PPM Energy is coming

December 12, 2002

PORTLAND, Ore. - PacifiCorp Power Marketing, Inc., ScottishPower's competitive US energy business, will change its name to PPM Energy, Inc. (PPM) on January 15, 2003.

"Our business has grown beyond 'power' into gas storage and well beyond 'power marketing'. As a result, we realized that our old name-PacifiCorp Power Marketing-is too narrow a fit for our expanded capabilities," said PPM CEO Terry Hudgens. "The new logo reinforces the fact that PPM remains a member of the ScottishPower group of companies. We'll still be the same people providing the same great level of services and even more products - just with a new name."

This is a change in name only. PPM will remain the same organization with the same contracts and the same underlying support remains in place. The PPM name and logo emphasize PPM's ties to ScottishPower and its separate and independent status from the regulated utility, PacifiCorp.

"The PPM Energy name reflects the full range of our current business of renewable and thermal power, gas storage and hub services, as well as an underlying foundation of asset-backed trading and risk management. It's also how our customers and others have referred to us for years," noted Hudgens.

About a year ago PPM moved from being a subsidiary of PacifiCorp to being an affiliate to PacifiCorp. Both PPM Energy and PacifiCorp are subsidiaries of ScottishPower. PPM is ScottishPower's competitive energy business in the U.S. PacifiCorp is a regulated utility in the ScottishPower group of companies.

Media Contact:

Art Sasse, Director, Communications & Brand, Iberdrola Renewables, 503-796-7740
Paul Copleman, Media Relations, Iberdrola Renewables, 207-641-2805