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News Release
Commission Administrative Law Judge Cancels NW Natural PGE Merger Scheduling Conference
May 16, 2002 (2002 - 013)
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 an Oregon Public Utility Commission Administrative Law Judge agreed to cancel a May 17 hearing that was set for NW Natural to advise the Commission on the status of the proposed purchase of Portland General Electric.
The postponement was requested in a letter from NW Natural’s law firm to Judge Michael Grant. The letter indicated NW Natural and Enron, which owns Portland General Electric, are finalizing an agreement to terminate the Stock Purchase Agreement entered into October 5, 2001. The termination will not be effective until approved by the Bankruptcy court.
Because the Stock Purchase Agreement forms the basis of this docket, the docket is held in abeyance pending the Bankruptcy Court’s review of the termination agreement.
NW Natural and Enron are directed to keep the Commission and other parties fully apprised of the proceedings before the Bankruptcy Court. NW Natural and Enron shall report when the termination agreement is finalized, when they plan to present the agreement to the Bankruptcy Court, the anticipated date of a ruling, and the ultimate decision from the Bankruptcy Court. NW Nataural and Enron shall provide information on these and other key events as soon as the information becomes available, and provide the Commission and parties a status report no later than May 31, 2002.
On March 19 NW Natural requested, and Judge Grant agreed, to put the Commission’s review of the proposed purchase of Portland General Electric on hold for 60 days.