Portland General Electric Acquires Washington Utility Operations from PacifiCorp

PGE to Expand Reliable Power and Customer Service to 140,000 Washington Customers

Published on Feb. 19, 2026

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Portland General Electric Company (NYSE: POR) announced an agreement to acquire select Washington state generation, transmission and electric utility operations from PacifiCorp for $1.9 billion. The acquisition will enable PGE to extend its commitments to reliability, affordability, economic development and customer service to approximately 140,000 Washington customers.

Why it matters

The acquisition represents PGE's strategic expansion into Washington state, allowing the company to leverage its operational expertise and customer-centric approach to serve a new market. It also marks a partnership with Manulife Investment Management, an experienced infrastructure investor, to support the growth of the Washington utility business.

The details

Under the agreement, PGE will acquire three generation facilities - the Chehalis natural-gas plant (477 MW), the Goodnoe Hills wind facility (94 MW), and the Marengo I and II wind facilities (234 MW). The acquisition also includes 4,500 miles of transmission and distribution lines, and local utility operations across 2,700 square miles. PGE will manage the Washington operations as a separate company through a newly formed subsidiary regulated by the Washington Utilities and Transportation Commission.

  • The acquisition announcement was made on February 17, 2026.
  • PGE expects the state and federal regulatory reviews of the acquisition to close 12 months after submission of regulatory filings.

The players

Portland General Electric Company

An integrated energy company that generates, transmits and distributes electricity to nearly 960,000 customers serving an area of approximately 2 million Oregonians.

PacifiCorp

The electric utility company that is selling select Washington state generation, transmission and electric utility operations to PGE.

Manulife Investment Management

An experienced, long-term investor in infrastructure, agriculture, and timberland with roots in the Pacific Northwest region, which will collectively be a 49% owner of the Washington utility business.

Maria Pope

The president and CEO of Portland General Electric Company.

Recep Kendircioglu

The Global Head of Infrastructure at Manulife Investment Management.

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What they’re saying

“We are excited for the opportunity to continue to grow, expanding into Washington and building upon PGE's foundation of operational excellence and customer service.”

— Maria Pope, President and CEO, Portland General Electric Company

“We are pleased to partner with PGE to support this investment in reliable generation, transmission, and distribution for Washington communities. This partnership represents an opportunity that fits well within our infrastructure strategy and leverages our experience in utility investments.”

— Recep Kendircioglu, Global Head of Infrastructure, Manulife Investment Management

What’s next

PGE expects the state and federal regulatory reviews of the acquisition to close 12 months after submission of regulatory filings.

The takeaway

This acquisition allows PGE to expand its proven track record of reliable power and customer-centric service to a new market in Washington state, while partnering with an experienced infrastructure investor in Manulife to support the growth of the Washington utility business.