PGE Stock Distribution Approved

Well, it looks like it’s finally going to happen. After nearly a decade under Enron ownership, Portland General Electric will begin to be distributed as stock in early 2006. The Public Utility Commission of Oregon announced yesterday that it has approved the stock distribution plan.

To find out more about the Commission order and the agreements reached regarding PGE’s future, read the Commission’s press statement.

CUB supported the City of Portland’s efforts to purchase PGE and was disappointed when that effort failed. CUB hopes that this stock distribution will allow PGE to become a stand-alone company, and to stay that way (this is more likely since we and others successfully passed a Utility Tax Reform Bill earlier this year, which makes Oregon utilities significantly less attractive as investments for large corporations). We believe that an independent PGE is the next best thing to a public power PGE.

Thanks to all who contributed their voices and support to CUB as we have fought against some of the worst options for PGE (such as Texas Pacific Group) and advocated for the best possible deal for PGE customers.

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