AcquisitionsMay 1, 2026, 09:22 AM
POR to Acquire PacifiCorp WA Utility for $1.9B; Q1 EPS $0.38
AI Summary
Portland General Electric (POR) announced an agreement to acquire select portions of PacifiCorp's Washington state regulated utility retail business for $1.9 billion in cash, serving approximately 140,000 customers. The transaction is expected to be financed through a mix of debt and equity, including a $600 million commitment from Manulife. For Q1 2026, the company reported net income of $45 million, a decrease from $100 million in Q1 2025, with diluted EPS falling to $0.38 from $0.91.
Key Highlights
- Agreement to acquire PacifiCorp's Washington state utility retail business for $1.9B.
- Acquisition will add approximately 140,000 customers.
- Manulife Infrastructure Fund III L.P. committed up to $600M in equity for the acquisition.
- Q1 2026 Net Income $45M, down from $100M in Q1 2025.
- Q1 2026 Diluted EPS $0.38, down from $0.91 in Q1 2025.
- Total revenues for Q1 2026 were $879M, compared to $928M in Q1 2025.
- Net cash provided by operating activities increased to $268M from $231M YoY.
- Debt-to-total capital ratio was 53.1% as of March 31, 2026.