DAILY COURIER, Grants Pass OR, 26 Nov 99 (no link available) Salt Lake City

The Utah Public Service Commission has approved ScottishPower's proposed $7.9 billion acquisition of PacifiCorp.

The approval from Utah regulators was the last major hurdle ScottishPower had to overcome in its quest to take over PacifiCorp, which serves more than 600,000 customers through its Utah Power subsidiary.

Regulators in the other five states where PacifiCorp operates already gave their permission for the merger to take place.

The PSC said in the order issued late Tuesday that the deal will benefit Utah consumers.

"We had to be convinced there would be net positive benefits from this merger", said Stephen Mecham, chairman of the PSC. "And one of the benefits we get is a new, more focused management team that is committed to upgrading and ensuring the reliability of the electric power delivery system."

The Utah order is the first regulatory approval required for the merger. PacifiCorp officials said they anticipate that the merger will be completed within the next two weeks.

"I am delighted", said Alan Richardson, CEO-designate of PacifiCorp. "It clears the way for us to meet our objective of completing the merger within a year of announcing the transaction."

ScottishPower's takeover of PacifiCorp is the first-ever acquisition of a US electrical utility by a foreign company. Based in Glasgow, Scotland, ScottishPower has customers throughout the United Kingdom.

Utah's Committee of Consumer Services and the Division of Public Utilities earlier agreed to support the deal in exchange for a four-year, $48 million rate cut for Utah consumers.

"We are just happy as clams that we finally got this approval", said Dave Eskelsen, spokesman for Utah Power. He said legal and technical detsails still remain to be worked-out, but the merger should be completed within 30 days.

Although ScottishPower promised Utah consumers their electricity rates would not go up as a result of its acquisition, a potential increase in power rates is already in the works.

NOTE: So much for the integrity of both parties; PacifiCorp recently requested a 17.8% rate hike from the Oregon PUC, and ScottishPower is already lying about it.

Nice timing, guys, what with the upcoming y2k transition, and all....

-- Anonymous, November 28, 1999

Answers

This question is begging to be asked...

Does this mean that we'll be seeing a lot of Mormons in kilts at the plants?!

-- Anonymous, November 29, 1999