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Big utility merger involving Nevada likely off

Friday, March 23, 2001 | 4:46 a.m.

Enron Corp. of Houston on Friday said its $3.1 billion sale of Portland General Electric Co. to Sierra Pacific Resources probably won't be completed due to a California law that bars public utilities from shedding generators until 2005 because of an electricity shortage.

The chief executive officer of Sierra Pacific, owner of Nevada Power Co. of Las Vegas, told the Las Vegas Sun earlier this month that the deal probably wouldn't happen for another reason: Sierra Pacific's weakened financial position.

Enron President and Chief Executive Officer Jeff Skilling said during a phone conference Friday that there is only a 5 percent chance that it will be able to sell PGE, BridgeNews reported. He added that Enron is not in a rush to sell the Oregon utility since it is a profitable business.

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