Enron to sell Oregon utility for $3 billion

After selling its upstream oil and gas unit in July, Enron Corp. has made another portfolio-focusing move, this time selling off its only regulated electric utility company, Portland General Electric Co. (PGE).Houston-based Enron has entered into a purchase and sale agreement with Sierra Pacific Resources, Reno, to divest PGE for about $2.1 billion, comprising $2.02 billion in cash and the assumption of Enron's $80 million merger payment obligations. Sierra Pacific will also assume $1 billion in PGE debt and preferred stock.The deal is expected to close in the second half of 2000.The divestment comes only about 3 years after Enron acquired the power utility (OGJ, July 29, 1996, Newslet...

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