March 5, 2009 (FinancialWire) -- Portland General Electric Co. (NYSE: POR) plans to offer around 10.85 million shares of its common stock in a registered public offering. J.P. Morgan Securities (NYSE: JPM), Barclays Capital, Deutsche Bank Securities (NYSE: DB) and Wachovia Capital Markets are the joint book-running managers.

PGE plans to grant the managing underwriters a 30-day option to purchase up to an additional 1.6275 million shares to cover any over-allotments.

The company plans to use the net proceeds from this offering to repay substantially all of its outstanding short-term debt, with the balance to fund capital expenditures or for general corporate purposes.

Portland, Oregon-based Portland General Electric is an electric utility that serves around 810,000 residential, commercial and industrial customers in Oregon.

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