SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549



                                 Form 8-K


                              CURRENT REPORT



                  Pursuant to Section 13 or 15(d) of the
                      Securities Exchange Act of 1934




     Date of Report (Date of earliest event reported) October 5, 1995




                       Registrant; State of Incorporation;  IRS Employer
 COMMISSION FILE NUMBER  ADDRESS; AND TELEPHONE NUMBER       IDENTIFICATION NO.

 1-5532                PORTLAND GENERAL CORPORATION        93-0909442
                       (an Oregon Corporation)
                       121 SW Salmon Street
                       Portland, Oregon 97204
                       (503) 464-8820


 1-5532-99             PORTLAND GENERAL ELECTRIC COMPANY   93-0256820
                       (an Oregon Corporation)
                       121 SW Salmon Street
                       Portland, Oregon 97204
                       (503) 464-8000



                      121 S.W. SALMON STREET, PORTLAND, OREGON            97204

                       (Address of principal executive offices)         (zip
 code)

                Registrant's telephone number, including area code 503-464-8820


 ITEM 5. OTHER EVENTS

      REGULATORY MATTERS - On October 5, 1995 the staff of the Oregon Public
      Utility Commission (PUC) published its initial settlement proposal on
      Portland General Electric Company's (PGE or the Company) August 1995
      filing requesting a revenue requirement increase for the capital and
      fixed costs associated with the Coyote Springs Generation Project
      (Coyote Springs), as well as Bonneville Power Administration's (BPA)
      October 1995 price increase.  The filing also requested recovery of the
      Company's two outstanding power cost deferrals.  For further background
      information on PGE's consoldiated filing see Portland General's and
      PGE's reports on form 10-Q for the period ended June 30, 1995.

      The PUC staff's settlement proposal supports an increase of $37 million
      in revenues for the Coyote Springs and BPA costs noted above.  The PUC
      staff proposal also supports full recovery of the $11 million of  power
      costs deferred from January through March 1995 along with associated
      carrying costs.  However, the PUC staff recommends that PGE be allowed
      recovery of only $6.5 million of the $50 million of power costs
      deferred from July 1993 through March 1994. The PUC staff's proposal is
      based on a 9.9% return on equity and certain regulatory adjustments to
      actual earnings for the April 1993 through March 1994 review period.

      In accordance with Oregon law, collection of PGE's power cost deferrals
      is subject to PUC review of PGE's reported earnings, adjusted for
      regulatory treatment of unusual and/or non-recurring items, as well as
      the determination of an appropriate rate of return on equity for a
      given review period.

      The PUC staff's proposal is an initial settlement proposal and is not
      necessarily indicative of the final outcome of the regulatory
      proceeding.  However, if the PUC were to adopt the current staff
      proposal the Company would be required to recognize a before tax charge
      to income for the amount of  deferred power costs disallowed for
      recovery along with associated carrying costs.   Despite the proposed
      disallowance, the rate effect from adoption of  the PUC staff's
      proposal would be approximately PGE's requested 2.4% increase.  PUC
      staff's testimony is scheduled to be filed October 13, 1995 following
      settlement hearings on October 9, 1995.  A PUC order is expected in
      November 1995.




                             Signatures




 Pursuant to the requirements of the Securities Exchange Act of 1934, the
 registrants have duly caused this report to be signed on their behalf by the
 undersigned hereunto duly authorized.





                     Portland General Corporation

                     Portland General Electric Company




 October 6, 1995     By          /S/  JOSEPH E. FELTZ

                                        Joseph E. Feltz
                                     Assistant Controller
                                     Assistant Treasurer