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): February 22, 2005
| | 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, Suite 1200 | |
| | Bellevue, Washington 98004-5591 | |
| | (425) 454-6363 | |
| 1-4393 | PUGET SOUND ENERGY, INC. | 91-0374630 |
| | A Washington Corporation | |
| | 10885 - N.E. 4th Street, Suite 1200 | |
| | Bellevue, Washington 98004-5591 | |
| | (425) 454-6363 | |
Item 7.01 Regulation FD Disclosure
Electric and Natural Gas Rate Matters
On April 5, 2004, Puget Energy, Inc.’s regulated utility subsidiary, Puget Sound Energy, Inc. (“PSE”), filed a general tariff electric rate case and a general tariff gas rate case with the Washington Utilities and Transportation Commission (the “Washington Commission”). The electric rate case proposed a 5.8%, or $82.8 million, annual increase to electric rates and a 6.8%, or $48.9 million, annual increase to gas rates. The Washington Commission staff proposed an electric increase of $21.4 million annually and a gas increase of $8.1 million annually. In its rebuttal, PSE revised its proposed electric increase request to 7.1%, or $99.8 million, annually reflecting updated power costs for increases in natural gas prices for generating plants, and its proposed gas increase request to 6.3%, or $46.2 million, annually for gas customers.
On February 18, 2005, the Washington Commission issued an order granting PSE general rate relief in an amount equal to an annual increase in electric revenue of $56.6 million, or approximately 4%, and an annual increase in gas revenue of $26.3 million, or approximately 3.5%. The Washington Commission also authorized a rate of return on common equity for PSE of 10.3% and a capital structure containing 43% common equity.
Puget Energy’s management is reviewing the financial impact of the Washington Commission’s order and intends to file a Form 8-K providing investors with earnings estimate guidance for 2005 upon completing such review.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
99.1 Washington Utilities and Transportation Commission Order No. 06 dated February 18, 2005, in Docket Nos. UE-040640 et al.
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.
| | /s/ James W. Eldredge |
| | James W. Eldredge |
| | Corporate Secretary and Chief Accounting Officer |
| | |
| | |
| | Date: February 23, 2005 |
