Exact name of registrant as specified I.R.S.
in its charter, state of incorporation, Employer
Commission address of principal executive offices, Identification
File Number Telephone Number
1-16305 PUGET ENERGY, INC. 91-1969407
A Washington Corporation
411 - 108th Avenue N.E.
Bellevue, Washington 98004-5515
(425) 454-6363
1-4393 PUGET SOUND ENERGY,INC. 91-0374630
A Washington Corporation
411 - 108th Avenue N.E.
Bellevue, Washington 98004-5515
(425) 454-6363
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ITEM 5. Other Events
On October 4, 2001, the Washington Utilities and Transportation Commission issued an order dismissing the petition filed by Puget Sound Energy for interim rate relief on August 21, 2001. The petition requested Washington Utilities and Transportation Commission to approve an interim cost-recovery mechanism whereby customers’ electric bills would be linked to the company’s actual net power costs. Through this mechanism, Puget Sound Energy sought to immediately begin deferring the difference between its net power costs and the amounts currently being recovered through existing customer rates and reflect these amounts in customers bills beginning November 2001.
On October 12, 2001, Puget Sound Energy filed a petition for reconsideration and rehearing with the Washington Utilities and Transportation Commission asking the regulators to reconsider their October 4, 2001 dismissal.
ITEM 7. ExhibitsExhibit 99.1 - October 4, 2001 press release on Washington Utilities and Transportation Commission decision
Exhibit 99.2 - October 12, 2001 press release on Puget Sound Energy petition for reconsideration
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Richard L. Hawley
_________________________________
Vice President and Chief Financial Officer
Date: October 12, 2001BELLEVUE, Wash. (Oct. 4, 2001) — The Washington Utilities and Transportation Commission (WUTC) issued a decision today dismissing a petition by Puget Sound Energy [utility subsidiary of Puget Energy (NYSE:PSD)]for interim rate relief. The denial of PSE’s request to recover the costs of supplying power to its customers is regrettable and will cause higher bills in the future than would otherwise be necessary.
“Our request apparently failed to illustrate to state regulators the serious financial challenges our utility faces,” said Tim Hogan, PSE’s vice president-External Affairs. “It’s clear PSE must continue to work with the commission to demonstrate the urgent need for a plan that provides PSE with the financial strength to continue providing the best energy service to our customers at the lowest possible cost,” Hogan said.
Puget Sound Energy, like other utilities in the West, has had to manage under extreme market volatility, with dramatic net increases in the cost of wholesale power and the fuel for power-generating plants. Nearly every utility in the region has been hurt by the West’s energy crisis, and most have quickly raised their rates to cover soaring power-supply costs.
“Financial stability is a paramount need for all utilities and their customers,” Hogan added. “We’re concerned about the impact of the commission’s decision on our customers and the state of Washington.”
BELLEVUE, Wash. – Puget Sound Energy [the utility subsidiary of Puget Energy (NYSE: PSD)] today filed a petition for reconsideration and rehearing in which the company asked the Washington Utilities and Transportation Commission to reconsider their decision on October 4 to dismiss the utility’s request for interim rate relief. The company’s filing states that the commission decision has adversely impacted the financial stability of the company and, if left unchanged, will cause costs to customers to increase overall.