Exhibit (99)



                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C.  20549


                             FORM 11-K


      [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 (FEE REQUIRED)

            For the fiscal year ended December 31, 1995

                                OR

      [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

      For the transition period from _______________ to _______________
      Commission file number ___________________





                   EMPLOYEE STOCK PURCHASE PLAN
                        (Title of the Plan)




                   PORTLAND GENERAL CORPORATION

  (Name of the Issuer of the Securities and Employer Sponsoring the Plan)





                       121 SW Salmon Street
                         Portland OR 97204

            (Address of its Principal Executive Office)


<PAGE>
                   
                   EMPLOYEE STOCK PURCHASE PLAN OF
                    PORTLAND GENERAL CORPORATION


                  STATEMENTS OF FINANCIAL CONDITION

 At December 31                                       1995       1994

 Receivable from Portland General                   $13,579    $11,852

 Participants' Equity                               $13,579    $11,852




        STATEMENTS OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY

 For the Years Ended December 31           1995       1994       1993

 Dividend Income                         $  4,752   $  5,981   $  5,243

 Contributions from (Note 2):

      Participants                        242,261    231,575    229,940
      Portland General and Affiliates      33,503     26,154     25,659
                                          275,764    257,729    255,599
 Distributions to Participants:

      Cost of 12,067, 14,582, and 
      12,628 shares, respectively, of 
      common stock of Portland General 
      issued to participants under the
      terms of the Plan (including 
      $699, $475 and $2,326, 
      respectively, in cash)             (278,789)  (262,304)  (257,904)

 Change in Participants' Equity for 
 the Year                                   1,727      1,406      2,938

 Participants' Equity, at beginning 
 of year                                   11,852     10,446      7,508

 Participants' Equity, at end of year    $ 13,579   $ 11,852   $ 10,446



      The accompanying notes are an integral part of these statements.

<PAGE>
                     
                     EMPLOYEE STOCK PURCHASE PLAN OF
                      PORTLAND GENERAL CORPORATION


                      NOTES TO FINANCIAL STATEMENTS

 NOTE 1.

  Portland General Corporation (Portland General) Employee Stock Purchase Plan
 (Plan)  was  established  to  enable  employees  of  Portland General and its
  affiliates  to  acquire  an ownership interest in Portland  General  through
 purchase of its common stock.   Portland  General  acts as custodian for each
 participant and pays all Plan expenses.  Portland General  affiliates in turn
  reimburse Portland General for costs incurred on behalf of their  employees.
 The  Plan  is not subject to income taxes.  The Plan may be altered, amended,
 or discontinued  at  any  time by Portland General; however, each participant
 has the rights of an owner  of  record in shares held by Portland General for
 the participant's account.

  Participants'  contributions  are made  through  payroll  deductions  within
 certain limitations.  The price  of  the common stock to a participant is 90%
 of a five-day average market price which is determined by dividing the sum of
 the closing prices of Portland General  stock  on the New York Stock Exchange
 on the last five business days ending on or before  the 15th day of the month
  of the allocation, by five.  Shares of common stock are  purchased  directly
 from  Portland  General.   The  amount  of Portland General contributions and
 dividends received by the Plan are reported  to  participants  on  a  current
 basis for income tax purposes.


 NOTE 2.

                             PGE           PGC         CWL       TOTAL

  1995 CONTRIBUTIONS
  Employer                $ 33,503     $      -     $     -       $ 33,503
  Participants             242,261            -           -        242,261

     Total                $275,764     $      -     $     -       $275,764

  1994 CONTRIBUTIONS
  Employer                $ 26,127     $       -    $     27      $ 26,154
  Participants             231,345             -         230       231,575

     Total                $257,472     $       -    $    257      $257,729


  1993 CONTRIBUTIONS
  Employer                $ 25,587     $     44     $     28      $ 25,659
  Participants             229,295          405          240       229,940

     Total                $254,882     $    449     $    268      $255,599



<PAGE>

                REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS


 To Portland General Corporation:

  We  have  audited  the accompanying statements of financial condition of the
 Employee Stock Purchase  Plan  (Plan)  of  Portland General Corporation as of
 December 31, 1995 and 1994, and the related  statements of income and changes
  in participants' equity for each of the three  years  in  the  period  ended
 December  31, 1995.  These financial statements are the responsibility of the
 Plan's management.   Our  responsibility  is  to  express an opinion on these
 financial statements based on our audits.

  We  conducted  our  audits  in accordance with generally  accepted  auditing
 standards.  Those standards require  that  we  plan  and perform the audit to
 obtain reasonable assurance about whether the financial  statements  are free
  of  material  misstatement.   An  audit includes examining, on a test basis,
 evidence supporting the amounts and  disclosures in the financial statements.
  An  audit  also  includes  assessing  the  accounting  principles  used  and
 significant estimates made by management, as  well  as evaluating the overall
  financial  statement  presentation.  We believe that our  audits  provide  a
 reasonable basis for our opinion.

 In our opinion, the financial statements referred to above present fairly, in
 all material respects, the  financial position of the Employee Stock Purchase
 Plan of Portland General Corporation  as  of  December 31, 1995 and 1994, and
 the income and changes in participants' equity for each of the three years in
  the  period ended December 31, 1995 in conformity  with  generally  accepted
 accounting principles.

                                                           ARTHUR ANDERSEN LLP

 Portland, Oregon,
 January 24, 1996



                CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


 As independent  public accountants, we hereby consent to the incorporation of
 our reports included  in  this Form 11-K, into Portland General Corporation's
  previously  filed  Registration   Statement   No.   33-27462  on  Form  S-8,
 Registration  Statement No. 33-40943 on Form S-8, Registration Statement  
No.  33-49811  on Form S-8, Registration Statement No. 33-55321 on Form S-3
and Registration Statement No. 33-61313 on Form S-8.
                                                    

                                                   ARTHUR ANDERSEN LLP

 Portland, Oregon,
 January 24, 1996