4 1 gul97.htm FORM 4 FOR PENNY GULLEKSON 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)

    November 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


674
D

Common


5,458
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 - November 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) 11/25/2002
   A |     
    (A) 27
Common - 27 $21.58 2,019
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. 		By: James W. Eldredge
________________________________            11-26-2002    
** Signature of Reporting Person                         Date

Power of Attorney

Page 2
SEC 1474 (3-99)
Gullekson, Penny J - November 2002
Form 4 (continued)
FOOTNOTE Descriptions for Puget Energy, Inc. PSD

Form 4 - November 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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