Portland General Electric Company has agreed to buy select power plants and utility operations of Berkshire Hathaway’s PacifiCorp in Washington State for $1.9 billion, the Portland-based firm said on Tuesday.
The price of the acquisition represents a purchase price multiple of 1.4 times the estimated 2026 rate base.
As part of the deal, Portland General Electric (PGE) will buy three generation facilities: the Chehalis gas-powered plant with a capacity of 477 megawatts (MW), the Goodnoe Hills wind facility with 94 MW capacity, and the Marengo I and II wind facilities with a total of 234 MW of generation capacity.
The acquisition also includes 4,500 miles of transmission and distribution lines, and local utility operations across 2,700 square miles.
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PGE plans to manage the Washington operations as a separate company through a newly formed subsidiary regulated by the Washington Utilities and Transportation Commission.
For the acquisition of these assets, PGE has partnered with Manulife Infrastructure Fund III, L.P. and its affiliates including John Hancock Life Insurance Company (USA), which will collectively be a minority owner of the Washington utility business.
With the acquisition, PGE will add 140,000 Washington customers to its current services to nearly 960,000 customers serving an area of approximately 2 million Oregonians.
The company expects the state and federal regulatory reviews of the acquisition to close 12 months after submission of regulatory filings.
Together with the acquisition, PGE also announced its 2025 financial results and 2026 guidance.
PGE’s revenues rose in 2025, driven by continued demand growth from data center and high-tech customers and improved cost recovery, it said.
In 2025 and early 2026, PGE executed five contracts with data center customers for 430 MW.
“The contracts build on PGE’s track record of strong industrial demand, which has grown at a 10% compounded annual growth rate from 2020 to 2025, and forecast to continue at this rate through 2030,” the company said as U.S. power demand continues to grow on the back of demand from AI infrastructure and advanced manufacturing.
By Michael Kern for Oilprice.com
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