wsj article enron portland general potential sale discussions northwest natural clarification talks point time original message brennan lorna sent friday october 05 2001 9 04 taylor gina barker courtney fritch bret martens donna petersen keith vignaroli donald anderson ken aschwege doug beck judy choquette gary descoteaux carolyn johnson robert l reinecke bryan sans souci becki westfall roger chavez gabriel dowd stephen gadd eric gelin elberg gonzalez martin hyatt kevin junus david lee jebong millar john ratner michael hass glen loeffler michael stanton lon wilson rob dushinske john fowler bill miller kent neubauer dave neville sue williams jo barry mike berg vicki bolks sean bollinger joni bowers janet branney theresa buehler craig burleson bob cabrera reyna halpin tom herber stephen janousek martha johanson tim lagerstrom karen lantefield laura mason robert mccarran penny mercaldo vernon oldenhuis frank pavlou larry penkava loren pritchard john riehm richard roobaert preston sebesta chris semin frank stage michael g stevens bob strohmeyer vincent swett larry thomas steve threet kay valley lisa weller steve wilkinson chuck blair lynn dietz rick january steven medeles gerry nacey sheila scott donna dornan dari pavlou maria porter gregory j talcott jim corman shelley fossum drew hayslett rod mcgowan mike w miller mary kay nelson mike bianchi rita brennan patrick clements carol darveaux mary kirk steve kissner tim thurber bob winckowski michele smith sarabeth cohrs allen fiscus john gilbert steve jones dana joyce jane korbelik stephanie powell powers ken harris steven donoho lindy goradia pallavi lindberg lorraine lohman tk lokay michelle mcconnell mark moore jan watson kimberly barbo paul huber lee pryor tony subject wsj article enron portland general sale northwest natural northwest natural talks enron portland utility wall street journal staff reporters robin sidel rebecca smith nikhil deogun 10 05 2001 wall street journal b 2 copyright c 2001 dow jones company inc enron corp advanced discussions sell portland general electric utility unit northwest natural gas co 1 8 billion cash stock highly leveraged transaction would eventually give enron minority stake northwest according people familiar matter discussions delicate stage important points need finalized people caution current environment could also make financing transaction quite difficult board approval certainty however two sides agree terms deal could announced next days northwest natural also expected assume roughly 1 billion debt enron northwest natural declined comment transaction consummated would come nearly six months collapse enron agreement sell utility sierra pacific resources transaction fell apart part california energy crisis purchase portland general would big bite northwest natural market capitalization 650 million supplies natural gas 500 000 residential business customers oregon vancouver wash portland general electric utility serving 1 4 million customers oregon deal would bring together two oregon utilities whose executives employees know well richard g reiten northwest chairman chief executive president chief operating officer portland general 1989 1996 also served board buying utility northwest would hope bargaining power gas purchases enabling buy product store prices cheap deal would accretive northwest earnings people familiar matter say financial risk northwest natural somewhat muted enron helping facilitate finance transaction agreeing take common stock convertible preferred stock northwest natural addition cash northwest natural would finance transaction debt equity offerings shares northwest natural trading 1 04 25 99 4 p composite trading new york stock exchange enron stock 39 cents share 33 10 enron deal northwest natural would latest twist five year ordeal supposed help nation biggest energy trader break california deregulating electricity market utility business proved less valuable anticipated enron prevented selling utility contracts enabled buy electricity cheaply california market developed serious problems last year made less attractive place enron business enron also owns major gas transmission pipeline system history buying assets businesses learning selling bulk physical assets reinvest capital elsewhere clear enron put capital work garners sale broadband telecommunications business doldrums recently said would invest 250 million year formerly projected 750 million