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<SEC-DOCUMENT>0000950134-09-004948.txt : 20090310
<SEC-HEADER>0000950134-09-004948.hdr.sgml : 20090310
<ACCEPTANCE-DATETIME>20090310155807
ACCESSION NUMBER:		0000950134-09-004948
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090310
DATE AS OF CHANGE:		20090310

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PORTLAND GENERAL ELECTRIC CO /OR/
		CENTRAL INDEX KEY:			0000784977
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				930256820
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-143472
		FILM NUMBER:		09669476

	BUSINESS ADDRESS:	
		STREET 1:		121 SW SALMON ST
		STREET 2:		1WTC0501
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97204
		BUSINESS PHONE:		5034647779

	MAIL ADDRESS:	
		STREET 1:		121 SW SALMON STREET
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97204

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PORTLAND GENERAL ELECTRIC CO /OR/
		CENTRAL INDEX KEY:			0000784977
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				930256820
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		121 SW SALMON ST
		STREET 2:		1WTC0501
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97204
		BUSINESS PHONE:		5034647779

	MAIL ADDRESS:	
		STREET 1:		121 SW SALMON STREET
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97204
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Filed by Portland General Electric Company<BR>
Pursuant to Rule&nbsp;433 under the Securities Act of 1933<BR>
Registration Statement No.&nbsp;333-143472</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following article regarding Portland General Electric Company&#146;s public offering of its common
stock was published by The Oregonian on March&nbsp;4, 2009 at <u>www.oregonlive.com</u> and in print on March
5, 2009. Portland General Electric Company (&#147;PGE&#148;) did not prepare or review this article in
advance of its publication, does not endorse any of the opinions expressed in the article (other
than any opinion expressed by any representative of PGE expressly quoted and attributed to such
representative in the article) regarding the offering or any other issues discussed in this article
and does not make any representations as to the accuracy of such opinions. Certain factual
misstatements contained in the article are corrected by bracketed language that follows each such
misstatement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Some of the statements that the article attributes to PGE are forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The
forward-looking statements involve estimates, projections, goals, forecasts, assumptions, risk and
uncertainties that could cause actual results or outcomes to differ materially from those expressed
in the forward-looking statements. Any forward-looking statement is based on information current as
of the date on which such statement was made and speaks only as of such date, and PGE undertakes no
obligation to update any forward-looking statement or statements to reflect events or circumstances
after the date on which such statement is made.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents free of charge by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the prospectus and
prospectus supplement may be obtained by calling J.P. Morgan Securities Inc. at (718)&nbsp;242-8002;
Barclays Capital Inc., c/o Broadridge Integrated Distribution Services, at (888)&nbsp;603-5847 or by
e-mail at Barclaysprospectus@broadridge.com; Deutsche Bank Securities Inc. at (800)&nbsp;503-4611 or by
e-mail at prospectusrequest@list.db.com; or Wachovia Capital Markets, LLC at (800)&nbsp;326-5897 or by
email at equity.syndicate@wachovia.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PGE raising cash for wind farm/PGE will issue stock to expand wind farm</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Ted Sickinger: 503-221-8505; </I><u>tedsickinger@news.oregonian.com</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you can avoid it, you don&#146;t go to the floundering equity markets right now to raise capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But Portland General Electric Co. needs the cash to fund the expansion of a wind farm. And after
watching its share price dip to an all-time low on Wednesday, the state&#146;s largest electric utility
announced plans to issue 10.85&nbsp;million new shares of its common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PGE also expects to grant its underwriters a 30-day option to purchase up to an additional 1.6275
million shares to cover any over-allotments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The company said the proceeds would be used to reduce short term debt and fund the ongoing
expansion of its Biglow Canyon wind farm in Sherman County. It expects to price the transaction
tomorrow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Depending on the size of the overallotment, the offering will expand PGE&#146;s share base by between 17
and 20&nbsp;percent, substantially diluting the company&#146;s current share owners at a time when they have
already seen the value of the company&#146;s stock plummet by more than 40&nbsp;percent since the beginning
of September.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PGE&#146;s shares finished regular trading Wednesday at 15.21, up 21 cents. But the stock dropped 9
percent to $13.79 in after-hours trading as investors discounted the dilution from the share
offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At $13.79, PGE&#146;s stock is trading at a 36&nbsp;percent discount to its book value of $21.64 per share,
which is a measure of the companies net asset value. Many companies are in similar situations as
investors batter their share prices, but it makes an inopportune time to raise money.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PGE chief executive Jim Piro said its impossible to time the market, and given that the company had
just announced its fourth quarter earnings and telegraphed its intention to issue shares, the
timing was as good as could be expected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Given that economic times could get worse or better, we felt like this was the right time to go
and pulled the trigger,&#148; Piro said.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PGE has a capital expenditure plan of some $720&nbsp;million this year, the largest in the company&#146;s
history, Piro said. The Biglow Canyon wind farm expansion will cost $750&nbsp;million over the next two
years, as PGE pushes to meet the state&#146;s new renewable energy mandates. &#091;CORRECTION: PGE estimates
total project costs of $759&nbsp;million, including allowance for funds used during construction, for
Phase II and Phase III of its Biglow Canyon Wind Farm.&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PGE will fund a portion of those capital needs internally, but it also plans to issue additional
debt this year. The company sold $130&nbsp;million in bonds earlier this year, and intend to issue
another $170&nbsp;million in the second or third quarter depending on market conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Piro said the company had adequate cash flow to continue paying its quarterly dividend of 24.5 cent
per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PGE said the offering would be jointly managed by J.P. Morgan Securities Inc., Barclays Capital
Inc., Deutsche Bank Securities Inc. and Wachovia Capital Markets, LLC.
</DIV>


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</DIV>



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