-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JDO5/As5zhN1JrTlrJG4+/TwxHLKaeAQb2oG3e/mo44a1BssuW/LMDeT8Cq/NrEl ymvnyVVZPpPQiU6rE9dgMg== 0000079636-97-000007.txt : 19970311 0000079636-97-000007.hdr.sgml : 19970311 ACCESSION NUMBER: 0000079636-97-000007 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970310 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PORTLAND GENERAL CORP /OR CENTRAL INDEX KEY: 0000079636 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 930909442 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00233 FILM NUMBER: 97553128 BUSINESS ADDRESS: STREET 1: 121 SW SALMON ST CITY: PORTLAND STATE: OR ZIP: 97204 BUSINESS PHONE: 5034648820 FORMER COMPANY: FORMER CONFORMED NAME: PORTLAND GENERAL ELECTRIC CO DATE OF NAME CHANGE: 19860804 U-3A-2 1 File No. 69-233 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. FORM U-3A-2 Statement by Holding Company Claiming Exemption Under Rule 2 from the Provisions of the Public Utility Holding Company Act of 1935 To Be Filed Annually Prior to March 1 PORTLAND GENERAL CORPORATION Exhibits A, B and C Attached hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935, and submits the following information: 1. Name, State of Organization, location and business of Claimant and every subsidiary: Claimant - Portland General Corporation, Oregon, Portland, Oregon, holding company Subsidiaries - Portland General Electric Company, Oregon, Portland, Oregon, electric utility Portland General Transport Corporation, Oregon, Portland, Oregon, sale of segmented gas pipeline capacity, currently inactive 121 S.W. Salmon St. Corporation, Oregon, Portland, Oregon, leases PGE headquarters World Trade Center Northwest Corporation, Oregon, Portland, Oregon, development of World Trade Center complex in Portland, Oregon Portland General Holdings, Inc., Oregon, Portland, Oregon, holds stock in companies with interests in real estate development, leasing, investments, energy services and power brokering, and independent power production Portland General Energy Systems, Inc., Oregon, Portland, Oregon, energy system design, installation and maintenance PLC-Kalamazoo, Inc., Oregon, Portland, Oregon, development, acquisition and operation of co- generation and independent power projects, currently inactive Columbia-Willamette Development Company, Oregon, Portland, Oregon, real estate development, currently inactive Columbia Willamette Leasing, Inc., Oregon, Portland, Oregon, equipment leasing Rail Leasing Inc., Oregon, Portland, Oregon, equipment leasing Tule Hub Services Company, Oregon, Portland, Oregon, electric hub services Palm Springs Utility Solutions, Inc., Oregon, Portland, Oregon, municipal energy services Portland General Power Marketing Co., Oregon Portland, Oregon, power marketing services Portland General Property Holdings, Inc., Oregon Portland, Oregon, real property holdings in Texas Bonneville Pacific Corporation, Delaware, Salt Lake City, Utah, co-generation and independent power producer* * Bonneville Pacific Corporation ("BPCO") has filed for protection under Chapter 11 of the federal Bankruptcy Code. Portland General Holdings, Inc. Is a shareholder and creditor of BPCO. During 1996 Portland General Holdings, Inc. settled all disputes with BPCO with regard to the bankruptcy proceedings. As a result of the settlement, Portland General Holdings, Inc. decreased its stock holdings to 2,000,000 shares of BPCO common stock. Since 1992 Portland General Holdings, Inc. has not been a member of the Creditors Committee or otherwise involved in the operations of BPCO, and has not known the ownership status of the BPCO subsidiaries. As a result of the settlement, the listing of BPCO subsidiaries as of December 31, 1992, in prior filings, has been deleted from this report. The following companies were dissolved in 1996: CWDC Resources Inc., Oregon, Portland, Oregon real estate development Columbia Willamette Investment Company, Oregon, Portland, Oregon, investments 2. A brief description of properties of Claimant and each subsidiary public utility used for generation, transmission and distribution of electric energy for sale, including location of principal generating plants, transmission lines and distribution facilities: Claimant - Portland General Corporation has no properties other than the stock of its subsidiaries and an immaterial amount of office equipment and furniture. Its only public utility subsidiary is Portland General Electric Company ("PGE"). Public Utility Subsidiary - PGE is engaged in the generation, purchase, transmission, distribution and sale of electric energy in Oregon. PGE has a 321 MW ownership interest in generating plants in Washington (1 plant) and Montana (2 plants), comprising approximately 15% of its total generating capacity. PGE sells electric energy at wholesale in interstate commerce to electric utilities located in other states, primarily California. PGE purchases electric energy from public utility districts located in the State of Washington and from nonassociated utilities in Oregon, Washington, Montana, Idaho, Arizona, New Mexico, California and Canada. PGE purchases surplus electric energy from the Bonneville Power Administration ("BPA"), a federal agency that markets electric energy generated by federal hydroelectric dams located on the Columbia River in Oregon and Washington. PGE owns wholly or jointly the following generating facilities: Net Percent of Capability Company's NAME LOCATION (MW) INTEREST FUEL Sullivan West Linn, OR 16 100.0 Hydro Faraday Estacada, OR 44 100.0 Hydro River Mill Estacada, OR 23 100.0 Hydro Bull Run Bull Run, OR 22 100.0 Hydro Oak Grove Three Lynx, OR 44 100.0 Hydro Pelton Madras, OR 108 100.0 Hydro North Fork Estacada, OR 54 100.0 Hydro Round Butte Madras, OR 300 100.0 Hydro Centralia Centralia, WA 1,310 2.5 Coal Bethel Salem, OR 116 100.0 Gas or Oil Beaver Clatskanie, OR 500 100.0 Gas or Oil Boardman Boardman, OR 507 65.0 Coal Colstrip 3&4 Colstrip, MT 1,440 20.0 Coal Coyote Springs Boardman, OR 241 100.0 Gas or Oil PGE's electric distribution system is located within its service territory in Oregon. PGE serves an area of 3,170 square miles, including 54 incorporated cities. PGE has transmission lines for the delivery of electricity from its plants located in Oregon to its service territory or to the Northwest grid. Electric energy from the plants located in other states is delivered to PGE over the Northwest grid. PGE owns 20% of the Pacific Northwest Intertie, a 4,800 MW transmission facility between John Day, in Northern Oregon, and Malin, in Southern Oregon near the California border. This line is used primarily for interstate sales and purchases of electric energy among BPA, utilities in the Pacific Northwest, including PGE, and California utilities. PGE has a 90% ownership interest in a 20 inch diameter natural gas pipeline that runs approximately 18 miles from its Beaver generating plant, located in Clatskanie, Oregon, to Cowlitz County Washington where it interconnects with the interstate gas distribution system of Northwest Pipeline Company. 3. Information for calendar year 1996 with respect to Claimant and its utility subsidiaries: (a) Number of kWh of electric energy sold at retail and wholesale - retail: 17,558,693,000 kWh wholesale: 10,187,788,000 kWh (b) Number of kWh of electric energy distributed at retail outside state in which each Company is organized - none (c) Number of kWh of electric energy sold at wholesale outside the state in which each Company is organized or at the state line - 9,326,289,000 kWh - Delivery of electric energy is primarily at the Malin substation in Southern Oregon with ultimate use in California. (d) Number of kWh of electric energy purchased outside the state in which each Company is organized or at the state line - PGE purchased electric energy from certain nonassociated utilities, municipalities, wholesale marketers, and public authorities, such as BPA and public utility districts, which are either located in or have generation facilities located outside the state of Oregon: 14,534,066,000 kWh - Delivery of electric energy is through BPA transmission lines to PGE interconnections in Oregon. 4. Information for calendar year 1996 with respect to Claimant and each interest it holds directly or indirectly in an EWG or a foreign utility company, stating monetary amounts in United States dollars: (a) Name, location, business address and description of the facilities used by the EWG or foreign utility company for the generation, transmission and distribution of electric energy for sale or for the distribution at retail of natural or manufactured gas. None. (b) Name of each system company that holds an interest in such EWG or foreign utility company; and description of the interest held. None. (c) Type and amount of capital invested, directly or indirectly, by the holding company claiming exemption; any direct or indirect guarantee of the security of the EWG or foreign utility company by the holding company claiming exemption; and any debt or other financial obligation for which there is recourse, directly or indirectly, to the holding company claiming exemption or another system company, other than the EWG or foreign utility company. None. (d) Capitalization and earnings of the EWG or foreign utility company during the reporting period. None. (e) Identify any service, sales or construction contract(s) between EWG or foreign utility company and a system company, and describe the services to be rendered or goods sold and fees or revenues under such agreement(s). N/A PORTLAND GENERAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME EXHIBIT A For the year ended December 31, 1996 (Thousands of Dollars)
Portland Portland General Columbia First Point Portland PowerLink General Electric Willamette Rail Communication General Kalamazoo Corp. Company Leasing Leasing Company Holdings Corporation -------- ---------- ---------- ------- ------------- -------- ----------- OPERATING REVENUES $6,619 $1,109,831 $1,697 - - $466 - -------- ---------- ---------- ------- ------------- -------- ----------- OPERATING EXPENSES Purchased power and fuel - 316,729 - - - - - Production and distribution - 81,968 - - - - - Maintenance and repairs - 55,508 - - - - - Administrative and other 9,085 111,308 411 59 - 759 - Depreciation and amortization 85 154,586 - - - (1) - Taxes other than income taxes 291 52,325 18 - - (1) - -------- ---------- ---------- ------- ------------- -------- ----------- 9,461 772,424 429 59 - 757 - -------- ---------- ---------- ------- ------------- -------- ----------- OPERATING INCOME BEFORE TAXES (2,842) 337,407 1,268 (59) - (291) - Income taxes (2,698) 112,661 575 (24) - (533) 7 -------- ---------- ---------- ------- ------------- -------- ----------- NET OPERATING INCOME (LOSS) (144) 224,746 693 (35) - 242 (7) OTHER INCOME (DEDUCTIONS) AFUDC - 1,642 - - - - - Interest expense (2,433) (77,158) - - - (673) - Equity in earnings of subsidiaries 152,689 - (35) - - 376 - Preferred dividend of subsidiary - - - - - - - Other - net of income tax (20,576) 6,685 697 - (392) (377) - -------- ---------- ---------- ------- ------------- -------- ----------- NET INCOME (LOSS) 129,536 155,915 1,355 (35) (392) (432) (7) Preferred dividend requirement 2,793 -------- ---------- ---------- ------- ------------- -------- ----------- NET INCOME (LOSS) $129,536 $153,122 $1,355 ($35) ($392) ($432) ($7) ======== ========== ========== ======= ============= ======== ===========
ELIMINATIONS -------- ------- DEBIT CREDIT CONSOLIDATED -------- ------- ------------ OPERATING REVENUES $6,797 (D) $1,111,816 -------- ------- ------------ OPERATING EXPENSES Purchased power and fuel $316,729 Production and distribution $81,968 Maintenance and repairs $55,508 Administrative and other 5,741 (D) $115,881 Depreciation and amortization $154,670 Taxes other than income taxes 120 (D) $52,513 -------- ------- ------------ 5,861 777,269 -------- ------- ------------ OPERATING INCOME BEFORE TAXES 6,797 5,861 334,547 Income taxes $109,988 -------- ------- ------------ NET OPERATING INCOME (LOSS) 6,797 5,861 224,559 OTHER INCOME (DEDUCTIONS) AFUDC $1,642 Interest expense 1,084 (D) ($79,180) Equity in earnings of subsidiaries 153,611 (A) 581 (D) - Preferred dividend of subsidiary 2,793 (E) ($2,793) Other - net of income tax 729 (D) ($14,692) -------- ------- ------------ NET INCOME (LOSS) 163,930 7,526 129,536 Preferred dividend requirement 2,793 (E) - -------- ------- ------------ NET INCOME (LOSS) $163,930 $10,319 $129,536 ======== ======= ============
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF RETAINED EARNINGS EXHIBIT A For the Year ended December 31, 1996 (thousands of dollars)
Portland Portland Columbia Columbia Rail Columbia First General General Willamette Willamette Leasing Willamette Point Corporation Electric Development Leasing Investment Communication Company Company Company Company ----------- -------- ----------- ---------- ------- ---------- ------------- Balance at beginning of year $143,270 $246,282 ($67,047) $6,560 $1,532 ($34,689) 0 Net income (loss) - from income statement 129,536 153,122 - 1,355 (35) - (392) ----------- -------- ----------- ---------- ------- ---------- ------------- 272,806 399,404 (67,047) 7,915 1,497 (34,689) (392) Dividends declared 65,516 105,187 - - - - - Transfer to parent/adjs - - 67,047 - - 34,689 - ESOP tax benefit and Preferred stock adjs - (2,093) - - - - - ----------- -------- ----------- ---------- ------- ---------- ------------- Balance at end of year $207,290 $292,124 $0 $7,915 $1,497 $0 ($392) =========== ======== =========== ========== ======= ========== =============
Portland PowerLink CONSOLIDATED General Kalamazoo ELIMINATIONS Holdings Corporation DEBIT CREDIT --------- ----------- -------- -------- ------------ Balance at beginning of year ($141,030) ($2,622) $16,371 (B) 135,885 Net income (loss) - from income statement (432) (7) 153,611 (A) 129,536 --------- ----------- -------- -------- ------------ (141,462) (2,629) 169,982 265,421 Dividends declared - - - 105,187 (A) 65,516 Transfer to parent/adjs (66,924) - 34,812 (B) - ESOP tax benefit and Preferred stock adjs - (2,093) --------- ----------- -------- -------- ------------ Balance at end of year ($208,386) ($2,629) $204,794 $105,187 197,812 ========= =========== ======== ======== ============
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET EXHIBIT A At December 31, 1996 (Thousands of Dollars)
Portland Portland General Columbia First Point Portland PowerLink General Electric Willamette Rail Communication General Kalamazoo ASSETS Corp. Company Leasing Leasing Company Holdings Corp. - ------- ---------- ---------- ---------- ------- ------------- -------- --------- ELECTRIC UTILITY PLANT - ORIGINAL COST Utility plant - $2,899,746 - - - - - Accumulated depreciation - (1,124,337) - - - - - ---------- ---------- ---------- ------- ------------- -------- --------- - 1,775,409 - - - - - Capital leases - 6,750 - - - - - ---------- ---------- ---------- ------- ------------- -------- --------- - 1,782,159 - - - - - ---------- ---------- ---------- ------- ------------- -------- --------- OTHER PROPERTY AND INVESTMENTS Leveraged leases - - 138,576 12,119 - - - Contract Termination Receivable - 111,447 - - - - - Nuclear Decommissioning Trust - 78,448 - - - - - Investment in and advances to affiliates 984,742 0 11,020 - - 29,680 - Corporate Owned Life Insurance - less loan of $26,411 32,256 51,410 Other Investments 204 20,700 1 - 3,231 4,997 - ---------- ---------- ---------- ------- ------------- -------- --------- 1,017,202 262,005 149,597 12,119 3,231 34,677 - ---------- ---------- ---------- ------- ------------- -------- --------- CURRENT ASSETS Cash and cash equivalents 10,255 19,477 238 - - (168) - Accounts and notes receivable 17,379 145,372 9,215 12,468 415 7,745 636 Unbilled and accrued revenues - 53,317 - - - - - Inventories - 32,903 - - - - - Prepayments and other 1,137 16,476 - - - - - ---------- ---------- ---------- ------- ------------- -------- --------- 28,771 267,545 9,453 12,468 415 7,577 636 ---------- ---------- ---------- ------- ------------- -------- --------- DEFERRED CHARGES WNP-3 settlement exchange agreement - 163,217 Unamortized regulatory costs Trojan Abandonment costs - Plant - 275,460 - - - - - Trojan Abandonment costs - Decommissioning - 282,131 - - - - - Income tax recoverable 195,592 Debt reacquisition costs 28,063 Conservation Investments - secured $80,102 Energy efficiency programs - 11,974 - - - - - Other 22,575 - - - - - Miscellaneous 1,636 27,389 1 - - - - ---------- ---------- ---------- ------- ------------- -------- --------- 1,636 1,086,503 1 - - - - ---------- ---------- ---------- ------- ------------- -------- --------- $1,047,609 $3,398,212 $159,051 $24,587 $3,646 $42,254 $636 ========== ========== ========== ======= ============= ======== =========
ELIMINATIONS ----- ---------- ASSETS DEBIT CREDIT CONSOLIDATED - ------- ----- ---------- ------------ ELECTRIC UTILITY PLANT - ORIGINAL COST Utility plant $2,899,746 Accumulated depreciation (1,124,337) ----- ---------- ------------ 1,775,409 Capital leases 6,750 ----- ---------- ------------ 1,782,159 ----- ---------- ------------ OTHER PROPERTY AND INVESTMENTS Leveraged leases 150,695 Contract Termination Receivable 111,447 Nuclear Decommissioning Trust 78,448 Investment in and advances to affiliates 1,025,442 (A)(B)(C) - Corporpate Owned Life Insurance - less loan of $26,411 83,666 Other Investments 612 (C) 29,745 ----- ---------- ------------ 612 1,025,442 454,001 ----- ---------- ------------ CURRENT ASSETS Cash and cash equivalents 29,802 Accounts and notes receivable 67,916 (C) 125,314 Unbilled and accrued revenues 53,317 Inventories 32,903 Prepayments and other 17,613 ----- ---------- ------------ 0 67,916 258,949 ----- ---------- ------------ DEFERRED CHARGES WNP-3 settlement exchange agreement 163,217 Unamortized regulatory costs Trojan Abandonment costs - Plant 275,460 Trojan Abandonment costs - Decommissioning 282,131 Income tax recoverable 195,592 Debt reacquisition costs 28,063 Conservation Investments - secured 80,102 Energy efficiency programs 11,974 Other 22,575 Miscellaneous 29,026 ----- ---------- ------------ 1,088,140 ----- ---------- ------------ $612 $1,093,358 $3,583,249 ===== ========== ============
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET EXHIBIT A At December 31, 1996 (Thousands of Dollars)
Portland Portland General Columbia First Point Portland PowerLink General Electric Willamette Rail Communication General Kalamazoo CAPITALIZATION AND LIABILITIES Corp. Company Leasing Leasing Company Holdings Corp. - ------- ---------- ---------- ---------- ------- ------------- --------- --------- CAPITALIZATION Common stock $192,442 $160,346 $8,500 $9,066 $0 $38,023 - Other paid-in capital 588,379 477,312 7,000 458 1,900 197,066 3,260 Unearned Compensation (815) (2,257) Retained earnings - brought forward from statement of retained earnings $207,290 $292,124 $7,915 $1,497 ($392) ($208,386) ($2,629) ---------- ---------- ---------- ------- ------------- --------- --------- 987,296 927,525 23,415 11,021 1,508 26,703 631 Cumulative preferred stock of subsidiary Subject to mandatory redemption - 30,000 - - - - - Long-term debt - 933,042 - - - - - ---------- ---------- ---------- ------- ------------- --------- --------- 987,296 1,890,567 23,415 11,021 1,508 26,703 631 ---------- ---------- ---------- ------- ------------- --------- --------- CURRENT LIABILITIES Long-term debt & preferred stock due in one year 0 92,559 - - - - - Short-term borrowings 0 92,027 - - - 11,963 - Accounts payable and other accruals 30,107 144,712 12,658 - 2,124 2,179 - Accrued interest 0 14,372 - - - 446 - Dividends payable 16,517 17,117 - - - - - Accrued taxes (1,625) 31,485 1 - - 3 - ---------- ---------- ---------- ------- ------------- --------- --------- 44,999 392,272 12,659 - 2,124 14,591 0 ---------- ---------- ---------- ------- ------------- --------- --------- OTHER Nuclear decommissioning liability - 357,844 - - - - - Deferred gain on contract termination - 112,697 - - - - - Deferred income taxes (19,656) 497,734 122,912 13,565 (1) 16 6 Deferred investment tax credits - 47,314 - - - - - Miscellaneous 34,970 99,784 65 1 15 944 (1) ---------- ---------- ---------- ------- ------------- --------- --------- 15,314 1,115,373 122,977 13,566 14 960 5 ---------- ---------- ---------- ------- ------------- --------- --------- $1,047,609 $3,398,212 $159,051 $24,587 $3,646 $42,254 $636 ========== ========== ========== ======= ============= ========= =========
ELIMINATIONS ---------- -------- CAPITALIZATION AND LIABILITIES DEBIT CREDIT CONSOLIDATED - ------- ---------- -------- ------------ CAPITALIZATION Common stock $215,935 (B) $192,442 Other paid-in capital 691,103 (B) 584,272 Unearned Compensation (3,072) Retained earnings - brought forward from statement of retained earnings $204,794 $105,187 $197,812 ---------- -------- ------------ 1,111,832 105,187 971,454 Cumulative preferred stock of subsidiary Subject to mandatory redemption 30,000 Long-term debt 933,042 ---------- -------- ------------ 1,111,832 105,187 1,934,496 ---------- -------- ------------ CURRENT LIABILITIES Long-term debt & preferred stock due in one year 92,559 Short-term borrowings 11,963 (C) 92,027 Accounts payable and other accruals 42,525 (C) 149,255 Accrued interest 446 (C) 14,372 Dividends payable 16,248 (C) 17,386 Accrued taxes 1,121 (C) 30,985 ---------- -------- ------------ 71,182 1,121 396,584 ---------- -------- ------------ OTHER Nuclear decommissioning liability - 357,844 Deferred gain on contract termination 112,697 Deferred income taxes 614,576 Deferred investment tax credits 47,314 Miscellaneous 16,040 (B) 119,738 ---------- -------- ------------ 16,040 1,252,169 ---------- -------- ------------ $1,199,054 $106,308 $3,583,249 ========== ======== ============
E X H I B I T A PORTLAND GENERAL CORPORATION AND SUBSIDIARIES ELIMINATION ENTRIES (Thousands of Dollars) DEBIT CREDIT (A) Equity in earnings of subsidiaries $153,611 Investment in and advances to affiliates $ 48,424 Dividends declared 105,187 To reverse equity in earnings and dividends of subsidiaries. (B) Common stock 215,935 Other paid-in capital 691,103 Other - miscellaneous 16,040 Retained earnings 51,183 Investment in and advances to affiliates 974,261 To eliminate the investment in subsidiaries, as adjusted in the preceding entry, against the common equity balances of the subsidiaries. (C) Short-term borrowings 11,963 Accounts payable and other accruals 42,525 Accrued interest 446 Dividends payable 16,248 Other investments 612 Accrued taxes 1,121 Accounts and notes receivable 67,916 Advances to affiliates 2,757 To eliminate intercompany receivables and payables. (D) Operating revenues 6,797 Other (net of income taxes) 729 Administrative and other 5,741 Interest expense 1,084 Taxes - other than income tax 120 Equity in earnings of subsidiaries 581 To eliminate intercompany revenues and expenses. E X H I B I T A PORTLAND GENERAL CORPORATION AND SUBSIDIARIES ELIMINATION ENTRIES (CONTINUED) (Thousands of Dollars) DEBIT CREDIT (E) Preferred dividend requirement of subsidiary 2,793 Preferred dividend requirement 2,793 To reclassify preferred dividend requirement of Portland General Electric Company. SUBSIDIARIES NOT SHOWN ON CONSOLIDATING FINANCIAL STATEMENTS The following subsidiaries, which are not shown on the consolidating financial statements, are immaterial in relation to the consolidated financial statements of Portland General Corporation. PERCENT OF PERCENT OF CONSOLIDATED CONSOLIDATED COMPANY REVENUES ASSETS 121 S.W. Salmon St. Corporation 0.56% 0.21% Tule Hub Services Company - .010% Portland General Energy Services Company 0.16% 0.03% Portland General Information Services - 0.02% The above-named Claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 6th day of March 1997. Portland General Corporation By /S/ JOSEPH E. FELTZ Joseph E. Feltz Assistant Controller Assistant Treasurer Corporate Seal Attest: /S/ STEVEN F. MCCARREL Steven F. McCarrel Assistant Secretary Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed: Steven F. McCarrel Assistant Secretary 121 S.W. Salmon Street Portland, Oregon 97204 E X H I B I T B (Thousands of Dollars) 1. Total Assets $3,583,249 2. Total Operating Revenues $1,111,816 3. Net Income $ 129,536 E X H I B I T C Organizational chart showing relationship of each EWG or foreign utility to associate companies in the holding-company system. None. -----END PRIVACY-ENHANCED MESSAGE-----