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PacifiCorp says sale won't affect issues
October 11, 2005 By DYLAN DARLING
PacifiCorp officials say
the utility's pending sale to a Warren Buffet
company won't affect the relicensing of power dams
on the Klamath River or the potential increase of
power rates for Klamath Basin irrigators.
Buffett's company could
close on the $9.4 million to buy PacifiCorp in
March. MidAmerican is waiting to get approval from
six states, including Oregon, before finishing the
MidAmerican officials contend the company will improve PacifiCorp because it can borrow money at a lower rate and keep overhead costs lower than Scottish Power, the Scotland company that has owned PacifiCorp since 1999. Officials have also said they will honor any promises made by PacifiCorp before the purchase, such as those regarding the Klamath River dams and Basin irrigator rate.
”It seems to us to be a
good match,“ said Kevin Lynch, regional vice
president for PacifiCorp.
The irrigators' contracts
are set to expire in April. The PUC will determine
if there should be an increase, and if so, how
much. Valdez said the decisions should come in
March. In July, the Oregon legislature passed a
bill brought by Sen. Doug Whitsett, a Klamath
Falls Republican, that would make any increase to
Basin irrigators gradual, spreading it over seven
years. Gov. Ted Kulongoski then signed it into
Before the deal is
completely done, MidAmerican needs to also get the
approval of the Securities and Exchange Commission
and the Federal Energy Regulatory Commission.
Lynch, who is a
stockholder in Scottish Power, said he got a
shareholders letter saying E.ON might buy Scottish
Power. Even if that deal happens, the PacifiCorp
deal could still go through if E.ON decides to
stay focused on Europe.
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