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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
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, 2022December 31, 2021
(Dollars in Thousands)LevelCarrying
Value		Fair
Value		Carrying
Value		Fair
Value
Liabilities:
Long-term debt (fixed-rate), net of discount1
2$6,625,999 $6,109,493 $6,170,466 $7,769,896 
Long-term debt (variable-rate)234,300 34,300 33,300 33,300 
Total liabilities$6,660,299 $6,143,793 $6,203,766 $7,803,196 

Puget Sound EnergySeptember 30, 2022December 31, 2021
(Dollars in Thousands)LevelCarrying
Value		Fair
Value		Carrying
Value		Fair
Value
Liabilities:
Long-term debt (fixed-rate), net of discount2
2$4,786,275 $4,263,765 $4,784,719 $6,145,639 
Total liabilities$4,786,275 $4,263,765 $4,784,719 $6,145,639 
_______________
1 The carrying value includes debt issuances costs of $22.0 million and $22.7 million for September 30, 2022 and December 31, 2021, respectively, which are not included in fair value.
2 The carrying value includes debt issuances costs of $21.7 million and $22.8 million for September 30, 2022 and December 31, 2021, 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, 2022		Fair Value
At December 31, 2021
(Dollars in Thousands)Level 2Level 3TotalLevel 2Level 3Total
Assets:      
Electric derivative instruments$109,303 $37,334 $146,637 $68,011 $6,818 $74,829 
Natural gas derivative instruments130,470 991 131,461 79,526 52 79,578 
Total assets$239,773 $38,325 $278,098 $147,537 $6,870 $154,407 
Liabilities:      
Electric derivative instruments$60,733 $36,559 $97,292 $35,854 $49,570 $85,424 
Natural gas derivative instruments22,509 1,210 23,719 16,678 2,172 18,850 
Total liabilities$83,242 $37,769 $121,011 $52,532 $51,742 $104,274 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present 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)20222021
Level 3 Roll-Forward Net Asset/(Liability)ElectricNatural GasTotalElectricNatural GasTotal
Balance at beginning of period$5,916 $(717)$5,199 $(6,348)$(1,862)$(8,210)
Changes during period:
Realized and unrealized energy derivatives:
Included in earnings1
6,939 — 6,939 20,510 — 20,510 
Included in regulatory assets / liabilities— (4)(4)— (6)(6)
Settlements(12,080)502 (11,578)(2,734)184 (2,550)
Transferred into Level 3— — — — — — 
Transferred out of Level 3— — — — — — 
Balance at end of period$775 $(219)$556 $11,428 $(1,684)$9,744 


Puget Energy and
Puget Sound Energy		Nine Months Ended September 30,
(Dollars in Thousands)20222021
Level 3 Roll-Forward Net Asset/(Liability)ElectricNatural GasTotalElectricNatural GasTotal
Balance at beginning of period$(42,752)$(2,120)$(44,872)$(23,718)$(1,135)$(24,853)
Changes during period:
Realized and unrealized energy derivatives:
Included in earnings2
50,572 — 50,572 36,020 — 36,020 
Included in regulatory assets / liabilities— 481 481 — (1,055)(1,055)
Settlements(7,314)1,097 (6,217)(874)506 (368)
Transferred into Level 3— — — — — — 
Transferred out of Level 3269 323 592 — — — 
Balance at end of period$775 $(219)$556 $11,428 $(1,684)$9,744 
_______________
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 $(8.8) million and $20.1 million for three months ended September 30, 2022 and 2021, 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 $31.2 million and $33.2 million for nine months ended September 30, 2022 and 2021, 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, 2022:
Puget Energy and
Puget Sound Energy		Fair ValueRange
(Dollars in Thousands)
Assets1
Liabilities1
Valuation TechniqueUnobservable InputLowHighWeighted Average
Electric
$37,334$36,559Discounted cash flowPower prices (per MWh)$37.81 $166.61 $89.96 
Natural gas
$991$1,210Discounted cash flowNatural gas prices (per MMBtu)$4.48 $7.66 $5.32 
_______________
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, 2021:
Puget Energy and
Puget Sound Energy		Fair ValueRange
(Dollars in Thousands)
Assets1
Liabilities1
Valuation TechniqueUnobservable InputLowHighWeighted Average
Electric
$6,818 $49,570 Discounted cash flowPower prices (per MWh)$21.88 $119.38 $61.51 
Natural gas
$52 $2,172 Discounted cash flowNatural gas prices (per MMBtu)$3.65 $7.54 $5.89 
___________
1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions.