Portland, OR, April 4, 2006 — The plan to return Portland General Electric (PGE) to a publicly traded, Oregon-based utility officially took effect when PGE ownership was transferred from Enron to creditors by issuing new common stock.
“[This] marks an important turning point for PGE… we are now independent of Enron,” said Peggy Fowler, PGE CEO and president. “It’s an important day for our customers, our employees and the communities we serve and a day many of us will never forget.”
The plan for PGE’s independence, which was approved by the Oregon Public Utility Commission (OPUC) in December 2005, and was supported by customer groups, calls for the issuance of 62.5 million shares of new PGE common stock to Enron’s creditors. PGE’s existing common stock, which was entirely held by Enron since PGE was purchased in 1997, has been canceled.
27,036,445 shares of PGE’s common stock — which represents approximately 43 percent of the total shares — were distributed to creditors whose claims have been resolved. The remaining common stock will be held in a trust and released to creditors during the next few years as their claims are resolved.
PGE’s separation from Enron also means the Oregon-based utility will file all income tax returns on its own and pay taxes directly to the government agencies to which they are due.
“This plan gives us the ownership certainty we need,” Fowler said.
In late January 2006, PGE appointed six new board members to its board. The 10-member board will help guide PGE as it again becomes a publicly traded company. PGE anticipates regular-way trading to begin on or about April 10, 2006.
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