News Releases

Sierra Pacific Files with FERC in PGE Transaction

Mar 2, 2000

March 3, 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. -- Sierra Pacific Resources (NYSE: SRP) filed today with the Federal Energy Regulatory Commission (FERC) and the Department of Justice (DOJ) to approve its acquisition of Portland General Electric (PGE) in a purchase and sale agreement from Enron Corp. PGE is a wholly-owned subsidiary of Enron, and serves over 700,000 customers in northwest Oregon.

The filing with FERC is one of several steps Sierra Pacific has taken to complete the transaction to acquire PGE. The company filed with the Oregon Public Utilities Commission (OPUC) on January 18 for approval of the purchase. Meetings on the matter before the OPUC begin this month. On February 3, the company made its filing with the Securities and Exchange Commission.

Sierra has requested a decision from FERC by the end of July. The proposed transaction is expected to close during the second half of 2000.