PGE Stock Distribution Reconsideration Request Denied
April 12, 2006 (2006 - 006) (UF-4218/UM-1206)
Contacts: Lee Beyer, Chairman, 503 378-6611; Ray Baum, Commissioner, 503 378-6611; John Savage, Commissioner, 503 378-6611; Bob Valdez, Public Affairs Specialist, 503 378-8962
Salem, OR –Today the Oregon Public Utility Commission denied a request by the Utility Reform Project (URP) and the city of Portland to reconsider their previous decision to restore Portland General Electric (PGE) to its previous status as an independent, stand-alone Oregon based utility.
The Commission dismissed the requests as untimely and indicated many of the additional issues raised by the applicants can be addressed in other dockets before the Commission.
The Commission found that neither URP nor the city of Portland had met the legal standard for reconsideration. The Commission may grant an application for reconsideration under the following circumstances:
New evidence which is essential to the decision;
A change in law or agency policy since the date the order was issued;
An error of law or fact which is essential to the decision;
Good cause for further examination of a matter essential to the decision.
On December 14, 2005 the Commission issued an order approving PGE’s application to sever its ties to Enron.
In approving the application, the Commission found the transaction provides net benefits to ratepayers, no harm to Oregonians as a whole and is in the public interest.
Almost half of PGE’s stock is now in private hands. A board of overseers, appointed by the bankruptcy court, will over time distribute the stock previously held by Enron to compensate creditors for unpaid loans.
Link to entire order on PUC Website: