Berkshire-Owned PacifiCorp Sells Washington Assets to Portland General Electric for $1.9 Billion

Transaction includes natural gas, wind facilities and distribution lines as PacifiCorp cites liquidity concerns from Oregon wildfire litigation

Feb. 19, 2026 at 9:55pm

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PacifiCorp, a utility owned by Berkshire Hathaway, is selling wind, natural gas generation and distribution assets and infrastructure in central and southern Washington state to Portland General Electric (PGE) for $1.9 billion. PacifiCorp cited liquidity concerns as it battles wildfire litigation in Oregon, where damages claims could total $52 billion. The transaction includes the Chehalis natural gas plant, Goodnoe Hills wind facility, Marengo I and II wind facilities and 4,500 miles of transmission and distribution lines. PGE will add PacifiCorp's 140,000 customers in Washington state.

Why it matters

The sale highlights the financial pressures facing PacifiCorp as it navigates a complex regulatory environment and litigation risks from wildfires in Oregon. The transaction will allow PacifiCorp to strengthen its overall financial position and simplify operations, while PGE gains additional generation and transmission assets to support growing electricity demand.

The details

The transaction includes the sale of PacifiCorp's wind, natural gas generation and distribution assets and infrastructure in central and southern Washington state to PGE for $1.9 billion. PacifiCorp cited liquidity concerns as it battles wildfire litigation in Oregon, where damages claims could total $52 billion. The assets being sold include the Chehalis natural gas plant, Goodnoe Hills wind facility, Marengo I and II wind facilities and 4,500 miles of transmission and distribution lines. PGE will add PacifiCorp's 140,000 customers in Washington state, covering about 2,700 square miles. Manulife Investment Management will take a 49% stake in the Washington utility business.

  • The transaction was announced on February 17, 2026.
  • The transaction could take at least one year to close, pending federal and state regulatory reviews.

The players

PacifiCorp

A utility owned by Berkshire Hathaway that is selling wind, natural gas generation and distribution assets and infrastructure in central and southern Washington state.

Portland General Electric (PGE)

The utility company that is acquiring the assets from PacifiCorp, including the Chehalis natural gas plant, Goodnoe Hills wind facility, Marengo I and II wind facilities and 4,500 miles of transmission and distribution lines.

Manulife Investment Management

The company that will take a 49% stake in the Washington utility business being acquired by PGE.

Greg Abel

The new CEO of Berkshire Hathaway, who previously led PacifiCorp's immediate parent Berkshire Hathaway Energy for about a decade.

Maria Pope

The CEO of Portland General Electric, who said the PacifiCorp assets are 'a valuable mix of natural gas and wind resources that provide safe, reliable and affordable power.'

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What they’re saying

“The PacifiCorp assets are 'a valuable mix of natural gas and wind resources that provide safe, reliable and affordable power.'”

— Maria Pope, CEO, Portland General Electric

What’s next

The transaction could take at least one year to close, pending federal and state regulatory reviews.

The takeaway

This sale highlights the financial pressures facing utilities like PacifiCorp as they navigate complex regulatory environments and litigation risks. The transaction allows PacifiCorp to strengthen its financial position, while PGE gains additional generation and transmission assets to support growing electricity demand.