Rule 424(b)(2) 
                                                          File No. 33-62514 
 
 
                               PRICING SUPPLEMENT No. 1 
                                Dated August 17, 1994 
                        (To Prospectus dated July 1, 1993 and 
                     Prospectus Supplement Dated August 17, 1994) 
 

                          PORTLAND GENERAL ELECTRIC COMPANY 
                             Medium-Term Note Series III 
                          (A Series of First Mortgage Bonds) 

                                                         
          Principal Amount:                                 $30,000,000 
          Discount and Commissions to Agent:                       .442% 
          Total Discount and Commissions to Agent:          $   132,600 
          Price to Company:                                      99.558% 
          Proceeds to Company:                              $29,867,400 
 
 
          Interest Rate: 6.75%                    Original Issue 
                                                  Date:  August 24, 1994 
 
          Interest Payment Dates:  March 15 and   Maturity  
                                   September 15   Date:  September 15, 1997 
 
          Interest Payment Period: Semiannually 
 
 
 
          Terms of Redemption: 
 
               Initial Regular Redemption Date:  None 
 
               Initial Regular Redemption Percentage:  N/A 
 
               Annual Regular Redemption Percentage Reduction:  N/A 
 
 
          Additional Terms: 
 
               Optional Repayment Dates:  None 
 
               Other:  None 
 
 
               Global Book-entry Form:   x  
               Certificate Form:            
               (Check appropriate line) 
 
 
                                                  
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                                                              Rule 424(b)(2) 
                                                           File No. 33-62514 
 
 
                                 PRICING SUPPLEMENT No. 2 
                                   Dated August 17, 1994 
                           (To Prospectus dated July 1, 1993 and 
                       Prospectus Supplement Dated August 17, 1994) 
 
 
                             PORTLAND GENERAL ELECTRIC COMPANY 
                                Medium-Term Note Series III 
                            (A Series of First Mortgage Bonds) 
 

 
                                                         
          Principal Amount:                                 $45,000,000 
          Discount and Commissions to Agent:                       .963% 
          Total Discount and Commissions to Agent:          $   433,350 
          Price to Company:                                      99.037% 
          Proceeds to Company:                              $44,566,650 
 
 
          Interest Rate: 7.40%                    Original Issue 
                                                  Date:  August 24, 1994 
 
          Interest Payment Dates:  March 15 and   Maturity 
                                   September 15   Date:  September 15, 2001  
 
          Interest Payment Period: Semiannually 
 
                                               
 
          Terms of Redemption: 
 
               Initial Regular Redemption Date:  None 
 
               Initial Regular Redemption Percentage:  N/A 
 
               Annual Regular Redemption Percentage Reduction:  N/A 
 
 
          Additional Terms: 
 
               Optional Repayment Dates:  None 
 
               Other:  None 
 
 
               Global Book-entry Form:   x  
               Certificate Form:            
               (Check appropriate line) 
 
 
                  
                             
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