Portland General Electric (NYSE:POR) has reached a definitive agreement to acquire select utility operations and assets in Washington state from PacifiCorp for $1.9 billion, marking a significant geographic expansion for the Oregon-based utility.
The deal, executed in partnership with Manulife Investment Management, includes the acquisition of generation, transmission, and distribution assets serving approximately 140,000 customers in Washington.
The transaction represents a purchase price multiple of 1.4 times the estimated 2026 rate base.
Included in the physical asset transfer are major power generation sites such as the 477-megawatt Chehalis natural-gas plant and the 94-megawatt Goodnoe Hills wind facility.
Chief Executive Officer Maria Pope stated that the acquisition enables PGE to extend its commitment to reliability and affordability to a new customer base.
Management expects the transaction to be accretive to earnings within the first full year of ownership and to enhance the company's long-term dividend growth trajectory.
Alongside the acquisition, PGE unveiled a major acceleration of its clean energy transition, securing agreements to construct two new solar and battery hybrid projects totaling 615 megawatts.
Of this new capacity, 425 megawatts will be company-owned, supporting PGE’s mandate to meet regional decarbonization goals and handle surging electricity demand.
The utility also provided a comprehensive update on its financial health.
For the full year 2025, PGE reported GAAP earnings of $2.77 per diluted share and non-GAAP adjusted earnings of $3.05 per share.
The strong adjusted results were driven by a 14% year-over-year surge in industrial power demand, which helped offset a 17-cent earnings drag caused by historic fourth-quarter weather disruptions.
Looking forward, PGE initiated its 2026 adjusted earnings guidance in the range of $3.33 to $3.53 per share, signaling high confidence in its integrated growth and acquisition strategy.
The company also reaffirmed its long-term earnings per share growth target of 5% to 7%.
Reflecting its steady cash flow and expanding operational base, the board declared a quarterly dividend of $0.525 per share.
The dividend is payable on April 15, 2026, to shareholders of record as of the close of business in late March.