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Long-Term Debt
 12 Months Ended
Dec. 31, 2022
Long-Term Debt, Unclassified [Abstract]  
Long-term Debt Long-Term Debt
The following table presents outstanding long-term debt due dates and principal amounts, net of debt discount, issuance and other costs and fair value adjustments as of 2022 and 2021:
(Dollars in Thousands)December 31,
SeriesTypeDue20222021
Puget Sound Energy:
7.150%First Mortgage Bond2025$15,000 $15,000 
7.200%First Mortgage Bond20252,000 2,000 
7.020%Senior Secured Note2027300,000 300,000 
7.000%Senior Secured Note2029100,000 100,000 
3.900%Pollution Control Bond2031138,460 138,460 
4.000%Pollution Control Bond203123,400 23,400 
5.483%Senior Secured Note2035250,000 250,000 
6.724%Senior Secured Note2036250,000 250,000 
6.274%Senior Secured Note2037300,000 300,000 
5.757%Senior Secured Note2039350,000 350,000 
5.795%Senior Secured Note2040325,000 325,000 
5.764%Senior Secured Note2040250,000 250,000 
4.434%Senior Secured Note2041250,000 250,000 
5.638%Senior Secured Note2041300,000 300,000 
4.300%Senior Secured Note2045425,000 425,000 
4.223%Senior Secured Note2048600,000 600,000 
3.250%Senior Secured Note2049450,000 450,000 
2.893%Senior Secured Note2051450,000 450,000 
4.700%Senior Secured Note205145,000 45,000 
*Debt discount, issuance cost and other*(37,095)(39,141)
Total PSE long-term debt$4,786,765 $4,784,719 
Puget Energy:
*Fair value adjustment of PSE long-term debt*$(148,341)$(156,849)
*Revolving Credit Agreement202734,300 33,300 
3.650%Senior Secured Note2025400,000 400,000 
2.379%Senior Secured Note2028500,000 500,000 
4.100%Senior Secured Note2030650,000 650,000 
4.224%Senior Secured Note2032450,000 — 
*Debt discount, issuance cost and other*(9,351)(7,404)
Total Puget Energy long-term debt$6,663,373 $6,203,766 
___________________
*Not Applicable.

PSE's senior secured notes will cease to be secured by the pledged first mortgage bonds on the date (the "Substitution Date") that all of the first mortgage bonds issued and outstanding under the electric or natural gas utility mortgage indenture have been retired.  As of December 31, 2022, the latest maturity date of the first mortgage bonds, other than pledged first mortgage bonds, is December 22, 2025. On the Substitution Date, PSE will deliver to the trustee for PSE's senior secured notes substitute pledged first mortgage bonds to be issued under a new mortgage indenture. As a result, as of the Substitution Date PSE's outstanding senior secured notes and any future series of PSE's senior secured notes will be secured by substitute pledged first mortgage bonds.
Puget Energy Long-Term Debt
On June 14, 2021, Puget Energy issued $500.0 million of senior secured notes at an interest rate of 2.379%. The notes were issued for a period of 7 years, mature on June 15, 2028, and pay interest semi-annually on June 15 and December 15. Proceeds from the issuance of the notes were invested in short-term money market funds, then used to repay the Company’s $500.0 million 6.0% notes that matured on September 1, 2021.
On June 23, 2021, Puget Energy received an equity contribution from Puget Equico LLC, Puget Energy’s parent company. The proceeds from the equity contribution were used to pay off Puget Energy’s $210.0 million term loan on June 23, 2021.
On March 10, 2022, Puget Energy filed an S-3 Registration statement under which it may issue up to $1.0 billion aggregate principal amount of senior notes secured by Puget Energy's assets. As of the date of this report, $550.0 million was available to be issued. The shelf registration will expire in March 2025.
On March 17, 2022, Puget Energy issued $450.0 million of senior secured notes at an interest rate of 4.224%. The notes mature on March 15, 2032, and pay interest semi-annually on March 15 and September 15 of each year. Proceeds from the issuance of the notes were invested in short-term money market funds, and then used to repay Puget Energy's $450.0 million 5.625% notes that were originally scheduled to mature July 2022.
On April 28, 2022, Puget Energy redeemed the $450.0 million 5.625% senior secured notes due July 2022 and paid related expenses for a total redemption price of $457.2 million, which includes repayment of the $450.0 million principal amount and $7.2 million of accrued interest expense.
At December 31, 2022, Puget Energy maintained an $800.0 million credit facility. As of December 31, 2022, $118.6 million was drawn and outstanding under the facility, of which $34.3 million was classified as long-term debt and $84.3 million was classified as short-term debt.

Puget Sound Energy Long-Term Debt
On September 15, 2021, PSE issued $450.0 million of senior secured notes at an interest rate of 2.893%. The notes were issued for a period of 30 years, mature on September 15, 2051, and pay interest semi-annually on March 15 and September 15 of each year. The proceeds from the issuance will be used for repayment of commercial paper as well as general corporate purposes.
In August 2022, PSE filed an S-3 shelf registration statement under which it may issue up to $1.4 billion aggregate principal amount of senior notes secured by first mortgage bonds. As of the date of this report, $1.4 billion was available to be issued. The shelf registration will expire in August 2025.

Long-Term Debt Maturities
The principal amounts of long-term debt maturities for the next five years and thereafter are as follows:
(Dollars in Thousands)20232024202520262027ThereafterTotal
Maturities of:
PSE$— $— $17,000 $— $300,000 $4,506,860 $4,823,860 
Puget Energy— — 400,000 — $34,300 1,600,000 2,034,300 
Total long-term debt$— $— $417,000 $— $334,300 $6,106,860 $6,858,160