Sierra Pacific & Enron Terminate Agreement On Sale of Portland General Electric

Apr 26, 2001, 01:00 ET from Sierra Pacific Resources

    LAS VEGAS, April 26 /PRNewswire/ -- Sierra Pacific Resources (NYSE:   SRP)
 and Enron Corp. (NYSE:   ENE) announced today they have mutually agreed to
 terminate their purchase and sale agreement for Enron's wholly owned electric
 utility subsidiary, Portland General Electric (PGE).
     "While this acquisition would have offered many efficiencies in utility
 distribution for customers in both Nevada and Oregon, completing it was
 becoming increasingly difficult in the current market and political
 environment in the west," said Walt Higgins, chairman and CEO of Sierra
 Pacific Resources.  "Terminating this agreement now minimizes further costs to
 our shareholders as we continue to focus our attention on customers in Nevada
 and the Lake Tahoe region of California."
 
     Headquartered in Nevada, Sierra Pacific Resources is a holding company
 whose principal subsidiaries are Nevada Power Company, the electric utility
 for southern Nevada, and Sierra Pacific Power Company, the electric utility
 for most of northern Nevada and the Lake Tahoe area of California, and a
 natural gas and water distributor in the Reno-Sparks area.  Other subsidiaries
 include the Tuscarora Gas Pipeline Company, which owns 50% interest in an
 interstate natural gas transmission partnership, and Sierra Pacific
 Communications, a telecommunications company.
 
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SOURCE Sierra Pacific Resources
    LAS VEGAS, April 26 /PRNewswire/ -- Sierra Pacific Resources (NYSE:   SRP)
 and Enron Corp. (NYSE:   ENE) announced today they have mutually agreed to
 terminate their purchase and sale agreement for Enron's wholly owned electric
 utility subsidiary, Portland General Electric (PGE).
     "While this acquisition would have offered many efficiencies in utility
 distribution for customers in both Nevada and Oregon, completing it was
 becoming increasingly difficult in the current market and political
 environment in the west," said Walt Higgins, chairman and CEO of Sierra
 Pacific Resources.  "Terminating this agreement now minimizes further costs to
 our shareholders as we continue to focus our attention on customers in Nevada
 and the Lake Tahoe region of California."
 
     Headquartered in Nevada, Sierra Pacific Resources is a holding company
 whose principal subsidiaries are Nevada Power Company, the electric utility
 for southern Nevada, and Sierra Pacific Power Company, the electric utility
 for most of northern Nevada and the Lake Tahoe area of California, and a
 natural gas and water distributor in the Reno-Sparks area.  Other subsidiaries
 include the Tuscarora Gas Pipeline Company, which owns 50% interest in an
 interstate natural gas transmission partnership, and Sierra Pacific
 Communications, a telecommunications company.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X57636739
 
 SOURCE  Sierra Pacific Resources