To date Estate has returned total of $14.558 Billion

April 1, 2008

Enron Creditors Recovery Corp., f/k/a Enron Corp., today announced its twenty-first distribution to creditors of Enron and its affiliated Debtor companies.  Today’s distribution to holders of allowed general unsecured claims and allowed guaranty claims (collectively, “creditors”) totals approximately $1,027,000,000, consisting of cash of approximately $980,600,000 and Portland General Electric Company (“PGE”) Common Stock equivalents (in the form of cash) of approximately $37,400,000, plus interest, dividends and gains from the sale of PGE Common Stock of approximately $9,000,000.

“Returning funds to creditors is central to the mission of Enron Creditors Recovery Corp., and the Board of Directors is proud of its achievements to date, including today’s distribution,” John Ray III, President and Chairman of the Board said. “With the MegaClaims litigation now resolved, we are one step closer to completing our work on behalf of the creditors.  Our efforts to date have exceeded original Enron Corp estimates by greater than 225%, and we remain committed to continuing to work diligently to maximize the total distribution amount.”

Since November 2004, Enron Creditor’s Recovery Corp. has returned approximately $14,558,100,000 to creditors in twice-yearly distributions, in April and October, as well as in “catch-up” distributions paid on an interim basis every two months. This money has been recovered and returned to innocent creditors through Enron Creditors Recovery Corp.’s diligent efforts to monetize assets, reduce overhead costs and recover funds taken fraudulently. 

Of note, the MegaClaims litigation against 11 banks alleged to have participated in the collapse of Enron generated $3.42 billion in cash settlements to be returned to creditors, plus the subordination of $1.63 billion in claims held by the banks against the Estate.  With the recent settlement of the litigation against Citigroup, all outstanding MegaClaims litigation will be resolved upon Bankruptcy Court approval of the settlement.  The $1.66 billion of funds available as a result of the Citigroup settlement, plus an anticipated additional release to creditors of $1.7 billion from the Disputed Claims Reserve (“DCR”), are not part of this distribution and instead will be included in a future disbursement. 

The DCR currently consists of approximately $4,796,500,000, including $4,093,800,000 in cash,  approximately $373,400,000 of PGE Common Stock equivalents valued at the Plan value ($21.008 per share) and approximately $329,300,000 of interest, dividends and gains from the sale of PGE Common Stock.

Additional details concerning this distribution are available at the Enron Creditors Recovery Corp. website, www.enron.com, identified as “Distribution Disclosure Notice.”

CAUTIONARY STATEMENT: Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and other statements that are other than statements of historical facts.  Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements.  Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include, but are not limited to, political developments affecting federal and state regulatory agencies, and developments with respect to the bankruptcy of Enron.  Except as required by law, Enron does not undertake any obligation to update any forward-looking statements.