASSETS Corp. Company Leasing Leasing Company Holdings Corp.
- ------- ---------- ---------- ---------- ------- ------------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
ELECTRIC UTILITY PLANT - ORIGINAL
COST
Utility plant - $2,899,746 - - - - -
Accumulated depreciation - (1,124,337) - - - - -
---------- ---------- ---------- ------- ------------- -------- ---------
- 1,775,409 - - - - -
Capital leases - 6,750 - - - - -
---------- ---------- ---------- ------- ------------- -------- ---------
- 1,782,159 - - - - -
---------- ---------- ---------- ------- ------------- -------- ---------
OTHER PROPERTY AND INVESTMENTS
Leveraged leases - - 138,576 12,119 - - -
Contract Termination
Receivable - 111,447 - - - - -
Nuclear Decommissioning Trust - 78,448 - - - - -
Investment in and advances
to affiliates 984,742 0 11,020 - - 29,680 -
Corporate Owned Life Insurance -
less loan of $26,411 32,256 51,410
Other Investments 204 20,700 1 - 3,231 4,997 -
---------- ---------- ---------- ------- ------------- -------- ---------
1,017,202 262,005 149,597 12,119 3,231 34,677 -
---------- ---------- ---------- ------- ------------- -------- ---------
CURRENT ASSETS
Cash and cash equivalents 10,255 19,477 238 - - (168) -
Accounts and notes receivable 17,379 145,372 9,215 12,468 415 7,745 636
Unbilled and accrued revenues - 53,317 - - - - -
Inventories - 32,903 - - - - -
Prepayments and other 1,137 16,476 - - - - -
---------- ---------- ---------- ------- ------------- -------- ---------
28,771 267,545 9,453 12,468 415 7,577 636
---------- ---------- ---------- ------- ------------- -------- ---------
DEFERRED CHARGES
WNP-3 settlement exchange
agreement - 163,217
Unamortized regulatory costs
Trojan Abandonment costs -
Plant - 275,460 - - - - -
Trojan Abandonment costs -
Decommissioning - 282,131 - - - - -
Income tax recoverable 195,592
Debt reacquisition costs 28,063
Conservation Investments -
secured $80,102
Energy efficiency programs - 11,974 - - - - -
Other 22,575 - - - - -
Miscellaneous 1,636 27,389 1 - - - -
---------- ---------- ---------- ------- ------------- -------- ---------
1,636 1,086,503 1 - - - -
---------- ---------- ---------- ------- ------------- -------- ---------
$1,047,609 $3,398,212 $159,051 $24,587 $3,646 $42,254 $636
========== ========== ========== ======= ============= ======== =========
</TABLE>
<TABLE>
<CAPTION>
ELIMINATIONS
----- ----------
ASSETS DEBIT CREDIT CONSOLIDATED
- ------- ----- ---------- ------------
<S> <C> <C> <C> <C> <C>
ELECTRIC UTILITY PLANT - ORIGINAL
COST
Utility plant $2,899,746
Accumulated depreciation (1,124,337)
----- ---------- ------------
1,775,409
Capital leases 6,750
----- ---------- ------------
1,782,159
----- ---------- ------------
OTHER PROPERTY AND INVESTMENTS
Leveraged leases 150,695
Contract Termination
Receivable 111,447
Nuclear Decommissioning Trust 78,448
Investment in and advances
to affiliates 1,025,442 (A)(B)(C) -
Corporpate Owned Life Insurance -
less loan of $26,411 83,666
Other Investments 612 (C) 29,745
----- ---------- ------------
612 1,025,442 454,001
----- ---------- ------------
CURRENT ASSETS
Cash and cash equivalents 29,802
Accounts and notes receivable 67,916 (C) 125,314
Unbilled and accrued revenues 53,317
Inventories 32,903
Prepayments and other 17,613
----- ---------- ------------
0 67,916 258,949
----- ---------- ------------
DEFERRED CHARGES
WNP-3 settlement exchange
agreement 163,217
Unamortized regulatory costs
Trojan Abandonment costs -
Plant 275,460
Trojan Abandonment costs -
Decommissioning 282,131
Income tax recoverable 195,592
Debt reacquisition costs 28,063
Conservation Investments -
secured 80,102
Energy efficiency programs 11,974
Other 22,575
Miscellaneous 29,026
----- ---------- ------------
1,088,140
----- ---------- ------------
$612 $1,093,358 $3,583,249
===== ========== ============
</TABLE>
<PAGE>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET EXHIBIT A
At December 31, 1996
(Thousands of Dollars)
<TABLE>
<CAPTION>
Portland
Portland General Columbia First Point Portland PowerLink
General Electric Willamette Rail Communication General Kalamazoo
CAPITALIZATION AND LIABILITIES Corp. Company Leasing Leasing Company Holdings Corp.
- ------- ---------- ---------- ---------- ------- ------------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $192,442 $160,346 $8,500 $9,066 $0 $38,023 -
Other paid-in capital 588,379 477,312 7,000 458 1,900 197,066 3,260
Unearned Compensation (815) (2,257)
Retained earnings - brought
forward from statement of
retained earnings $207,290 $292,124 $7,915 $1,497 ($392) ($208,386) ($2,629)
---------- ---------- ---------- ------- ------------- --------- ---------
987,296 927,525 23,415 11,021 1,508 26,703 631
Cumulative preferred stock of
subsidiary
Subject to mandatory
redemption - 30,000 - - - - -
Long-term debt - 933,042 - - - - -
---------- ---------- ---------- ------- ------------- --------- ---------
987,296 1,890,567 23,415 11,021 1,508 26,703 631
---------- ---------- ---------- ------- ------------- --------- ---------
CURRENT LIABILITIES
Long-term debt & preferred stock
due in one year 0 92,559 - - - - -
Short-term borrowings 0 92,027 - - - 11,963 -
Accounts payable and other
accruals 30,107 144,712 12,658 - 2,124 2,179 -
Accrued interest 0 14,372 - - - 446 -
Dividends payable 16,517 17,117 - - - - -
Accrued taxes (1,625) 31,485 1 - - 3 -
---------- ---------- ---------- ------- ------------- --------- ---------
44,999 392,272 12,659 - 2,124 14,591 0
---------- ---------- ---------- ------- ------------- --------- ---------
OTHER
Nuclear decommissioning
liability - 357,844 - - - - -
Deferred gain on contract
termination - 112,697 - - - - -
Deferred income taxes (19,656) 497,734 122,912 13,565 (1) 16 6
Deferred investment tax credits - 47,314 - - - - -
Miscellaneous 34,970 99,784 65 1 15 944 (1)
---------- ---------- ---------- ------- ------------- --------- ---------
15,314 1,115,373 122,977 13,566 14 960 5
---------- ---------- ---------- ------- ------------- --------- ---------
$1,047,609 $3,398,212 $159,051 $24,587 $3,646 $42,254 $636
========== ========== ========== ======= ============= ========= =========
</TABLE>
<TABLE>
<CAPTION>
ELIMINATIONS
---------- --------
CAPITALIZATION AND LIABILITIES DEBIT CREDIT CONSOLIDATED
- ------- ---------- -------- ------------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $215,935 (B) $192,442
Other paid-in capital 691,103 (B) 584,272
Unearned Compensation (3,072)
Retained earnings - brought
forward from statement of
retained earnings $204,794 $105,187 $197,812
---------- -------- ------------
1,111,832 105,187 971,454
Cumulative preferred stock of
subsidiary
Subject to mandatory
redemption 30,000
Long-term debt 933,042
---------- -------- ------------
1,111,832 105,187 1,934,496
---------- -------- ------------
CURRENT LIABILITIES
Long-term debt & preferred stock
due in one year 92,559
Short-term borrowings 11,963 (C) 92,027
Accounts payable and other
accruals 42,525 (C) 149,255
Accrued interest 446 (C) 14,372
Dividends payable 16,248 (C) 17,386
Accrued taxes 1,121 (C) 30,985
---------- -------- ------------
71,182 1,121 396,584
---------- -------- ------------
OTHER
Nuclear decommissioning
liability - 357,844
Deferred gain on contract
termination 112,697
Deferred income taxes 614,576
Deferred investment tax credits 47,314
Miscellaneous 16,040 (B) 119,738
---------- -------- ------------
16,040 1,252,169
---------- -------- ------------
$1,199,054 $106,308 $3,583,249
========== ======== ============
</TABLE>
<PAGE>
E X H I B I T A
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
ELIMINATION ENTRIES
(Thousands of Dollars)
DEBIT CREDIT
(A) Equity in earnings of subsidiaries $153,611
Investment in and advances to affiliates $ 48,424
Dividends declared 105,187
To reverse equity in earnings and
dividends of subsidiaries.
(B) Common stock 215,935
Other paid-in capital 691,103
Other - miscellaneous 16,040
Retained earnings 51,183
Investment in and advances to affiliates 974,261
To eliminate the investment
in subsidiaries, as adjusted in the
preceding entry, against the common
equity balances of the subsidiaries.
(C) Short-term borrowings 11,963
Accounts payable and other accruals 42,525
Accrued interest 446
Dividends payable 16,248
Other investments 612
Accrued taxes 1,121
Accounts and notes receivable 67,916
Advances to affiliates 2,757
To eliminate intercompany receivables and
payables.
(D) Operating revenues 6,797
Other (net of income taxes) 729
Administrative and other 5,741
Interest expense 1,084
Taxes - other than income tax 120
Equity in earnings of subsidiaries 581
To eliminate intercompany revenues and
expenses.
<PAGE>
E X H I B I T A
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
ELIMINATION ENTRIES (CONTINUED)
(Thousands of Dollars)
DEBIT CREDIT
(E) Preferred dividend requirement of
subsidiary 2,793
Preferred dividend requirement 2,793
To reclassify preferred dividend
requirement of Portland General
Electric Company.
SUBSIDIARIES NOT SHOWN ON CONSOLIDATING FINANCIAL STATEMENTS
The following subsidiaries, which are not shown on the consolidating financial
statements, are immaterial in relation to the consolidated financial statements
of Portland General Corporation.
PERCENT OF PERCENT OF
CONSOLIDATED CONSOLIDATED
COMPANY REVENUES ASSETS
121 S.W. Salmon St. Corporation 0.56% 0.21%
Tule Hub Services Company - .010%
Portland General Energy Services Company 0.16% 0.03%
Portland General Information Services - 0.02%
<PAGE>
The above-named Claimant has caused this statement to be duly executed on
its behalf by its authorized officer on this 6th day of March 1997.
Portland General Corporation
By /S/ JOSEPH E. FELTZ
Joseph E. Feltz
Assistant Controller
Assistant Treasurer
Corporate Seal
Attest:
/S/ STEVEN F. MCCARREL
Steven F. McCarrel
Assistant Secretary
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Steven F. McCarrel
Assistant Secretary
121 S.W. Salmon Street
Portland, Oregon 97204
<PAGE>
E X H I B I T B
(Thousands of Dollars)
1. Total Assets $3,583,249
2. Total Operating Revenues $1,111,816
3. Net Income $ 129,536
<PAGE>
E X H I B I T C
Organizational chart showing relationship of each EWG or foreign utility to
associate companies in the holding-company system.
None.
<PAGE>
