8-K

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): December 1, 2023

Commission File Number	Exact name of registrant as specified in its charter, state of incorporation, address of principal executive offices, telephone	I.R.S. Employer Identification Number
1-16305	PUGET ENERGY, INC.	91-1969407

A Washington Corporation

355 110th Ave NE

Bellevue, Washington 98004-5591

425-454-6363

1-4393 PUGET SOUND ENERGY, INC. 91-0374630

A Washington Corporation

355 110th Ave NE

Bellevue, Washington 98004-5591

425-454-6363

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On December 1, 2023, Puget Sound Energy, Inc. (“PSE”) completed the acquisition of a proposed 248 megawatt (“MW”) Beaver Creek Wind Project in Stillwater County, Montana from Caithness Beaver Creek, LLC. Additionally, on December 1, 2023, PSE entered into an agreement with GE Renewables North America, LLC (“GE”), pursuant to which PSE agreed to purchase and GE agreed to sell, erect, and commission, a total of up to 88 GE 2.82 MW wind turbines providing up to 248 MW of nameplate capacity. Including the costs to acquire the land, wind turbines, and other necessary assets, construction costs, and transaction, financing, and contingency costs, PSE anticipates spending approximately $500 million on the project, which it solely owns. A press release announcing the transaction is attached hereto as Exhibit 99.1.

The information in this Item 7.01, including the exhibits referenced herein and attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall they be deemed incorporated by reference in any PSE or Puget Energy, Inc. (together, the “Company”) filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements

This Current Report on Form 8-K includes forward-looking statements, which are statements of expectations, beliefs, plans, objectives and assumptions of future events. Words or phrases such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “future,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” “projects,” “should,” “will likely result,” “will continue” or similar expressions are intended to identify certain of these forward-looking statements and may be included in discussion of, among other things, our future expectations. Forward-looking statements reflect current expectations and involve risks and uncertainties that could cause actual outcomes to differ materially from those expressed. Factors that could affect actual results or outcomes include, among others, governmental policies and regulatory actions, including those of the Federal Energy Regulatory Commission and the Washington Utilities and Transportation Commission; changes in, adoption of and compliance with laws and regulations, including decisions and policies concerning the environment, climate change, greenhouse gas or other emissions or by-products of electric generation (including coal ash or other substances), natural resources, and fish and wildlife (including the Endangered Species Act) as well as the risk of litigation arising from such matters; and accidents or natural disasters, such as hurricanes, windstorms, earthquakes, floods, landslides, fires and wildfires (either affecting or caused by PSE’s facilities or infrastructure), extreme weather conditions and other acts of God, terrorism, asset-based or cyber-based attacks, pandemic or similar significant events. More information about these and other factors that potentially could cause actual results or outcomes to differ materially from those contained in forward-looking statements is included in the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q and in their other public filings filed with the Securities and Exchange Commission. Except as required by law, the Company undertakes no obligation to update any forward-looking statements.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished as part of this report.

Exhibit Number	Description
99.1	Puget Sound Energy, Inc. press release, dated December 7, 2023
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, 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.
Dated: December 7, 2023	By:	/s/ Lorna Luebbe
	Name: Lorna Luebbe
	Title:	Senior Vice President, General Counsel and Chief Sustainability Officer

EX-99.1

Exhibit 99.1

MEDIA RELEASE

Puget Sound Energy announces

clean energy wind project

PSE to build a 248 MW utility-scale wind project in Stillwater County, Montana

BELLEVUE, Wash. (Dec. 7, 2023) – Puget Sound Energy (PSE) announced today it is developing the Beaver Creek wind farm, a utility-scale wind project that will be located on the high plains in Stillwater County, Montana.

The Beaver Creek wind farm is the latest addition in a growing list of renewable energy resources that PSE is acquiring as it works toward Washington state’s ambitious clean energy laws. By 2030, the amount of new, non-emitting generation resources PSE will need to have is more than the utility has accumulated in its 150-year history.    

The wind farm will have an expected initial nameplate capacity of 248 megawatts (MW), enough energy to power about 83,000 homes a year. Additionally, there will be an opportunity to add wind turbines in neighboring Sweet Grass County, as well as a lithium-ion battery energy storage system to shape Beaver Creek’s variable wind output and better match PSE’s customer energy needs. Montana wind has a high production rate that is especially valuable during extremely cold weather in the Pacific Northwest, when high pressure systems mean that Washington wind farms produce less energy.

“PSE is undergoing one of the largest clean energy transformations of any utility in the country,” said Mary Kipp, president and CEO of Puget Sound Energy. “Our priority is meeting our customers’ demand for clean energy while continuing to deliver the safe and reliable energy they also expect.”

PSE has been a partner in Montana’s energy economy since the 1970s and continues to invest in the state of Montana and its communities. The project will interconnect on NorthWestern Energy’s system and will use existing PSE transmission on the Colstrip Transmission System to bring the wind energy back to PSE customers.

The Beaver Creek project will utilize federal tax credits and comply with provisions of the Inflation Reduction Act that emphasize the importance of union and/or prevailing wage jobs and apprenticeship programs for tradespeople involved with the project. It is also PSE’s intent to use domestically produced products when possible. The wind farm is expected to utilize an estimated 150-200 skilled workers during construction with an ongoing need for 10-15 permanent on-site workers during operation. Construction is set to begin in the spring of 2024, with the facility expecting to be operational in 2025.

As part of the clean energy transition, PSE continues to partner with energy producers in the state of Montana. Recent examples include power purchase agreements signed with Energy Keepers, Inc., the tribally owned corporation of the Confederated Salish and Kootenai Tribes for hydroelectric power, and an agreement with NextEra for power from Montana’s largest wind farm, Clearwater Wind, based in Rosebud, Custer and Garfield Counties. Learn more about these projects and PSE’s work in Montana at www.psemontana.com.

Earlier this year, PSE announced the expansion of its largest wind farm in Washington state, located near Pomeroy, Washington; signed a contract to purchase wind power from Vantage Wind Energy Center in Ellensburg, WA; and signed a long-term clean energy contract with Chelan PUD to receive renewable hydropower from the PUD’s two projects on the Columbia River. Since 2019, PSE has added more than 1,000 MW of renewable nameplate capacity to its system.

###

Media Contact:

Andrew Padula, 888-831-7250, psenewsroom@pse.com

Puget Sound Energy is proud to serve our neighbors and communities in ten Washington counties.

We’re the state’s largest utility, supporting approximately 1.2 million electric customers and 900,000 natural gas customers.

We aspire to be a beyond net zero carbon energy company by 2045.

For more about us and what we do, visit pse.com. Also follow us on Facebook and Twitter.

XML

Cover	Dec. 01, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Dec. 01, 2023
Entity Incorporation, State or Country Code	WA
Entity File Number	1-4393
Entity Address, Address Line One	A Washington Corporation
Entity Address, Address Line Two	355 110th Ave NE
Entity Address, City or Town	Bellevue
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98004-5591
Entity Tax Identification Number	91-0374630
City Area Code	425
Local Phone Number	454-6363
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000081100
Entity Registrant Name	PUGET SOUND ENERGY, INC.
Subsidiaries
Document Information [Line Items]
Entity Incorporation, State or Country Code	WA
Entity File Number	1-16305
Entity Address, Address Line One	A Washington Corporation
Entity Address, Address Line Two	355 110th Ave NE
Entity Address, City or Town	Bellevue
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98004-5591
Entity Tax Identification Number	91-1969407
City Area Code	425
Local Phone Number	454-6363
Amendment Flag	false
Entity Central Index Key	0001085392
Entity Registrant Name	PUGET ENERGY, INC /WA