May 23 (Reuters) - Portland General Electric ( POR )

said on Friday it plans to reorganize into a holding company and

had filed a notice with the Oregon Public Utilities Commission

to seek approval.

The contemplated structure involves establishing a

non-operating corporate entity above its current organization,

the company said.

In addition, a subsidiary would be formed to own and manage

Portland General's existing and future transmission assets.

The reorganization is intended to provide potential

strategic and financial flexibility as well as support the

construction of new transmission assets, reliability planning,

and economic development initiatives.

After completion of these steps and receipt of all required

approvals, each outstanding share of Portland's common stock

would automatically convert to one share of the new holding

company.

Following its restructuring, Portland General Electric ( POR ) is

set to become a fully-owned subsidiary of the proposed holding

company.