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Portland General Electric To Acquire PacifiCorp's Washington State Utility Operations & Select Assets
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Portland General Electric Company today announced an agreement to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp for $1.9 billion, representing a purchase price multiple of 1.4x estimated 2026 rate base.
The assets included in the transaction include the infrastructure required to serve customers in the current Pacific Power service area in Yakima, Walla Walla, and surrounding communities
Both PGE, and PacifiCorp's Washington utility, have some form of limited direct access or limited wholesale buy-through program
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.
Manulife Infrastructure Fund III, L.P. and its affiliates including John Hancock Life Insurance Company (USA) will collectively be a minority owner of the Washington utility business.
PGE will manage the Washington operations as a separate company through a newly formed subsidiary regulated by the Washington Utilities and Transportation Commission.
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February 17, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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