SEC Form 4

FORM 4
[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 oblibations may continue.
See Instruction 1(b). UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 OMB APPROVAL

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1. Name and Address of Reporting Person^*
Hogan, Timothy     J. (Last)                      (First)                      (Middle) 411 108th Avenue NE, 15th Floor

(Street) Bellevue, WA     98004-5515
(City)                      (State)                      (Zip)
2. Issuer Name and Ticker
    or Trading Symbol

Puget Energy, Inc.   PSD3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    (Month/Year)

    July 2001

5. If Amendment,
    Date of Original
    (Month/Year)
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
                        Director                           10% Owner
           X          Officer                             Other

Officer/Other
Description           Vice President External Affairs7. Individual or Joint/Group
    Filing (Check Applicable Line)

X   Individual Filing
      Joint/Group Filing

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)	2. Transaction Date     (Month/Day/Year)	3. Transaction     Code     and     Voluntary     Code     (Instr. 8) Code  |  V	4. Securities Acquired (A) or Disposed (D) Of     (Instr. 3, 4, and 5)         Amount      |         A/D         |         Price	5. Amount of     Securities     Beneficially     Owned at     End of Month     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct(D)     or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
Common	07/11/2001	M |	1,548.0000   |           A           |   $24.8547		D
Common	07/11/2001	S |	1,548.0000   |           D           |   $26.6900	4,049.0000	D
Common				3,826.9210	I	By 401(k)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

(over)
SEC 1474 (3-99)

Hogan, Timothy J. - July 2001

Form 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security     (Instr. 3)	2. Conver-     sion or     Exercise     Price of     Deri-     vative     Security	3. Transaction     Date     (Month/     Day/     Year)	4. Transaction     Code     and     Voluntary (V)     Code     (Instr.8) Code | V	5. Number of Derivative     Securities Acquired (A)     or Disposed (D) Of     (Instr. 3,4 and 5)	6. Date Exercisable(DE) and     Expiration Date(ED)     (Month/Day/Year)   (DE)     |     (ED)	7. Title and Amount of     Underlying Securities     (Instr. 3 and 4)	8. Price     of     Derivative     Security     (Instr.5)	9. Number of     Derivative     Securities     Beneficially     Owned     at End of     Month     (Instr.4)	10. Owner- ship Form of Deriv- ative Security: Direct (D) or Indirect (I)	11. Nature of       Indirect       Beneficial       Ownership       (Instr.4)
Incentive Stock Options w/SARs	$24.8547	07/11/2001	M |	(D) 1,548.0000	10/08/1991 | 10/07/2001	Common - 1,548.0000		0.0000	D
Incentive Stock Options w/SARs	$24.6366				10/12/1992 | 10/11/2002	Common - 1,548.0000		1,548.0000	D
Incentive Stock Options w/SARs	$21.3663				12/15/1993 | 12/14/2003	Common - 1,548.0000		1,548.0000	D
Incentive Stock Options w/SARS	$15.5523				12/05/1994 | 12/04/2004	Common - 6,751.0000		6,751.0000	D
Incentive Stock Options w/SARs	$21.5843				12/11/1995 | 12/10/2005	Common - 2,236.0000		2,236.0000	D
Incentive Stock Options w/SARs	$23.1105				11/19/1996 | 11/18/2006	Common - 746.0000		746.0000	D
LTIP					12/31/2001 | 12/31/2001	Common - 2,900.0000		2,900.0000	D
LTIP	$0.0000				12/31/2002 | 12/31/2002	Common - 4,820.0000		4,820.0000	D
LTIP	$0.0000				12/31/2003 | 12/31/2003	Common - 7,093.0000		7,093.0000	D
LTIP	$0.0000				12/31/2004 | 12/31/2004	Common - 11,713.0000		11,713.0000	D
PSE Deferred Compensation Plan	$0.0000					Common - 9,380.3950		9,380.3950	D
Restricted Stock Units	$0.0000				12/31/2001 | 12/31/2001	Common - 304.0000		304.0000	D

Explanation of Responses :

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. ________________________________         __________________
** Signature of Reporting Person                         Date


Timothy J. Hogan


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SEC 1474 (3-99)