Portland General Electric Agrees to Acquire PacifiCorp Washington Utility Operations for $1.9 Billion
February 19, 2026
Portland General Electric (PGE) has agreed to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp for $1.9 billion. The deal adds approximately 140,000 Washington customers and includes three generation facilities plus about 4,500 miles of transmission and distribution lines, with regulatory reviews expected to complete about 12 months after filing.
- Buyers
- Portland General Electric Company, Manulife Investment Management (including Manulife Infrastructure Fund III, L.P. and affiliates such as John Hancock Life Insurance Company (USA))
- Targets
- PacifiCorp select Washington state generation, transmission, and electric utility operations (Chehalis natural gas plant, Goodnoe Hills wind facility, Marengo I and II wind facilities; and associated transmission/distribution utility operations)
- Sellers
- PacifiCorp
- Industry
- Utilities
- Location
- Oregon, United States
- Transaction Type
- Buyout
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