<PAGE>   1

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-Q

(Mark One)
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 1996

                                       or

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from _______________ to __________________.

                       COMMISSION FILE NUMBER:  333-13791

                               ENRON OREGON CORP.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

<TABLE>
<S>                                                               <C>
                 Oregon                                               76-0511381
    (STATE OR OTHER JURISDICTION OF                                (I.R.S. EMPLOYER
     INCORPORATION OR ORGANIZATION)                               IDENTIFICATION NO.)

              Enron Bldg.
           1400 Smith Street
             Houston, Texas                                              77002
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                              (ZIP CODE)
</TABLE>

                                 (713) 853-6161
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

              [ ] Yes           [X] No

     As of September 30, 1996 there were 1,000 shares of common stock
outstanding, each of which was owned by the registrant's parent, Enron Corp.

NOTE:  THE REGISTRANT'S REGISTRATION STATEMENT ON FORM S-4 (FILE NO.
       333-13791) WAS DECLARED EFFECTIVE BY THE SECURITIES AND EXCHANGE
       COMMISSION ON OCTOBER 10, 1996.  ACCORDINGLY, PURSUANT TO RULE
       13A-13(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, THIS
       QUARTERLY REPORT ON FORM 10-Q IS REQUIRED TO BE FILED ON OR
       BEFORE NOVEMBER 25, 1996, WHICH IS 45 DAYS AFTER THE DATE THAT
       THE AFOREMENTIONED REGISTRATION STATEMENT BECAME EFFECTIVE.




                              Page 1 of 5 Pages
<PAGE>   2

                               ENRON OREGON CORP.

                                   FORM 10-Q

                                    INDEX
<TABLE>
<CAPTION>
                                                                                                                 Page No.
                                                                                                                 --------
<S>       <C>                                                                                                      <C>
PART I  -  FINANCIAL INFORMATION

ITEM 1.       Financial Statements (see Note below)                                                                 3

ITEM 2.       Management's Discussion and Analysis of Financial Condition
              and Results of Operations (see Note below)                                                            3

PART II  -  OTHER INFORMATION

ITEM 1.       Legal Proceedings                                                                                     3

ITEM 2.       Changes in Securities                                                                                 3

ITEM 3.       Defaults upon Senior Securities                                                                       4

ITEM 4.       Submission of Matters to a Vote of Security Holders                                                   4

ITEM 6.       Exhibits and Reports on Form 8-K                                                                      4

SIGNATURES                                                                                                          5
</TABLE>





                               Page 2 of 5 Pages
<PAGE>   3
PART I   FINANCIAL INFORMATION
        
ITEM 1.  FINANCIAL STATEMENTS (SEE NOTE BELOW)
        
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS (SEE NOTE BELOW)

     NOTE:  Enron Oregon Corp. (the "Company" or "New Enron") was incorporated
under the laws of the State of Oregon on July 19, 1996 as a wholly owned
subsidiary of Enron Corp. ("Enron").  The Company was formed solely for the
purpose of effecting the transactions contemplated by the Amended and Restated
Agreement and Plan of Merger dated as of July 20, 1996 and amended and restated
as of September 24, 1996 (the "Merger Agreement") among Enron, the Company and
Portland General Corporation, an Oregon corporation ("PGC").

     Under the Merger Agreement, and subject to the terms and conditions
thereof, (i) Enron will be reincorporated as an Oregon corporation by merging
with and into New Enron (the "Reincorporation Merger") and (ii) immediately
thereafter, PGC will merge with and into New Enron, with New Enron being the
surviving corporation (the "PGC Merger" and, together with the Reincorporation
Merger, the "Mergers"). The Merger Agreement provides that if certain
regulatory reforms are enacted, the structure of the transactions contemplated
by the Merger Agreement will be revised to eliminate the Reincorporation
Merger.

     On November 12, 1996, the respective stockholders of Enron and PGC voted
to adopt and approve the transactions contemplated by the Merger Agreement.
Completion of the Mergers remains subject to satisfaction of regulatory
approvals and other customary closing conditions, including approval by the
Federal Energy Regulatory Commission and the Oregon Public Utilities
Commission.

     As a result, New Enron has not issued any of its authorized shares, except
for 1,000 shares of Common Stock issued to Enron in connection with the
formation of New Enron.  Furthermore, New Enron has no assets, liabilities or
equity as of September 30, 1996 (or as of the date hereof), except for
immaterial amounts of cash contributed by Enron in connection with the
formation of New Enron.  In addition, New Enron has conducted no operations and
has incurred no liabilities.

     Accordingly, there are no financial statements or Management's Discussion
and Analysis of Financial Condition and Results of Operations in this report.

     Upon the consummation of the Mergers, the assets, liabilities and equity
of Enron and PGC will become assets, liabilities and equity of New Enron and
will be included in New Enron's financial statements.

PART II  OTHER INFORMATION
         
ITEM 1.  LEGAL PROCEEDINGS
         
         None.
         
ITEM 2.  CHANGES IN SECURITIES

              As contemplated by the Merger Agreement, the Articles of
Incorporation of New Enron were amended and restated on October 7, 1996.
However, because Enron is the only shareholder of New Enron, and will be the
only shareholder until the consummation of the Mergers, the amendments will not
affect any security holder (other than Enron) until the Mergers have been
consummated.  The Restated Articles of Incorporation are filed as Exhibit 3.1
to this Quarterly Report and are incorporated by reference herein.





                               Page 3 of 5 Pages
<PAGE>   4


              Furthermore, the forms of Series Designation for the New Enron
Cumulative Second Preferred Stock and 9.142% Perpetual Second Preferred Stock
are attached to this Quarterly Report as Exhibits 3.3 and 3.4, respectively,
and are incorporated by reference herein.  However, such series designations
have not yet been adopted by the New Enron Board of Directors or filed with the
Secretary of State of the State of Oregon.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
         
         None.
         
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
         
         None.
         
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

   (A)   EXHIBITS.
         
   2.1   Amended and Restated Agreement and Plan of Merger dated as of
         July 20, 1996 and amended and restated as of September 24, 1996
         among Enron, New Enron and PGC (incorporated by reference to
         Exhibit 2.1 to New Enron's Registration Statement on Form S-4,
         Registration No. 333-13791).
         
   3.1   Restated Articles of Incorporation of New Enron (incorporated by
         reference to Exhibit 3.1 to New Enron's Registration Statement on
         Form S-4, Registration No. 333-13791).
         
   3.2   Form of Bylaws of New Enron (incorporated by reference to Exhibit
         3.2 to New Enron's Registration Statement on Form S-4,
         Registration No. 333-13791).
         
   3.3   Form of Series Designation for the New Enron Cumulative Second
         Preferred Convertible Stock (incorporated by reference to Exhibit
         3.3 to New Enron's Registration Statement on Form S-4,
         Registration No. 333-13791).
         
   3.4   Form of Series Designation for the New Enron 9.142% Perpetual
         Second Preferred Stock (incorporated by reference to Exhibit 3.4
         to New Enron's Registration Statement on Form S-4, Registration
         No. 333-13791).
         
   (B)   REPORTS ON FORM 8-K.
         
         None.





                               Page 4 of 5 Pages
<PAGE>   5

                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                  ENRON OREGON CORP.
                                  
                                  
Date:  November 22, 1996          By:       WILLIAM D. GATHMANN
                                     -----------------------------------
                                  Name:  William D. Gathmann
                                  Title: Vice President, Finance and Treasurer 
                                         (Principal Financial Officer)





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