News Releases

Sierra Pacific Files with SEC for Approval of PGE Acquisition

Feb 2, 2000

February 3, 2000
Sierra Pacific Resources
Contact: Rich Atkinson - Analyst Contact / Faye Andersen - Media Contact
Phone: (775) 834-4358 / (775) 834-4822

For Immediate Release

Reno, NVÂ- Sierra Pacific Resources (SRP:NYSE) filed with the Securities and Exchange Commission today for approval of its previously announced acquisition of Portland General Electric (PGE). As part of its application, the company also filed to become a registered utility holding company.

Sierra Pacific announced on November 8, 1999, that it had entered into a purchase and sale agreement for PGE, a wholly owned electric utility subsidiary of Enron Corp. (ENE:NYSE). On January 18, the company filed with the Oregon Public Utilities Commission for approval of the PGE purchase.

Additional filings still need to be made with the Federal Energy Regulatory Commission and the Department of Justice/Federal Trade Commission. The proposed transaction is expected to close in the second half of 2000.