CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Operating revenues:
Electric	$ 487,721	$ 463,306	$ 1,087,454	$ 1,017,941
Gas	245,014	209,447	663,638	531,852
Other	(60)	534	1,176	1,700
Total operating revenue	732,675	673,287	1,752,268	1,551,493
Energy costs:
Purchased electricity	180,022	174,833	407,918	428,996
Electric generation fuel	25,886	41,692	71,109	97,937
Residential exchange	(15,293)	(16,875)	(36,975)	(39,336)
Purchased gas	127,174	106,632	363,928	283,496
Unrealized (gain) loss on derivative instruments, net	(16,995)	(14,740)	(50,113)	45,908
Utility operations and maintenance	123,852	122,235	241,820	238,414
Non-utility expense and other	2,022	4,157	4,941	7,756
Depreciation	73,579	74,126	148,361	144,654
Amortization	18,450	19,187	36,423	34,655
Conservation amortization	23,871	22,329	56,084	40,482
Taxes other than income taxes	75,414	67,985	175,935	151,401
Total operating expenses	617,982	601,561	1,419,431	1,434,363
Operating income	114,693	71,726	332,837	117,130
Other income (deductions):
Other income	15,679	9,814	28,218	21,814
Other expense	(1,278)	(2,085)	(2,233)	(3,074)
Non-hedged interest rate derivative expense	(25,412)	0	(25,460)	0
Interest charges:
AFUDC	7,597	3,158	12,001	5,908
Interest expense	(108,961)	(77,653)	(190,009)	(160,366)
Income (loss) before income taxes	2,318	4,960	155,354	(18,588)
Income tax (benefit) expense	(2,717)	1,297	42,888	(3,060)
Net income (loss)	5,035	3,663	112,466	(15,528)
Puget Sound Energy Inc.
Operating revenues:
Electric	487,721	463,306	1,087,454	1,017,941
Gas	245,014	209,447	663,638	531,852
Other	629	534	1,865	1,700
Total operating revenue	733,364	673,287	1,752,957	1,551,493
Energy costs:
Purchased electricity	180,166	174,977	408,207	429,284
Electric generation fuel	25,886	41,692	71,109	97,937
Residential exchange	(15,293)	(16,875)	(36,975)	(39,336)
Purchased gas	127,174	106,632	363,928	283,496
Unrealized (gain) loss on derivative instruments, net	(9,648)	9,126	(15,632)	122,143
Utility operations and maintenance	123,852	122,235	241,820	238,414
Non-utility expense and other	2,533	3,079	5,880	4,553
Depreciation	73,579	74,126	148,361	144,654
Amortization	18,450	19,187	36,423	34,655
Conservation amortization	23,871	22,329	56,084	40,482
Taxes other than income taxes	75,414	67,985	175,935	151,401
Total operating expenses	625,984	624,493	1,455,140	1,507,683
Operating income	107,380	48,794	297,817	43,810
Other income (deductions):
Other income	15,677	9,814	28,211	21,814
Other expense	(1,278)	(2,085)	(2,233)	(3,074)
Interest charges:
AFUDC	7,597	3,158	12,001	5,908
Interest expense	(57,812)	(55,081)	(114,417)	(116,704)
Interest expense on parent note	(30)	(49)	(95)	(110)
Income (loss) before income taxes	71,534	4,551	221,284	(48,356)
Income tax (benefit) expense	20,621	4,044	66,932	(10,589)
Net income (loss)	$ 50,913	$ 507	$ 154,352	$ (37,767)