Puget Energy (PSD) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2022shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-16305
Entity Tax Identification Number	91-1969407
Entity Incorporation, State or Country Code	WA
Entity Address, Address Line One	355 110th Ave NE
Entity Address, City or Town	Bellevue
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98004
City Area Code	(425)
Local Phone Number	454-6363
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001085392
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	200
Document Fiscal Year Focus	2022
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Registrant Name	PUGET ENERGY INC /WA
Subsidiaries [Member]
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-4393
Entity Tax Identification Number	91-0374630
Entity Incorporation, State or Country Code	WA
Entity Address, Address Line One	355 110th Ave NE
Entity Address, City or Town	Bellevue
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98004
City Area Code	(425)
Local Phone Number	454-6363
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000081100
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding	85,903,791
Document Fiscal Year Focus	2022
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Registrant Name	PUGET SOUND ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenue:
Electric	$ 756,377	$ 758,592
Natural gas	426,348	392,906
Other	10,712	8,588
Total operating revenue	1,193,437	1,160,086
Energy costs:
Purchased electricity	238,203	205,410
Electric generation fuel	60,644	60,418
Residential exchange	(23,070)	(25,802)
Purchased natural gas	177,333	155,015
Unrealized (gain) loss on derivative instruments, net	(131,921)	(23,002)
Utility operations and maintenance	170,300	160,540
Non-utility expense and other	15,419	9,906
Depreciation & amortization	164,576	208,431
Conservation amortization	30,141	34,060
Taxes other than income taxes	121,377	110,310
Total operating expenses	823,002	895,286
Operating income (loss)	370,435	264,800
Other income (expense):
Other income	13,164	13,630
Other expense	(3,154)	(1,510)
Interest charges:
AFUDC	4,129	3,586
Interest expense	(86,468)	(89,360)
Income (loss) before income taxes	298,106	191,146
Income tax (benefit) expense	19,811	2,153
Net income (loss)	278,295	188,993
Subsidiaries [Member]
Operating revenue:
Electric	756,377	758,592
Natural gas	426,348	392,906
Other	10,677	8,588
Total operating revenue	1,193,402	1,160,086
Energy costs:
Purchased electricity	238,203	205,410
Electric generation fuel	60,644	60,418
Residential exchange	(23,070)	(25,802)
Purchased natural gas	177,333	155,015
Unrealized (gain) loss on derivative instruments, net	(131,921)	(23,002)
Utility operations and maintenance	170,300	160,540
Non-utility expense and other	12,814	9,418
Depreciation & amortization	163,704	208,362
Conservation amortization	30,141	34,060
Taxes other than income taxes	121,116	110,310
Total operating expenses	819,264	894,729
Operating income (loss)	374,138	265,357
Other income (expense):
Other income	10,968	11,034
Other expense	(3,154)	(1,510)
Interest charges:
AFUDC	4,129	3,586
Interest expense	(63,144)	(62,371)
Income (loss) before income taxes	322,937	216,096
Income tax (benefit) expense	34,856	16,626
Net income (loss)	$ 288,081	$ 199,470

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Income (Loss) Attributable to Parent	$ 278,295	$ 188,993
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Net unrealized gain (loss) from pension and postretirement plans, net of tax	1,831	2,385
Other comprehensive income (loss)	1,831	2,385
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	280,126	191,378
Subsidiaries [Member]
Net Income (Loss) Attributable to Parent	288,081	199,470
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Net unrealized gain (loss) from pension and postretirement plans, net of tax	3,588	4,458
Amortization Of Financing Cash Flow Hedge Contracts To Earnings During Period Net Of Tax	97	96
Other comprehensive income (loss)	3,685	4,554
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ 291,766	$ 204,024

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net unrealized gain (loss) from pension and postretirement plans, net of tax	$ 487	$ 634
Subsidiaries [Member]
Net unrealized gain (loss) from pension and postretirement plans, net of tax	953	1,185
Amortization of treasury interest rate swaps to earnings, net of tax	$ 26	$ 26

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Utility Plant [Abstract]
Public Utilities Property Plant And Equipment Electric Plant	$ 9,843,756	$ 9,729,643
Public Utilities Property Plant And Equipment Gas Plant	4,553,903	4,498,198
Public Utilities Property Plant And Equipment Common Plant	1,120,192	1,155,567
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation	(4,081,891)	(4,031,458)
Public Utilities, Property, Plant and Equipment, Net, Total	11,435,960	11,351,950
Other Property And Investments [Abstract]
Goodwill	1,656,513	1,656,513
Other Property And Investments	326,229	324,897
Total Other Property And Investments	1,982,742	1,981,410
Assets, Current [Abstract]
Cash and Cash Equivalents, at Carrying Value	603,757	56,946
Restricted Cash and Cash Equivalents, Current	30,525	46,204
Accounts Receivable, after Allowance for Credit Loss, Current	419,355	398,895
Unbilled Revenues	215,299	271,606
Other Inventory, Supplies, Gross	120,364	113,287
Fuel And Gas Inventory At Average Cost	47,360	59,393
Derivative Asset, Current	293,884	128,210
Prepaid Expense and Other Assets, Current	50,906	46,293
Power Contract Acquisition Adjustment Gain Current	16,303	17,274
Assets, Current, Total	1,797,753	1,138,108
Other Longterm And Regulatory Assets [Abstract]
Power Cost Adjustment Mechanism Asset, Noncurrent	67,808	79,546
purchase gas adjustment, long-term	44,020	57,935
Regulatory Assets Related To Power Contracts	9,362	9,689
Other Regulatory Assets	809,414	815,058
Derivative Asset, Noncurrent	36,690	26,197
Power Contract Acquisition Adjustment Non Current	59,332	63,660
Operating Lease, Right-of-Use Asset	182,077	184,957
Other Assets, Noncurrent	165,440	163,374
Total Longterm And Regulatory Assets	1,374,143	1,400,416
Assets, Total	16,590,598	15,871,884
Capitalization [Abstract]
Common stock	0	0
Additional Paid in Capital	3,523,532	3,523,532
Retained Earnings (Accumulated Deficit)	1,344,572	1,067,216
Accumulated Other Comprehensive Income (Loss), Net of Tax	(25,601)	(27,432)
Stockholders' Equity Attributable to Parent, Total	4,842,503	4,563,316
Long-term Debt, Excluding Current Maturities [Abstract]
Senior Notes, Noncurrent	4,662,000	4,662,000
Long-term Pollution Control Bond	161,860	161,860
Other Long-term Debt, Noncurrent	2,034,300	1,583,300
Debt discount and other	(203,217)	(203,394)
Long-term Debt, Excluding Current Maturities, Total	6,654,943	6,203,766
Capitalization, Long-term Debt and Equity, Total	11,497,446	10,767,082
Liabilities, Current [Abstract]
Accounts Payable, Current	376,793	444,384
Short-term Debt	69,750	140,000
Long-term Debt, Current Maturities	450,000	450,000
Accrued Expenses [Abstract]
Taxes Payable, Current	169,124	127,398
Employee-related Liabilities, Current	43,489	47,936
Interest Payable, Current	81,556	67,807
Derivative Liability, Current	40,237	63,309
Power Contract Acquisition Adjustment Loss Current	1,741	1,785
Operating Lease, Liability, Current	20,624	20,398
Other Liabilities, Current	87,814	62,406
Liabilities, Current, Total	1,341,128	1,425,423
Longterm And Regulatory Liabilities [Abstract]
Deferred Tax and Other Liabilities, Noncurrent	923,026	912,484
Derivative Liability, Noncurrent	22,373	40,965
Regulatory Liabilities, Noncurrent	930,374	844,184
Deferred Tax Liabilities, Regulatory Assets and Liabilities	852,280	865,976
Regulatory Liabilities Related To Power Contracts	75,635	80,934
Power Contract Acquisition Adjustment Loss Non Current	7,621	7,904
Operating Lease, Liability, Noncurrent	168,637	172,510
Finance Lease, Liability, Noncurrent	104,539	105,303
Other Deferred Credits	667,539	649,119
Total Longterm And Regulatory Liabilities	3,752,024	3,679,379
Commitments and Contingencies
Liabilities and Equity, Total	16,590,598	15,871,884
Subsidiaries [Member]
Utility Plant [Abstract]
Public Utilities Property Plant And Equipment Electric Plant	11,633,462	11,535,976
Public Utilities Property Plant And Equipment Gas Plant	5,109,791	5,054,622
Public Utilities Property Plant And Equipment Common Plant	1,142,049	1,177,598
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation	(6,449,342)	(6,416,246)
Public Utilities, Property, Plant and Equipment, Net, Total	11,435,960	11,351,950
Other Property And Investments [Abstract]
Other Property And Investments	76,507	74,602
Total Other Property And Investments	76,507	74,602
Assets, Current [Abstract]
Cash and Cash Equivalents, at Carrying Value	150,893	50,043
Restricted Cash and Cash Equivalents, Current	30,525	46,204
Accounts Receivable, after Allowance for Credit Loss, Current	420,726	402,602
Unbilled Revenues	215,299	271,606
Other Inventory, Supplies, Gross	120,364	113,287
Fuel And Gas Inventory At Average Cost	45,795	58,129
Derivative Asset, Current	293,884	128,210
Prepaid Expense and Other Assets, Current	50,906	46,293
Assets, Current, Total	1,328,392	1,116,374
Other Longterm And Regulatory Assets [Abstract]
Power Cost Adjustment Mechanism Asset, Noncurrent	67,808	79,546
purchase gas adjustment, long-term	44,020	57,935
Other Regulatory Assets	809,414	815,058
Derivative Asset, Noncurrent	36,690	26,197
Operating Lease, Right-of-Use Asset	182,077	184,957
Other Assets, Noncurrent	164,477	162,391
Total Longterm And Regulatory Assets	1,304,486	1,326,084
Assets, Total	14,145,345	13,869,010
Capitalization [Abstract]
Common stock	859	859
Additional Paid in Capital	3,485,105	3,485,105
Retained Earnings (Accumulated Deficit)	1,256,792	982,607
Accumulated Other Comprehensive Income (Loss), Net of Tax	(109,456)	(113,141)
Stockholders' Equity Attributable to Parent, Total	4,633,300	4,355,430
Long-term Debt, Excluding Current Maturities [Abstract]
Senior Notes, Noncurrent	4,662,000	4,662,000
Long-term Pollution Control Bond	161,860	161,860
Debt discount and other	(38,629)	(39,141)
Long-term Debt, Excluding Current Maturities, Total	4,785,231	4,784,719
Capitalization, Long-term Debt and Equity, Total	9,418,531	9,140,149
Liabilities, Current [Abstract]
Accounts Payable, Current	379,918	451,716
Short-term Debt	69,750	140,000
Accrued Expenses [Abstract]
Taxes Payable, Current	180,568	133,406
Employee-related Liabilities, Current	43,489	47,936
Interest Payable, Current	58,264	51,832
Derivative Liability, Current	40,237	63,309
Operating Lease, Liability, Current	20,624	20,398
Other Liabilities, Current	87,814	62,406
Liabilities, Current, Total	880,664	971,003
Longterm And Regulatory Liabilities [Abstract]
Deferred Tax and Other Liabilities, Noncurrent	1,104,851	1,084,203
Derivative Liability, Noncurrent	22,373	40,965
Regulatory Liabilities, Noncurrent	929,110	842,920
Deferred Tax Liabilities, Regulatory Assets and Liabilities	852,842	866,541
Operating Lease, Liability, Noncurrent	168,637	172,510
Finance Lease, Liability, Noncurrent	104,539	105,303
Other Deferred Credits	663,798	645,416
Total Longterm And Regulatory Liabilities	3,846,150	3,757,858
Commitments and Contingencies
Liabilities and Equity, Total	$ 14,145,345	$ 13,869,010

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Construction work in progress	$ 696,617	$ 870,204
Assets, Current [Abstract]
Allowance for doubtful accounts	41,233	34,958
Common shareholder’s equity:
Public Utilities, Property, Plant and Equipment, Construction Work in Progress	696,617	870,204
Allowance for doubtful accounts	$ 41,233	$ 34,958
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common Stock, Shares, Outstanding	200	200
Subsidiaries [Member]
ASSETS
Construction work in progress	$ 696,617	$ 870,204
Assets, Current [Abstract]
Allowance for doubtful accounts	41,233	34,958
Common shareholder’s equity:
Public Utilities, Property, Plant and Equipment, Construction Work in Progress	696,617	870,204
Allowance for doubtful accounts	$ 41,233	$ 34,958
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common Stock, Shares, Outstanding	85,903,791	85,903,791

CONSOLIDATED STATEMENTS OF COMM

CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER’S EQUITY Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Subsidiaries [Member]	Subsidiaries [Member]Common Stock [Member]	Subsidiaries [Member]Additional Paid-in Capital [Member]	Subsidiaries [Member]Retained Earnings [Member]	Subsidiaries [Member]AOCI Attributable to Parent [Member]
Beginning Balance (in shares) at Dec. 31, 2020		200					85,903,791
Beginning Balance at Dec. 31, 2020	$ 4,139,882	$ 0	$ 3,313,532	$ 912,787	$ (86,437)	$ 4,181,409	$ 859	$ 3,485,105	$ 876,401	$ (180,956)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	188,993			188,993		199,470			199,470
Dividends, Common Stock	(22,939)			(22,939)		(52,053)			(52,053)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2,385				2,385	4,554				4,554
Ending Balance (in shares) at Mar. 31, 2021		200					85,903,791
Ending Balance at Mar. 31, 2021	$ 4,308,321	$ 0	3,313,532	1,078,841	(84,052)	$ 4,333,380	$ 859	3,485,105	1,023,818	(176,402)
Beginning Balance (in shares) at Dec. 31, 2021	200	200				85,903,791	85,903,791
Beginning Balance at Dec. 31, 2021	$ 4,563,316	$ 0	3,523,532	1,067,216	(27,432)	$ 4,355,430	$ 859	3,485,105	982,607	(113,141)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	278,295			278,295		288,081			288,081
Dividends, Common Stock	(939)			(939)		(13,896)			(13,896)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ 1,831				1,831	$ 3,685				3,685
Ending Balance (in shares) at Mar. 31, 2022	200	200				85,903,791	85,903,791
Ending Balance at Mar. 31, 2022	$ 4,842,503	$ 0	$ 3,523,532	$ 1,344,572	$ (25,601)	$ 4,633,300	$ 859	$ 3,485,105	$ 1,256,792	$ (109,456)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Income (Loss) Attributable to Parent	$ 278,295	$ 188,993
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation & amortization	164,576	208,431
Conservation amortization	30,141	34,060
Deferred Income Taxes and Tax Credits	(3,641)	6,622
Unrealized Gain (Loss) on Derivatives	(131,921)	(23,002)
Afudc Equity	(6,971)	(5,780)
Monetized production tax credits	0	(45,178)
Other Noncash Income (Expense)	2,326	3,518
Increase (Decrease) in Other Regulatory Assets	4,470	(14,351)
Purchased gas adjustment	13,915	40,868
Increase (Decrease) in Other Operating Assets	(7,891)	(5,695)
Increase (Decrease) in Operating Capital [Abstract]
Increase (Decrease) in Accounts and Other Receivables	35,847	(19,743)
Increase (Decrease) in Materials and Supplies	(7,077)	442
Increase (Decrease) in Fuel Inventories	12,033	10,052
Increase (Decrease) in Prepaid Expense and Other Assets	(4,733)	(3,884)
Increase (Decrease) in Accounts Payable	(57,324)	(14,868)
Increase (Decrease) in Income Taxes Payable	41,726	23,476
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities	18,615	(512)
Net Cash Provided by (Used in) Operating Activities, Total	382,386	383,449
Net Cash Provided by (Used in) Investing Activities [Abstract]
Construction expenditures excluding equity allowance for funds used during construction	(233,131)	(213,781)
Payments for (Proceeds from) Other Investing Activities	(532)	362
Net Cash Provided by (Used in) Investing Activities, Total	(233,663)	(213,419)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from (Repayments of) Short-term Debt	(70,250)	(182,800)
Payments of Dividends	(939)	(22,939)
Proceeds from Issuance of Long-term Debt	448,075	8,800
Repayments of Long-term Debt	0	(66)
Proceeds from (Payments for) Other Financing Activities	5,523	6,074
Net Cash Provided by (Used in) Financing Activities, Total	382,409	(190,931)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	531,132	(20,901)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance	103,150	81,851	$ 81,851
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	634,282	60,950	103,150
Supplemental Cash Flow Information [Abstract]
Interest Paid, Excluding Capitalized Interest, Operating Activities	65,238	77,160
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Capital Expenditures Incurred but Not yet Paid	61,133	54,805
Subsidiaries [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Income (Loss) Attributable to Parent	288,081	199,470
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation & amortization	163,704	208,362
Conservation amortization	30,141	34,060
Deferred Income Taxes and Tax Credits	5,970	21,044
Unrealized Gain (Loss) on Derivatives	(131,921)	(23,002)
Afudc Equity	(6,971)	(5,780)
Monetized production tax credits	0	(45,178)
Other Noncash Income (Expense)	(328)	885
Increase (Decrease) in Other Regulatory Assets	4,470	(14,351)
Purchased gas adjustment	13,915	40,868
Increase (Decrease) in Other Operating Assets	(5,558)	(3,077)
Increase (Decrease) in Operating Capital [Abstract]
Increase (Decrease) in Accounts and Other Receivables	38,183	(17,957)
Increase (Decrease) in Materials and Supplies	(7,077)	442
Increase (Decrease) in Fuel Inventories	12,334	10,052
Increase (Decrease) in Prepaid Expense and Other Assets	(4,733)	(3,884)
Increase (Decrease) in Accounts Payable	(61,531)	(14,853)
Increase (Decrease) in Income Taxes Payable	47,162	23,527
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities	11,300	3,549
Net Cash Provided by (Used in) Operating Activities, Total	397,141	414,177
Net Cash Provided by (Used in) Investing Activities [Abstract]
Construction expenditures excluding equity allowance for funds used during construction	(232,868)	(205,927)
Payments for (Proceeds from) Other Investing Activities	(532)	362
Net Cash Provided by (Used in) Investing Activities, Total	(233,400)	(205,565)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from (Repayments of) Short-term Debt	(70,250)	(182,800)
Payments of Dividends	(13,896)	(52,053)
Repayments of Long-term Debt	0	(66)
Proceeds from (Payments for) Other Financing Activities	5,576	6,080
Net Cash Provided by (Used in) Financing Activities, Total	(78,570)	(228,839)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	85,171	(20,227)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance	96,247	80,721	80,721
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	181,418	60,494	$ 96,247
Supplemental Cash Flow Information [Abstract]
Interest Paid, Excluding Capitalized Interest, Operating Activities	51,357	47,749
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Capital Expenditures Incurred but Not yet Paid	$ 61,133	$ 54,805

Summary of Consolidation and Si

Summary of Consolidation and Significant Accounting Policy	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Summary of Consolidation and Significant Accounting Policy Basis of Presentation Puget Energy is an energy services holding company that owns PSE. PSE is a public utility incorporated in the state of Washington that furnishes electric and natural gas services in a territory covering approximately 6,000 square miles, primarily in the Puget Sound region. Puget Energy also has a wholly-owned non-regulated subsidiary, Puget LNG, LLC (Puget LNG), which has the sole purpose of owning, developing and financing the non-regulated activity of the Tacoma liquefied natural gas (LNG) facility. PSE and Puget LNG are considered related parties with similar ownership by Puget Energy. Therefore, capital and operating costs that are incurred by PSE and allocated to Puget LNG are related party transactions by nature. In 2009, Puget Holdings, LLC (Puget Holdings), owned by a consortium of long-term infrastructure investors, completed its merger with Puget Energy (the merger). As a result of the merger, all of Puget Energy’s common stock is indirectly owned by Puget Holdings. The acquisition of Puget Energy was accounted for in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, “Business Combinations”, as of the date of the merger. ASC 805 requires the acquirer to recognize and measure identifiable assets acquired and liabilities assumed at fair value as of the merger date. The consolidated financial statements of Puget Energy reflect the accounts of Puget Energy and its subsidiaries. PSE’s consolidated financial statements include the accounts of PSE and its subsidiary. Puget Energy and PSE are collectively referred to herein as “the Company”. The consolidated financial statements are presented after elimination of all significant intercompany items and transactions. PSE’s consolidated financial statements continue to be accounted for on a historical basis and do not include any ASC 805, “Business Combinations” purchase accounting adjustments. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Allowance for Credit Losses Management measures expected credit losses on trade receivables on a collective basis by receivable type, which include electric retail receivables, natural gas retail receivables, and electric wholesale receivables. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The allowance increased during both periods due to both an increase in the provision combined with a reduction in receivables charged-off during the period. T he Ratepayer Assistance and Preservation of Essential Services proclamation issued by the Washington State governor in April 2020 included a moratorium on disconnecting customers, which resulted in a cessation of account receivable write-offs for non-payment. This moratorium ended on September 30, 2021, however, customer disconnects are only performed with approval from the WUTC. The following table presents the activity in the allowance for credit losses for accounts receivable for the three months ended March 31, 2022 and 2021: Puget Energy and Three Months (Dollars in Thousands) 2022 2021 Allowance for credit losses: Beginning balance $ 34,958 $ 20,080 Provision for credit loss expense 1 9,767 12,452 Receivables charged-off (3,492) (2,140) Total ending allowance balance $ 41,233 $ 30,392 _______________ 1 $4.7 million and $0.0 million of provision were deferred as cost specific to COVID-19 for the three months ended March 31, 2022 and 2021, respectively. Tacoma LNG Facility On February 1, 2022, the Tacoma LNG facility at the Port of Tacoma completed commissioning and commenced commercial operations. In December 2019, the Puget Sound Clean Air Agency (PSCAA) issued the air quality permit for the facility, and the Pollution Hearings Control Board of Washington State upheld the approval following extended litigation. The Tacoma LNG facility will provide peak-shaving services to PSE’s natural gas customers, and provide LNG as fuel to transportation customers, particularly in the marine market at a lower cost due to the facility's scale. Pursuant to an order by the Washington Utilities and Transportation Commission (Washington Commission), PSE will be allocated approximately 43.0% of common capital and operating costs, consistent with the regulated portion of the Tacoma LNG facility. The remaining 57.0% of common capital and operating costs of the Tacoma LNG facility will be allocated to Puget LNG. Per this allocation of costs, $244.8 million and $244.7 million of non-utility plant and construction work in progress related to Puget LNG's portion of the Tacoma LNG facility is reported in the Puget Energy "Other property and investments" line item as of March 31, 2022 and December 31, 2021, respectively. Additionally, $2.2 million and $0.2 million of operating costs are reported in the Puget Energy "Non-utility expense and other" financial statement line item for the three months ended March 31, 2022, and March 31, 2021, respectively. Further, $241.7 million and $239.6 million of natural gas plant and construction work in progress related to PSE’s portion of the Tacoma LNG facility is reported in the PSE “Utility plant - Natural gas plant” financial statement line item as of March 31, 2022 and December 31, 2021, respectively, as PSE is a regulated entity. Variable Interest Entities On April 12, 2017, PSE entered into a power purchase agreement (PPA) with Skookumchuck Wind Energy Project, LLC (Skookumchuck) pursuant to which Skookumchuck would develop a wind generation facility and, once completed, sell bundled energy and associated attributes, namely renewable energy certificates (RECs) to PSE over a term of 20 years. Skookumchuck commenced commercial operation in November 2020. PSE has no equity investment in Skookumchuck but is Skookumchuck’s only customer. Based on the terms of the contract, PSE will receive all of the output of the facility, subject to curtailment rights. PSE has concluded that Skookumchuck is a variable interest entity (VIE) and that PSE is not the primary beneficiary of this VIE since it does not control the commercial and operating activities of the facility. Additionally, PSE does not have the obligation to absorb losses or receive benefits. Therefore, PSE will not consolidate the VIE. Purchased energy of $3.9 million and $5.7 million were recognized in purchased electricity on the Company's consolidated statements of income for the three months ended March 31, 2022 and March 31, 2021, respectively. Additionally, $2.7 million was included in accounts payable on the Company's balance sheet as of both March 31, 2022 and December 31, 2021.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (Issued March 2020). ASU 2020-04 provides temporary optional expedients and exceptions to the current guidance on contract modifications to ease the financial reporting burdens related to the expected market transition from London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The Company has term loans, credit agreements, and promissory notes that reference LIBOR. As of March 31, 2022, the Company has not utilized any of the expedients discussed within this ASU; however, it continues to assess other agreements to determine if LIBOR is included and if the expedients would be utilized through the allowed period of December 2022.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following tables present disaggregated revenue from contracts with customers, and other revenue by major source for the three months ended March 31, 2022 and March 31, 2021: Puget Energy and (Dollars in Thousands) Three Months Ended March 31, 2022 Revenue from contracts with customers: Electric Natural Gas Other 1 Total Retail Residential $ 416,260 $ 292,596 $ — $ 708,856 Commercial 257,019 120,979 — 377,998 Industrial 30,073 8,085 — 38,158 Other 4,761 — — 4,761 Wholesale 13,147 — — 13,147 Transmission and transportation 11,222 5,446 — 16,668 Miscellaneous 1,150 309 10,712 12,171 Total revenue from contracts with customers $ 733,632 $ 427,415 $ 10,712 $ 1,171,759 Total other revenue 2 22,745 (1,067) — 21,678 Total operating revenue $ 756,377 $ 426,348 $ 10,712 $ 1,193,437 _____________ 1 Other includes $0.1 million of Puget LNG revenues recorded at Puget Energy. 2 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Puget Energy and (Dollars in Thousands) Three Months Ended March 31, 2021 Revenue from contracts with customers: Electric Natural Gas Other Total Retail Residential $ 401,510 $ 276,687 $ — $ 678,197 Commercial 229,639 103,387 — 333,026 Industrial 27,533 7,535 — 35,068 Other 5,420 254 — 5,674 Wholesale 23,676 — — 23,676 Transmission and transportation 9,226 5,161 — 14,387 Miscellaneous 8,401 1,077 8,588 18,066 Total revenue from contracts with customers $ 705,405 $ 394,101 $ 8,588 $ 1,108,094 Total other revenue 1 53,187 (1,195) — 51,992 Total operating revenue $ 758,592 $ 392,906 $ 8,588 $ 1,160,086 _____________ 1 Total other revenue includes revenues from derivatives, PTC deferral revenue and alternative revenue programs that are not considered revenues from contracts with customers. Transaction Price Allocated to Remaining Performance Obligations In December 2020, Puget LNG entered into a contract with one customer where Puget LNG is selling LNG over a 10-year delivery period beginning no later than 2024. The contract requires the customer to purchase a minimum annual quantity even if the customer does not take delivery. The price of the LNG includes a fixed charge, a fuel charge that includes both a market index and fixed margin component and other variable consideration. The fixed transaction price is allocated to the remaining performance obligations which is determined by the fixed charge components multiplied by the outstanding minimum annual quantity. Based on management’s best estimate of commencement, the Company expects to recognize this revenue over the following time periods: Puget Energy (Dollars in Thousands) 2024 2025 2026 2027 2028 Thereafter Total Remaining Performance Obligations $ 15,359 $ 19,710 $ 19,454 $ 19,454 $ 19,454 $ 102,135 $ 195,566

Accounting for Derivative Instr

Accounting for Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accounting for Derivative Instruments and Hedging Activities	Accounting for Derivative Instruments and Hedging Activities PSE employs various energy portfolio optimization strategies but is not in the business of assuming risk for the purpose of realizing speculative trading revenue. The nature of serving regulated electric customers with its portfolio of owned and contracted electric generation resources exposes PSE and its customers to some volumetric and commodity price risks within the sharing mechanism of the power cost adjustment (PCA). Therefore, wholesale market transactions and PSE's related hedging strategies are focused on reducing costs and risks where feasible, thus, reducing volatility in costs in the portfolio. In order to manage its exposure to the variability in future cash flows for forecasted energy transactions, PSE utilizes a programmatic hedging strategy, which extends out three years. PSE's hedging strategy includes a risk-responsive component for the core natural gas portfolio, which utilizes quantitative risk-based measures with defined objectives to balance both portfolio risk and hedge costs. PSE's energy risk portfolio management function monitors and manages these risks using analytical models and tools. In order to manage risks effectively, PSE enters into forward physical electric and natural gas purchase and sale agreements, fixed-for-floating swap contracts, and commodity call/put options. Currently, the Company does not apply cash flow hedge accounting and therefore records all mark-to-market gains or losses through earnings. The Company manages its interest rate risk through the issuance of mostly fixed-rate debt with varied maturities. The Company utilizes internal cash from operations, borrowings under its commercial paper program and its credit facilities to meet short-term funding needs. The Company may enter into swap instruments or other financial hedge instruments to manage the interest rate risk associated with these debts. The following table presents the volumes, fair values and classification of the Company's derivative instruments recorded on the balance sheets: Puget Energy and March 31, 2022 December 31, 2021 (Dollars in Thousands) Volumes (millions) Assets 1 Liabilities 2 Volumes Assets 1 Liabilities 2 Electric portfolio derivatives * $ 173,481 $ 52,154 * $ 74,829 $ 85,424 Natural gas derivatives (MMBtus) 3 320 157,093 10,456 347 79,578 18,850 Total derivative contracts $ 330,574 $ 62,610 $ 154,407 $ 104,274 Current $ 293,884 $ 40,237 $ 128,210 $ 63,309 Long-term 36,690 22,373 26,197 40,965 Total derivative contracts $ 330,574 $ 62,610 $ 154,407 $ 104,274 _______________ 1 Balance sheet classification: Current and Long-term Unrealized gain on derivative instruments. 2 Balance sheet classification: Current and Long-term Unrealized loss on derivative instruments. 3 All fair value adjustments on derivatives relating to the natural gas business have been deferred in accordance with ASC 980, “Regulated Operations,” due to the PGA mechanism. The net derivative asset or liability and offsetting regulatory liability or asset are related to contracts used to economically hedge the cost of physical gas purchased to serve natural gas customers. * Electric portfolio derivatives consist of electric generation fuel of 231.2 million British Thermal Units (MMBtu) and purchased electricity of 6.0 million Megawatt Hours (MWhs) at March 31, 2022, and 238.0 million MMBtus and 8.1 million MWhs at December 31, 2021. It is the Company's policy to record all derivative transactions on a gross basis at the contract level without offsetting assets or liabilities. The Company generally enters into transactions using the following master agreements: WSPP, Inc. (WSPP) agreements, which standardize physical power contracts; International Swaps and Derivatives Association (ISDA) agreements, which standardize financial natural gas and electric contracts; and North American Energy Standards Board (NAESB) agreements, which standardize physical natural gas contracts. The Company believes that such agreements reduce credit risk exposure because such agreements provide for the netting and offsetting of monthly payments as well as the right of set-off in the event of counterparty default. The set-off provision can be used as a final settlement of accounts which extinguishes the mutual debts owed between the parties in exchange for a new net amount. For further details regarding the fair value of derivative instruments, see Note 5, "Fair Value Measurements," to the consolidated financial statements included in Item 1 of this report. The following tables present the potential effect of netting arrangements, including rights of set-off associated with the Company's derivative assets and liabilities: Puget Energy and At March 31, 2022 Gross Amount Recognized in the Statement of Financial Position 1 Gross Amounts Offset in the Statement of Financial Position Net of Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position (Dollars in Thousands) Commodity Contracts Cash Collateral Received/Posted Net Amount Assets: Energy derivative contracts $ 330,574 $ — $ 330,574 $ (31,515) $ — $ 299,059 Liabilities: Energy derivative contracts $ 62,610 $ — $ 62,610 $ (31,515) $ — $ 31,095 Puget Energy and At December 31, 2021 Gross Amount Recognized in the Statement of Financial Position 1 Gross Amounts Offset in the Statement of Financial Position Net of Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position (Dollars in Thousands) Commodity Contracts Cash Collateral Received/Posted Net Amount Assets: Energy derivative contracts $ 154,407 $ — $ 154,407 $ (40,833) $ — $ 113,574 Liabilities: Energy derivative contracts $ 104,274 $ — $ 104,274 $ (40,833) $ (1,743) $ 61,698 _______________ 1 All derivative contract deals are executed under ISDA, NAESB, and WSPP master agreements with right of set-off. The following table presents the effect and classification of the realized and unrealized gains (losses) of the Company's derivatives recorded on the statements of income: Puget Energy and Three Months Ended (Dollars in Thousands) Classification 2022 2021 Gas for power derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net $ 86,873 $ 1,628 Realized Electric generation fuel 27,091 8,313 Power derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net 45,048 21,374 Realized Purchased electricity 2,591 (13,303) Total gain (loss) recognized in income on derivatives $ 161,603 $ 18,012 The Company is exposed to credit risk primarily through buying and selling electricity and natural gas to serve its customers. Credit risk is the potential loss resulting from a counterparty's non-performance under an agreement. The Company manages credit risk with policies and procedures for, among other things, counterparty credit analysis, exposure measurement, and exposure monitoring and mitigation. The Company monitors counterparties for significant swings in credit default swap rates, credit rating changes by external rating agencies, ownership changes or financial distress. Where deemed appropriate, the Company may request collateral or other security from its counterparties to mitigate potential credit default losses. Criteria employed in this decision include, among other things, the perceived creditworthiness of the counterparty and the expected credit exposure. It is possible that volatility in energy commodity prices could cause the Company to have material credit risk exposure with one or more counterparties. If such counterparties fail to perform their obligations under one or more agreements, the Company could suffer a material financial loss. However, as of March 31, 2022, approximately 99.4% of the Company's energy portfolio exposure, excluding normal purchase normal sale (NPNS) transactions, is with counterparties that are rated investment grade by rating agencies and 0.6% are either rated below investment grade or not rated by rating agencies. The Company assesses credit risk internally for counterparties that are not rated by the major rating agencies. The Company computes credit reserves at a master agreement level by counterparty. The Company considers external credit ratings and market factors in the determination of reserves, such as credit default swaps and bond spreads. The Company recognizes that external ratings may not always reflect how a market participant perceives a counterparty's risk of default. The Company uses both default factors published by Standard & Poor's and factors derived through analysis of market risk, which reflect the application of an industry standard recovery rate. The Company selects a default factor by counterparty at an aggregate master agreement level based on a weighted average default tenor for that counterparty's deals. The default tenor is determined by weighting the fair value and contract tenors for all deals for each counterparty to derive an average value. The default factor used is dependent upon whether the counterparty is in a net asset or a net liability position after applying the master agreement levels. The Company applies the counterparty's default factor to compute credit reserves for counterparties that are in a net asset position. The Company calculates a non-performance risk on its derivative liabilities by using its estimated incremental borrowing rate over the risk-free rate. Credit reserves are netted against the unrealized gain (loss) positions. The majority of the Company's derivative contracts are with financial institutions and other utilities operating within the Western Electricity Coordinating Council. PSE also transacts power futures contracts on the Intercontinental Exchange (ICE), and natural gas contracts on the ICE natural gas exchange (NGX) platform. Execution of contracts on ICE requires the daily posting of margin calls as collateral through a futures and clearing agent. As of March 31, 2022, PSE had cash posted as collateral of $6.1 million related to contracts executed on the ICE platform. Also, as of March 31, 2022, PSE had $17.0 million in cash posted as collateral and no letter of credit posted as a condition of transacting on the ICE NGX platform. PSE did not trigger any collateral requirements with any of its counterparties nor were any of PSE's counterparties required to post collateral resulting from credit rating downgrades during the three months ended March 31, 2022. The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position and the amount of additional collateral the Company could be required to post: Puget Energy and (Dollars in Thousands) At March 31, 2022 At December 31, 2021 Fair Value 1 Posted Contingent Fair Value 1 Posted Contingent Contingent Feature Liability Collateral Collateral Liability Collateral Collateral Credit rating 2 $ 23,484 $ — $ 23,484 $ 52,537 $ — $ 52,537 Requested credit for adequate assurance 7,024 — — 9,380 — — Forward value of contract 3 — — N/A 1,743 12,782 N/A Total $ 30,508 $ — $ 23,484 $ 63,660 $ 12,782 $ 52,537 _______________ 1 Represents the derivative fair value of contracts with contingent features for counterparties in net derivative liability positions. Excludes NPNS, accounts payable and accounts receivable. 2 Failure by PSE to maintain an investment grade credit rating from each of the major credit rating agencies provides counterparties a contractual right to demand collateral. 3 Collateral requirements may vary based on changes in the forward value of underlying transactions relative to contractually defined collateral thresholds.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820 established a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy categorizes the inputs into three levels with the highest priority given to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority given to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 1 primarily consists of financial instruments such as exchange-traded derivatives and listed equities. Equity securities that are also classified as cash equivalents are considered Level 1 if there are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Instruments in this category include non-exchange-traded derivatives such as over-the-counter forwards and options. Level 3 - Pricing inputs include significant inputs that have little or no observability as of the reporting date. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. Financial assets and liabilities measured at fair value are classified in their entirety in the appropriate fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. The Company primarily determines fair value measurements classified as Level 2 or Level 3 using a combination of the income and market valuation approaches. The process of determining the fair values is the responsibility of the derivative accounting department, which reports to the Controller and Principal Accounting Officer. Inputs used to estimate the fair value of forwards, swaps and options include market-price curves, contract terms and prices, credit-risk adjustments, and discount factors. Additionally, for options, the Black-Scholes option valuation model and implied market volatility curves are used. Inputs used to estimate fair value in industry-standard models are categorized as Level 2 inputs as substantially all assumptions and inputs are observable in active markets throughout the full term of the instruments. On a daily basis, the Company obtains quoted forward prices for the electric and natural gas markets from an independent external pricing service. The Company considers its electric and natural gas contracts as Level 2 derivative instruments as such contracts are commonly traded as over-the-counter forwards with indirectly observable price quotes. However, certain energy derivative instruments with maturity dates falling outside the range of observable price quotes or that are transacted at illiquid delivery locations are classified as Level 3 in the fair value hierarchy. Management's assessment is based on the trading activity in real-time and forward electric and natural gas markets. Each quarter, the Company confirms the validity of pricing-service quoted prices used to value Level 2 commodity contracts with the actual prices of commodity contracts entered into during the most recent quarter. Assets and Liabilities with Estimated Fair Value The carrying values of cash and cash equivalents, restricted cash, and short-term debt as reported on the balance sheet are reasonable estimates of their fair value due to the short-term nature of these instruments and are classified as Level 1 in the fair value hierarchy. The carrying value of other investments of $53.4 million and $53.2 million at March 31, 2022 and December 31, 2021 respectively, are included in "Other property and investments" on the balance sheet. These values are also reasonable estimates of their fair value and classified as Level 2 in the fair value hierarchy as they are valued based on market rates for similar transactions. The fair value of the long-term notes was estimated using the discounted cash flow method with the U.S. Treasury yields and the Company's credit spreads as inputs, interpolating to the maturity date of each issue. The carrying values and estimated fair values were as follows: Puget Energy March 31, 2022 December 31, 2021 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 1 2 $ 6,620,643 $ 7,338,267 $ 6,170,466 $ 7,769,896 Long-term debt (variable-rate) 2 34,300 34,300 33,300 33,300 Total liabilities $ 6,654,943 $ 7,372,567 $ 6,203,766 $ 7,803,196 Puget Sound Energy March 31, 2022 December 31, 2021 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 2 2 $ 4,785,231 $ 5,382,446 $ 4,784,719 $ 6,145,639 Total liabilities $ 4,785,231 $ 5,382,446 $ 4,784,719 $ 6,145,639 _______________ 1 The carrying value includes debt issuances costs of $22.1 million and $22.7 million for March 31, 2022 and December 31, 2021, respectively, which are not included in fair value. 2 The carrying value includes debt issuances costs of $22.5 million and $22.8 million for March 31, 2022 and December 31, 2021, respectively, which are not included in fair value. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the Company's financial assets and liabilities by level, within the fair value hierarchy, that were accounted for at fair value on a recurring basis: Puget Energy and Fair Value Fair Value (Dollars in Thousands) Level 2 Level 3 Total Level 2 Level 3 Total Assets: Electric derivative instruments $ 160,220 $ 13,261 $ 173,481 $ 68,011 $ 6,818 $ 74,829 Natural gas derivative instruments 156,674 419 157,093 79,526 52 79,578 Total assets $ 316,894 $ 13,680 $ 330,574 $ 147,537 $ 6,870 $ 154,407 Liabilities: Electric derivative instruments $ 32,883 $ 19,271 $ 52,154 $ 35,854 $ 49,570 $ 85,424 Natural gas derivative instruments 8,825 1,631 10,456 16,678 2,172 18,850 Total liabilities $ 41,708 $ 20,902 $ 62,610 $ 52,532 $ 51,742 $ 104,274 The following table presents the Company's reconciliation of the changes in the fair value of Level 3 derivatives in the fair value hierarchy: Puget Energy and Three Months Ended March 31, (Dollars in Thousands) 2022 2021 Level 3 Roll-Forward Net Asset/(Liability) Electric Natural Gas Total Electric Natural Gas Total Balance at beginning of period $ (42,752) $ (2,120) $ (44,872) $ (23,718) $ (1,135) $ (24,853) Changes during period: Realized and unrealized energy derivatives: Included in earnings 1 38,820 — 38,820 820 — 820 Included in regulatory assets / liabilities — 415 415 — (888) (888) Settlements (2,254) 324 (1,930) 1,728 189 1,917 Transferred into Level 3 — — — — — — Transferred out of Level 3 176 169 345 — — — Balance at end of period $ (6,010) $ (1,212) $ (7,222) $ (21,170) $ (1,834) $ (23,004) _______________ 1 Income Statement locations: Unrealized (gain) loss on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $38.6 million and $0.8 million for three months ended March 31, 2022 and 2021, respectively. Realized gains and losses on energy derivatives for Level 3 recurring items are included in energy costs in the Company's consolidated statements of income under purchased electricity, electric generation fuel or purchased natural gas when settled. Unrealized gains and losses on energy derivatives for Level 3 recurring items are included in net unrealized (gain) loss on derivative instruments in the Company's consolidated statements of income. The Company does not use internally developed models to make adjustments to significant unobservable pricing inputs. The only significant unobservable input into the fair value measurement of the Company's Level 3 assets and liabilities is the forward price for electric and natural gas contracts. The weighted average price is calculated as the total market value divided by the total volume of the Company's Level 3 electric and gas commodity contracts, respectively, as of the reporting date. The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of March 31, 2022: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 13,261 $ 19,271 Discounted cash flow Power prices (per MWh) $ 28.75 $ 161.09 $ 76.95 Natural gas $ 419 $ 1,631 Discounted cash flow Natural gas prices (per MMBtu) $ 3.99 $ 6.44 $ 5.55 _______________ 1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions. The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of December 31, 2021: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 6,818 $ 49,570 Discounted cash flow Power prices (per MWh) $ 21.88 $ 119.38 $ 61.51 Natural gas $ 52 $ 2,172 Discounted cash flow Natural gas prices (per MMBtu) $ 3.65 $ 7.54 $ 5.89 ___________ 1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions. The significant unobservable inputs listed above would have a direct impact on the fair values of the above instruments if they were adjusted. Consequently, significant increases or decreases in the forward prices of electricity or natural gas in isolation would result in a significantly higher or lower fair value for Level 3 assets and liabilities. Generally, interrelationships exist between market prices of natural gas and power. As such, an increase in natural gas pricing would potentially have a similar impact on forward power markets. As of March 31, 2022, and December 31, 2021, a hypothetical 10% increase or decrease in market prices of natural gas and electricity would change the fair value of the Company's derivative portfolio, classified as Level 3 within the fair value hierarchy, by $20.3 million and $17.9 million, respectively. Long-Lived Assets Measured at Fair Value on a Nonrecurring Basis Puget Energy records the fair value of its intangible assets in accordance with ASC 360, “Property, Plant, and Equipment,” (ASC 360). The fair value assigned to the power contracts was determined using an income approach comparing the contract rate to the market rate for power over the remaining period of the contracts incorporating non-performance risk. Management also incorporated certain assumptions related to quantities and market presentation that it believes market participants would make in the valuation. The fair value of the power contracts is amortized as the contracts settle. ASC 360 requires long-lived assets to be tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. One such triggering event is a significant decrease in the forward market prices of power. As of March 31, 2022, Puget Energy completed valuation and impairment testing of its power purchase contracts classified as intangible assets and determined that no impairment was needed. These intangible assets exist as a result of the merger in 2009, at which time the consolidated assets and liabilities were revalued in accordance with ASC 805, "Business Combinations."

Retirement Benefits

Retirement Benefits	3 Months Ended
	Mar. 31, 2022
Subsidiaries [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension and Other Postretirement Benefits Disclosure [Text Block]	Retirement Benefits PSE has a defined benefit pension plan (Qualified Pension Benefits) covering a substantial majority of PSE employees. For employees hired prior to 2014, pension benefits earned are a function of age, salary, years of service and, in the case of employees in the cash balance formula plan, the applicable annual interest crediting rates. Effective January 1, 2014, all new UA represented employees hired or rehired receive annual pay credits of 4.0% of eligible pay each year in the cash balance formula of the defined pension plan. Effective January 1, 2014 for non-represented employees, and December 12, 2014 for employees represented by the IBEW, newly hired or rehired employees receive annual employer contributions of 4.0% of eligible pay each year into the cash balance formula of the defined benefit pension or 401k plan account. PSE also has a non-qualified Supplemental Executive Retirement Plan (SERP) for certain key senior management employees that closed to new participants in 2019. Effective 2019, PSE has an officer restoration benefit for new officers who join PSE or are promoted, such that company contributions under PSE’s applicable tax-qualified plan, which otherwise would have been credited if not for IRS limitations, are credited at 4.0% of earnings to an account with the Deferred Compensation Plan In addition to providing pension benefits, PSE provides legacy group health care and life insurance benefits (Plan) for certain retired employees. These benefits are provided principally through an insurance company. The insurance premiums, paid primarily by retirees, are based on the benefits provided during the prior year. On June 11, 2019, the Company's Welfare Benefits Committee approved the termination of the Plan effective December 31, 2019, and the creation of a Retiree Health Reimbursement Account (HRA) Plan effective January 1, 2020. Puget Energy's retirement plans were remeasured as a result of the merger in 2009, which represents the difference between Puget Energy and PSE's retirement plans. The components of service cost are included within utility operations and maintenance for PSE and within non-utility expense and other for Puget Energy while all non-service cost components are included in other income. For further information, see Note 13, "Retirement Benefits" to the consolidated financial statements included in Item 8 of the Company's Form 10-K for the period ended December 31, 2021. The following tables summarize the Company’s net periodic benefit cost for the three months ended March 31, 2022 and 2021: Puget Energy Qualified SERP Other Three Months Ended March 31, (Dollars in Thousands) 2022 2021 2022 2021 2022 2021 Components of net periodic benefit cost: Service cost $ 6,797 $ 6,711 $ 139 $ 115 $ 55 $ 41 Interest cost 6,087 5,578 313 293 81 77 Expected return on plan assets (12,777) (12,081) — — (99) (91) Amortization of prior service cost — (476) 72 87 6 2 Amortization of net loss (gain) 1,628 2,830 618 587 (4) (10) Net periodic benefit cost $ 1,735 $ 2,562 $ 1,142 $ 1,082 $ 39 $ 19 Puget Sound Energy Qualified SERP Other Three Months Ended March 31, (Dollars in Thousands) 2022 2021 2022 2021 2022 2021 Components of net periodic benefit cost: Service cost $ 6,797 $ 6,711 $ 139 $ 115 $ 55 $ 41 Interest cost 6,087 5,578 313 293 81 77 Expected return on plan assets (12,777) (12,081) — — (99) (91) Amortization of prior service cost — (378) 72 87 6 2 Amortization of net loss (gain) 3,806 5,311 663 635 (6) (15) Net periodic benefit cost $ 3,913 $ 5,141 $ 1,187 $ 1,130 $ 37 $ 14 The following table summarizes the Company’s change in benefit obligation for the periods ended March 31, 2022 and December 31, 2021: Puget Energy and Qualified SERP Other Three Months Ended Year Ended Three Months Ended Year Ended Three Months Ended Year Ended (Dollars in Thousands) March 31, December 31, March 31, December 31, March 31, December 31, Change in benefit obligation: Benefit obligation at beginning of period $ 834,960 $ 849,383 $ 43,155 $ 46,742 $ 11,654 $ 12,114 Amendments — — — — — 205 Service cost 6,797 26,888 139 456 55 155 Interest cost 6,087 22,381 313 1,183 81 302 Actuarial loss (gain) — (6,826) — 828 — (514) Benefits paid (11,723) (55,831) (494) (6,054) (227) (803) Medicare part D subsidy received — — — — — 195 Administrative Expense — (1,035) — — — — Benefit obligation at end of period $ 836,121 $ 834,960 $ 43,113 $ 43,155 $ 11,563 $ 11,654 The aggregate expected contributions by the Company to fund the qualified pension plan, SERP and the other postretirement plans for the year ending December 31, 2022, are expected to be at least $18.0 million, $2.8 million and $0.3 million, respectively. The Company contributed $0.5 million to fund the SERP during the three months ended March 31, 2022 and 2021. The Company contributed an immaterial amount to fund the other postretirement plans.

Regulation and Rates

Regulation and Rates	3 Months Ended
	Mar. 31, 2022
Subsidiaries [Member]
Entity Information [Line Items]
Regulation and Rates Disclosure	Regulation and Rates General Rate Case PSE filed a general rate case (GRC) which includes a three year multiyear rate plan with the Washington Commission on January 31, 2022, requesting an overall increase in electric and natural gas rates of 13.6% and 13.0% respectively in 2023; 2.5% and 2.3%, respectively in 2024; and 1.2% and 1.8%, respectively, in 2025. PSE requested a return on equity of 9.9% in all three rate years. PSE requested an overall rate of return of 7.39% in 2023; 7.44% in 2024; and 7.49% in 2025. The filing requests recovery of forecasted plant additions through 2022 as required by Revised Code of Washington (RCW) 80.28.425 as well as forecasted plant additions through 2025, the final year of the multiyear rate plan. The Washington Commission issued a procedural schedule and the case is pending. The Company cannot predict the outcome of the case at this time. PSE filed a GRC with the Washington Commission on June 20, 2019 requesting an overall increase in electric and natural gas rates of 6.9% and 7.9% respectively. On July 8, 2020, the Washington Commission issued its order on PSE’s GRC. The ruling provided for a weighted cost of capital of 7.39% or 6.8% after-tax, and a capital structure of 48.5% in common equity with a return on equity of 9.4%. The order also resulted in a combined net increase to electric of $29.5 million, or 1.6%, and to natural gas of $36.5 million, or 4.0%. However, the Washington Commission extended the amortization of certain regulatory assets, PSE’s electric decoupling deferral, and PSE’s PGA deferral to mitigate the impact of the rate increase in response to the economic instability created by the COVID-19 pandemic. This reduced the electric revenue increase to approximately $0.9 million, or 0.05%, and the natural gas increase to $1.3 million, or 0.15%, and became effective October 15, 2020 and October 1, 2020, respectively. On July 30, 2021, the IRS issued a Private Letter Ruling (PLR) to PSE which concluded that in the 2019 GRC the Washington Commission’s methodology for reversing plant-related excess deferred income taxes was an impermissible methodology under the IRS normalization and consistency rules. The PLR required adjustments to PSE's rates to bring PSE back into compliance with IRS rules. Accordingly, on September 28, 2021, the Washington Commission issued an order amending their order previously issued on July 8, 2020, to correct for items which were determined to be impermissible under IRS normalization and consistency rules as detailed in the PLR. To reflect the impact of the PLR, PSE recorded a regulatory asset and additional revenues of $24.5 million in its operating results through December 31, 2021. The annualized overall rate impact is an increase of $15.8 million, or 0.7%, for electric and $3.1 million, or 0.3%, for natural gas for a total of $18.9 million with rates effective October 1, 2021. This led to a combined annualized net increase to electric rates of $77.1 million, or 3.7%, an increase of $17.5 million above the $59.6 million granted in the revised final order. The order also led to a combined annualized net increase to natural gas rates of $45.3 million, or 5.9%, an increase of $2.4 million above the $42.9 million granted in the revised final order. The Washington Commission maintained adjustments that mitigated the impacts of the rate increases in response to the economic instability created by the COVID-19 pandemic, which reduced the electric revenue increase to approximately $48.3 million, or 2.3%, and the natural gas increase to $4.9 million, or 0.6%. Power Cost Only Rate Case On December 9, 2020, PSE filed its 2020 power cost only rate case (PCORC). The filing proposed an increase of $78.5 million (or an average of approximately 3.7%) in the Company's overall power supply costs with an anticipated effective date in June 2021. On February 2, 2021, PSE supplemented the PCORC to update its power costs, leading to a requested increase from $78.5 million to $88.0 million (or an average of approximately 4.1%). On March 2, 2021, several of the parties to the PCORC reached a multiparty settlement in principle, which was unopposed. The settlement resulted in an estimated revenue increase of $65.3 million or 3.1%. A term of the settlement requires PSE to include in its next GRC (or another proceeding in 2022) the issue of whether the PCORC should continue, and further prohibits PSE from filing another PCORC before this issue is litigated. On June 1, 2021, the Washington Commission issued its Final Order approving and adopting the settlement and authorizing and requiring a power cost update through a compliance filing. On June 17, 2021, PSE filed a compliance filing with the Washington Commission with a revenue increase of $70.9 million or 3.3% due to the update on power costs with rates effective July 1, 2021. Decoupling Filings On July 8, 2020, the Washington Commission issued the final order in Dockets UE-190529 and UG-190530, which instructed PSE to extend the collection of amortization balances for electric decoupling delivery and fixed power cost sections originally filed through the annual May 2020 decoupling filing. The extension requires PSE to move amortization balances for electric decoupling as of August 31, 2020 to be collected from customers for a two-year period, instead of the originally approved one-year period. Additionally, through approving the electric cost of service, the final order approved the re-allocation of decoupling balances from Schedule 40 to the remaining electric decoupling groups. On December 23, 2020, the Washington Commission approved PSE’s filing to update Schedule 142 decoupling amortization rates, with an effective date of January 1, 2021, by zeroing out rates still effective past October 15, 2020 on tariff sheet Schedule 142-H, which was replaced by rates on tariff sheet Schedule 142-I effective October 15, 2020. PSE included a true up of the over-collection amounts for the period of October 15, 2020 through December 31, 2020 in PSE’s annual May 2021 decoupling filing. On June 1, 2021, the Washington Commission approved the multi-party settlement agreement which was filed within PSE’s PCORC filing. As part of this settlement agreement, the electric annual fixed power cost allowed revenue was updated to reflect changes in the approved revenue requirement. The changes took effect on July 1, 2021. On September 28, 2021, the Washington Commission approved 2019 GRC filing updated to PLR changes. As part of this filing, the annual electric and gas delivery cost allowed revenue was updated to reflect changes in the approved revenue requirement. The changes took effect on October 1, 2021. On March 31, 2022, PSE performed an analysis to determine if electric and natural gas decoupling revenue deferrals would be collected from customers within 24 months of the annual period, per ASC 980. If not, for GAAP purposes only, PSE would need to record a reserve against the decoupling revenue and corresponding regulatory asset balance. Once the reserve is probable of collection within 24 months from the end of the annual period, the reserve can be recognized as decoupling revenue. The analysis indicated that electric and natural gas deferred revenue will be collected within 24 months of the annual period; therefore, no reserve adjustment was booked to 2022 electric or natural gas decoupling revenue. At March 31, 2021, the analysis estimated $0.9 million of electric deferred revenue not to be collected within 24 months of the annual period in 2021; therefore, a reserve adjustment was booked to 2021 electric decoupling revenue. At March 31, 2021, natural gas deferred revenue was estimated to be collected within 24 months of the annual period in 2021; therefore, no reserve adjustment was booked to 2021 natural gas decoupling revenue. Power Cost Adjustment Mechanism PSE currently has a PCA mechanism that provides for the deferral of power costs that vary from the “power cost baseline” level of power costs. The “power cost baseline” levels are set, in part, based on normalized assumptions about weather and hydroelectric conditions. Excess power costs or savings are apportioned between PSE and its customers pursuant to the graduated scale set forth in the PCA mechanism and will trigger a surcharge or refund when the cumulative deferral trigger is reached. Effective January 1, 2017, the following graduated scale is used in the PCA mechanism: Company’s Share Customers' Share Annual Power Cost Variability Over Under Over Under Over or Under Collected by up to $17 million 100 % 100 % — % — % Over or Under Collected by between $17 million - $40 million 35 50 65 50 Over or Under Collected beyond $40 + million 10 10 90 90 For the three months ended March 31, 2022, in its PCA mechanism, PSE under recovered its allowable costs by $10.6 million of which zero was apportioned to customers and $0.3 million of interest was accrued on the deferred customer balance. This compares to an under recovery of allowable costs of $11.4 million for the three months ended March 31, 2021, of which zero was apportioned to customers and accrued $0.3 million of interest on the total deferred customer balance. Power Cost Adjustment Clause Filing On July 8, 2020, the Washington Commission issued the final order in Dockets UE-190529 and UG-190530, which instructed PSE to remove Schedule 95 collection on decoupling allowed rates for Microsoft Special Contracts, which will be included in allowed rates under the Decoupling Schedule 142 effective October 15, 2020. PSE exceeded the $20.0 million cumulative deferral balance in its PCA mechanism in 2020. The surcharging of deferrals can be triggered by the Company when the balance in the deferral account is a credit of $20.0 million or more. During 2020, actual power costs were higher than baseline power costs; thereby, creating an under-recovery of $76.1 million. Under the terms of the PCA’s sharing mechanism for under-recovered power costs, PSE absorbed $32.1 million of the under-recovered amount, and customers were responsible for the remaining $44.0 million, or $46.0 million including interest. PSE filed to recover the deferred balance in Docket UE-210300, and the Washington Commission allowed the recovery effective December 1, 2021. Additionally, PSE exceeded the $20.0 million cumulative deferral balance in its PCA mechanism in 2021. During 2021, actual power costs were higher than baseline power costs; thereby, creating an under-recovery of $68.0 million. Under the terms of the PCA’s sharing mechanism for under-recovered power costs, PSE absorbed $31.3 million of the under-recovered amount, and customers were responsible for the remaining $36.7 million, or $38.4 million including interest. On April 30, 2022, PSE filed a 2021 PCA report with the Washington Commission that proposes to recover the deferred balance for 2021 PCA period by keeping the current rates and allowing recovery from January 1, 2023 through November 30, 2023. Purchased Gas Adjustment Mechanism On October 28, 2021, the Washington Commission approved PSE's request for November 2021 PGA rates in Docket UG-210721, effective November 1, 2021. As part of that filing, PSE requested an annual revenue increase of $59.1 million; where PGA rates, under Schedule 101, increase annual revenue by $80.6 million, and the tracker rates under Schedule 106, decrease annual revenue by $21.5 million. Those annual 2021 PGA rate increases will be set in addition to continuing the collection on the remaining balance of $69.4 million under Supplemental Schedule 106B, which were set, in effect, through September 30, 2023 per the 2019 GRC. The following table presents the PGA mechanism balances and activity at March 31, 2022 and December 31, 2021: (Dollars in Thousands) At March 31, At December 31, PGA receivable balance and activity 2022 2021 PGA receivable beginning balance $ 57,935 $ 87,655 Actual natural gas costs 161,647 364,775 Allowed PGA recovery (175,930) (396,236) Interest 368 1,741 PGA receivable ending balance $ 44,020 $ 57,935 Get to Zero Depreciation Deferral On April 10, 2019, PSE filed an accounting petition with the Washington Commission, requesting authorization to defer depreciation expense associated with Get to Zero (GTZ) projects that were placed in service after June 30, 2018. The GTZ project consists of a number of short-lived technology upgrades. The depreciation expense associated with the GTZ projects with lives of 10 years or less that were placed in service after June 30, 2018, were deferred beginning May 1 per the petition request. At March 31, 2022 and December 31, 2021, PSE deferred $7.9 million and $6.6 million of depreciation expense for GTZ, respectively. In addition to the deferral of depreciation expense, PSE had also requested to defer carrying charges on the GTZ deferral, to be calculated utilizing the Company’s currently authorized after tax rate of return, or 6.89%. The ruling authorized PSE to amortize deferred GTZ expenses as proposed in the original GRC filing. The ruling also allows continued deferral of the depreciation expense associated with GTZ investments not already approved for recovery with a book life of 10 years or less, through PSE's then-next GRC, which PSE filed on January 31, 2022, and is currently pending. Finally, the final order set the rate at which PSE could defer and recover carrying charges from PSE’s authorized rate of return to the quarterly interest rate established by the FERC. Crisis Affected Customer Assistance Program On April 6, 2020, PSE filed CACAP-1 (dockets UE-200331 and UG-200332) with the Washington Commission revisions to its currently effective electric and natural gas service tariffs. The purpose of this filing was to incorporate into PSE’s low-income tariff a new temporary bill assistance program, Crisis Affected Customer Assistance Program (CACAP), to mitigate the economic impact of the COVID-19 pandemic on PSE’s customers. CACAP would allow PSE customers facing financial hardship due to COVID-19 to receive up to $1,000 in bill assistance. The program made available $11.0 million in unspent low income funds from prior years, therefore resulting in no rate impact, and supplemented other forms of financial assistance. CACAP-1 ran from April 13, 2020, to September 30, 2020. On March 28, 2021, the Washington Commission approved PSE’s CACAP-2 (dockets UE-210137 and UG-210138), effective April 12, 2021. With a program budget of $20.0 million for electric customers and $7.7 million for natural gas customers, CACAP-2 would provide up to $2,500 in bill assistance in arrearages per year for each qualifying low-income household. PSE stopped taking new applications for the COVID-19 Bill Assistance Program at 7:00 AM Pacific Standard Time on March 29, 2022. Estimates indicated that the electric funds would be exhausted once the current applications are completed. On October 15, 2021, PSE submitted for the Washington Commission’s review and approval a Supplemental CACAP (dockets UE-210792 and UG-210793) filing to continue assistance for PSE customers facing financial hardship due to COVID-19. The Washington Commission approved the Supplemental CACAP program to be effective on November 15, 2021. The Supplemental CACAP would utilize carry-over funds not expended in any prior years under PSE’s Schedule 129 Home Energy Lifeline Program (HELP). With a combined total budget of $34.5 million for both electric and natural gas residential customers (capped at $23.7 million and $10.8 million, respectively). Supplemental CACAP benefits would cover a qualifying residential customer’s past due balance, up to $2,500. PSE applied the Supplemental CACAP benefits automatically, with an opt-out option, in December 2021. Supplemental CACAP will be administered until funds are exhausted. Storm Loss Deferral Mechanism

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Colstrip PSE has a 50% ownership interest in Colstrip Units 1 and 2 and a 25% interest in each of Colstrip Units 3 and 4, which are coal-fired generating units located in Colstrip, Montana. PSE has accelerated the depreciation of Colstrip Units 3 and 4, per the terms of the 2017 GRC settlement, to December 31, 2027, which was subsequently updated to December 31, 2025 as part of the 2019 GRC. The 2017 GRC also repurposed PTCs and hydro-related treasury grants to recover unrecovered plant costs and to fund and recover decommissioning and remediation costs for Colstrip Units 1 through 4. Consistent with a June 2019 announcement, Talen permanently shut down Units 1 and 2 at the end of 2019 due to operational losses associated with the Units. Colstrip Units 1 and 2 were retired effective December 31, 2019. The Washington Clean Energy Transformation Act requires the Washington Commission to provide recovery of the investment, decommissioning, and remediation costs associated with the facilities that are not recovered through the repurposed PTCs and hydro-related treasury grants. The full scope of decommissioning activities and costs may vary from the estimates that are available at this time. On May 19, 2021, PSE along with the Colstrip owners, Avista Corporation, PacifiCorp and Portland General Electric Company filed a lawsuit against the Montana Attorney General challenging the constitutionality of Senate Bill 266. On October 13, 2021, the United States District Court for the District of Montana issued a preliminary injunction finding it likely that Senate Bill 266 unconstitutionally violates the Commerce Clause and Contract Clause of the United States Constitution. Since then, a motion for summary judgment was filed requesting a permanent injunction against enforcement of Senate Bill 266. As of March 31, 2022, the Company is not able to predict the outcome, nor an amount or range of potential impact in the event of an outcome that is adverse to the Company’s interests. Other Commitments and Contingencies

Leases (Notes)

Leases (Notes)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	LeasesAs of March 31, 2022, there have been no material changes regarding the Company's leases. For further information, see Note 9, "Leases" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Other

Other	3 Months Ended
	Mar. 31, 2022
Other [Abstract]
Other	Other 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, and then used to repay the Company’s $500.0 million 6.00% 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 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. On March 17, 2022, Puget Energy issued $450.0 million of senior secured notes at an interest rate of 4.224%. The notes were issued for a period of 10 years, mature on March 15, 2032, and pay interest semi-annually on March 15 and September 15 of each year. The proceeds from the issuance were used for repayment of Puget Energy notes that mature July 2022 and for general corporate purposes. 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. As of March 31, 2022, Puget Energy maintained an $800.0 million credit facility, of which $34.3 million was drawn and outstanding under the facility. For further information, see Note 7, "Long-Term Debt" and Note 8, "Liquidity Facilities and Other Financing Arrangements" in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2021.
Short-term Debt	Short-Term Debt As of March 31, 2022, no amount was drawn under PSE's credit facility and $69.8 million was outstanding under the commercial paper program at PSE. For further information, see Note 8, "Liquidity Facilities and Other Financing Arrangements" in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2021.

Summary of Consolidation and _2

Summary of Consolidation and Significant Accounting Policy (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Accounts Receivable, Allowance for Credit Loss	The following table presents the activity in the allowance for credit losses for accounts receivable for the three months ended March 31, 2022 and 2021: Puget Energy and Three Months (Dollars in Thousands) 2022 2021 Allowance for credit losses: Beginning balance $ 34,958 $ 20,080 Provision for credit loss expense 1 9,767 12,452 Receivables charged-off (3,492) (2,140) Total ending allowance balance $ 41,233 $ 30,392 _______________ 1

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present disaggregated revenue from contracts with customers, and other revenue by major source for the three months ended March 31, 2022 and March 31, 2021: Puget Energy and (Dollars in Thousands) Three Months Ended March 31, 2022 Revenue from contracts with customers: Electric Natural Gas Other 1 Total Retail Residential $ 416,260 $ 292,596 $ — $ 708,856 Commercial 257,019 120,979 — 377,998 Industrial 30,073 8,085 — 38,158 Other 4,761 — — 4,761 Wholesale 13,147 — — 13,147 Transmission and transportation 11,222 5,446 — 16,668 Miscellaneous 1,150 309 10,712 12,171 Total revenue from contracts with customers $ 733,632 $ 427,415 $ 10,712 $ 1,171,759 Total other revenue 2 22,745 (1,067) — 21,678 Total operating revenue $ 756,377 $ 426,348 $ 10,712 $ 1,193,437 _____________ 1 Other includes $0.1 million of Puget LNG revenues recorded at Puget Energy. 2 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Puget Energy and (Dollars in Thousands) Three Months Ended March 31, 2021 Revenue from contracts with customers: Electric Natural Gas Other Total Retail Residential $ 401,510 $ 276,687 $ — $ 678,197 Commercial 229,639 103,387 — 333,026 Industrial 27,533 7,535 — 35,068 Other 5,420 254 — 5,674 Wholesale 23,676 — — 23,676 Transmission and transportation 9,226 5,161 — 14,387 Miscellaneous 8,401 1,077 8,588 18,066 Total revenue from contracts with customers $ 705,405 $ 394,101 $ 8,588 $ 1,108,094 Total other revenue 1 53,187 (1,195) — 51,992 Total operating revenue $ 758,592 $ 392,906 $ 8,588 $ 1,160,086 _____________ 1 Total other revenue includes revenues from derivatives, PTC deferral revenue and alternative revenue programs that are not considered revenues from contracts with customers.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	Based on management’s best estimate of commencement, the Company expects to recognize this revenue over the following time periods: Puget Energy (Dollars in Thousands) 2024 2025 2026 2027 2028 Thereafter Total Remaining Performance Obligations $ 15,359 $ 19,710 $ 19,454 $ 19,454 $ 19,454 $ 102,135 $ 195,566

Accounting for Derivative Ins_2

Accounting for Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative [Line Items]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table presents the volumes, fair values and classification of the Company's derivative instruments recorded on the balance sheets: Puget Energy and March 31, 2022 December 31, 2021 (Dollars in Thousands) Volumes (millions) Assets 1 Liabilities 2 Volumes Assets 1 Liabilities 2 Electric portfolio derivatives * $ 173,481 $ 52,154 * $ 74,829 $ 85,424 Natural gas derivatives (MMBtus) 3 320 157,093 10,456 347 79,578 18,850 Total derivative contracts $ 330,574 $ 62,610 $ 154,407 $ 104,274 Current $ 293,884 $ 40,237 $ 128,210 $ 63,309 Long-term 36,690 22,373 26,197 40,965 Total derivative contracts $ 330,574 $ 62,610 $ 154,407 $ 104,274 _______________ 1 Balance sheet classification: Current and Long-term Unrealized gain on derivative instruments. 2 Balance sheet classification: Current and Long-term Unrealized loss on derivative instruments. 3 All fair value adjustments on derivatives relating to the natural gas business have been deferred in accordance with ASC 980, “Regulated Operations,” due to the PGA mechanism. The net derivative asset or liability and offsetting regulatory liability or asset are related to contracts used to economically hedge the cost of physical gas purchased to serve natural gas customers. * Electric portfolio derivatives consist of electric generation fuel of 231.2 million British Thermal Units (MMBtu) and purchased electricity of 6.0 million Megawatt Hours (MWhs) at March 31, 2022, and 238.0 million MMBtus and 8.1 million MWhs at December 31, 2021.
Offsetting Assets and Liabilities	The following tables present the potential effect of netting arrangements, including rights of set-off associated with the Company's derivative assets and liabilities: Puget Energy and At March 31, 2022 Gross Amount Recognized in the Statement of Financial Position 1 Gross Amounts Offset in the Statement of Financial Position Net of Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position (Dollars in Thousands) Commodity Contracts Cash Collateral Received/Posted Net Amount Assets: Energy derivative contracts $ 330,574 $ — $ 330,574 $ (31,515) $ — $ 299,059 Liabilities: Energy derivative contracts $ 62,610 $ — $ 62,610 $ (31,515) $ — $ 31,095 Puget Energy and At December 31, 2021 Gross Amount Recognized in the Statement of Financial Position 1 Gross Amounts Offset in the Statement of Financial Position Net of Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position (Dollars in Thousands) Commodity Contracts Cash Collateral Received/Posted Net Amount Assets: Energy derivative contracts $ 154,407 $ — $ 154,407 $ (40,833) $ — $ 113,574 Liabilities: Energy derivative contracts $ 104,274 $ — $ 104,274 $ (40,833) $ (1,743) $ 61,698 _______________ 1
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following table presents the effect and classification of the realized and unrealized gains (losses) of the Company's derivatives recorded on the statements of income: Puget Energy and Three Months Ended (Dollars in Thousands) Classification 2022 2021 Gas for power derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net $ 86,873 $ 1,628 Realized Electric generation fuel 27,091 8,313 Power derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net 45,048 21,374 Realized Purchased electricity 2,591 (13,303) Total gain (loss) recognized in income on derivatives $ 161,603 $ 18,012
Schedule of Credit Risk Related Contingent Features	The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position and the amount of additional collateral the Company could be required to post: Puget Energy and (Dollars in Thousands) At March 31, 2022 At December 31, 2021 Fair Value 1 Posted Contingent Fair Value 1 Posted Contingent Contingent Feature Liability Collateral Collateral Liability Collateral Collateral Credit rating 2 $ 23,484 $ — $ 23,484 $ 52,537 $ — $ 52,537 Requested credit for adequate assurance 7,024 — — 9,380 — — Forward value of contract 3 — — N/A 1,743 12,782 N/A Total $ 30,508 $ — $ 23,484 $ 63,660 $ 12,782 $ 52,537 _______________ 1 Represents the derivative fair value of contracts with contingent features for counterparties in net derivative liability positions. Excludes NPNS, accounts payable and accounts receivable. 2 Failure by PSE to maintain an investment grade credit rating from each of the major credit rating agencies provides counterparties a contractual right to demand collateral. 3 Collateral requirements may vary based on changes in the forward value of underlying transactions relative to contractually defined collateral thresholds.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Inputs, Liabilities, Quantitative Information	The fair value of the long-term notes was estimated using the discounted cash flow method with the U.S. Treasury yields and the Company's credit spreads as inputs, interpolating to the maturity date of each issue. The carrying values and estimated fair values were as follows: Puget Energy March 31, 2022 December 31, 2021 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 1 2 $ 6,620,643 $ 7,338,267 $ 6,170,466 $ 7,769,896 Long-term debt (variable-rate) 2 34,300 34,300 33,300 33,300 Total liabilities $ 6,654,943 $ 7,372,567 $ 6,203,766 $ 7,803,196 Puget Sound Energy March 31, 2022 December 31, 2021 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 2 2 $ 4,785,231 $ 5,382,446 $ 4,784,719 $ 6,145,639 Total liabilities $ 4,785,231 $ 5,382,446 $ 4,784,719 $ 6,145,639 _______________ 1 The carrying value includes debt issuances costs of $22.1 million and $22.7 million for March 31, 2022 and December 31, 2021, respectively, which are not included in fair value. 2 The carrying value includes debt issuances costs of $22.5 million and $22.8 million for March 31, 2022 and December 31, 2021, respectively, which are not included in fair value.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the Company's financial assets and liabilities by level, within the fair value hierarchy, that were accounted for at fair value on a recurring basis: Puget Energy and Fair Value Fair Value (Dollars in Thousands) Level 2 Level 3 Total Level 2 Level 3 Total Assets: Electric derivative instruments $ 160,220 $ 13,261 $ 173,481 $ 68,011 $ 6,818 $ 74,829 Natural gas derivative instruments 156,674 419 157,093 79,526 52 79,578 Total assets $ 316,894 $ 13,680 $ 330,574 $ 147,537 $ 6,870 $ 154,407 Liabilities: Electric derivative instruments $ 32,883 $ 19,271 $ 52,154 $ 35,854 $ 49,570 $ 85,424 Natural gas derivative instruments 8,825 1,631 10,456 16,678 2,172 18,850 Total liabilities $ 41,708 $ 20,902 $ 62,610 $ 52,532 $ 51,742 $ 104,274
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents the Company's reconciliation of the changes in the fair value of Level 3 derivatives in the fair value hierarchy: Puget Energy and Three Months Ended March 31, (Dollars in Thousands) 2022 2021 Level 3 Roll-Forward Net Asset/(Liability) Electric Natural Gas Total Electric Natural Gas Total Balance at beginning of period $ (42,752) $ (2,120) $ (44,872) $ (23,718) $ (1,135) $ (24,853) Changes during period: Realized and unrealized energy derivatives: Included in earnings 1 38,820 — 38,820 820 — 820 Included in regulatory assets / liabilities — 415 415 — (888) (888) Settlements (2,254) 324 (1,930) 1,728 189 1,917 Transferred into Level 3 — — — — — — Transferred out of Level 3 176 169 345 — — — Balance at end of period $ (6,010) $ (1,212) $ (7,222) $ (21,170) $ (1,834) $ (23,004) _______________ 1 Income Statement locations: Unrealized (gain) loss on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $38.6 million and $0.8 million for three months ended March 31, 2022 and 2021, respectively.
Fair Value Inputs, Assets and Liabilities, Quantitative Information	The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of March 31, 2022: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 13,261 $ 19,271 Discounted cash flow Power prices (per MWh) $ 28.75 $ 161.09 $ 76.95 Natural gas $ 419 $ 1,631 Discounted cash flow Natural gas prices (per MMBtu) $ 3.99 $ 6.44 $ 5.55 _______________ 1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions. The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of December 31, 2021: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 6,818 $ 49,570 Discounted cash flow Power prices (per MWh) $ 21.88 $ 119.38 $ 61.51 Natural gas $ 52 $ 2,172 Discounted cash flow Natural gas prices (per MMBtu) $ 3.65 $ 7.54 $ 5.89 ___________ 1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions.

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following tables summarize the Company’s net periodic benefit cost for the three months ended March 31, 2022 and 2021: Puget Energy Qualified SERP Other Three Months Ended March 31, (Dollars in Thousands) 2022 2021 2022 2021 2022 2021 Components of net periodic benefit cost: Service cost $ 6,797 $ 6,711 $ 139 $ 115 $ 55 $ 41 Interest cost 6,087 5,578 313 293 81 77 Expected return on plan assets (12,777) (12,081) — — (99) (91) Amortization of prior service cost — (476) 72 87 6 2 Amortization of net loss (gain) 1,628 2,830 618 587 (4) (10) Net periodic benefit cost $ 1,735 $ 2,562 $ 1,142 $ 1,082 $ 39 $ 19 Puget Sound Energy Qualified SERP Other Three Months Ended March 31, (Dollars in Thousands) 2022 2021 2022 2021 2022 2021 Components of net periodic benefit cost: Service cost $ 6,797 $ 6,711 $ 139 $ 115 $ 55 $ 41 Interest cost 6,087 5,578 313 293 81 77 Expected return on plan assets (12,777) (12,081) — — (99) (91) Amortization of prior service cost — (378) 72 87 6 2 Amortization of net loss (gain) 3,806 5,311 663 635 (6) (15) Net periodic benefit cost $ 3,913 $ 5,141 $ 1,187 $ 1,130 $ 37 $ 14
Schedule of Changes in Projected Benefit Obligations	The following table summarizes the Company’s change in benefit obligation for the periods ended March 31, 2022 and December 31, 2021: Puget Energy and Qualified SERP Other Three Months Ended Year Ended Three Months Ended Year Ended Three Months Ended Year Ended (Dollars in Thousands) March 31, December 31, March 31, December 31, March 31, December 31, Change in benefit obligation: Benefit obligation at beginning of period $ 834,960 $ 849,383 $ 43,155 $ 46,742 $ 11,654 $ 12,114 Amendments — — — — — 205 Service cost 6,797 26,888 139 456 55 155 Interest cost 6,087 22,381 313 1,183 81 302 Actuarial loss (gain) — (6,826) — 828 — (514) Benefits paid (11,723) (55,831) (494) (6,054) (227) (803) Medicare part D subsidy received — — — — — 195 Administrative Expense — (1,035) — — — — Benefit obligation at end of period $ 836,121 $ 834,960 $ 43,113 $ 43,155 $ 11,563 $ 11,654

Regulation and Rates Public Uti

Regulation and Rates Public Utilities, Regulatory Proceeding (Tables) - Subsidiaries [Member]	3 Months Ended
	Mar. 31, 2022
Purchased Gas Adjustment [Member] | Natural Gas
Regulation and Rates [Line Items]
Schedule of PGA Receivable Payable	The following table presents the PGA mechanism balances and activity at March 31, 2022 and December 31, 2021: (Dollars in Thousands) At March 31, At December 31, PGA receivable balance and activity 2022 2021 PGA receivable beginning balance $ 57,935 $ 87,655 Actual natural gas costs 161,647 364,775 Allowed PGA recovery (175,930) (396,236) Interest 368 1,741 PGA receivable ending balance $ 44,020 $ 57,935
PCA Mechanism [Member] | Electricity
Regulation and Rates [Line Items]
Schedule of Graduated Scale of Rate Adjustment Mechanism	Effective January 1, 2017, the following graduated scale is used in the PCA mechanism: Company’s Share Customers' Share Annual Power Cost Variability Over Under Over Under Over or Under Collected by up to $17 million 100 % 100 % — % — % Over or Under Collected by between $17 million - $40 million 35 50 65 50 Over or Under Collected beyond $40 + million 10 10 90 90

Summary of Consolidation and _3

Summary of Consolidation and Significant Accounting Policy - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)mi²	Mar. 31, 2021USD ($)	Apr. 29, 2022USD ($)	Dec. 31, 2021USD ($)
Puget LNG [Member]
Summary of Consolidation Policy
Operating Costs and Expenses	$ 2.2	$ 0.2
Subsidiaries [Member]
Summary of Consolidation Policy
Area of Service Territory (in sqmi) | mi²	6,000
Contract Length, PPA	20 years
Variable Interest Entity, Measure of Activity, Expense	$ 3.9	$ 5.7
Variable Interest Entity, Payable	2.7			$ 2.7
Subsidiaries [Member] | Natural Gas, US Regulated [Member] | Tacoma LNG [Member]
Summary of Consolidation Policy
Construction in Progress, Gross				239.6
Public Utilities, Property, Plant and Equipment, Generation or Processing	$ 241.7
Subsidiaries [Member] | Tacoma LNG [Member]
Summary of Consolidation Policy
Jointly Owned Non-Utility Plant Share	43.00%
Puget LNG [Member]
Summary of Consolidation Policy
Jointly Owned Non-Utility Plant Share	57.00%
Puget LNG [Member] | Natural Gas, US Regulated [Member] | Tacoma LNG [Member]
Summary of Consolidation Policy
Jointly Owned Non-Utility Plant, Ownership Amount of Other Assets	$ 244.8
Construction in Progress, Gross				$ 244.7
Variable Interest Entity, Not Primary Beneficiary | Skookumchuck Wind Energy Project
Summary of Consolidation Policy
Equity Method Investments	$ 0
Variable Interest Entity, Not Primary Beneficiary | Subsequent Event [Member] | Golden Hills Wind Farm
Summary of Consolidation Policy
Equity Method Investments			$ 0

Summary of Consolidation and _4

Summary of Consolidation and Significant Accounting Policy - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Losses, Beginning Balance			$ 34,958	$ 20,080
Provision for Credit Loss	$ 9,767	$ 12,452
Receivables Charged-Off	3,492	2,140
Allowance for Credit Loss, Ending Balance	41,233	30,392
Bad Debt Deferral, COVID 19	$ 4,700	$ 0

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2020	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		$ 1,171,759	$ 1,108,094
Total Other Revenue		21,678	51,992
Revenues		1,193,437	1,160,086
Non-utility expense and other		15,419	9,906
Electric		756,377	758,592
Natural gas		426,348	392,906
Other		10,712	8,588
Residential
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		708,856	678,197
Commercial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		377,998	333,026
Industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		38,158	35,068
Other Retail Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		4,761	5,674
Wholesale
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		13,147	23,676
Transmission and Transportation
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		16,668	14,387
Miscellaneous Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		12,171	18,066
Electricity, US Regulated [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		733,632	705,405
Total Other Revenue		22,745	53,187
Electricity, US Regulated [Member] | Residential
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		416,260	401,510
Electricity, US Regulated [Member] | Commercial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		257,019	229,639
Electricity, US Regulated [Member] | Industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		30,073	27,533
Electricity, US Regulated [Member] | Other Retail Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		4,761	5,420
Electricity, US Regulated [Member] | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		13,147	23,676
Electricity, US Regulated [Member] | Transmission and Transportation
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		11,222	9,226
Electricity, US Regulated [Member] | Miscellaneous Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		1,150	8,401
Natural Gas, US Regulated [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		427,415	394,101
Total Other Revenue		(1,067)	(1,195)
Natural Gas, US Regulated [Member] | Residential
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		292,596	276,687
Natural Gas, US Regulated [Member] | Commercial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		120,979	103,387
Natural Gas, US Regulated [Member] | Industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		8,085	7,535
Natural Gas, US Regulated [Member] | Other Retail Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		0	254
Natural Gas, US Regulated [Member] | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		0	0
Natural Gas, US Regulated [Member] | Transmission and Transportation
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		5,446	5,161
Natural Gas, US Regulated [Member] | Miscellaneous Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		309	1,077
Other Revenue From Contracts with Customers [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		10,712	8,588
Total Other Revenue		0	0
Other Revenue From Contracts with Customers [Member] | Residential
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		0	0
Other Revenue From Contracts with Customers [Member] | Commercial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		0	0
Other Revenue From Contracts with Customers [Member] | Industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		0	0
Other Revenue From Contracts with Customers [Member] | Other Retail Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		0	0
Other Revenue From Contracts with Customers [Member] | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		0	0
Other Revenue From Contracts with Customers [Member] | Transmission and Transportation
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		0	0
Other Revenue From Contracts with Customers [Member] | Miscellaneous Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		10,712	8,588
Subsidiaries [Member]
Disaggregation of Revenue [Line Items]
Revenues		1,193,402	1,160,086
Non-utility expense and other		12,814	9,418
Electric		756,377	758,592
Natural gas		426,348	392,906
Other		10,677	$ 8,588
Puget LNG [Member]
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, 2026		19,454
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction		19,454
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction		19,454
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction		102,135
Revenue, Remaining Performance Obligation, Amount		195,566
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, 2025		19,710
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, 2025		15,359
Remaining Contract Term, PLNG	10 years
Puget LNG [Member] | Other Revenue From Contracts with Customers [Member] | Miscellaneous Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		$ 100

Accounting for Derivative Ins_3

Accounting for Derivative Instruments and Hedging Activities Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Subsidiaries [Member]
Derivative [Line Items]
Hedging strategy number of years extended	3 years
Natural Gas Portfolio [Member]
Derivative [Line Items]
Posted Collateral	$ 17
External Credit Rating, Investment Grade [Member]
Derivative [Line Items]
Derivative, Credit Risk Exposure, Percentage	99.40%
External Credit Rating, Non Investment Grade [Member]
Derivative [Line Items]
Derivative, Credit Risk Exposure, Percentage	0.60%
Credit Rating [Member] | Natural Gas Portfolio [Member]
Derivative [Line Items]
Posted Collateral	$ 0

Accounting for Derivative Ins_4

Accounting for Derivative Instruments and Hedging Activities Derivative Assets and Liabilities (Details) $ in Thousands, MMBTU in Millions		Mar. 31, 2022USD ($)MMBTU	Dec. 31, 2021USD ($)MMBTU
Derivative [Line Items]
Current, Assets		$ 293,884	$ 128,210
Long-term, Assets		36,690	26,197
Current, Liabilities		40,237	63,309
Long-term, Liabilities		22,373	40,965
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Current, Assets		293,884	128,210
Long-term, Assets		36,690	26,197
Assets	[1]	330,574	154,407
Current, Liabilities		40,237	63,309
Long-term, Liabilities		22,373	40,965
Derivative Liability	[2]	$ 62,610	$ 104,274
Not Designated as Hedging Instrument [Member] | Natural Gas Derivatives [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MMBTU		320	347
Not Designated as Hedging Instrument [Member] | Electric Portfolio [Member]
Derivative [Line Items]
Assets		$ 173,481	$ 74,829
Derivative Liability		52,154	85,424
Not Designated as Hedging Instrument [Member] | Natural Gas Portfolio [Member]
Derivative [Line Items]
Assets		157,093	79,578
Derivative Liability		$ 10,456	$ 18,850
Not Designated as Hedging Instrument [Member] | Electric Generation Fuel [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MMBTU		231.2	238
Not Designated as Hedging Instrument [Member] | Purchased Electricity [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MMBTU		6	8.1
[1]	_______________ 1 Balance sheet classification: Current and Long-term Unrealized gain on derivative instruments.
[2]	2 Balance sheet classification: Current and Long-term Unrealized loss on derivative instruments.

Accounting for Derivative Ins_5

Accounting for Derivative Instruments and Hedging Activities Net Amount of Derivatives Reported in the Statement of Financial Position (Details) - Commodity Contract [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Gross Amount Recognized in the Statement of Financial Position	$ 330,574	$ 154,407
Gross Amounts Offset in the Statement of Financial Position	0	0
Assets	330,574	154,407
Commodity Contracts	(31,515)	(40,833)
Cash Collateral Received	0	0
Net Amount	299,059	113,574
Liabilities:
Gross Amount Recognized in the Statement of Financial Position	62,610	104,274
Gross Amounts Offset in the Statement of Financial Position	0	0
Derivative Liability	62,610	104,274
Commodity Contracts	(31,515)	(40,833)
Cash Collateral Posted	0	(1,743)
Net Amount	$ 31,095	$ 61,698

Accounting for Derivative Ins_6

Accounting for Derivative Instruments and Hedging Activities Recognized in Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, (Loss) Gain [Line Items]
Unrealized (gain) loss on derivative instruments	$ 131,921	$ 23,002
Not Designated as Hedging Instrument [Member]
Derivative Instruments, (Loss) Gain [Line Items]
Unrealized (gain) loss on derivative instruments	161,603	18,012
Not Designated as Hedging Instrument [Member] | Electric Generation Fuel [Member] | Unrealized (Gain) Loss on Derivative Instruments, Net [Member]
Derivative Instruments, (Loss) Gain [Line Items]
Unrealized (gain) loss on derivative instruments	86,873	1,628
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Electric Generation Fuel [Member]
Derivative Instruments, (Loss) Gain [Line Items]
Unrealized (gain) loss on derivative instruments	27,091	8,313
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Purchased Electricity [Member]
Derivative Instruments, (Loss) Gain [Line Items]
Unrealized (gain) loss on derivative instruments	2,591	(13,303)
Not Designated as Hedging Instrument [Member] | Electricity, US Regulated [Member] | Unrealized (Gain) Loss on Derivative Instruments, Net [Member]
Derivative Instruments, (Loss) Gain [Line Items]
Unrealized (gain) loss on derivative instruments	$ 45,048	$ 21,374

Accounting for Derivative Ins_7

Accounting for Derivative Instruments and Hedging Activities Contractual Contingent Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Electric Portfolio [Member]
Derivative [Line Items]
Fair Value Liability	$ 30,508	$ 63,660
Posted Collateral	0	12,782
Additional Collateral, Aggregate Fair Value	23,484	52,537
Natural Gas Portfolio [Member]
Derivative [Line Items]
Posted Collateral	17,000
Electricity, US Regulated [Member]
Derivative [Line Items]
Posted Collateral	6,100
Credit Rating [Member] | Electric Portfolio [Member]
Derivative [Line Items]
Fair Value Liability	23,484	52,537
Posted Collateral	0	0
Additional Collateral, Aggregate Fair Value	23,484	52,537
Credit Rating [Member] | Natural Gas Portfolio [Member]
Derivative [Line Items]
Posted Collateral	0
Requested Credit for Adequate Assurance [Member] | Electric Portfolio [Member]
Derivative [Line Items]
Fair Value Liability	7,024	9,380
Posted Collateral	0	0
Additional Collateral, Aggregate Fair Value	0	0
Forward Value of Contract [Member] | Electric Portfolio [Member]
Derivative [Line Items]
Fair Value Liability	0	1,743
Posted Collateral	$ 0	$ 12,782

Fair Value Measurements Debt at

Fair Value Measurements Debt at at Carrying and Fair Value (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Liabilities:
Total long-term debt	$ 6,654,943,000	$ 6,203,766,000
Carrying Value [Member] | Level 2 [Member]
Liabilities:
Notes Receivable, Fair Value Disclosure	53,400,000	53,200,000
Subsidiaries [Member]
Liabilities:
Total long-term debt	4,785,231,000	4,784,719,000
Discounted cash flow [Member] | Fair Value [Member]
Liabilities:
Long-term Debt, Excluding Current Maturities, Fair Value Disclosure	7,372,567,000	7,803,196,000
Discounted cash flow [Member] | Fair Value [Member] | Level 2 [Member]
Liabilities:
Long-term debt (fixed-rate), net of discount	7,338,267,000	7,769,896,000
Long-term debt (variable-rate)	34,300,000	33,300,000
Discounted cash flow [Member] | Carrying Value [Member]
Liabilities:
Long-term Debt, Excluding Current Maturities, Fair Value Disclosure	6,654,943,000	6,203,766,000
Discounted cash flow [Member] | Carrying Value [Member] | Level 2 [Member]
Liabilities:
Long-term debt (fixed-rate), net of discount	6,620,643,000	6,170,466,000
Long-term debt (variable-rate)	34,300,000	33,300,000
Debt issuance costs	22,100,000	22,700,000
Discounted cash flow [Member] | Subsidiaries [Member] | Fair Value [Member]
Liabilities:
Total long-term debt	5,382,446,000	6,145,639,000
Discounted cash flow [Member] | Subsidiaries [Member] | Fair Value [Member] | Level 2 [Member]
Liabilities:
Long-term debt (fixed-rate), net of discount	5,382,446,000	6,145,639,000
Discounted cash flow [Member] | Subsidiaries [Member] | Carrying Value [Member]
Liabilities:
Total long-term debt	4,785,231,000	4,784,719,000
Discounted cash flow [Member] | Subsidiaries [Member] | Carrying Value [Member] | Level 2 [Member]
Liabilities:
Long-term debt (fixed-rate), net of discount	4,785,231,000	4,784,719,000
Debt issuance costs	$ 22,500,000	$ 22,800,000

Fair Value Measurements Assets

Fair Value Measurements Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	$ (7,222)	$ (23,004)	$ (44,872)	$ (24,853)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings	38,820	820
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Regulatory Assets (Liabilities)	415	(888)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(1,930)	1,917
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3	345	0
Electric Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	(6,010)	(21,170)	(42,752)	(23,718)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings	38,820	820
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Regulatory Assets (Liabilities)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(2,254)	1,728
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3	176	0
Gain (loss) on derivatives	38,600	800
Natural Gas Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	(1,212)	(1,834)	(2,120)	$ (1,135)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Regulatory Assets (Liabilities)	415	(888)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	324	189
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3	169	$ 0
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	330,574		154,407
Derivative Liability	62,610		104,274
Fair Value, Recurring [Member] | Electric Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	173,481		74,829
Derivative Liability	52,154		85,424
Fair Value, Recurring [Member] | Natural Gas Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	157,093		79,578
Derivative Liability	10,456		18,850
Fair Value, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	316,894		147,537
Derivative Liability	41,708		52,532
Fair Value, Recurring [Member] | Level 2 [Member] | Electric Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	160,220		68,011
Derivative Liability	32,883		35,854
Fair Value, Recurring [Member] | Level 2 [Member] | Natural Gas Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	156,674		79,526
Derivative Liability	8,825		16,678
Fair Value, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	13,680		6,870
Derivative Liability	20,902		51,742
Fair Value, Recurring [Member] | Level 3 [Member] | Electric Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	13,261		6,818
Derivative Liability	19,271		49,570
Fair Value, Recurring [Member] | Level 3 [Member] | Natural Gas Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	419		52
Derivative Liability	$ 1,631		$ 2,172

Fair Value Measurements Valuati

Fair Value Measurements Valuation Techniques for Measurement with Unobservable Inputs (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)$ / MWh$ / MMBTU	Dec. 31, 2021USD ($)$ / MWh$ / MMBTU
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value measurement, sensitivity analysis, hypothetical increase or decrease of market prices, result on fair value	0.10%
Fair Value Measurements, Sensitivity Analysis, Hypothetical Increase or Decrease of Market Prices, Result on Fair Value	$ 20,300,000	$ 17,900,000
Impairment of Intangible Assets, Finite-lived	0
Fair Value, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	330,574,000	154,407,000
Derivative Liability	62,610,000	104,274,000
Fair Value, Recurring [Member] | Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	13,680,000	6,870,000
Derivative Liability	$ 20,902,000	$ 51,742,000
Electric Portfolio [Member] | Discounted cash flow [Member] | Low [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Price (per MWh) | $ / MWh	28.75	21.88
Electric Portfolio [Member] | Discounted cash flow [Member] | High [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Price (per MWh) | $ / MWh	161.09	119.38
Electric Portfolio [Member] | Discounted cash flow [Member] | Weighted Average [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Price (per MWh) | $ / MWh	76.95	61.51
Electric Portfolio [Member] | Fair Value, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	$ 173,481,000	$ 74,829,000
Derivative Liability	52,154,000	85,424,000
Electric Portfolio [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	13,261,000	6,818,000
Derivative Liability	19,271,000	49,570,000
Electric Portfolio [Member] | Fair Value, Recurring [Member] | Parent Company [Member] | Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	13,261,000	6,818,000
Derivative Liability	$ 19,271,000	$ 49,570,000
Natural Gas Portfolio [Member] | Discounted cash flow [Member] | Low [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Millions of BTU | $ / MMBTU	3.99	3.65
Natural Gas Portfolio [Member] | Discounted cash flow [Member] | High [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Millions of BTU | $ / MMBTU	6.44	7.54
Natural Gas Portfolio [Member] | Discounted cash flow [Member] | Weighted Average [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Millions of BTU | $ / MMBTU	5.55	5.89
Natural Gas Portfolio [Member] | Fair Value, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	$ 157,093,000	$ 79,578,000
Derivative Liability	10,456,000	18,850,000
Natural Gas Portfolio [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	419,000	52,000
Derivative Liability	1,631,000	2,172,000
Natural Gas Portfolio [Member] | Fair Value, Recurring [Member] | Parent Company [Member] | Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	419,000	52,000
Derivative Liability	$ 1,631,000	$ 2,172,000

Retirement Benefits Net Periodi

Retirement Benefits Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Qualified Pension Benefits [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	$ 6,797		$ 26,888
Defined Benefit Plan, Interest Cost	6,087		22,381
Qualified Pension Benefits [Member] | Parent Company [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	6,797	$ 6,711
Defined Benefit Plan, Interest Cost	6,087	5,578
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(12,777)	(12,081)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	(476)
Defined Benefit Plan, Amortization of Gain (Loss)	1,628	2,830
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	1,735	2,562
Qualified Pension Benefits [Member] | Subsidiaries [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	6,797	6,711
Defined Benefit Plan, Interest Cost	6,087	5,578
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(12,777)	(12,081)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	(378)
Defined Benefit Plan, Amortization of Gain (Loss)	3,806	5,311
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	3,913	5,141
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	139		456
Defined Benefit Plan, Interest Cost	313		1,183
Supplemental Employee Retirement Plan [Member] | Parent Company [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	139	115
Defined Benefit Plan, Interest Cost	313	293
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	72	87
Defined Benefit Plan, Amortization of Gain (Loss)	618	587
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	1,142	1,082
Supplemental Employee Retirement Plan [Member] | Subsidiaries [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	139	115
Defined Benefit Plan, Interest Cost	313	293
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	72	87
Defined Benefit Plan, Amortization of Gain (Loss)	663	635
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	1,187	1,130
Other Benefit [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	55		155
Defined Benefit Plan, Interest Cost	81		$ 302
Other Benefit [Member] | Parent Company [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	55	41
Defined Benefit Plan, Interest Cost	81	77
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(99)	(91)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	6	2
Defined Benefit Plan, Amortization of Gain (Loss)	(4)	(10)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	39	19
Other Benefit [Member] | Subsidiaries [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	55	41
Defined Benefit Plan, Interest Cost	81	77
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(99)	(91)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	6	2
Defined Benefit Plan, Amortization of Gain (Loss)	(6)	(15)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	$ 37	$ 14

Retirement Benefits Change in N

Retirement Benefits Change in Net Benefit Obligation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Qualified Pension Benefits [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Benefit Obligation, Beginning Balance	$ 834,960	$ 849,383
Defined Benefit Plan, Service Cost	6,797	26,888
Defined Benefit Plan, Interest Cost	6,087	22,381
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	0	(6,826)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(11,723)	(55,831)
Defined Benefit Plan, Benefit Obligation, Prescription Drug Subsidy Receipt	0	0
defined benefit plan expected administration expense	0	1,035
Defined Benefit Plan, Benefit Obligation, Ending Balance	836,121	834,960
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Benefit Obligation, Beginning Balance	43,155	46,742
Defined Benefit Plan, Service Cost	139	456
Defined Benefit Plan, Interest Cost	313	1,183
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	0	828
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(494)	(6,054)
Defined Benefit Plan, Benefit Obligation, Prescription Drug Subsidy Receipt	0	0
defined benefit plan expected administration expense	0	0
Defined Benefit Plan, Benefit Obligation, Ending Balance	43,113	43,155
Other Benefit [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Benefit Obligation, Beginning Balance	11,654	12,114
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment	0	(205)
Defined Benefit Plan, Service Cost	55	155
Defined Benefit Plan, Interest Cost	81	302
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	0	(514)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(227)	(803)
Defined Benefit Plan, Benefit Obligation, Prescription Drug Subsidy Receipt	0	195
defined benefit plan expected administration expense	0	0
Defined Benefit Plan, Benefit Obligation, Ending Balance	11,563	11,654
Qualified Plan [Member] | Qualified Pension Benefits [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment	0	0
Nonqualified Plan [Member] | Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment	$ 0	$ 0

Retirement Benefits Activity (D

Retirement Benefits Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2022
Subsidiaries [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Interest Credit	4.00%
UA represented [Member] | employer contribution [Member] | Subsidiaries [Member] | Collective Bargaining Arrangement [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%
IBEW represented | employer contribution [Member] | Subsidiaries [Member] | Collective Bargaining Arrangement [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	4.00%
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	$ 0.5	$ 0.5
Forecast [Member] | Qualified Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Aggregate expected contributions			$ 18
Forecast [Member] | Supplemental Employee Retirement Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Aggregate expected contributions			2.8
Forecast [Member] | Other Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Aggregate expected contributions			$ 0.3

Regulation and Rates (Details)

Regulation and Rates (Details) - USD ($)	Nov. 15, 2021	Nov. 01, 2021	Oct. 01, 2021	Sep. 28, 2021	Jul. 01, 2021	Apr. 12, 2021	Mar. 02, 2021	Feb. 02, 2021	Dec. 09, 2020	Oct. 15, 2020	Oct. 01, 2020	Jul. 08, 2020	Jun. 20, 2019	Apr. 10, 2019	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2020	Apr. 13, 2020	Jan. 01, 2018
Regulatory Assets [Line Items]
Income tax (benefit) expense															$ 19,811,000	$ 2,153,000
Depreciation & amortization															164,576,000	208,431,000
Other Regulatory Assets															809,414,000							$ 815,058,000
Revenues															1,193,437,000	1,160,086,000
purchase gas adjustment, long-term															44,020,000							57,935,000
Subsidiaries [Member]
Regulatory Assets [Line Items]
Income tax (benefit) expense															34,856,000	16,626,000
Annual Power Cost Variability, Interest															300,000	300,000
Depreciation & amortization															163,704,000	208,362,000
Liabilities, Other than Long-term Debt, Noncurrent	$ 34,500,000																							$ 11,000,000
Customer Bill Assistance	2,500					$ 2,500												$ 1,000
Other Regulatory Assets															809,414,000							815,058,000
Revenues															1,193,402,000	1,160,086,000
purchase gas adjustment, long-term															44,020,000							57,935,000	$ 87,655,000
Subsidiaries [Member] | Under-collection [Member]
Regulatory Assets [Line Items]
Annual Power Cost Variability, Amount															10,600,000	11,400,000						68,000,000	76,100,000
Subsidiaries [Member] | Under-collection [Member] | Companys share [Member]
Regulatory Assets [Line Items]
Annual Power Cost Variability, Amount																						31,300,000	32,100,000
Subsidiaries [Member] | Under-collection [Member] | Customer's share [Member]
Regulatory Assets [Line Items]
Annual Power Cost Variability, Amount															0	0						36,700,000	44,000,000
Subsidiaries [Member] | Under-collection [Member] | Customer's share plus interest
Regulatory Assets [Line Items]
Annual Power Cost Variability, Amount																						38,400,000	46,000,000
Subsidiaries [Member] | Maximum Power | Customer's share plus interest
Regulatory Assets [Line Items]
Annual Power Cost Variability, Amount																						20,000,000	$ 20,000,000
Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Storm Damage Costs Incurred During Period															2,200,000	23,300,000
Public Utilities, Rate Case, Deferred Storm Costs Threshold																									$ 10,000,000
Public Utilities, Rate Case, Deferred Storm Qualifying Costs																									$ 500,000
Subsidiaries [Member] | Electricity
Regulatory Assets [Line Items]
Liabilities, Other than Long-term Debt, Noncurrent	23,700,000					20,000,000
Subsidiaries [Member] | Natural Gas
Regulatory Assets [Line Items]
Liabilities, Other than Long-term Debt, Noncurrent	$ 10,800,000					$ 7,700,000
General Rate Case [Member] | Subsidiaries [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount			$ 18,900,000
Regulatory assets and additional revenues																						24,500,000
General Rate Case [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Percentage													6.90%
Public Utilities, Approved Rate Increase (Decrease), Amount			$ 15,800,000	$ 48,300,000						$ 900,000
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount				$ 77,100,000
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage				3.70%
Public Utilities, Approved Rate Increase (Decrease), Percentage			0.70%	2.30%						0.05%
Public Utilities, Approved Debt Capital Structure, Percentage												7.39%
Public Utilities, Interim Rate Increase (Decrease), Amount				$ 59,600,000								$ 29,500,000
Public Utilities, Interim Rate Increase (Decrease), Percentage												1.60%
PublicUtilitiesIncremenalRateIncreaseDecreaseAmount				17,500,000
General Rate Case [Member] | Subsidiaries [Member] | Natural Gas, US Regulated [Member]
Regulatory Assets [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Percentage													7.90%
Public Utilities, Approved Rate Increase (Decrease), Amount			$ 3,100,000	4,900,000							$ 1,300,000
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount				$ 45,300,000
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage				5.90%
Public Utilities, Approved Rate Increase (Decrease), Percentage			0.30%	0.60%							0.15%
Public Utilities, Interim Rate Increase (Decrease), Amount				$ 42,900,000								$ 36,500,000
Public Utilities, Interim Rate Increase (Decrease), Percentage												4.00%
PublicUtilitiesIncremenalRateIncreaseDecreaseAmount				$ 2,400,000
General Rate Case [Member] | Maximum [Member] | Subsidiaries [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Debt Capital Structure, Net of Tax, Percentage												6.80%
Public Utilities, Approved Equity Capital Structure, Percentage												48.50%
Public Utilities, Approved Return on Equity, Percentage												9.40%
Decoupling Mechanism [Member]
Regulatory Assets [Line Items]
Deferred Revenue, Revenue Recognized																0
Decoupling Mechanism [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Contract with Customer, Liability, Revenue Recognized															0	900,000
Decoupling Mechanism [Member] | Subsidiaries [Member] | Natural Gas, US Regulated [Member]
Regulatory Assets [Line Items]
Contract with Customer, Liability, Revenue Recognized															0
Purchased Gas Adjustment [Member] | Subsidiaries [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount		$ 59,100,000
Purchased natural gas costs															161,647,000		$ 364,775,000
Purchased natural gas costs, recoverable															(175,930,000)		(396,236,000)
Purchased natural gas adjustment, interest															368,000		$ 1,741,000
Out of Cycle PGA		69,400,000
Get to Zero Deferral Filing [Member] | Subsidiaries [Member]
Regulatory Assets [Line Items]
Regulated Utility, Allowed Rate of Return on Net Regulatory Assets and Liabilities														6.89%
Depreciation & amortization															7,900,000							$ 6,600,000
Public Utilities, Property, Plant and Equipment, Equipment, Useful Life														10 years
Power Cost Only Rate Case | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Percentage							3.10%	4.10%	3.70%
Public Utilities, Requested Rate Increase (Decrease), Amount							$ 65,300,000	$ 88,000,000	$ 78,500,000
Public Utilities, Approved Rate Increase (Decrease), Amount					$ 70,900,000
Public Utilities, Approved Rate Increase (Decrease), Percentage					3.30%
Purchased Gas Adjustment, Schedule 101 | Subsidiaries [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount		80,600,000
purchased gas adjustment, Schedule 106 106B | Subsidiaries [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount		$ (21,500,000)
storm that occurred in 2020 [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Storm Damage Costs Deferred During Period																200,000
Storm that occurred in 2021 | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Storm Damage Costs Deferred During Period															100,000	$ 12,900,000
Storm that occurred in 2022 | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Storm Damage Costs Deferred During Period															$ 0
Forecast [Member] | General Rate Case [Member] | Subsidiaries [Member]
Regulatory Assets [Line Items]
Regulated Utility, Allowed Rate of Return on Net Regulatory Assets and Liabilities																			7.49%	7.44%	7.39%
Public Utilities, Requested Return on Equity, Percentage																			9.90%	9.90%	9.90%
Forecast [Member] | General Rate Case [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Percentage																			1.20%	2.50%	13.60%
Forecast [Member] | General Rate Case [Member] | Subsidiaries [Member] | Natural Gas, US Regulated [Member]
Regulatory Assets [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Percentage																			1.80%	2.30%	13.00%

Schedule of Power Cost Adjustme

Schedule of Power Cost Adjustment Mechanism (Details) - Subsidiaries [Member] $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Interest	$ 0.3	$ 0.3
Under-collection [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Amount	10.6	11.4	$ 68	$ 76.1
Under-collection [Member] | Companys share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Amount			31.3	32.1
Under-collection [Member] | Customer's share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Amount	$ 0	$ 0	36.7	44
Under-collection [Member] | Customer's share plus interest
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Amount			38.4	46
Maximum Power | Customer's share plus interest
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Amount			$ 20	$ 20
Range 1 [Member] | Over-collection [Member] | Companys share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	1
Range 1 [Member] | Over-collection [Member] | Customer's share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	0
Range 1 [Member] | Under-collection [Member] | Companys share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	1
Range 1 [Member] | Under-collection [Member] | Customer's share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	0
Range 2 [Member] | Over-collection [Member] | Companys share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	0.35
Range 2 [Member] | Over-collection [Member] | Customer's share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	0.65
Range 2 [Member] | Under-collection [Member] | Companys share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	0.50
Range 2 [Member] | Under-collection [Member] | Customer's share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	0.50
Range 3 [Member] | Over-collection [Member] | Companys share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	0.10
Range 3 [Member] | Over-collection [Member] | Customer's share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	0.90
Range 3 [Member] | Under-collection [Member] | Companys share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	0.10
Range 3 [Member] | Under-collection [Member] | Customer's share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability	0.90

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2022
Colstrip Units 1 and 2 [Member]
Loss Contingencies [Line Items]
Ownership interest (percent)	50.00%
Colstrip Units 3 and 4 [Member]
Loss Contingencies [Line Items]
Ownership interest (percent)	25.00%

Leases - Supplemental balance s

Leases - Supplemental balance sheet information related to leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Description [Abstract]
Operating Lease, Right-of-Use Asset	$ 182,077	$ 184,957
Operating Lease, Liability, Current	20,624	20,398
Operating Lease, Liability, Noncurrent	$ 168,637	$ 172,510

Other - Narrative (Details)

Other - Narrative (Details) - USD ($)	Apr. 28, 2022	Mar. 31, 2022	Mar. 31, 2021	Apr. 28, 2022	Mar. 17, 2022	Dec. 31, 2021	Sep. 15, 2021	Jun. 14, 2021
Debt Instrument [Line Items]
Long-term Debt, Current Maturities		$ 450,000,000				$ 450,000,000
Repayments of Long-term Debt		0	$ 66,000
Line of Credit Facility, Maximum Borrowing Capacity		800,000,000
Line of Credit Facility, Maximum Amount Outstanding During Period		34,300,000
Subsidiaries [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt		0	$ 66,000
Commercial Paper		69,800,000
2.379% Senior Secured Note Due 2028 [Member] | Senior Secured Note
Debt Instrument [Line Items]
Long-term Debt, Gross								$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage								2.379%
Long-term Debt, Term								7 years
6.000% Senior Secured Note Due 2021 | Senior Secured Note
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage								6.00%
Long-term Debt, Current Maturities								$ 500,000,000
$210M Term Loan Due 2022
Debt Instrument [Line Items]
Repayments of Long-term Debt		210,000,000
Working Capital Needs [Member] | Subsidiaries [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period		$ 0
2.893% Senior Secured Note Due 2051 | Senior Secured Note | Subsidiaries [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross							$ 450,000,000
Debt Instrument, Interest Rate, Stated Percentage							2.893%
Long-term Debt, Term							30 years
4.224% Senior Secured Note Due 2032 | Senior Secured Note
Debt Instrument [Line Items]
Long-term Debt, Gross					$ 450,000,000
Debt Instrument, Interest Rate, Stated Percentage					4.224%
Long-term Debt, Term					10 years
5.625% Senior Secured Note Due 2022 | Senior Secured Note | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.625%			5.625%
Long-term debt, Principal	$ 450,000,000			$ 450,000,000
Debt Instrument, Increase, Accrued Interest	$ 7,200,000
Extinguishment of Debt, Amount				$ 457,200,000