PUHCA fate will influence future of PGE

In “Power Window,” an article in today’s issue of Willamette Week, author Nigel Jaquiss points out that:

“PGE’s fate is being decided 3,000 miles away, in Congress. The U.S. House is considering an energy bill with a provision to repeal current utility restrictions, thus greatly expanding the possible universe of buyers for PGE. Most utility watchers expect the House bill to pass as soon as this week and a Senate version to pass by next fall. The upshot: An out-of-town buyer becomes PGE’s most likely next buyer.”

We at CUB are happy to see the seeds of a public discussion about the importance of the Public Utility Holding Company Act and what this could mean for Oregon’s own utility-in-transition. (See our Take Action opportunity at the top right of this website to urge your Congressional representatives to save PUHCA.)

Bob Jenks, CUB executive director, had this to say about the role of PUHCA in PGE’s eventual disposition: “Losing the utility regulation of PUHCA makes it far more unlikely that PGE would clear the hurdles of stock distribution to become a stand-alone, locally-headquartered company again. We have our doubts about whether stock distribution is the best case scenario for PGE residential ratepayers (See What about Stock Distribution for PGE?), but we would find that preferable to purchase by a large investment corporation located in another state or another country. PUHCA has provided important protection to utility customers for 70 years. We would all suffer from greater instability and higher prices should it be repealed.”

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