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, 1996

                                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)

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                   EMPLOYEE STOCK PURCHASE PLAN OF
                    PORTLAND GENERAL CORPORATION


                  STATEMENTS OF FINANCIAL CONDITION

At December 31                                        1996      1995

Receivable from Portland General                    $20,876   $13,579

Participants' Equity                                $20,876   $13,579




        STATEMENTS OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY

For the Years Ended December 31               1996       1995       1994

Dividend Income                               $   4,108  $   4,752  $   5,981

Contributions from (Note 2):

    Participants                                286,112    242,261    231,575
    Portland General and Affiliates              31,294     33,503     26,154
                                                317,406    275,764    257,729
Distributions to Participants:

    Cost of 9,348, 12,067, and 14,582 shares,
    respectively, of common stock of Portland
    General issued to participants under the
    terms of the Plan (including $1,002, $699
    and $475, respectively, in cash)           (314,217)  (278,789)  (262,304)

Change in Participants' Equity for the Year       7,297      1,727      1,406

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

Participants' Equity, at end of year          $  20,876  $  13,579  $  11,852



      The accompanying notes are an integral part of these statements.

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                     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.  In  November,  1996 Portland General
shareholders approved a merger with Enron Corp.  If final regulatory approvals
of the merger are received, the Plan may be altered, amended, or discontinued.

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

    1996 CONTRIBUTIONS
    Employer             $ 30,068   $ 1,226   $  -   $ 31,294
    Participants          273,777    12,335      -    286,112

       Total             $303,845   $13,561   $  -   $317,406

    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



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                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, 1996 and 1995, and the related statements  of  income and changes
in  participants'  equity  for  each  of  the three years in the period  ended
December 31, 1996.  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, 1996 and 1995, and the
income and changes in participants' equity for each  of the three years in the
period  ended  December  31,  1996  in  conformity  with  generally   accepted
accounting principles.

                                                     ARTHUR ANDERSEN LLP

Portland, Oregon,
March 17, 1997



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