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Fair Value Measurements (Tables)
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2021
Fair Value Disclosures [Abstract]    
Fair Value Inputs, Liabilities, Quantitative Information  
The fair value of the long-term notes was estimated using the discounted cash flow method with the U.S. Treasury yields and the Company's credit spreads as inputs, interpolating to the maturity date of each issue. The carrying values and estimated fair values were as follows:
Puget EnergySeptember 30, 2021December 31, 2020
(Dollars in Thousands)LevelCarrying
Value		Fair
Value		Carrying
Value		Fair
Value
Liabilities:
Long-term debt (fixed-rate), net of discount1
2$6,167,799 $7,810,416 $5,667,740 $7,755,946 
Long-term debt (variable-rate)233,000 33,000 224,700 224,700 
Total liabilities$6,200,799 $7,843,416 $5,892,440 $7,980,646 
Puget Sound EnergySeptember 30, 2021December 31, 2020
(Dollars in Thousands)LevelCarrying
Value		Fair
Value		Carrying
Value		Fair
Value
Liabilities:
Long-term debt (fixed-rate), net of discount2
2$4,784,592 $6,159,385 $4,338,044 $6,086,358 
Total liabilities$4,784,592 $6,159,385 $4,338,044 $6,086,358 
_______________
1 The carrying value includes debt issuances costs of $22.8 million and $22.7 million for September 30, 2021 and December 31, 2020, respectively, which are not included in fair value.
2 The carrying value includes debt issuances costs of $22.8 million and $22.9 million for September 30, 2021 and December 31, 2020, respectively, which are not included in fair value.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis  
The following table presents the Company's financial assets and liabilities by level, within the fair value hierarchy, that were accounted for at fair value on a recurring basis:
Puget Energy and
Puget Sound Energy		Fair Value
At September 30, 2021		Fair Value
At December 31, 2020
(Dollars in Thousands)Level 2Level 3TotalLevel 2Level 3Total
Assets:      
Electric derivative instruments$178,003 $15,762 $193,765 $21,947 $597 $22,544 
Natural gas derivative instruments168,690 72 168,762 19,139 137 19,276 
Total assets$346,693 $15,834 $362,527 $41,086 $734 $41,820 
Liabilities:      
Electric derivative instruments$41,015 $4,334 $45,349 $22,607 $24,315 $46,922 
Natural gas derivative instruments15,349 1,756 17,105 13,080 1,272 14,352 
Total liabilities$56,364 $6,090 $62,454 $35,687 $25,587 $61,274 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents the Company's reconciliation of the changes in the fair value of Level 3 derivatives in the fair value hierarchy:
Puget Energy and
Puget Sound Energy		Three Months Ended September 30,
(Dollars in Thousands)20212020
Level 3 Roll-Forward Net Asset/(Liability)ElectricNatural GasTotalElectricNatural GasTotal
Balance at beginning of period$(6,348)$(1,862)$(8,210)$(28,609)$342 $(28,267)
Changes during period:
Realized and unrealized energy derivatives:
Included in earnings1
20,510 — 20,510 5,516 — 5,516 
Included in regulatory assets / liabilities— (6)(6)— (471)(471)
Settlements(2,734)184 (2,550)846 (347)499 
Transferred into Level 3— — — — — — 
Transferred out of Level 3— — — — — — 
Balance at end of period$11,428 $(1,684)$9,744 $(22,247)$(476)$(22,723)
Puget Energy and
Puget Sound Energy		Nine Months Ended September 30,
(Dollars in Thousands)20212020
Level 3 Roll-Forward Net Asset/(Liability)ElectricNatural GasTotalElectricNatural GasTotal
Balance at beginning of period$(23,718)$(1,135)(24,853)$(3,378)$1,282 $(2,096)
Changes during period:
Realized and unrealized energy derivatives:
Included in earnings2
36,020 — 36,020 (21,321)— (21,321)
Included in regulatory assets / liabilities— (1,055)(1,055)— (187)(187)
Settlements(874)506 (368)2,452 (1,571)881 
Transferred into Level 3— — — — — 
Transferred out of Level 3— — — — — — 
Balance at end of period$11,428 $(1,684)$9,744 $(22,247)$(476)$(22,723)
_______________
1 Income Statement locations: Unrealized (gain) loss on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $20.1 million and $4.8 million for three months ended September 30, 2021 and 2020, respectively.
2 Income Statement locations: Unrealized (gain) loss on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $33.2 million and $(19.0) million for nine months ended September 30, 2021 and 2020, respectively.
Fair Value Inputs, Assets and Liabilities, Quantitative Information  
The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of September 30, 2021:
Puget Energy and
Puget Sound Energy		Fair ValueRange
(Dollars in Thousands)
Assets1
Liabilities1
Valuation TechniqueUnobservable InputLowHighWeighted Average
Electric
$15,762$4,334Discounted cash flowPower prices (per MWh)$34.50 $95.61 $53.50 
Natural gas
$72$1,756Discounted cash flowNatural gas prices (per MMBtu)$2.96 $7.45 $5.66 
_______________
1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions.

The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of December 31, 2020:
Puget Energy and
Puget Sound Energy		Fair ValueRange
(Dollars in Thousands)
Assets1
Liabilities1
Valuation TechniqueUnobservable InputLowHighWeighted Average
Electric
$597 $24,315 Discounted cash flowPower prices (per MWh)$22.82 $41.66 $31.54 
Natural gas
$137 $1,272 Discounted cash flowNatural gas prices (per MMBtu)$1.89 $3.42 $2.47 
___________
1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets  
The following table presents the significant unobservable inputs used in estimating the impaired long-term power purchase
contracts' fair value:
Puget Energy
Valuation DateUnobservable InputLowHighAverage
March 31, 2020Power prices (per MWh)$10.23$38.84$24.43
Power contract costs per quarter (in thousands)$6,308$7,085$6,468
Schedule of Impaired Intangible Assets  
The following table presents the impairment recorded to the Company's intangible asset contracts in 2020, with corresponding reductions to the regulatory liability:
Puget Energy
(Dollars in Thousands)
Valuation DateContract NameCarrying ValueFair ValueWrite Down
March 31, 2020Rocky Reach$147,168$94,603$52,565