Portland General Electric Announces Acquisition of PacifiCorp’s Washington Assets

Portland General Electric Company (NYSE: POR) disclosed that it has reached a definitive agreement to purchase select utility operations and assets from PacifiCorp in the state of Washington for $1.9 billion. The transaction, conducted in partnership with Manulife Investment Management, will transfer generation, transmission, and distribution assets that serve approximately 140,000 customers.

Assets Included

The acquisition includes major power generation facilities, notably:

  • Chehalis natural‑gas plant – 477 MW
  • Goodnoe Hills wind facility – 94 MW

The deal represents a purchase price multiple of 1.4 times the estimated 2026 rate base. Management anticipates the transaction to be accretive to earnings within the first full year of ownership.

Strategic Rationale

Chief Executive Officer Maria Pope stated that the expansion into Washington “enables PGE to extend its commitment to reliability and affordability to a new customer base.” The move is part of the company’s broader strategy to increase geographic reach and enhance its service portfolio beyond Oregon.

Financial Outlook

In conjunction with the acquisition announcement, PGE reiterated its 2026 earnings guidance, projecting adjusted earnings per diluted share of $3.33 to $3.53. The company reaffirmed its expectation of 5 % to 7 % long‑term earnings per share growth. For 2025, the company reported GAAP earnings per diluted share of $2.77 and non‑GAAP adjusted earnings per diluted share of $3.05, reflecting 14 % year‑over‑year industrial demand growth offset by a historically cold fourth‑quarter weather profile that reduced earnings by $0.17 per share.

Investor Communications

PGE scheduled an analyst conference call and webcast for February 17, 2026, at 8:00 a.m. Eastern Time to review its fourth‑quarter and full‑year 2025 financial results. The call will feature CEO Maria Pope, CFO Joe Trpik, and Investor Relations Manager Nick White. The webcast will be available on the company’s investor website under “Events & Presentations.”

The acquisition and accompanying guidance indicate Portland General Electric’s intent to strengthen its financial performance through strategic asset expansion while maintaining a focus on reliability and customer service.