New PacifiCorp Organization and Leadership Announced

DES MOINES, Iowa – MidAmerican Energy Holdings Company today announced that it has completed the purchase of PacifiCorp from ScottishPower.

On May 24, 2005, MidAmerican Energy Holdings Company announced it had reached an agreement with ScottishPower to acquire its subsidiary, PacifiCorp, for $5.1 billion in cash. PacifiCorp’s $4.1 billion in net debt and preferred stock as of Dec. 31, 2005, will remain outstanding.

Last week, final regulatory approval of the transaction was obtained from the six state public utility commissions in PacifiCorp’s service area. The transaction also had received regulatory approval from the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission and clearance from the Department of Justice under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

“This is an exciting day in the history of MidAmerican Energy Holdings Company and PacifiCorp,” said David Sokol, chairman and chief executive officer of MidAmerican Energy Holdings Company. “We look forward to supporting PacifiCorp as it builds upon its record of outstanding service to customers in Oregon, Utah, Idaho, Washington, Wyoming and California.” 

A new organizational structure and leadership team for PacifiCorp also was announced. The company has been organized into three business units, aggregating up to PacifiCorp.

The PacifiCorp Energy business unit will contain the electric generation, commercial and energy trading functions, and the coal-mining operations of the company. Bill Fehrman, recently hired as senior vice president for MidAmerican Energy Holdings Company, has been named president of PacifiCorp Energy. Prior to joining MidAmerican, Fehrman was president and chief executive officer of Nebraska Public Power District, based in Columbus, Neb. PacifiCorp Energy will be headquartered in Salt Lake City, Utah.

The Pacific Power business unit will be responsible for delivering electricity safely and reliably to customers in Oregon, Washington and California. Stan Watters, currently senior vice president for PacifiCorp’s commercial and trading group, has been named president of Pacific Power. Pacific Power will be headquartered in Portland, Ore.

The Rocky Mountain Power business unit will be responsible for delivering electricity safely and reliably to customers in Wyoming and Idaho under the brand name Rocky Mountain Power, and to customers in Utah under the brand name Utah Power. Richard Walje has been named president of Rocky Mountain Power and will remain president of Utah Power. Rocky Mountain Power, including Utah Power, will be headquartered in Salt Lake City.

PacifiCorp, the corporate parent of PacifiCorp Energy, Pacific Power and Rocky Mountain Power, will be led by Greg Abel, who has been named chairman and chief executive officer of the company. Fehrman, Walje and Watters will report to Abel, who also will continue to serve as president of MidAmerican Energy Holdings Company.

PacifiCorp will remain headquartered in Portland. Abel will be based at MidAmerican’s corporate headquarters in Des Moines, Iowa, but will have offices in Portland and Salt Lake City.

“The new organization will further enhance the regional identity of our electric distribution businesses and provide a greater focus on the electric generation business,” Abel said. “The leaders of these business units bring a high level of knowledge and experience to their new positions with the common objective to deliver outstanding service to their customers.”

Abel also announced that Brent Gale has been promoted to senior vice president of regulation and legislation for MidAmerican Energy Holdings Company, and will have responsibility for the regulatory and legislative functions at PacifiCorp and MidAmerican Energy Company. Gale will report to Abel and will relocate from Des Moines to Portland.

Approximately 1.6 million customers in six Western states look to PacifiCorp for safe, reliable electrical service. PacifiCorp operates as Pacific Power in Oregon, Washington and California; as Rocky Mountain Power in Wyoming and Idaho; and as Utah Power in Utah. PacifiCorp is one of the lowest-cost electricity producers in the United States with a generation capacity of 8,261 megawatts. For more information, visit www.pacificorp.com.

MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is a global provider of energy services. Through its energy-related business platforms – PacifiCorp, MidAmerican Energy Company, CE Electric UK, Kern River Gas Transmission Company,

Northern Natural Gas Company and CalEnergy – MidAmerican provides electric and natural gas service to more than 6.7 million customers worldwide. Information on MidAmerican is available on the Internet at www.midamerican.com.

Media kit  (pdf)

For more information, contact:
Allan Urlis, for MidAmerican Energy Holdings Company (515) 281-2785
Jan Mitchell, for PacifiCorp (503) 813-7281
Rachel Sherrard, for PacifiCorp (503) 813-5688