The State of Oregon proposal has been a more recent proposal, but the bill that would create the State Power Authority, SB 618 (introduced by Senator Ryan Deckert), has the tentative support of the Governor's office. It has the advantage of a broader geographical base and would avoid the criticism of those who are wary of allowing the City of Portland to own, even in a purely formal way, a regional power utility.

Both of these proposed sales to Oregon governmental entities could present substantial rate savings to customers, based upon the use of tax-exempt financing for utility investments, the exemption of governmental entities from paying federal income tax (a tax which has for years been collected but never paid to government by Enron-owned PGE), and the removal of the need to pay a profit to private investors.

A third sale option has recently received some sizable press coverage, a "hybrid" organization purchase by a group calling itself Oregon Mutual Development Co (Mutual Utility). The hybrid would be a privately-run but customer-owned company, similar to a cooperative. Like the two public ownership models, the Mutual Utility would potentially have the advantages that no shareholders would exist to draw profit payments from the utility; and the utility would remain locally owned and managed, potentially with existing employees and executives.

There are, however, some key differences between the hybrid proposal and the two true public ownership models. To find out more specifics about the Mutual Utility Proposal, click here.

Of course, it's still possible that if none of these three proposals were to pan out, or if Enron were to simply refuse to accept these offers, PGE's stock could be distributed to Enron's creditors through the bankruptcy process. Over time, PGE might then be an independent, publicly-traded company again. Finally, there is a slight possibility that another corporate investment buyer would submit a proposal and be accepted by the PUC and the bankruptcy court. This is an unlikely wild card that has the most unknown variables.

In the meantime, we continue to work on the two public ownership proposals, trying to help craft a future for PGE that really would ensure customers' best interests.