SECURITIES AND EXCHANGE COMMISSIONS
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15a-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2002
SCOTTISH POWER PLC
(Translation of Registrant's Name Into English)
CORPORATE OFFICE, 1 ATLANTIC QUAY, GLASGOW, G2 8SP
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F ___
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(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes ___ No X
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(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_____.)
FORM 6-K: TABLE OF CONTENTS
1. Announcement of Scottish Power plc, dated July 19, 2002, regarding $137
million recovery granted to PacifiCorp in Oregon.
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.
/s/ Scottish Power plc
----------------------------
(Registrant)
Date July 19, 2002 By: /s/ Alan McCulloch
---------------------- ----------------------------
Alan McCulloch
Assistant Company Secretary
[LOGO]
Scottish Power
FOR IMMEDIATE RELEASE
Contacts: Andrew Jamieson
ScottishPower
+ 44-141-636-4527
- or -
Bob Hess
ScottishPower
+ 1-503-813-7234
- or -
Brian Rafferty
Taylor Rafferty
+ 1-212-889-4350
PACIFICORP GRANTED RECOVERY OF $137 MILLION IN OREGON
GLASGOW - July 19, 2002 - ScottishPower today announced that on July 18, 2002
the Oregon Public Utility Commission (OPUC) granted its subsidiary, PacifiCorp,
an order to recover approximately $137 million including on-going carrying
charges for the recovery of its excess net power costs in Oregon, related to the
western power crisis in 2000 and 2001.
PacifiCorp has deferred $167 million including carrying charges, so this
represents a recovery rate of such deferrals of approximately 82%. With this
recovery order, PacifiCorp has been awarded in excess of $300 million in recent
rate cases, including recovery orders of $147 million in Utah, $25 million in
Idaho and a further $15.4 million in net recoveries in Oregon.
PacifiCorp is currently recovering these costs in Oregon through a 3% surcharge
on customer bills. A request will be made in early August to the OPUC to raise
the recovery level to the Oregon state maximum of 6%, which would allow recovery
of the costs over a three to four year period.
PacifiCorp Chief Executive Officer Judi Johansen said: "We believe the order
provides a strong level of recovery of allowable costs incurred in Oregon over
the period."
Still pending is a $31 million Wyoming general rate case filed in May. In
conjunction with this filing, PacifiCorp has also requested recovery of $91
million of excess power costs in Wyoming.
Under UK GAAP, all of PacifiCorp's net excess power costs are charged to the
profit and loss account when incurred. The regulatory recovery of net excess
power costs previously charged to the profit and loss account will be recognized
as income under UK GAAP when billed to customers.
-more-
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Notes:
The ScottishPower group (NYSE: SPI), one of the world's largest publicly traded
energy companies, supplies energy to millions of business and domestic customers
across the UK and in the Western United States, through its 1999 merger with
PacifiCorp. The group is comprised of two regulated businesses--PacifiCorp and
Infrastructure--and two competitive businesses--PacifiCorp Power Marketing Inc.
and the UK Division.
ScottishPower's ADS, equivalent to four ordinary shares, trades on the New York
Stock Exchange under the symbol SPI. ScottishPower's ordinary shares trade on
the London Stock Exchange. Prices may be accessed on Bloomberg under the symbols
SPI and SPW LN, on the Reuter Equities 2000 Service under SPI.N and SPW.L and on
Quotron under SPWU.EU.
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