Rule 424(b)(2)
                                                             File No. 33-62514


                            PRICING SUPPLEMENT No. 1
                               Dated May 16, 1995
                      (To Prospectus dated July 1, 1993 and
                   Prospectus Supplement Dated May 16, 1995)

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


Principal Amount:                                               $25,000,000
Discount and Commissions to Agent:                                    0.374%
Total Discount and Commissions to Agent:                            $93,500
Price to Company:                                                    99.626%
Proceeds to Company:                                            $24,906,500


Interest Rate: 6.75%                                       Original Issue
                                                           Date: May 23, 1995

Interest Payment Dates:   June 15 and                      Maturity 
                          December 15                      Date: June 15, 2000

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 May 16, 1995
                     (To Prospectus dated July 1, 1993 and
                  Prospectus Supplement Dated May 16, 1995)

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


Principal Amount:                                               $50,000,000
Discount and Commissions to Agent:                                     0.82%
Total Discount and Commissions to Agent:                           $410,000
Price to Company:                                                     99.18%
Proceeds to Company:                                            $49,590,000

Interest Rate: 7.15%                                      Original Issue
                                                          Date: May 23, 1995

Interest Payment Dates:   June 15 and                     Maturity
                          December 15                     Date: June 15, 2007

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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