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): July 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 July 23, 2003 the Company issued the following press release.
Puget Energy reports second-quarter 2003 earnings
Bellevue, Wash. (July 23, 2003) — Puget Energy (NYSE: PSD) today reported second-quarter results that were in accordance with its expectations. Income for common stock for the second quarter of 2003 was $20.6 million, or 22 cents per diluted share. This compares with $29.4 million, or 34 cents per diluted share, for the second quarter in 2002.
“We are pleased that Puget Sound Energy (PSE), our regulated utility subsidiary, performed as we expected during the second quarter and is on track to achieving its full-year 2003 forecast,” said Puget Energy President and CEO Stephen P. Reynolds. “PSE’s customer growth and energy sales continue to be solid in spite of the general economic slowdown in the Puget Sound region.
“While the core utility business is performing as expected, our non-regulated utility construction services subsidiary, InfrastruX Group, continues to face the effects of unfavorable weather conditions and slow-paced spending by its utility customers,” added Reynolds.
Second-Quarter Results
| • | Puget Sound Energy (PSE) reported second-quarter 2003 income for common stock of $17.8 million, or 19 cents per diluted share, compared with $26.9 million, or 31 cents per diluted share, for the same period in 2002. |
| • | PSE’s electric margin was approximately $25.6 million lower in the second quarter 2003 compared with the comparable period one year ago. |
| • | PSE’s gas margin was approximately $6.2 million higher in the second quarter of 2003 compared with the second quarter of 2002. |
| • | Income tax expense in the second quarter of 2003 reflects a one-time $6.2 million tax benefit related to a favorable resolution of a federal income tax matter from years 1997 to 2002. The benefit had been anticipated and had been included in the Company’s full year guidance for 2003. In the second quarter of 2002, a one-time reduction of $4.1 million in federal income tax expense was realized from an Internal Revenue Service refund for taxes paid in calendar years 1998 and 1999. |
| • | Interest expense declined $2.7 million in the second quarter of 2003 compared with the same period in 2002, resulting from investing the net proceeds from a November 2002 common stock sale in PSE to reduce debt, reflecting the company’s continued efforts to improve PSE’s financial strength. |
| • | PSE’s common equity ratio was 36.4 percent at June 30, 2003. 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. |
| • | InfrastruX Group, which provides new construction, maintenance and repair services to electric and natural gas utilities, reported income of $2.8 million net of minority interest, or 3 cents per share, for the second of quarter 2003. This compares with net earnings of $2.6 million, or 3 cents per share, for the same period in 2002. |
Electric Margin
The $25.6 million reduction in electric margin in the second quarter of 2003 compared with the same period in 2002 primarily reflects:
| • | The second quarter 2003 impact of an annual general electric rate increase of $59 million effective in July 2002, compared with $25 million of interim electric rate relief received in the second quarter of 2002. |
| • | PSE absorbed $7.3 million of excess variable power costs under its Power Cost Adjustment (PCA) mechanism in the second quarter of 2003. |
| • | Second quarter 2003 temperatures were about normal, while second quarter 2002 temperatures were 12 percent colder than normal. |
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.
Puget Sound Energy’s 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.
The number of electric customers grew by 2.0 percent to 967,775 customers in the second quarter of 2003 compared to 948,623 in the second quarter of 2002.
Gas Margin
The $6.2 million increase in gas margin in the second quarter 2003 reflects continued customer growth coupled with the result of the $35 million annual increase in the general gas tariff that went into effect in September 2002. These were offset in part by near normal temperatures in the second quarter of 2003 compared with temperatures that were 12 percent colder than normal in the same period of 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.
In June 2002 PSE lowered gas commodity prices to its gas customers under its Purchased Gas Adjustment (PGA) mechanism, resulting in lower revenues in the second quarter of 2003 compared to the 2002 period. The PGA periodically passes through to customers increases or decreases in the price of purchased natural gas. PSE’s gas margin and net income are not affected by changes in gas commodity prices under the PGA.
The number of gas customers grew by 3.2 percent to 632,758 customers in the second quarter of 2003 compared with 613,264 in the second quarter of 2002.
2003 Outlook
Puget Energy anticipates its 2003 financial results will be within the low end of the previously announced $1.40 – $1.50 per share range, due to continued nationwide softness in the construction and maintenance industry as reflected in InfrastruX Group’s financial results and near-term outlook. The company affirms the earnings guidance for its regulated utility subsidiary, Puget Sound Energy, at $1.25 to $1.35 per share.
“The anticipated InfrastruX Group earnings associated with construction projects, primarily in the Northeast and Mid-Atlantic regions where a prolonged and severe winter delayed these projects, were difficult to predict due to economic uncertainty,” added Reynolds. “Our long-term outlook for InfrastruX remains positive as the need continues for utility maintenance and replacement services.” With the slowdown in the national economy, several of InfrastruX’s major utility customers have delayed or eliminated their planned spending on certain utility construction projects or initiatives in 2003.
The estimate for Puget Energy’s full-year 2003 earnings guidance includes the impact of PSE absorbing approximately 25 cents a share of excess variable power costs in 2003 and the reduction of approximately 10 cents a share in PSE’s earnings due to the adverse impacts of warm temperatures on electric and gas customer sales in the first quarter of 2003. These reductions are not expected to recur in 2004, given that the utility’s exposure to increases in variable power costs will be mitigated in 2004 by the PCA and the El Nino weather pattern which produced the unusually warm winter has dissipated.
SECOND-QUARTER 2003 EARNINGS ANALYST TELECONFERENCE
A conference call for analysts to discuss with management the second-quarter results and the outlook for future performance is scheduled at 10 a.m. EDT (7 a.m. PDT) Thursday, July 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 recorded replay of the conference call also will be available two hours after completion of the conference on July 24 through midnight (EDT) on August 7, 2003. To access the recording, dial 1-888-286-8010 and enter the conference I.D. number 86938761.
Puget Energy is an energy services holding company that conducts all of its operations through its subsidiaries, Puget Sound Energy (PSE) and InfrastruX Group. PSE is a regulated utility company that generates, purchases and sells electricity and purchases, transports and sells natural gas. The service territory of PSE covers approximately 6,000 square miles, principally in the Puget Sound region of Washington State. InfrastruX specializes in contracting services to other gas and electric utilities primarily in the Midwest, Texas and the eastern United States.
_________________
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 6/301 | | Six months ended 6/30 |
|---|
|
| |
| |
| | | | | 2003 | | | 20022 | | | 2003 | | | 20022 | |
|
| |
| |
| Operating revenues | | |
| Electric | | | $ | 348,196 | | $ | 316,122 | | $ | 765,194 | | $ | 679,371 | |
| Gas | | | | 116,747 | | | 144,384 | | | 304,535 | | | 458,875 | |
| Other | | | | 92,913 | | | 80,313 | | | 164,089 | | | 141,633 | |
|
| |
| |
| |
| |
| Total operating revenues | | | | 557,856 | | | 540,819 | | | 1,233,818 | | | 1,279,879 | |
|
| |
| |
| |
| |
| Operating expenses | | |
| Purchased electricity | | | | 191,600 | | | 127,924 | | | 432,036 | | | 309,911 | |
| Purchased gas | | | | 57,372 | | | 88,520 | | | 144,326 | | | 293,318 | |
| Electric generation fuel | | | | 11,088 | | | 14,680 | | | 26,162 | | | 79,860 | |
| Residential exchange | | | | (36,977 | ) | | (30,964 | ) | | (89,656 | ) | | (73,711 | ) |
| Unrealized (gain) loss on derivative instruments | | | | (44 | ) | | (252 | ) | | (521 | ) | | (11,748 | ) |
| Utility operations & maintenance | | | | 73,895 | | | 73,630 | | | 143,950 | | | 139,571 | |
| Other operations & maintenance | | | | 77,117 | | | 62,087 | | | 147,637 | | | 116,708 | |
| Depreciation & amortization | | | | 59,321 | | | 57,357 | | | 117,266 | | | 113,306 | |
| Conservation amortization | | | | 6,295 | | | 3,605 | | | 14,017 | | | 5,769 | |
| Taxes other than income taxes | | | | 46,950 | | | 53,757 | | | 104,611 | | | 118,914 | |
| Income taxes | | | | 4,832 | | | 13,642 | | | 36,198 | | | 34,577 | |
|
| |
| |
| |
| |
| Total operating expenses | | | | 491,449 | | | 463,986 | | | 1,076,026 | | | 1,126,475 | |
|
| |
| |
| |
| |
| Operating income | | | | 66,407 | | | 76,833 | | | 157,792 | | | 153,404 | |
| Other income (net of tax) | | | | 2,247 | | | 3,441 | | | 2,952 | | | 3,825 | |
|
| |
| |
| |
| |
| Income before interest charges & minority interest | | | | 68,654 | | | 80,274 | | | 160,744 | | | 157,229 | |
| Interest charges | | | | 45,980 | | | 48,682 | | | 93,645 | | | 99,080 | |
| Minority interest | | | | 282 | | | 223 | | | (50 | ) | | 302 | |
|
| |
| |
| |
| |
| Net income before cumulative effect of | | |
| accounting change | | | | 22,392 | | | 31,369 | | | 67,149 | | | 57,847 | |
| FAS-143 transition adjustment loss (net of tax) | | | | -- | | | -- | | | 169 | | | -- | |
|
| |
| |
| |
| |
| Net Income | | | | 22,392 | | | 31,369 | | | 66,980 | | | 57,847 | |
| Less preferred stock dividend accruals | | | | 1,794 | | | 1,940 | | | 3,661 | | | 3,952 | |
|
| |
| |
| |
| |
| Income for common stock | | | $ | 20,598 | | $ | 29,429 | | $ | 63,319 | | $ | 53,895 | |
|
| |
| |
| |
| |
| Common shares outstanding | | | | 93,928 | | | 87,448 | | | 93,833 | | | 87,309 | |
| Diluted shares outstanding | | | | 94,440 | | | 87,646 | | | 94,346 | | | 87,508 | |
|
| |
| |
| |
| |
| Basic earnings per common share before | | |
| cumulative effect of accounting change | | | $ | 0.22 | | $ | 0.34 | | $ | 0.68 | | $ | 0.62 | |
| Cumulative effect of accounting change | | | | -- | | | -- | | | -- | | | -- | |
|
| |
| |
| |
| |
| | | | |
| Basic earnings per common share | | | $ | 0.22 | | $ | 0.34 | | $ | 0.68 | | $ | 0.62 | |
|
| |
| |
| |
| |
| Diluted earnings per common share before | | |
| cumulative effect of accounting change | | | $ | 0.22 | | $ | 0.34 | | $ | 0.67 | | $ | 0.62 | |
| Cumulative effect of accounting change | | | | -- | | | -- | | | -- | | | -- | |
|
| |
| |
| |
| |
| Diluted earnings per common share3 | | | $ | 0.22 | | $ | 0.34 | | $ | 0.67 | | $ | 0.62 | |
|
| |
| |
| |
| |
1Partial-year results may not accurately predict full-year performance, as earnings are significantly affected by weather.
2Certain amounts previously reported have been reclassified to conform with current year presentations with no effect on net income.
3Diluted earnings per common share include the dilutive effect of securities related to employee compensation plans.
PUGET SOUND ENERGY1 — UTILITY OPERATING DATA
| Three months ended 6/30
| | Six months ended 6/30
| |
|---|
| 2003
| 2002
| 2003
| 2002
|
|---|
| Energy sales revenues($ in thousands; unaudited) | | | | | | | | | | | | | | |
| Electricity | | |
| Residential | | | $ | 137,059 | | $ | 148,341 | | $ | 327,731 | | $ | 352,047 | |
| Commercial | | | | 128,555 | | | 127,151 | | | 276,103 | | | 270,551 | |
| Industrial | | | | 21,706 | | | 21,583 | | | 44,841 | | | 45,215 | |
| Other retail sales2 | | | | (1,645 | ) | | (3,740 | ) | | (15,264 | ) | | (19,588 | ) |
|
|
|
|
|
| Subtotal, retail sales | | | | 285,675 | | | 293,335 | | | 633,411 | | | 648,225 | |
| Transportation2 | | | | 3,436 | | | 4,519 | | | 6,611 | | | 8,081 | |
| Sales to other utilities & marketers3 | | | | 52,420 | | | 13,129 | | | 109,639 | | | 31,042 | |
| Other4 | | | | 6,665 | | | 5,139 | | | 15,533 | | | (7,977 | ) |
|
|
|
|
|
| Total electricity sales | | | | 348,196 | | | 316,122 | | | 765,194 | | | 679,371 | |
| Gas | | |
| Residential | | | | 70,899 | | | 82,174 | | | 195,391 | | | 282,462 | |
| Commercial | | | | 33,904 | | | 46,360 | | | 83,535 | | | 141,460 | |
| Industrial | | | | 5,935 | | | 10,066 | | | 13,158 | | | 23,433 | |
|
|
|
|
|
| Subtotal, retail sales | | | | 110,738 | | | 138,600 | | | 292,084 | | | 447,355 | |
| Transportation | | | | 3,349 | | | 3,025 | | | 6,860 | | | 5,956 | |
| Other | | | | 2,660 | | | 2,759 | | | 5,591 | | | 5,564 | |
|
|
|
|
|
| Total gas sales | | | | 116,747 | | | 144,384 | | | 304,535 | | | 458,875 | |
|
|
|
|
|
| Total energy sales revenues | | | $ | 464,943 | | $ | 460,506 | | $ | 1,069,729 | | $ | 1,138,246 | |
|
| Energy sales volumes(Unaudited) | | |
| Electricity (in mWh) | | |
| Residential | | | | 2,224,345 | | | 2,302,267 | | | 5,325,451 | | | 5,537,103 | |
| Commercial | | | | 1,928,289 | | | 1,883,185 | | | 4,042,246 | | | 3,993,215 | |
| Industrial | | | | 344,628 | | | 349,139 | | | 689,148 | | | 695,181 | |
| Other2 | | | | (40,222 | ) | | (150,211 | ) | | (260,145 | ) | | (349,052 | ) |
|
|
|
|
|
| Subtotal, retail sales | | | | 4,457,040 | | | 4,384,380 | | | 9,796,700 | | | 9,876,447 | |
| Transportation2 | | | | 508,536 | | | 516,882 | | | 1,000,113 | | | 1,070,756 | |
| Sales to other utilities & marketers3 | | | | 1,797,334 | | | 784,226 | | | 3,078,344 | | | 1,352,709 | |
|
|
|
|
|
| Total mWh | | | | 6,762,910 | | | 5,685,488 | | | 13,875,157 | | | 12,299,912 | |
| Gas (in 000's of therms) | | |
| Residential | | | | 85,112 | | | 86,751 | | | 272,680 | | | 304,372 | |
| Commercial | | | | 52,079 | | | 58,533 | | | 143,776 | | | 172,163 | |
| Industrial | | | | 9,648 | | | 13,261 | | | 23,510 | | | 28,945 | |
| Transportation | | | | 51,851 | | | 49,013 | | | 109,132 | | | 103,756 | |
|
|
|
|
|
| Total gas volumes | | | | 198,690 | | | 207,558 | | | 549,098 | | | 609,236 | |
|
| Margins5($ in thousands; unaudited) | | |
| Electric | | | $ | 146,155 | | $ | 171,792 | | $ | 318,692 | | $ | 295,856 | |
| Gas | | | | 46,212 | | | 39,963 | | | 127,794 | | | 122,321 | |
|
| Customers served6(Unaudited) | | |
| Electricity | | |
| Residential | | | | 853,340 | | | 839,979 | | | 850,366 | | | 837,857 | |
| Commercial | | | | 108,415 | | | 102,801 | | | 107,570 | | | 101,829 | |
| Industrial | | | | 3,948 | | | 3,920 | | | 3,946 | | | 3,942 | |
| Other | | | | 2,056 | | | 1,908 | | | 2,033 | | | 1,875 | |
| Transportation | | | | 16 | | | 15 | | | 16 | | | 15 | |
|
|
|
|
|
| Total electricity customers | | | | 967,775 | | | 948,623 | | | 963,931 | | | 945,518 | |
| Gas | | |
| Residential | | | | 582,516 | | | 563,909 | | | 579,049 | | | 561,404 | |
| Commercial | | | | 47,391 | | | 46,457 | | | 47,149 | | | 46,431 | |
| Industrial | | | | 2,716 | | | 2,774 | | | 2,727 | | | 2,789 | |
| Transportation | | | | 135 | | | 124 | | | 136 | | | 113 | |
|
|
|
|
|
| Total gas customers | | | | 632,758 | | | 613,264 | | | 629,061 | | | 610,737 | |
|
| Weather(Unaudited) | | |
| Actual heating degree days | | | | 903 | | | 994 | | | 2,697 | | | 3,089 | |
| Normal heating degree days7 | | | | 888 | | | 888 | | | 2,830 | | | 2,830 | |
| 1 | Puget Sound Energy is the electric and natural gas utility subsidiary of Puget Energy. |
| 2 | Includes change in unbilled revenues. |
| 3 | Includes optimization transactions reported net in the income statement as required by EITF 02-03, effective after June 30, 2002. Prior periods have been reclassified to conform with the presentation. |
| 4 | Includes Conservation Trust collection and sales of non-core gas supplies. |
| 5 | 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. |
| 6 | Quarterly data represents average served during June; Six months ended data represents average for the six months ended. |
| 7 | 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 6/30/03(Unaudited) | Puget Sound
Energy | InfrastruX | Other1 | Puget Energy
Total |
|---|
|
| Revenues | | | $ | 464,943 | | $ | 92,343 | | $ | 570 | | $ | 557,856 | |
| Depreciation and amortization | | | | 54,661 | | | 4,601 | | | 59 | | | 59,321 | |
| Income taxes | | | | 2,290 | | | 2,568 | | | (26 | ) | | 4,832 | |
| Operating income | | | | 61,958 | | | 4,325 | | | 124 | | | 66,407 | |
| Interest charges, net of AFUDC | | | | 44,814 | | | 1,148 | | | 18 | | | 45,980 | |
| Net income | | | | 17,562 | | | 2,833 | | | 1,997 | | | 22,392 | |
| Goodwill, net | | | | -- | | | 132,162 | | | -- | | | 132,162 | |
| Total assets | | | | 5,154,879 | | | 343,562 | | | 128,161 | | | 5,626,602 | |
|
| Three months ended 6/30/02(Unaudited) | | |
|
| Revenues | | | $ | 460,506 | | $ | 76,122 | | $ | 4,191 | | $ | 540,819 | |
| Depreciation and amortization | | | | 54,000 | | | 3,253 | | | 104 | | | 57,357 | |
| Income taxes | | | | 9,874 | | | 2,315 | | | 1,453 | | | 13,642 | |
| Operating income | | | | 70,547 | | | 4,177 | | | 2,109 | | | 76,833 | |
| Interest charges, net of AFUDC | | | | 47,340 | | | 1,342 | | | -- | | | 48,682 | |
| Net income | | | | 26,662 | | | 2,598 | | | 2,109 | | | 31,369 | |
|
| Six months ended 6/30/03(Unaudited) | | |
|
| Revenues | | | $ | 1,069,729 | | $ | 163,020 | | $ | 1,069 | | $ | 1,233,818 | |
| Depreciation and amortization | | | | 109,194 | | | 7,960 | | | 112 | | | 117,266 | |
| Income taxes | | | | 36,787 | | | (528 | ) | | (61 | ) | | 36,198 | |
| Operating income | | | | 155,773 | | | 1,846 | | | 173 | | | 157,792 | |
| Interest charges, net of AFUDC | | | | 91,170 | | | 2,457 | | | 18 | | | 93,645 | |
| Net income | | | | 65,543 | | | (609 | ) | | 2,046 | | | 66,980 | |
|
| Six months ended 6/30/02(Unaudited) | | |
|
| Revenues | | | $ | 1,138,246 | | $ | 136,883 | | $ | 4,750 | | $ | 1,279,879 | |
| Depreciation and amortization | | | | 107,673 | | | 5,525 | | | 108 | | | 113,306 | |
| Income taxes | | | | 29,963 | | | 2,950 | | | 1,664 | | | 34,577 | |
| Operating income | | | | 145,021 | | | 6,162 | | | 2,221 | | | 153,404 | |
| Interest charges, net of AFUDC | | | | 96,683 | | | 2,397 | | | -- | | | 99,080 | |
| Net income | | | | 52,280 | | | 3,524 | | | 2,043 | | | 57,847 | |
|
| 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 June 30,
2003 | At December 31,
2002 |
|---|
|
| Amount | % | Amount | % |
|---|
|
| Short-term debt | | | $ | 33,013 | | | 0 | .8% | $ | 30,340 | | | 0 | .7% |
| Long-term debt, including current maturities | | | | 2,133,839 | | | 53 | .4% | | 2,093,832 | | | 53 | .0% |
| Preferred Stock | | | | 95,639 | | | 2 | .4% | | 103,162 | | | 2 | .6% |
| Corporation obligated, mandatorily redeemable | | | | 280,250 | | | 7 | .0% | | 300,000 | | | 7 | .6% |
| securities of subsidiary trust holding solely | | |
| junior subordinated debentures of the corporation | | |
| Common Equity | | | | 1,458,012 | | | 36 | .4% | | 1,426,121 | | | 36 | .1% |
|
| Total capitalization including short-term debt | | | $ | 4,000,753 | | | 100 | .0% | $ | 3,953,455 | | | 100 | .0% |
|
| PUGET SOUND ENERGY | | |
| Unrestricted cash | | | $ | 131,717 | | | | | $ | 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.
| | Sr. Vice President Finance and Chief Financial Officer |
Date: July 23, 2003