According to PR Newswire, Portland General Electric has announced an agreement to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp for $1.9 billion. The acquisition is being completed in partnership with Manulife Investment Management, which will hold a minority ownership stake in the Washington utility business. The transaction is intended to expand PGE’s service to approximately 140,000 Washington customers and is expected to be accretive in the first full year after closing, while supporting the company’s long-term earnings and dividend growth.
The deal includes 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). It also includes roughly 4,500 miles of transmission and distribution lines and local utility operations across about 2,700 square miles. PGE plans to manage the Washington operations as a separate company through a newly formed subsidiary regulated by the Washington Utilities and Transportation Commission, with state and federal regulatory reviews expected to close about 12 months after regulatory filings are submitted.
Alongside the acquisition announcement, PGE reported full-year 2025 GAAP earnings of $2.77 per diluted share and non-GAAP adjusted earnings of $3.05 per diluted share, reflecting strong industrial demand growth that was partially offset by unusually severe fourth quarter weather. The company also initiated 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share and reaffirmed its long-term earnings per share growth target of 5% to 7%.
PGE also announced it has reached agreements to construct two solar and battery hybrid projects totaling 615 MW, with 425 MW to be company-owned, and highlighted continued growth in demand from high-tech and data center customers.