Text Size:   A+ A- A   •   Text Only
Find     
Site Image

News Release
Commission Formally Dismisses NW Natural PGE Merger Docket
 
May 28, 2002 (2002 - 014)
 
Contacts:  Roy Hemmingway, Chairman, 503 378-6611; Joan H. Smith, Commissioner, 503 378-6611; Lee Beyer, Commissioner, 503 378-6611; Bob Valdez, Public Information Officer, 503 378-8962
 
Salem, OR – Today the Oregon Public Utility Commission officially dismissed its review of the proposed merger between NW Natural and Portland General Electric (PGE) effective immediately.
 
The Commission’s review of the proposed purchase has been on hold since March 19 due to potential complications related to Enron’s bankruptcy and its plans for PGE.
 
The request to terminate the Stock Purchase Agreement now goes to a bankruptcy court.
 
On May 16 NW Natural announced it was finalizing an agreement to terminate the Stock Purchase Agreement it entered into with Enron on October 5, 2001. As a direct result of that development, NW Natural asked the Commission today to formally terminate its merger docket known as UM 1045.
 
-30-