The company will continue operating as Pacific Power in Oregon, Wyoming, Washington and northern California, and as Utah Power in both Utah and Idaho. PacifiCorp will operate under its current name and will continue to be headquartered in Portland. The company relies on a diverse fuel mix of coal, geothermal, hydroelectric, natural gas, nuclear, biomass and wind power to meet customers needs. Midmerican will own, operate and have under construction or in advanced development more than 16,000 megawatts of electric generation in the United States alone. The company will have about 10 billion in annual revenues internationally, of which 8.5 billion will be from the United States. If final consent is given Midmerican will have assets totaling more than 25.3 billion in the United States and some 32 billion internationally. Shareholders of ScottishPower must also favor the sale. While the transaction, which has been approved unanimously by both companies boards of directors, the sale is still subject to federal and state approval including that of the Utah Public Service Commission which could take until 2006 to obtain. PacifiCorp is a great company with outstanding assets. He added, We are excited to be making this long-term investment, through Midmerican, in the premier energy company in the West.
Buffett who serves as chairman of the investment company Berkshire Hathaway said, The energy sector has long interested us, and this is the right fit. Billionaire Warren Buffett s holding company Midmerican Energy purchased PacifiCorp yesterday for 5.1 billion in cash and another 4.3 billion in net debt and preferred stock.
112 NO cents Change in power at utility company by Karen Lee Scott STFF WRITER Though ownership of Utah Power s parent company (PacifiCorp a subsidiary of ScottishPower) has changed, the company s name and rates will remain the same. BULLETIN SERVING TOOELE COUNTY SINCE 1894 VOL. 1 THURSDY TOOELE TRNSCRIPT There s no shortage of summer activities in county.