News Releases

PUCN Agrees with SPR Over Jurisdiction in PGE Transaction

Feb 23, 2000

February 24, 2000
Sierra Pacific Resources
Contact: Rich Atkinson, Sierra Pacific Investor Relations / Faye I. Andersen, Sierra Pacific Media Relations
Phone: (775) 834-4358 / (775) 834-4822

For Immediate Release

RENO, NEV -- The Public Service Commission of Nevada (PUCN) today acknowledged it does not have jurisdiction over Sierra Pacific Resources'(SRP: NYSE) proposed acquisition of Portland General Electric (PGE). The acknowledgement came today at a PUCN agenda meeting in Carson City, Nev.

Sierra Pacific Resources announced on November 8 that it had entered into a purchase and sale agreement with Enron Corp. for Enron's wholly owned electric utility subsidiary, Portland General Electric, which serves over 700,000 customers in northwest Oregon.

Sierra Pacific filed with the Oregon Public Utilities Commission on January 18 for approval of the purchase. The company also filed February 3 for approval of the transaction with the Securities and Exchange Commission.

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.