Portland General to Buy PacifiCorp's Washington Assets for $1.9 Billion

The deal includes wind, natural-gas generation and distribution assets across Washington state.

Feb. 18, 2026 at 8:39am

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Portland General Electric has agreed to acquire the wind, natural-gas generation and distribution assets of Berkshire Hathaway's PacifiCorp unit in Washington state for $1.9 billion. The deal includes three generation facilities, 4,500 miles of transmission and distribution lines, and local utility operations serving about 140,000 customers across 2,700 square miles.

Why it matters

The acquisition will expand Portland General's footprint and customer base, while allowing PacifiCorp to simplify its operations and strengthen its financial position. The deal highlights the ongoing consolidation in the utility industry as companies seek to gain scale and efficiency.

The details

Under the agreement, Portland General will acquire PacifiCorp's Washington assets, including three generation facilities, 4,500 miles of transmission and distribution lines, and local utility operations serving about 140,000 customers across 2,700 square miles. Manulife Investment Management, the asset management arm of Manulife Financial, is backing the deal and will hold a minority stake in the Washington utility business.

  • The deal was announced on February 17, 2026.
  • The transaction is expected to take up to a year to finalize.

The players

Portland General Electric

A utility company based in Portland, Oregon that currently serves nearly 960,000 customers.

PacifiCorp

A utility unit of Berkshire Hathaway that Berkshire acquired in 2006 for around $5 billion. PacifiCorp serves customers across six states.

Manulife Investment Management

The asset management arm of Manulife Financial that is backing the deal and will hold a minority stake in the Washington utility business.

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What’s next

The transaction is expected to take up to a year to finalize, pending regulatory approvals.

The takeaway

The acquisition will allow Portland General to expand its footprint and customer base, while enabling PacifiCorp to simplify its operations and strengthen its financial position. The deal highlights the ongoing consolidation in the utility industry as companies seek to gain scale and efficiency.