SEC Form 4

FORM 4
[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations 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
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1. Name and Address of Reporting Person^* Gullekson, Penny     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.   PSD 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary) 4. Statement for
    (Month/Year)
    October 2002
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 Customer Services of Puget Sound Energy, Inc. 7. 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 ofMonth     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct(D)     or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
Common				666	D
Common				5,396	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)

Gullekson, Penny J - October 2002

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)
PSE Deferred Compensation Plan (1)	$0.00 (2)	10/25/2002	A |	(A) 27		Common - 27	$21.79	1,968	D
LTIP	$0.00 (3)				12/31/2002 | 12/31/2002	Common - 1,300		1,300	D
LTIP	$0.00 (3)				12/31/2003 | 12/31/2003	Common - 5,015		5,015	D
LTIP	$0.00 (3)				12/31/2004 | 12/31/2004	Common - 4,364		4,364	D
LTIP (3)	$0.00				12/31/2005 | 12/31/2005	Common - 5,682		5,682	D
Restricted Stock Units	$0.00 (2)				12/31/2001 | 12/31/2001	Common - 0		0	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. /s/ Penny J Gullekson
________________________________            10-25-2002    
** Signature of Reporting Person                         Date



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SEC 1474 (3-99)

Gullekson, Penny J - October 2002

Form 4 (continued)

FOOTNOTE Descriptions for Puget Energy, Inc. PSD

Form 4 - October 2002

Penny J Gullekson
411 108th Avenue NE, 15th Floor

Bellevue, WA 98004-5515

Explanation of responses:

(1)   Phantom share units deferred in the Puget Sound Energy Deferred Compensation Plan.
(2)   One common share will be received for each stock unit.
(3)   LTIP share grants under the Puget Energy Long-Term Incentive Plan for Officers and Key Employees. LTIP Shares are paid in Puget Energy stock when vested in an amount ranging from zero to 175% of LTIP Share Grants.

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