Puget Sound Energy 8-K Results of Operations and Financial Condition

Exhibit 99.1

Puget Energy Reports 2004 Financial Results

Core utility earnings on target; decision to monetize InfrastruX

Bellevue, Wash. (February 9, 2005)— Puget Energy (NYSE: PSD) today reported income for common stock of $55 million, or $0.55 per diluted share, for the year ended 2004, compared with $116.2 million, or $1.22 per diluted share, in 2003.

Puget Energy's full year 2004 results reflect a non-cash impairment charge of $76.6 million after-tax, or $0.77 per share, related to InfrastruX Group, an unregulated utility construction services subsidiary, and a previously reported Puget Sound Energy (PSE) regulatory disallowance of $28.2 million after-tax, or $0.28 per share.

Excluding the InfrastruX impairment charge and the PSE regulatory disallowance, Puget Energy's full year 2004 financial performance improved compared to 2003 as a result of higher electric sales margins, lower interest expense and preferred stock dividends, and higher InfrastruX earnings.

PSE, Puget Energy's core regulated utility business, reported full year 2004 earnings of $126.2 million, or $1.26 per share, reflecting a regulatory disallowance of $28.2 million after-tax, or $0.28 per share. In 2003, PSE's full year earnings were $114.7 million, or $1.20 per share.

"I'm very proud of our utility Puget Sound Energy’s performance this year," said Stephen P. Reynolds, Puget Energy President and CEO. "This is our core business. We reached several critical milestones in our drive to meet the growing energy needs of our dynamic service territory. We put into service new generation resources, enhanced our gas and electric distribution infrastructure and connected our 1-millionth electric customer.

"We’re executing well on our commitment to strengthen and diversify PSE's generation assets. The anticipated Hopkins Ridge and Wild Horse wind projects will broaden our resource portfolio. These environmentally friendly sources of energy will help protect our customers from volatile wholesale energy markets."

In early 2005, Puget Energy completed a strategic review of InfrastruX and determined to monetize its investment in this business. "Ownership of InfrastruX no longer fits our strategy given the resource needs of our core utility business," said Reynolds. "We are taking decisive action concerning InfrastruX for the longer term interest of Puget Energy, its customers and stakeholders."

Full Year 2004 Highlights:

Table 1 below summarizes the items that impacted full year 2004 results for Puget Energy and its subsidiaries, PSE and InfrastruX. A discussion of full year 2004 results follows Table 1.

Table 1

Full Year 2004 vs. Full Year 2003 EPS Reconciliation	Cents per diluted share
Puget Energy Full Year 2003 reported earnings	$1.22
InfrastruX Full Year 2003 reported earnings	0.02
PSE Full Year 2003 reported earnings	1.20
Increase in electric margin in 2004	0.04
Decrease in gas margin in 2004	(0.01)
Increased depreciation and amortization expense in 2004	(0.06)
Lower interest expense and preferred stock dividend in 2004	0.14
Increased income tax expense in 2004	(0.01)
Non-recurring venture capital fund impairment loss in 2003	0.04
Share dilution due to more shares outstanding in 2004	(0.06)
All other, net	(0.02)
PSE Full Year 2004 reported earnings	$1.26
Add: InfrastruX Full Year 2004 reported earnings	0.06
Less: InfrastruX impairment charge in 2004	(0.77)
Puget Energy Full Year 2004 reported earnings	$0.55

PSE Full Year 2004 Highlights:

PSE’s income increased by $11.5 million, or $0.06 per share, for the year ended 2004 to $126.2 million, or $1.26 per share, from $114.7 million, or $1.20 per share, for the year ended 2003. Summarized below are items that impacted PSE’s full year results in 2004 as compared with 2003. All items discussed are pre-tax unless otherwise noted and all share amounts are presented on a diluted basis.

·   PSE’s electric margin increased by $5.9 million, or $0.04 per share. PSE’s electric margin was favorably impacted by an electric rate tariff increase effective May 24, 2004 primarily as a result of cost recovery associated with the Frederickson 1 combined cycle natural gas facility that was placed into service on April 30, 2004. Electric margin was also bolstered by a 1.5 percent increase in retail sales volumes, primarily driven by customer growth of 2.2 percent. PSE's electric customers totaled approximately 1,001,200 at year-end 2004. PSE’s electric margin represents electric sales to retail and transportation customers less the cost of generating and purchasing electricity.

·   PSE’s gas margin decreased by $1.8 million, or $0.01 per share, due to lower sales volumes resulting from slightly warmer temperatures and higher natural gas prices. Natural gas sales volumes declined by 1.5 percent in spite of a 3.7 percent increase in the number of gas customers to nearly 672,000 at year-end 2004. Gas prices at the closest regional delivery point, the Sumas hub, increased from 2003 average levels of $4.66 to $5.26 per dekatherm. Higher natural gas prices are passed on to customers through PSE’s Purchased Gas Adjustment mechanism (PGA). PSE’s gas margin represents natural gas sales to retail and transportation customers less the cost of purchasing and transporting natural gas.

Heating Degree Days		% Change	Heating Degree Days		% Change
2004	Normal	2004 vs. Normal	2004	2003	2004 vs. 2003
4,421	4,818	8% warmer	4,421	4,527	2% warmer

·   PSE’s depreciation and amortization expense increased by $8.5 million, or $0.06 per share, as a result of utility plant additions, including an $81 million investment in the Frederickson 1 electric generating facility in 2004.

·   PSE’s other income increased by $2.8 million after-tax, or $0.03 per share. Other income in 2003 was adversely impacted by a write-down of $4 million after-tax, or $0.04 per share, in the carrying value of a non-utility venture capital investment.

·   PSE’s interest expense declined by $13 million and preferred stock dividends declined by $5.2 million. Together, this represents an after-tax savings of $14 million, or $0.14 per share, and reflects the redemption of high cost debt and preferred stock.

·   The dilutive impact of an increase in Puget Energy common shares outstanding reduced per share earnings by $0.06. Puget Energy average common shares outstanding increased to approximately 100 million for the year ended 2004 as compared with approximately 95 million shares for 2003. During the fourth quarter 2003, Puget Energy sold approximately $100 million of common stock. The net proceeds were invested in PSE and were used to redeem approximately $94 million of high-cost preferred stock.

·   PSE’s operating income tax expense increased by $6.2 million primarily as a result of the absence of $9.3 million of non-recurring federal income tax benefits reflected in 2003 results, offset by a non-recurring federal income tax benefit of $1.4 million in 2004 related to a 2001 tax audit.

InfrastruX Group (InfrastruX)Full Year 2004 Highlights:

InfrastruX, the unregulated utility construction services subsidiary of Puget Energy, reported a loss, net of minority interest, of $70.6 million, or $0.70 per share, for the full year 2004, reflecting a $76.6 million, or $0.77 per share, after-tax non-cash impairment charge. Excluding the impairment charge, InfrastruX's full year 2004 earnings, net of minority interest, were $5.9 million, or $0.06 per share, compared with $1.6 million, or $0.02 per share, in 2003.

The impairment charge reflects Puget Energy's revised expectations for this business due to ongoing challenges in the utility construction services sector. Puget Energy's $110 million investment in InfrastruX was reduced by $76.6 million.

Puget Energy Fourth-Quarter 2004 Highlights:

Table 2 below provides a summary of items that impacted fourth quarter 2004 financial results for Puget Energy, PSE and InfrastruX. A discussion of these items follows the table below.

Table 2

Fourth Quarter 2004 vs. Fourth Quarter 2003 EPS Reconciliation	Cents per diluted share
Puget Energy Q4 2003 reported earnings	$0.44
InfrastruX Q4 2003 reported earnings	0.01
PSE Q4 2003 reported earnings	0.44
Increase in electric margin in 2004	0.08
Decrease in gas margin in 2004	(0.02)
Increased depreciation & amortization expense in 2004	(0.02)
Lower interest expense in 2004	0.02
Lower income tax expense in 2004	0.05
Increase in other income in 2004	0.06
Impact of share dilution from more shares outstanding in 2004	(0.01)
All other, net	(0.01)
PSE Q4 2004 reported earnings	$0.59
Add: InfrastruX Q4 2004 reported earnings	0.02
Less: InfrastruX Q4 2004 impairment charge in 2004	(0.77)
Puget Energy Q4 2004 reported earnings	$(0.16)

 Puget Energy’s fourth-quarter 2004 loss for common stock was $15.7 million or $0.16 per share, compared with income of $43.0 million, or $0.44 per share, for the same period in 2003. These results reflect a $76.6 million, or $0.77 per share, after-tax non-cash impairment charge taken by InfrastruX in the fourth quarter 2004.

PSE Fourth-Quarter 2004 Highlights:

PSE’s fourth quarter earnings in 2004 were $59.2 million, or $0.59 per share, compared with $42.3 million, or $0.44 per share, in the fourth quarter of 2003. Summarized below are items that impacted PSE’s fourth quarter results in 2004 as compared with 2003. All items are pre-tax unless otherwise noted and all share amounts are presented on a diluted basis.

·   PSE’s electric margin increased by $12.2 million, or $0.08 per share, despite a disallowance of $2.8 million related to the May 2004 Tenaska regulatory orderas described in further detail in Puget Energy's August 5, 2004 Form 8-K and June 30, 2004 Form 10-Q filed with the Securities and Exchange Commission (SEC).The improved margin is primarily attributable toan electric rate tariff increase effective May 24, 2004 related the Frederickson 1 plant acquisition and theabsence of excess power costs during the quarter.

·   PSE’s gas margin decreased by $3.5 million, or $0.02 per share, due to slightly warmer temperatures and lower customer usage in response to higher natural gas prices.

	Heating Degree Days		% Change	HeatingDegree Days		% Change
Month Ending	2004	Normal	2004 vs. Normal	2004	2003	2004 vs. 2003
October	355	383	7% warmer	355	326	9% colder
November	596	592	1% colder	596	656	9% warmer
December	691	754	8% warmer	691	713	3% warmer
4th Quarter	1,642	1,729	5% warmer	1,642	1,695	3% warmer

·   PSE’s depreciation and amortization expense increased by $2.7 million or $0.02 per share as a result of utility plant additions. This trend is likely to accelerate in 2005 and beyond as PSE invests in its energy delivery and generation infrastructure to support service territory growth.

·   PSE’s other income increased by $6.4 million after-tax, or $0.06 per share. Other income in 2003 was adversely impacted by a write-down of $4 million after-tax in the carrying value of a non-utility venture capital investment in the fourth quarter of 2003.

·   PSE’s interest expense in the fourth quarter 2004 declined by $2.6 million, contributing $0.02 per share.

·   The dilutive impact of an increase in Puget Energy common shares outstanding reduced per share earnings by $0.01. Puget Energy's common shares outstanding increased to approximately 100 million shares, as compared with approximately 97 million shares for the same period in 2003.

·   PSE’s common equity ratio was 40.1 percent at December 31, 2004 compared with 40 percent at December 31, 2003. PSE is well ahead of the July 2002 rate settlement requirement to rebuild its common equity ratio to 39 percent by the end of 2005.

·   PSE's effective income tax rate on operating income was 40.5 percent as compared with 43.1 percent in the fourth quarter of 2003 before a non-recurring federal income tax benefit of $1.4 million recorded in the fourth quarter 2004, contributing $0.05 per share.

InfrastruX Group (InfrastruX) Fourth-Quarter 2004 Highlights:

InfrastruX’s fourth quarter 2004 revenues reached $102.4 million, a 20 percent increase from 2003 levels, resulting in income of $1.9 million, or $0.02 per share, prior to reflecting a $76.6 million, or $0.77 per share, after-tax non-cash impairment charge. In the fourth quarter 2003, InfrastruX's income was $0.7 million, or $0.01 per share.

2005 Outlook:

Puget Energy will provide 2005 earnings guidance after the Washington Utilities and Transportation Commission (WUTC) rules on PSE’s pending electric and natural gas general-rate increase requests, anticipated to be issued no later than March 5, 2005. PSE has requested increases of 7.1 percent, or $99.8 million annually, and 6.3 percent, or $46.2 million annually, for electric and natural gas customers, respectively.

Conference Call:

Puget Energy will provide additional information regarding its fourth-quarter 2004 results during a conference call for analysts scheduled at 10:00 a.m. EST (7:00 a.m. PST) on Thursday, February 10, 2005. The call will be broadcast live through a Web cast atwww.pse.com by accessing the Investors section of the Web site. The Web cast will be archived and available for replay following the call. A tape-recorded replay of the call will be available two hours after completion of the conference call on February 10, 2005 through midnight (EST) on Thursday, February 24, 2005 by dialing 1-888-286-8010 and entering the conference identifica tion number at 17161164.

Form 10K and Annual Report for 2004

Puget Energy will file its Form 10-K Annual Report for 2004 with the Securities and Exchange Commission (SEC) on or before March 15, 2005, a copy of which will be available through the SEC’s website atwww.sec.gov or the Company’s website atwww.pse.com. Investors are encouraged to read the financial statements and disclosures that will be contained in the Form 10-K filing.  & nbsp;             

Puget Energy is an energy services holding company that conducts all of its operations through its subsidiaries, PSE and InfrastruX Group. PSE is a regulated utility company that generates, purchases and sells electricity; and purchases, transports and sells natural gas. The service territory of PSE covers approximately 6,000 square miles, principally in the Puget Sound region of Washington State. InfrastruX specializes in contracting services to other gas and electric utilities primarily in the Midwest, Texas, and the south-central and eastern United States regions.

CAUTIONARY STATEMENT: Certain statements contained in this press release are“forward-looking statements”within the meaning of the Private Securities Litigation Reform Act of 1995, among which include Puget Energy’s plans with respect to InfrastruX and any proceeds from its possible sale or monetization, Puget Sound Energy’s plans relating to utility plant additions and expenses, and factors that could impact Puget Energy’s earnings guidance for the year-end 2005. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could affect actual results include, among others, government al policies and regulatory actions, including those of the WUTC, and weather conditions. More information about these and other factors that potentially could affect the company’s financial results is included in Puget Energy's and PSE's most recent annual report on Form 10-K, quarterly report on Form 10-Q and in their other public filings filed with the Securities and Exchange Commission. Except as required by law, Puget Energy and PSE undertake no obligation to update any forward-looking statements.

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PUGET ENERGY -- SUMMARY INCOME STATEMENT
(In thousands, except per-share amounts)
	Unaudited						Unaudited
	Three months ended 12/311						Twelve months ended 12/31
	2004			2003			2004			2003
Operating revenues
Electric2	$	404,778		$	386,510		$	1,423,034		$	1,400,743
Gas		284,703			251,524			769,306			634,230
Other		104,971			89,815			376,473			347,830
Total operating revenues		794,452			727,849			2,568,813			2,382,803
Operating expenses
Purchased electricity2		205,764			201,927			723,567			714,469
Purchased gas		180,618			147,337			451,302			327,132
Electric generation fuel		20,640			17,584			80,772			64,999
Residential exchange		(50,674	)		(51,289	)		(174,473	)		(173,840	)
Unrealized (gain) loss on derivative instruments		516			(278	)		(526	)		106
Utility operations & maintenance		77,083			78,070			291,232			289,702
Other operations & maintenance		89,609			74,900			322,517			303,972
Depreciation & amortization		63,228			60,442			246,842			236,866
Conservation amortization		4,942			9,544			22,688			33,458
Goodwill impairment5		91,196			---			91,196			---
Taxes other than income taxes		62,843			60,608			221,981			208,395
Income taxes		30,656			36,010			74,964			72,369
Total operating expenses		776,421			634,855			2,352,062			2,077,628
Operating income		18,031			92,994			216,751			305,175
Other income (net of tax)		2,324			(4,050	)		4,292			1,564
Income before interest charges & minority interest		20,355			88,944			221,043			306,739
Interest charges
Interest expense		43,496			45,483			172,999			183,973
Mandatorily redeemable securities interest expense3		23			24			91			1,072
Total interest charges		43,519			45,507			173,090			185,045
Minority interest		(7,477	)		71			(7,069	)		177
Net income (loss) before cumulative effect of
accounting change		(15,687	)		43,366			55,022			121,517
FAS-143 transition adjustment loss (net of tax)		---			---			---			169
Net Income (loss)		(15,687	)		43,366			55,022			121,348
Less preferred stock dividend accruals3		---			373			---			5,151
Income (loss) for common stock	$	(15,687	)	$	42,993		$	55,022		$	116,197
Common shares outstanding		99,765			96,669			99,470			94,750
Diluted shares outstanding		99,765			97,228			99,911			95,309
Basic earnings per common share before
cumulative effect of accounting change	$	(0.16	)	$	0.44		$	0.55		$	1.23
Cumulative effect of accounting change		---			---			---			---
Basic earnings per common share	$	(0.16	)	$	0.44		$	0.55		$	1.23
Diluted earnings per common share before
cumulative effect of accounting change	$	(0.16	)	$	0.44		$	0.55		$	1.22
Cumulative effect of accounting change		---			---			---			---
Diluted earnings per common share4	$	(0.16	)	$	0.44		$	0.55		$	1.22

1	Partial-year results may not accurately predict full-year performance, as earnings are significantly affected by weather.
2	Effective January 1, 2004, non-trading derivative instruments meeting Emerging Issues Task Force Issue No. 03-11 must be shown net
	in the income statement. Previous year amounts have been reclassified to conform to the current presentation.
3	Effective July 1, 2003, SFAS 150, "Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity,"
	requires companies with equity that has characteristics of debt to classify their dividends as interest expense instead of as
	preferred stock dividends.
4	Diluted earnings per common share include the dilutive effect of securities related to employee compensation plans.
5	Puget Energy goodwill impairment charge was $76.6 million after income tax benefit of $7.0 million and minority interest of $7.6 million.

PUGET SOUND ENERGY -- UTILITY OPERATING DATA
	Three months ended 12/31				Twelve months ended 12/31
	2004		2003		2004		2003
Energy sales revenues ($ in thousands; unaudited)
Electricity
Residential	$	169,811	$	165,066	$	628,869	$	607,341
Commercial		152,095		147,751		580,973		558,983
Industrial		23,461		22,985		88,779		89,291
Other retail sales, including change in unbilled		23,509		24,136		12,310		17,045
Subtotal, retail sales		368,876		359,938		1,310,931		1,272,660
Transportation, including change in unbilled		3,365		2,313		10,707		11,542
Sales to other utilities & marketers1		17,719		15,435		56,512		82,788
Other2		14,818		8,824		44,884		33,753
Total electricity sales		404,778		386,510		1,423,034		1,400,743
Gas
Residential		183,588		165,046		478,969		401,717
Commercial		81,679		70,018		225,834		178,153
Industrial		13,364		10,574		38,800		29,728
Subtotal, retail sales		278,631		245,638		743,603		609,598
Transportation		3,289		3,293		12,968		13,796
Other		2,783		2,593		12,735		10,836
Total gas sales		284,703		251,524		769,306		634,230
Total energy sales revenues	$	689,481	$	638,034	$	2,192,340	$	2,034,973
Energy sales volumes(Unaudited)
Electricity (in mWh)
Residential		2,660,232		2,665,562		10,028,150		9,845,854
Commercial		2,133,829		2,121,607		8,449,566		8,222,166
Industrial		344,201		342,591		1,352,660		1,372,815
Other, including change in unbilled		323,625		345,104		53,816		158,520
Subtotal, retail sales		5,461,887		5,474,864		19,884,192		19,599,355
Transportation, including change in unbilled		515,346		499,196		1,988,966		2,020,562
Sales to other utilities & marketers1		386,824		425,352		1,317,394		2,166,657
Total mWh		6,364,057		6,399,412		23,190,552		23,786,574
Gas (in 000's of therms)
Residential		173,908		185,083		489,036		500,116
Commercial		87,557		90,390		270,305		268,304
Industrial		15,075		14,308		49,217		47,276
Transportation		52,808		54,213		201,642		209,497
Total gas volumes		329,348		343,994		1,010,200		1,025,193
Margins3($ in thousands; unaudited)
Electric	$	188,105	$	175,858	$	640,102	$	634,242
Gas		79,343		82,813		242,378		244,213
Customers served4(Unaudited)
Electricity
Residential		882,554		860,372		874,205		854,088
Commercial		110,302		109,561		109,660		108,479
Industrial		3,940		3,967		3,953		3,952
Other		2,286		2,097		2,194		2,060
Transportation		17		16		17		16
Total electricity customers		999,099		976,013		990,029		968,595
Gas
Residential		615,766		591,646		605,505		583,439
Commercial		49,868		47,817		49,001		47,388
Industrial		2,700		2,718		2,710		2,721
Transportation		129		132		129		134
Total gas customers		668,463		642,313		657,345		633,682
Weather(Unaudited)
Actual heating degree days		1,642		1,695		4,421		4,527
Normal heating degree days5		1,729		1,729		4,818		4,797

1	Effective January 1, 2004, non-trading derivative instruments meeting Emerging Issues Task Force Issue No. 03-11 must be shown net
	in the income statement. Previous year amounts have been reclassified to conform to the current presentation.
2	Includes Conservation Trust collection and sales of non-core gas supplies. As of the third quarter 2003 the Conservation Trust payments to
	bondholders are no longer shown as a reduction in revenue but as an expense due to the consolidation of the Conservation Trust
	onto PSE's books beginning July 1, 2003. There is no impact on net income.
3	Electric margin is electric sales to retail and transportation customers less the cost of generating and purchasing electric energy sold to
	customers, including transmission costs, to bring electric energy to PSE's service territory. Gas margin is gas sales to retail and
	transportation customers less the cost of gas purchased, including gas transportation costs, to bring gas to PSE's service territory.
4	Customers represents average served during the period.
5	Seattle-Tacoma Airport statistics reported by NOAA which are based on a 30-year average, 1971-2000. Heating degree days measure how
	far the daily average temperature falls below 65 degrees. Heating degree days in 2004 are adjusted for leap year by adding
	the February 28th heating degree day amount.

PUGET ENERGY -- SEGMENT RESULTS
(In thousands)
	Regulated Utility								Puget Energy
Three months ended 12/31/04(Unaudited)	Operations		InfrastruX			Other1			Total
Revenues	$	689,481	$	102,440		$	2,531		$	794,452
Depreciation and amortization		58,465		4,699			64			63,228
Income taxes		35,601		(5,478	)		533			30,656
Operating income (loss)		97,110		(80,113	)		1,034			18,031
Interest charges		41,512		1,945			62			43,519
Net income (loss)2		58,056		(74,626	)		883			(15,687	)
Goodwill, net		-		43,503			-			43,503
Total assets		5,511,631		251,097			70,641			5,833,369
Three months ended 12/31/03(Unaudited)
Revenues	$	638,034	$	85,625		$	4,190		$	727,849
Depreciation and amortization		55,777		4,603			62			60,442
Income taxes		34,294		630			1,086			36,010
Operating income		88,365		2,216			2,413			92,994
Interest charges		44,088		1,367			52			45,507
Net income (loss)2		44,136		830			(1,600	)		43,366
Twelve months ended 12/31/04(Unaudited)
Revenues	$	2,192,340	$	369,936		$	6,537		$	2,568,813
Depreciation and amortization		228,310		18,276			256			246,842
Income taxes		75,755		(1,793	)		1,002			74,964
Operating income (loss)		285,258		(70,928	)		2,421			216,751
Interest charges		166,411		6,460			219			173,090
Net income (loss)2		123,401		(70,388	)		2,009			55,022
Twelve months ended 12/31/03(Unaudited)
Revenues	$	2,034,973	$	341,787		$	6,043		$	2,382,803
Depreciation and amortization		219,851		16,779			236			236,866
Income taxes		69,823		1,594			952			72,369
Operating income		295,219		7,452			2,504			305,175
Interest charges		179,437		5,485			123			185,045
Net income2		118,967		1,943			438			121,348
Goodwill at 12/31/03	$	-	$	133,302		$	-		$	133,302
Total assets at 12/31/03		5,281,474		342,332			75,196			5,699,002

1	Includes the non-regulated subsidiaries of Puget Sound energy and miscellaneous holding company expenses. The principal
	Non-regulated subsidiary of PSE is a real estate development company.
2	InfrastruX net income (loss) is presented net of minority interest.

PUGET SOUND ENERGY - CAPITALIZATION
	(Unaudited)
	At December 31,					At December 31,
(In thousands)	2004					2003
	Amount		%			Amount		%
Junior Subordinated Debentures of the Corporation
Payable to a Subsidiary Trust Holding Mandatorily
Redeemable Preferred Securities	$	280,250		7.1	%	$	280,250		7.2	%
Mandatorily Redeemable Preferred Stock and
Long-term debt, including current maturities		2,097,249		52.8	%		2,054,894		52.8	%
Common Equity		1,592,433		40.1	%		1,555,469		40.0	%
Total capitalization including short-term debt	$	3,969,932		100.0	%	$	3,890,613		100.0	%