PGE in $1.9B deal to buy PacifiCorp’s Washington utility operations

Transaction Overview - Portland General Electric (PGE) is entering a $1.9 billion deal to acquire PacifiCorp's utility operations in Washington [1][2] - The transaction is expected to increase PGE's customer base by 15%, reaching approximately 1.1 million customers, and raise its 2026 rate base by 18% to $9 billion [2] Strategic Benefits - The deal includes a 477-MW gas-fired power plant and two wind farms totaling 328 MW, enhancing PGE's energy portfolio [2] - PGE's president and CEO highlighted the positive aspects of Washington's regulatory environment, including multiyear rate plans and frameworks for clean energy investment, which will support system improvements and customer service [3] Financial Implications - PacifiCorp anticipates that the transaction will alleviate financial pressures caused by diverging policies across its operating states, which have impacted its financial stability and credit ratings [4][5] - The deal aims to create a more workable multistate utility structure, aligning costs and benefits across PacifiCorp's diverse service areas [6] Partnership Details - PGE's partner in this acquisition is Manulife Infrastructure Fund III and its affiliates, which will own 49% of the Washington utility, while PGE retains the remaining ownership [7]