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Enron Pockets PGE Ratepayer Tax Payments

Federal Income Taxes (in millions)

PGE Paid Enron
Enron Profits
Net Enron Taxes*
$ –13
$ –105
$ –278
 $ –379

* Total taxes company-wide. Over the four-year period from 1997 to 2000, Enron received "net tax rebates" totaling $379 million. Among the loopholes used to reduce the company’s tax liability was the creation of almost 900 subsidiaries in tax-haven countries such as the Cayman Islands.

**Enron treated PGE as having ceased to be a member of Enron's consolidated group on May 7, 2001 and then again becoming a member on December 24, 2002.

On December 31, 2002, PGE and Enron entered into a tax sharing agreement pursuant to which PGE agreed to make payments to Enron that approximate the income taxes for which PGE would be liable if it were not a member of Enron's consolidated group. As of April 30, 2003 (four months), PGE paid $21 million to Enron under the tax sharing agreement.

Enron has not filed a tax return for 2002.

PGE reported earnings of $66 million on revenue of $1.855 billion in 2002, better than 2001 earnings of $34 million but a decrease from 2000, 1999 and 1998, when PGE earned more than $100 million annually.

For 2003, PGE is charging Oregon ratepayers $77 million for "federal income taxes" and $15.6 million for "state income taxes."

In addition to the tax money, PGE has given Enron over $650 million in profits.

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