Portland General Electric to Acquire PacifiCorp's Washington Assets for $1.9B

The deal will add gas and wind generation to Portland General Electric's portfolio.

Feb. 18, 2026 at 8:31am

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Portland General Electric (POR) has agreed to acquire select utility assets from PacifiCorp in Washington state for $1.9 billion. The transaction includes generation, transmission, and electric utility operations, representing a purchase price multiple of 1.4x estimated 2026 rate base.

Why it matters

The acquisition will expand Portland General Electric's footprint and generation mix, adding gas and wind assets to complement its existing portfolio. This strategic move is expected to drive earnings growth for the company as it continues to diversify its energy sources and serve customers across the Pacific Northwest region.

The details

Under the terms of the deal, Portland General Electric will acquire PacifiCorp's Washington state utility assets, including generation, transmission, and distribution infrastructure. The $1.9 billion purchase price represents a multiple of 1.4x estimated 2026 rate base, reflecting the value of the acquired assets.

  • The transaction is expected to close in the second half of 2026.

The players

Portland General Electric (POR)

An electric utility company serving customers in Oregon and parts of Washington.

PacifiCorp

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

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What they’re saying

“This strategic acquisition will strengthen our position in the Pacific Northwest and support our ongoing efforts to deliver clean, reliable, and affordable energy to our customers.”

— Maria Pope, CEO, Portland General Electric

What’s next

The transaction is subject to regulatory approvals and is expected to close in the second half of 2026.

The takeaway

Portland General Electric's acquisition of PacifiCorp's Washington assets will expand its geographic footprint and generation mix, positioning the company for continued growth and the delivery of clean energy to customers in the Pacific Northwest.