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Leases

12 Months Ended

Dec. 31, 2011

(10) Leases

PSE leases buildings and assets under operating leases. Certain leases contain purchase options, renewal options and escalation provisions. Operating lease expense net of sublease receipts were:

(Dollars in Thousands)
At December 31,
2011	$	24,789
2010		22,493
2009		31,747

Payments received for the subleases of properties was approximately $0.1 million for each of the years ended 2011, 2010 and 2009.

Future minimum lease payments for non-cancelable leases net of sublease receipts are:

(Dollars in Thousands) At December 31,	Operating		Capital
2012	$	13,873	$	8,160
2013		14,131		8,160
2014		12,964		8,160
2015		13,008		8,160
2016		14,881		2,718
Thereafter		59,238		--
Total minimum lease payments	$	128,095	$	35,358

PSE leased a portion of its owned natural gas transmission pipeline infrastructure under a non-cancelable operating lease to a third party which expired in 2009.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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