Enron Creditors Recovery Corp. Has Returned $20.588 Billion To Date 

June 2, 2008

Enron Creditors Recovery Corp., f/k/a Enron Corp. (“Enron”), today announced special distributions totaling more than $6 billion to creditors of Enron and its affiliated debtor companies. Today’s distribution pushes the total amount returned to creditors past $20 billion, almost triple the amount originally anticipated.  With this distribution, Enron creditors now are receiving 50.3 cents on the dollar and Enron North America Corp. (“ENA”) creditors are receiving 50 cents on the dollar, both excluding gains, interest and dividends.

“The Board of Directors is pleased to be able to make this sizeable distribution four months prior to the regular semi-annual distribution date,” John J. Ray III, President and Chairman of the Board said. “We are gratified to report that Enron and ENA creditors are receiving a recovery rate of at least 50 percent, significantly more than originally was anticipated under the plan.”

Today’s distribution is being made to holders of allowed general unsecured claims and allowed guaranty claims, and totals approximately $4.170 billion, consisting of approximately $3.916 billion in cash and Portland General Electric Company (“PGE”) Common Stock equivalents (in the form of cash) of approximately $210 million, plus interest, dividends and gains from the sale of PGE Common Stock of approximately $44 million.

Additionally, on May 13, 2008, Enron made distributions totaling approximately $1.866 billion to newly-allowed general unsecured claims and newly-allowed guaranty claims that resulted from the settlement with Citigroup in the MegaClaims litigation.  This distribution consisted of cash of approximately $1.651 billion and PGE Common Stock equivalents (in the form of cash) of approximately $109 million, plus interest, dividends and gains from the sale of PGE Common Stock of approximately $106 million.

Since November 2004, Enron has returned approximately $20.588 billion to creditors in semi-annual distributions, in April and October, as well as in “catch-up” distributions paid on an interim basis every two months and these special distributions.  This total return is more than 289 percent of original Enron estimates.  The combined rate of return for ENA creditors who also hold a related Enron Guaranty claim is now 90.2 percent, excluding gains, interest and dividends.  This money has been recovered and returned to creditors through Enron’s diligent efforts to monetize assets, reduce overhead costs and recover funds taken fraudulently. 

After today’s distribution, the Disputed Claims Reserve currently consists of approximately $613 million, including $471 million in cash, approximately $55 million of PGE Common Stock equivalents valued at the Plan value ($21.008 per share) and approximately $87 million of interest, dividends and gains from the sale of PGE Common Stock.

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

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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.