PGE is purchasing utility assets and operations in Washington state
Delivering industry-leading service and supporting Washington’s economic growth.
PGE has a long history of providing safe, reliable power and customer-first service in Oregon. With our announcement to purchase from PacifiCorp select Washington generation, electric grid assets and utility operations, we’re bringing that same mission to Washington customers.
Central to this acquisition is PGE’s partnership with Manulife Infrastructure Fund III L.P. and its affiliates including John Hancock Life Insurance Company (USA), which will collectively be a 49% co-owner of the Washington utility business. Manulife Investment Management is an experienced, long-term investor in infrastructure, agriculture and timberland with roots in the region - having managed farms and forests in the Pacific Northwest for more than two decades.
The acquired Washington business will be a separate company. It will invest in Washington assets and be operated largely by local Washington employees, maintaining service quality, reliability and affordability. PGE corporate functions will provide shared support for both Washington and Oregon companies.
The sale transaction is expected to take about 12 months to finalize after submission of regulatory filings. Updates will be made along the way on this page. For more details, see our media release.
Questions and Answers
What is included in the purchase agreement?
Local utility operations across 2,700 square miles serving approximately 140,000 Washington customers
Approximately 4,500 miles of transmission and distribution lines and infrastructure
The Goodnoe Hills wind farm
Marengo I and II wind facilities
The Chehalis natural gas plant
Combined, these generation facilities provide 805 megawatts of energy. They will continue serving Washington customers and will be operated by Washington employees.
Will the Washington acquisition add to PGE's Oregon service area and expand its total customer base?
No. The acquired Washington utility business will be a separate company, investing in Washington assets. The Washington system will be operated by local Washington employees who will maintain service quality and reliability. PGE corporate functions will provide support for both Washington and Oregon companies.
Will my monthly electricity bill go up because of this acquisition?
No, the acquisition is designed so that Washington and Oregon customers are not impacted by costs associated with the purchase. We're committed to managing costs effectively.
Can I expect the same level of customer service from PGE?
Yes, our long track record and strong commitments to excellent day-to-day operations and customer service will continue, with dedicated teams maintaining service quality. The current local Washington teams in Walla Walla and Yakima will be handling local service and operations.
Will power supply be reliable during and after the transition?
Yes. The acquired facilities will continue operating normally throughout the transition.
How will Washington customers benefit?
PGE brings a strong track record of serving customers with reliable service, safety and meaningful community investment. Washington customers will benefit from efficiencies of shared corporate administrative functions, improved purchasing power for critical equipment and opportunities for more efficient financing for system investments.
What is the impact to Oregon customers?
We anticipate very little impact to Oregon customers because of this transaction. Oregon customers will not pay for costs related to the purchase. In addition, the rate setting process with the Oregon Public Utility Commission remains unchanged.
Why does PGE want to purchase PacifiCorp's Washington electric utility operations?
PGE is committed to powering the Pacific Northwest. As a local utility that is financially and operationally secure, PGE is better positioned to expand industry-leading service practices that will benefit local communities. This acquisition builds on over 10 years of experience in the area through PGE’s ownership and operation of the Tucannon River Wind Farm in Dayton, Wash.
How is PGE financing the acquisition?
The purchase price of $1.9B is being paid through debt and equity financing, including a financial partnership with Manulife Investment Management, who will be a 49% co-owner of the Washington utility business.
This transaction will undergo a thorough regulatory review that examines financing from shareholders and bondholders. The acquisition is designed so that Washington and Oregon customers are not impacted by costs associated with the purchase.
Who is the financial partner, Manulife?
Manulife Investment Management is an experienced, long-term investor in infrastructure, agriculture, and timberland with roots in the region - having managed farms and forests in the Pacific Northwest for more than two decades.
Find more information on Manulife Investment Management here.