UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 23, 2003

	Exact name of registrant as specified	I.R.S.
	in its charter, state of incorporation,	Employer
Commission	address of principal executive offices,	Identification
File Number	Telephone	Number

1-16305	PUGET ENERGY, INC.	91-1969407
	A Washington Corporation.
	10885 - N.E. 4th Street
	Bellevue, Washington 98004-5515
	(425) 454-6363

1-4393	PUGET SOUND ENERGY, INC.	91-0374630
	A Washington Corporation
	10885 - N.E. 4th Street
	Bellevue, Washington 98004-5515.
	(425) 454-6363

ITEM 9. Regulation FD Disclosure

On October 23, 2003 the Company issued the following press release:

Puget Energy reports third quarter earnings
        Bellevue, Wash. (October 23, 2003) — Puget Energy (NYSE: PSD) today reported 2003 third-quarter income for common stock of $9.9 million, or 10 cents per share. In the same period a year ago, Puget Energy’s third quarter results were $6.6 million, or 7 cents per share.
        Puget Sound Energy (PSE), the regulated utility subsidiary of Puget Energy, reported third-quarter 2003 income for common stock of $8.4 million compared with $2.8 million for the same period in 2002. Utility results were driven primarily by customer growth, improved gas margin and lower interest expense, partially offset by higher variable power costs. InfrastruX Group, the unregulated utility construction services subsidiary of Puget Energy, contributed third-quarter 2003 net income of $1.6 million compared with $3.9 million for the 2002 period.
        “PSE continues to enjoy strong customer growth,” said Puget Energy President and CEO Stephen P. Reynolds. “In addition to being pleased with the quarter, I am also pleased with the progress we have made toward meeting our customers’ needs for electricity in the future,” added Reynolds.
        PSE announced yesterday that it has agreed with an affiliate of EPCOR Utilities, Inc. to acquire a 137 megawatt share of the Edmonton, Alberta, company’s 275 megawatt Frederickson Power facility near Tacoma, Washington. The natural gas fired plant began commercial operation last year. PSE’s total investment in the plant will be approximately $80 million, which is lower cost than construction of a new plant. The acquisition, subject to approval by the Washington Utilities and Transportation Commission (WUTC), could be completed in the first quarter of 2004.

Factors in Third-quarter 2003 Results:

• PSE margins contributed 3 cents per share more to the 2003 third quarter than in the comparable period one year ago, as described in detail below.

• Reduced PSE interest expense of $2.5 million in the third quarter of 2003 contributed 2 cents per share compared with the same period in 2002, a result of investing the net proceeds from a November 2002 common stock sale in PSE to reduce debt and the refinancing of higher cost securities. Over the last 12 months, PSE has reduced its total debt and debt-like instruments by more than $200 million, demonstrating the company’s commitment to improving PSE’s financial strength.

• PSE’s Other Income increased $2.4 million compared with the same period a year ago, adding approximately 2 cents per share. The increase in Other Income is primarily related to lower costs for long-term equity incentive plans and to gains received on corporate owned insurance.

• PSE’s energy sales to its utility customers are seasonal, with the highest volume of sales occurring during the heating season in the first and fourth calendar quarters and the lowest sales during the third quarter.

• Puget Energy sold approximately $115 million of common stock during the fourth quarter 2002, investing the proceeds in PSE. The dilutive impact of these additional shares reduced earnings by 1 cent per share compared with the third quarter one year ago.

• PSE’s common equity ratio was 37.0 percent at September 30, 2003 compared to 32.7 percent at September 30, 2002. PSE is well ahead of the requirement in its July 2002 rate settlement to rebuild its common equity ratio to 39 percent over a 3½- year period, with milestones of 34 percent, 36 percent and 39 percent at the end of 2003, 2004 and 2005 respectively.

• Puget Energy’s unregulated utility construction services subsidiary, InfrastruX Group, continued to be impacted by the effects of weather and softness in spending by its utility customers, contributing income of $1.6 million in the third quarter of 2003 compared with $3.9 million in the third quarter of 2002. InfrastruX Group’s quarterly results reduced Puget Energy’s income by 2 cents per share in the third quarter of 2003 compared with the same period a year ago.

Utility Electric Margin:
        PSE’s pre-tax electric margin was approximately $2.0 million lower in the third quarter 2003 compared with the third quarter in 2002. The reduction in electric margin primarily reflects $5.8 million of excess variable power costs that PSE absorbed under its PCA mechanism in the third quarter of 2003, offset in part by higher sales of electricity, compared with $1.8 million of excess power costs in the third quarter of 2002.
        The PCA mechanism allows the company to recover variable power costs on a shared basis with its customers if PSE’s costs vary from a normalized level established in electric rates. All significant variable power-supply costs are included in the PCA mechanism (hydroelectric generation variability, market price variability for purchased power and surplus power sales, natural gas and coal fuel price variability, generation unit forced outage risk and wheeling cost variability).
        Under the PCA, PSE’s cumulative maximum pre-tax earnings exposure due to power-supply cost variations over the four year period ending June 30, 2006 is limited to $40 million plus 1 percent of the excess. As previously reported, the Company expects to reach the $40 million cumulative cap under the PCA mechanism by the end of 2003, primarily as a result of below normal hydroelectric conditions in the Pacific Northwest region. PSE’s share of cumulative variable power cost underrecovery under the PCA mechanism, which began on July 1, 2002, was $29.9 million at September 30, 2003.
        PSE’s electric margin represents electrical sales to its retail and transportation customers less the cost of generating and purchasing electric energy sold to customers, including transmission costs to bring electric energy to PSE’s service territory.

Utility Gas Margin:
        PSE’s pre-tax gas margin was approximately $6.5 million higher in the third quarter of 2003 compared with the third quarter of 2002 reflecting continued customer growth coupled with the impact of the $35 million annual increase in the general gas tariff that went into effect in September 2002.
        PSE’s gas margin represents gas sales to its retail and transportation customers less the cost of gas purchased, including costs to bring gas to PSE’s service territory.

2003 Outlook:
        The company reaffirmed its current earnings guidance for its regulated utility subsidiary, PSE, in the range of $1.25 to $1.35 per share, assuming normal weather in the fourth quarter. InfrastruX is expected to contribute less than 5 cents per share to Puget Energy’s 2003 earnings. “While I am disappointed with InfrastruX’s performance in this difficult year for the utility construction services sector, management expects that InfrastruX’s earnings will improve in 2004,” added Reynolds.

Conference Call:
Puget Energy will provide additional information regarding its third-quarter 2003 results during a conference call for analysts scheduled at 10 a.m. ET (7 a.m. PT) tomorrow, Friday, October 24, 2003. The call will be broadcast live through a Web cast at www.pse.com by accessing the Investors section of the Web site. The Web cast will be archived and available for replay following the live call. A tape-recorded replay of the call will be available two hours after completion of the conference on October 24 through midnight (ET) Friday, November 7, 2003 by dialing 1-888-286-8010 and entering the conference identification number at 60405169.

_________________

Certain statements contained in this news release are “forward-looking statements” within the meaning of the federal securities laws. Although Puget Energy and Puget Sound Energy believe that the expectations reflected in such statements are reasonable, there can be no assurance that the expected results will be achieved. For additional information concerning certain assumptions, risks, and uncertainties involved in the forward-looking statements contained herein, please refer to Puget Energy’s reports on file with the SEC.

PUGET ENERGY — SUMMARY INCOME STATEMENT
(In thousands, except per-share amounts)

	Unaudited						Unaudited
	Three months ended 9/301						Nine months ended 9/30
	2003			20022			2003			20022
Operating revenues
Electric	$	343,470		$	299,443		$	1,108,664		$	978,814
Gas		78,171			65,788			382,706			524,663
Other		93,926			93,245			258,015			234,878
Total operating revenues		515,567			458,476			1,749,385			1,738,355
Operating expenses
Purchased electricity		174,937			132,820			606,972			442,731
Purchased gas		35,469			31,126			179,795			324,444
Electric generation fuel		21,252			16,856			47,415			96,716
Residential exchange		(32,894	)		(26,427	)		(122,550	)		(100,139	)
Unrealized (gain) loss on derivative instruments		905			(335	)		383			(12,083	)
Utility operations & maintenance		67,682			68,933			211,632			208,505
Other operations & maintenance		81,435			76,316			229,072			193,025
Depreciation & amortization		59,159			57,190			176,424			170,495
Conservation amortization		9,897			4,216			23,914			9,985
Taxes other than income taxes		43,176			40,928			147,787			159,843
Income taxes		160			(245	)		36,358			34,332
Total operating expenses		461,178			401,378			1,537,202			1,527,854
Operating income		54,389			57,098			212,183			210,501
Other income (net of tax)		2,663			230			5,614			4,055
Income before interest charges & minority interest		57,052			57,328			217,797			214,556
Interest charges
Interest expense		44,845			48,439			138,491			147,518
Mandatorily redeemable securities interest expense4		1,048			--			1,048			--
Total interest charges		45,893			48,439			139,539			147,518
Minority interest		156			377			106			679
Net income before cumulative effect of
accounting change		11,003			8,512			78,152			66,359
FAS-143 transition adjustment loss (net of tax)		--			--			169			--
Net Income		11,003			8,512			77,983			66,359
Less preferred stock dividend accruals4		1,118			1,940			4,779			5,892
Income for common stock	$	9,885		$	6,572		$	73,204		$	60,467
Common shares outstanding		94,125			87,618			93,930			87,388
Diluted shares outstanding		94,635			87,975			94,440			87,737
Basic earnings per common share before
cumulative effect of accounting change	$	0.10		$	0.07		$	0.78		$	0.69
Cumulative effect of accounting change		--			--			--			--
Basic earnings per common share	$	0.10		$	0.07		$	0.78		$	0.69
Diluted earnings per common share before
cumulative effect of accounting change	$	0.10		$	0.07		$	0.77		$	0.69
Cumulative effect of accounting change		--			--			--			--
Diluted earnings per common share3	$	0.10		$	0.07		$	0.77		$	0.69

¹ Partial-year results may not accurately predict full-year performance, as earnings are significantly affected by weather.

² Certain amounts previously reported have been reclassified to conform with current year presentations with no effect on net income.

³ Diluted earnings per common share include the dilutive effect of securities related to employee compensation plans.

⁴ Effective July 1, 2003, SFAS 150, “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity," requires companies with equity that has characteristics of debt to classify their dividends as interest expense instead of as preferred stock dividends.

PUGET SOUND ENERGY¹ — UTILITY OPERATING DATA

	Three months ended 9/30				Nine months ended 9/30
	2003		2002		2003			2002
Energy sales revenues ($ in thousands; unaudited)
Electricity
Residential	$	114,544	$	116,022	$	442,275		$	468,069
Commercial		135,128		129,394		411,231			399,944
Industrial		21,465		22,869		66,306			68,084
Other retail sales2		8,175		3,782		(7,090	)		(15,806	)
Subtotal, retail sales		279,312		272,067		912,722			920,291
Transportation2		2,618		4,791		9,229			12,873
Sales to other utilities & marketers		52,142		19,841		161,782			50,883
Other3		9,398		2,744		24,931			(5,233	)
Total electricity sales		343,470		299,443		1,108,664			978,814
Gas
Residential		41,281		33,208		236,672			315,670
Commercial		24,599		22,252		108,135			163,711
Industrial		5,996		4,947		19,153			28,381
Subtotal, retail sales		71,876		60,407		363,960			507,762
Transportation		3,643		3,068		10,503			9,024
Other		2,652		2,313		8,243			7,877
Total gas sales		78,171		65,788		382,706			524,663
Total energy sales revenues	$	421,641	$	365,231	$	1,491,370		$	1,503,477
Energy sales volumes (Unaudited)
Electricity (in mWh)
Residential		1,854,841		1,803,389		7,180,292			7,340,492
Commercial		2,058,314		1,986,181		6,100,560			5,979,395
Industrial		341,076		367,484		1,030,225			1,062,665
Other2		73,560		30,009		(186,586	)		(319,042	)
Subtotal, retail sales		4,327,791		4,187,063		14,124,491			14,063,510
Transportation2		521,252		730,959		1,521,366			1,801,715
Sales to other utilities & marketers		1,215,015		1,026,461		4,293,359			2,379,170
Total mWh		6,064,058		5,944,483		19,939,216			18,244,395
Gas (in 000's of therms)
Residential		42,353		33,521		315,033			337,893
Commercial		34,139		35,530		177,915			207,694
Industrial		9,458		9,048		32,968			37,992
Transportation		46,152		47,776		155,284			151,532
Total gas volumes		132,102		125,875		681,200			735,111
Margins4 ($ in thousands; unaudited)
Electric	$	139,610	$	141,564	$	458,536		$	437,422
Gas		33,606		27,080		161,400			149,401
Customers served5 (Unaudited)
Electricity
Residential		856,801		842,170		851,994			838,899
Commercial		109,403		103,538		108,118			102,337
Industrial		3,947		3,897		3,947			3,929
Other		2,084		1,931		2,048			1,891
Transportation		16		15		16			15
Total electricity customers		972,251		951,551		966,123			947,071
Gas
Residential		585,947		565,585		580,704			562,539
Commercial		47,488		46,347		47,244			46,407
Industrial		2,709		2,735		2,721			2,775
Transportation		134		129		135			117
Total gas customers		636,278		614,796		630,804			611,838
Weather (Unaudited)
Actual heating degree days		135		235		2,832			3,324
Normal heating degree days6		238		238		3,068			3,068

¹ Puget Sound Energy (PSE) is the electric and natural gas utility subsidiary of Puget Energy.

² Includes change in unbilled revenues.

³ Includes Conservation Trust collection and sales of non-core gas supplies. As of the third quarter 2003 the Conservation Trust payments to bondholders are no longer shown as a reduction in revenue but as an expense due to the consolidation of the Conservation Trust onto Puget Sound Energy’s books beginning July 1, 2003. There is no impact on net income.

⁴ Electric margin is electric sales to retail and transportation customers less the cost of generating and purchasing electric energy sold to customers, including transmission costs, to bring electric energy to PSE’s service territory. Gas margin is gas sales to retail and transportation customers less the cost of gas purchased, including gas transportation costs, to bring gas to PSE’s service territory.

⁵ Quarterly data represents average served during September; Nine months ended data represents average for the nine months ended.

⁶ Seattle-Tacoma Airport statistics reported by NOAA which are based on a 30-year average, 1971-2000.

PUGET ENERGY — SEGMENT RESULTS (in thousands)
Three months ended 9/30/03 (Unaudited)	Regulated Utility Operations			InfrastruX		Other1			Puget Energy Total
Revenues	$	421,641		$	93,142	$	784		$	515,567
Depreciation and amortization		54,881			4,216		62			59,159
Income taxes		(1,260	)		1,492		(72	)		160
Operating income		51,081			3,390		(82	)		54,389
Interest charges		44,178			1,662		53			45,893
Net income		9,396			1,616		(9	)		11,003
Goodwill, net		--			134,692		--			134,692
Total assets		5,104,096			348,998		78,337			5,531,431
Three months ended 9/30/02 (Unaudited)
Revenues	$	365,231		$	92,373	$	872		$	458,476
Depreciation and amortization		53,351			3,784		55			57,190
Income taxes		(3,862	)		3,564		53			(245	)
Operating income		51,002			5,871		225			57,098
Interest charges		46,876			1,563		--			48,439
Net income		4,335			3,952		225			8,512
Nine months ended 9/30/03 (Unaudited)
Revenues	$	1,491,370		$	256,162	$	1,853		$	1,749,385
Depreciation and amortization		164,074			12,176		174			176,424
Income taxes		35,528			964		(134	)		36,358
Operating income		206,856			5,236		91			212,183
Interest charges		135,349			4,119		71			139,539
Net income		74,939			1,007		2,037			77,983
Nine months ended 9/30/02 (Unaudited)
Revenues	$	1,503,477		$	229,256	$	5,622		$	1,738,355
Depreciation and amortization		161,024			9,308		163			170,495
Income taxes		26,102			6,514		1,716			34,332
Operating income		196,021			12,034		2,446			210,501
Interest charges		143,558			3,960		--			147,518
Net income		56,616			7,476		2,267			66,359
Goodwill at 12/31/02	$	--		$	125,555	$	--		$	125,555
Total assets at 12/31/02		5,208,487			319,248		129,756			5,657,491

¹ Includes the non-regulated subsidiaries of Puget Sound Energy and miscellaneous holding company expenses. The principal non-regulated subsidiary of PSE is a real estate development company.

PUGET SOUND ENERGY — CAPITALIZATION
(In thousands)	(Unaudited) At September 30, 2003				At December 31, 2002
	Amount		%		Amount		%
Short-term debt	$	9,330	0	.2%	$	30,340	0	.7%
Corporation obligated, mandatorily redeemable
securities of subsidiary trust holding solely
junior subordinated debentures of the corporation		280,250	7	.2%		300,000	7	.6%
Mandatorily Redeemable Preferred Stock and
Long-term debt, including current maturities		2,112,700	54	.1%		2,136,994	54	.1%
Preferred Stock		60,000	1	.5%		60,000	1	.5%
Common Equity		1,443,665	37	.0%		1,426,121	36	.1%
Total capitalization including short-term debt	$	3,905,945	100	.0%	$	3,953,455	100	.0%
PUGET SOUND ENERGY
Unrestricted cash	$	17,943			$	161,475

SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

PUGET ENERGY, INC.

PUGET SOUND ENERGY, INC.

/s/ James W. Eldredge

James W. Eldredge

Corporate Secretary and Chief Accounting Officer

Date: October 23, 2003