Portland General Electric Expands Into Washington With $1.9 Billion PacifiCorp Asset Buy

The acquisition is expected to enhance long-term EPS and dividend growth for the utility company.

Published on Feb. 18, 2026

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Portland General Electric (PGE) announced a $1.9 billion acquisition agreement with PacifiCorp to expand its operations into Washington state. The deal includes three key generation facilities - the Chehalis natural-gas plant, the Goodnoe Hills wind facility, and the Marengo I and II wind facilities - along with 4,500 miles of transmission and distribution lines. PGE aims to manage these assets through a new subsidiary regulated by the Washington Utilities and Transportation Commission.

Why it matters

The expansion into Washington represents a strategic move for PGE to grow its footprint and customer base. The acquisition is expected to be accretive to the company's earnings per share and dividend growth in the long run, as PGE leverages operational efficiencies and economies of scale.

The details

The $1.9 billion purchase price represents a 1.4x multiple of the estimated 2026 rate base. PGE said it expects state and federal regulatory reviews to conclude around 12 months after regulatory filings are submitted. The company will manage the acquired assets through a new subsidiary regulated by the Washington Utilities and Transportation Commission.

  • PGE announced the $1.9 billion acquisition agreement on February 17, 2026.
  • The company expects regulatory reviews to conclude around 12 months after filing.

The players

Portland General Electric

An electric utility company serving customers in Oregon.

PacifiCorp

A utility company that provides electricity to customers in Utah, Wyoming, Idaho, Washington, Oregon, and California.

Maria Pope

The president and CEO of Portland General Electric.

Manulife Investment Management

A financial services group that will hold a minority stake in the acquired assets.

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What they’re saying

“We are excited to expand our operations into Washington and build on our commitment to operational excellence and customer service.”

— Maria Pope, President and CEO, Portland General Electric (Benzinga)

What’s next

PGE expects state and federal regulatory reviews to conclude around 12 months after the regulatory filings are submitted.

The takeaway

This acquisition represents a strategic move by PGE to grow its customer base and geographic footprint, with the potential to enhance long-term earnings and dividend growth. The deal highlights the utility's focus on operational efficiency and customer service as it expands into the Washington market.