PacifCorp to sell Washington wind and natural gas assets to Portland General

The $1.9 billion deal includes the Chehalis thermal plant, Marengo wind facility, and Goodnoe Hills wind facility.

Published on Feb. 21, 2026

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PacifiCorp announced it will sell its wind, natural gas generation and distribution assets and infrastructure in Washington state to Portland General Electric for $1.9 billion. The sale includes the Chehalis thermal plant, Marengo wind facility, Goodnoe Hills wind facility, and the distribution infrastructure required to serve customers in the Pacific Power service area in Yakima, Walla Walla, and the surrounding communities.

Why it matters

Diverging policies among the six states that PacifiCorp serves have affected the company's ability to meet demand reliably and at the lowest cost to customers, impacting its financial stability, liquidity and credit ratings. This sale will help PacifiCorp better align costs, benefits and obligations across its diverse service areas and create a more workable multistate utility structure.

The details

PGE will manage the Washington operations as a separate company through a newly formed subsidiary regulated by the Washington Utilities and Transportation Commission, and will retain current Washington employees while honoring the existing labor process. Additionally, PGE corporate functions will provide shared support for both Washington and Oregon companies.

  • PacifiCorp announced the sale on Tuesday, February 18, 2026.
  • The transaction is expected to take up to a year to finalize.

The players

PacifiCorp

A utility company that serves two million customers through its subsidiaries Rocky Mountain Power and Pacific Power.

Portland General Electric (PGE)

An electric utility company that transmits and distributes electricity to nearly 960,000 customers in Oregon and approximately 140,000 customers in Washington.

Manulife Infrastructure Fund III L.P. and its affiliates

A 49% owner of the Washington utility business that PGE is acquiring.

Darin Carroll

The CEO of PacifiCorp.

Maria Pope

The president and CEO of Portland General Electric.

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What they’re saying

“This is a targeted step toward ensuring the continued delivery of safe, reliable power to our nearly two million customers in the West and Intermountain West. This will improve the company's financial stability while simplifying our operations to support our long-term commitment to customers in each of our remaining states.”

— Darin Carroll, CEO, PacifiCorp (dailyenergyinsider.com)

“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 (dailyenergyinsider.com)

“We look forward to our partnership with Manulife Investment Management, who brings a track record of investment success across the utility sector and Pacific Northwest agriculture and timberland industries.”

— Maria Pope, President and CEO, Portland General Electric (dailyenergyinsider.com)

What’s next

The transaction is expected to take up to a year to finalize.

The takeaway

This sale will help PacifiCorp better align its costs, benefits and obligations across its diverse service areas, creating a more workable multistate utility structure. For PGE, the acquisition expands its footprint into Washington and builds on its reputation for operational excellence and customer service.