SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549


                               Form 8-K

                            CURRENT REPORT


                Pursuant to Section 13 or 15(d) of the
                   Securities Exchange Act of 1934


    Date of Report (Date of earliest event reported) July 20, 1996



                    Registrant; State of Incorporation;                          IRS Employer
Commission File Number                                Address; and Telephone Number        Identification
No.

1-5532              PORTLAND GENERAL CORPORATION      93-0909442
                    (an Oregon Corporation)
                    121 SW Salmon Street
                    Portland, Oregon 97204   
                    (503) 464-8820


1-5532-99           PORTLAND GENERAL ELECTRIC COMPANY 93-0256820
                    (an Oregon Corporation)
                    121 SW Salmon Street
                    Portland, Oregon 97204
                    (503) 464-8000



                     121 S.W. Salmon Street, Portland, Oregon            97204  
                      (Address of principal executive offices)         (zip code)

               Registrant's telephone number, including area code 503-464-8820
      



Item 5.             Other Events

Planned Merger of Portland General Corporation - On July 20, 1996 Portland 
General Electric Company's (PGE) parent corporation, Portland General 
Corporation, an Oregon corporation (PGC), entered into an Agreement and Plan of
Merger (Merger Agreement) with Enron Corp., a Delaware corporation (Enron) and 
New Enron Corp., an Oregon corporation and wholly owned subsidiary of Enron 
(New Enron), pursuant to which Enron will be merged with and into New Enron with
New Enron the surviving corporation in the merger (the Reincorporation 
Merger) immediately following which PGC will be merged with and into New 
Enron, with New Enron the surviving corporation in the merger (the PGC 
Merger).  As a result of the Reincorporation Merger, (I) each outstanding 
share of Enron common stock, par value $.10 per share (Enron Common Stock), 
will be converted into one share of common stock, no par value, of New Enron 
(New Enron Common Stock), and (ii) each outstanding share of Enron's Cumulative
Second Preferred Convertible Stock, par value $1.00 per share and each 
outstanding share of Enron's 9.142% Perpetual Second Preferred Stock, par 
value $1.00 per share and each share of any series of Preferred Stock, Second 
Preferred Stock or Preference Stock of Enron issued after the date of the Merger
Agreement and issued and outstanding immediately prior to the effective time of 
the Reincorporation Merger (together, the Enron Preferred Stock) will be 
converted into one share of a class or series of preferred stock of New Enron 
having substantially equivalent rights, preferences and limitations as the 
corresponding class or series of Enron Preferred Stock.  As a result of the 
PGE Merger, each outstanding share of PGC's common stock, par value $3.75 per 
share, will be converted into one share of New Enron Common Stock.  The PGC 
Merger is conditioned upon, among other things, approval by the shareholders 
of each of PGC and Enron, and the completion of regulatory procedures at the 
Oregon Public Utility Commission and the Federal Energy Regulatory commission. 
The companies are hopeful that the regulatory procedures can be completed within
twelve months from the date of the Merger Agreement.  The Merger Agreement may 
be terminated by Enron if the average of the closing prices of Enron Common 
Stock during the 20 consecutive trading day period ending five trading days 
prior to the date of the meeting of the shareholders of Enron is more than 
$47.25 per share, and may be terminated by Enron if the average of the closing 
prices of Enron Common Stock during such period is less than $36.25 per share.  
Following the PGC Merger, PGE will be a subsidiary of New Enron.


Item 7.             Financial Statements, Pro Forma Financial Information and
Exhibits

Exhibit 2 - Plan of acquisition, reorganization, arrangement, liquidation, or
            succession

Agreement and Plan of Merger, dated as of July 20, 1996, by and between Enron 
Corp., Portland General Corporation and New Enron Corp.

                              Signatures


Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrants have duly caused this report to be signed on their behalf by the 
undersigned hereunto duly authorized.


                    Portland General Corporation
                    Portland General Electric Company




April 26, 1996      By          /s/  Joseph M. Hirko           
                                     Joseph M. Hirko 
                                    Senior Vice President
                                    Chief Financial Officer