Puget Sound Energy 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2023 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
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, 2023
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	--12-31
Entity Common Stock, Shares Outstanding	85,903,791
Document Fiscal Year Focus	2023
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, 2023	Mar. 31, 2022
Operating revenue:
Electric	$ 1,010,160	$ 756,377
Natural gas	517,258	426,348
Other	13,769	10,712
Total operating revenue	1,541,187	1,193,437
Energy costs:
Purchased electricity	339,816	238,203
Electric generation fuel	150,254	60,644
Residential exchange	(23,531)	(23,070)
Purchased natural gas	235,482	177,333
Unrealized (gain) loss on derivative instruments, net	192,123	(131,921)
Utility operations and maintenance	194,991	170,300
Non-utility expense and other	16,046	15,419
Depreciation and amortization	188,717	164,576
Conservation amortization	38,219	30,141
Taxes other than income taxes	133,690	121,377
Total operating expenses	1,465,807	823,002
Operating income (loss)	75,380	370,435
Other income (expense):
Other income	13,698	13,164
Other expense	(2,477)	(3,154)
Interest charges:
AFUDC	5,608	4,129
Interest expense	(90,042)	(86,468)
Income (loss) before income taxes	2,167	298,106
Income tax (benefit) expense	2,198	19,811
Net income (loss)	(31)	278,295
Subsidiaries [Member]
Operating revenue:
Electric	1,010,160	756,377
Natural gas	517,258	426,348
Other	9,233	10,677
Total operating revenue	1,536,651	1,193,402
Energy costs:
Purchased electricity	339,816	238,203
Electric generation fuel	150,254	60,644
Residential exchange	(23,531)	(23,070)
Purchased natural gas	235,482	177,333
Unrealized (gain) loss on derivative instruments, net	192,123	(131,921)
Utility operations and maintenance	194,991	170,300
Non-utility expense and other	8,014	12,814
Depreciation and amortization	187,043	163,704
Conservation amortization	38,219	30,141
Taxes other than income taxes	133,264	121,116
Total operating expenses	1,455,675	819,264
Operating income (loss)	80,976	374,138
Other income (expense):
Other income	12,820	10,968
Other expense	(2,477)	(3,154)
Interest charges:
AFUDC	5,608	4,129
Interest expense	(66,983)	(63,144)
Income (loss) before income taxes	29,944	322,937
Income tax (benefit) expense	2,409	34,856
Net income (loss)	$ 27,535	$ 288,081

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Income (loss)	$ (31)	$ 278,295
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Net unrealized gain (loss) from pension and postretirement plans, net of tax of $10 and $953, respectively	(658)	1,831
Other comprehensive income (loss)	(658)	1,831
Comprehensive income (loss)	(689)	280,126
Subsidiaries [Member]
Net Income (loss)	27,535	288,081
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Net unrealized gain (loss) from pension and postretirement plans, net of tax of $10 and $953, respectively	36	3,588
Amortization of treasury interest rate swaps to earnings, net of tax of $26 and $26, respectively	97	97
Other comprehensive income (loss)	133	3,685
Comprehensive income (loss)	$ 27,668	$ 291,766

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net unrealized gain (loss) from pension and postretirement plans, net of tax	$ (176)	$ 487
Subsidiaries [Member]
Net unrealized gain (loss) from pension and postretirement plans, net of tax	10	953
Amortization of treasury interest rate swaps to earnings, net of tax	$ 26	$ 26

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Utility Plant [Abstract]
Public Utilities Property Plant And Equipment Electric Plant	$ 10,431,708	$ 10,300,895
Public Utilities Property Plant And Equipment Gas Plant	4,778,660	4,721,982
Public Utilities Property Plant And Equipment Common Plant	1,098,813	1,103,783
Less: Accumulated depreciation and amortization	(4,448,520)	(4,341,789)
Net utility plant	11,860,661	11,784,871
Other property and investments:
Goodwill	1,656,513	1,656,513
Other property and investments	318,265	328,535
Total other property and investments	1,974,778	1,985,048
Current assets:
Cash and cash equivalents	110,974	105,740
Restricted cash	20,329	63,045
Accounts receivable, net of allowance for doubtful accounts of $44,228 and $41,962, respectively	603,944	673,236
Unbilled revenue	263,420	284,022
Materials and supplies, at average cost	136,745	132,172
Fuel and natural gas inventory, at average cost	56,562	94,075
Unrealized gain on derivative instruments	125,377	587,029
Prepaid expense and other	42,208	41,940
Power contract acquisition adjustment gain	16,807	16,736
Total current assets	1,376,366	1,997,995
Other long-term and regulatory assets:
Power cost adjustment mechanism	101,577	112,207
Regulatory assets related to power contracts	7,621	7,904
Other regulatory assets	827,659	784,231
Unrealized gain on derivative instruments	64,498	94,621
Power contract acquisition adjustment gain	42,525	46,924
Operating lease right-of-use asset	190,640	193,509
Other	196,464	180,204
Total other long-term and regulatory assets	1,430,984	1,419,600
Total assets	16,642,789	17,187,514
Common shareholder’s equity:
Common stock $0.01 par value, 1,000 shares authorized, 200 shares outstanding	0	0
Additional paid-in capital	3,523,532	3,523,532
Retained earnings	1,437,167	1,465,331
Accumulated other comprehensive income (loss), net of tax	(25,432)	(24,774)
Total common shareholder’s equity	4,935,267	4,964,089
Long-term debt:
First mortgage bonds and senior notes	4,662,000	4,662,000
Pollution control bonds	161,860	161,860
Long-term debt	2,034,300	2,034,300
Debt discount issuance costs and other	(191,744)	(194,787)
Total long-term debt	6,666,416	6,663,373
Total capitalization	11,601,683	11,627,462
Current liabilities:
Accounts payable	409,130	665,750
Short-term debt	237,700	441,300
Accrued expenses:
Taxes	200,050	116,098
Salaries and wages	47,616	60,537
Interest	77,202	62,148
Unrealized loss on derivative instruments	112,634	124,976
Power contract acquisition adjustment loss	1,586	1,638
Operating lease liabilities	20,254	20,342
Other	83,088	70,685
Total current liabilities	1,189,260	1,563,474
Other long-term and regulatory liabilities:
Deferred income taxes	928,320	985,947
Unrealized loss on derivative instruments	14,476	18,366
Purchased Gas Adjustment Liability, Long-term	102,914	3,536
Regulatory liabilities	890,059	1,147,143
Regulatory liability for deferred income taxes	797,697	811,161
Regulatory liabilities related to power contracts	59,332	63,660
Power contract acquisition adjustment loss	6,035	6,266
Operating lease liabilities	177,516	181,265
Finance lease liabilities	101,717	102,518
Compliance obligation	94,626	0
Other deferred credits	679,154	676,716
Total long-term and regulatory liabilities	3,851,846	3,996,578
Commitments and contingencies (Note 8)
Total capitalization and liabilities	16,642,789	17,187,514
Subsidiaries [Member]
Utility Plant [Abstract]
Public Utilities Property Plant And Equipment Electric Plant	12,194,280	12,071,531
Public Utilities Property Plant And Equipment Gas Plant	5,332,181	5,276,156
Public Utilities Property Plant And Equipment Common Plant	1,119,925	1,125,217
Less: Accumulated depreciation and amortization	(6,785,725)	(6,688,033)
Net utility plant	11,860,661	11,784,871
Other property and investments:
Other property and investments	71,388	80,076
Total other property and investments	71,388	80,076
Current assets:
Cash and cash equivalents	108,117	102,840
Restricted cash	20,329	63,045
Accounts receivable, net of allowance for doubtful accounts of $44,228 and $41,962, respectively	602,300	671,071
Unbilled revenue	263,420	284,014
Materials and supplies, at average cost	136,745	132,172
Fuel and natural gas inventory, at average cost	54,433	91,783
Unrealized gain on derivative instruments	125,377	587,029
Prepaid expense and other	42,070	41,940
Total current assets	1,352,791	1,973,894
Other long-term and regulatory assets:
Power cost adjustment mechanism	101,577	112,207
Other regulatory assets	827,659	784,231
Unrealized gain on derivative instruments	64,498	94,621
Operating lease right-of-use asset	190,640	193,509
Other	193,267	176,833
Total other long-term and regulatory assets	1,377,641	1,361,401
Total assets	14,662,481	15,200,242
Common shareholder’s equity:
Common stock $0.01 par value, 1,000 shares authorized, 200 shares outstanding	859	859
Additional paid-in capital	3,535,105	3,535,105
Retained earnings	1,437,696	1,438,163
Accumulated other comprehensive income (loss), net of tax	(102,911)	(103,044)
Total common shareholder’s equity	4,870,749	4,871,083
Long-term debt:
First mortgage bonds and senior notes	4,662,000	4,662,000
Pollution control bonds	161,860	161,860
Debt discount issuance costs and other	(36,619)	(37,095)
Total long-term debt	4,787,241	4,786,765
Total capitalization	9,657,990	9,657,848
Current liabilities:
Accounts payable	408,802	664,457
Short-term debt	137,000	357,000
Accrued expenses:
Taxes	206,507	116,472
Salaries and wages	47,616	60,537
Interest	58,702	52,170
Unrealized loss on derivative instruments	112,634	124,976
Operating lease liabilities	20,254	20,342
Other	83,088	70,685
Total current liabilities	1,074,603	1,466,639
Other long-term and regulatory liabilities:
Deferred income taxes	1,076,317	1,139,600
Unrealized loss on derivative instruments	14,476	18,366
Purchased Gas Adjustment Liability, Long-term	102,914	3,536
Regulatory liabilities	888,795	1,145,879
Regulatory liability for deferred income taxes	798,257	811,724
Operating lease liabilities	177,516	181,265
Finance lease liabilities	101,717	102,518
Compliance obligation	94,626	0
Other deferred credits	675,270	672,867
Total long-term and regulatory liabilities	3,929,888	4,075,755
Commitments and contingencies (Note 8)
Total capitalization and liabilities	14,662,481	$ 15,200,242
Electricity, US Regulated [Member] | Subsidiaries [Member]
Other long-term and regulatory liabilities:
Compliance obligation	11,300
Natural Gas, US Regulated [Member] | Subsidiaries [Member]
Other long-term and regulatory liabilities:
Compliance obligation	$ 83,300

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Construction work in progress	$ 943,177	$ 861,801
Current assets:
Allowance for doubtful accounts	44,228	41,962
Common shareholder’s equity:
Public Utilities, Property, Plant and Equipment, Construction Work in Progress	943,177	861,801
Allowance for doubtful accounts	$ 44,228	$ 41,962
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	$ 943,177	$ 861,801
Current assets:
Allowance for doubtful accounts	44,228	41,962
Common shareholder’s equity:
Public Utilities, Property, Plant and Equipment, Construction Work in Progress	943,177	861,801
Allowance for doubtful accounts	$ 44,228	$ 41,962
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, 2021		200					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					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)
Beginning Balance (in shares) at Dec. 31, 2022	200	200				85,903,791	85,903,791
Beginning Balance at Dec. 31, 2022	$ 4,964,089	$ 0	3,523,532	1,465,331	(24,774)	$ 4,871,083	$ 859	3,535,105	1,438,163	(103,044)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	(31)			(31)		27,535			27,535
Dividends, Common Stock	(28,133)			(28,133)		(28,002)			(28,002)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (658)				(658)	$ 133				133
Ending Balance (in shares) at Mar. 31, 2023	200	200				85,903,791	85,903,791
Ending Balance at Mar. 31, 2023	$ 4,935,267	$ 0	$ 3,523,532	$ 1,437,167	$ (25,432)	$ 4,870,749	$ 859	$ 3,535,105	$ 1,437,696	$ (102,911)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net Income (loss)	$ (31)	$ 278,295
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	188,717	164,576
Conservation amortization	38,219	30,141
Deferred income taxes and tax credits, net	(70,916)	(3,641)
Net unrealized (gain) loss on derivative instruments	192,123	(131,921)
AFUDC - equity	(7,594)	(6,971)
Other non-cash	12,098	2,326
Regulatory assets and liabilities	38,162	4,470
Purchased gas adjustment	123,594	13,915
Other long term assets and liabilities	(17,377)	(7,891)
Change in certain current assets and liabilities:
Accounts receivable and unbilled revenue	61,325	35,847
Materials and supplies	(4,573)	(7,077)
Fuel and natural gas inventory	37,513	12,033
Prepayments and other	(268)	(4,733)
Accounts payable	(270,077)	(57,324)
Taxes payable	83,952	41,726
Other	2,758	18,615
Net cash provided by (used in) operating activities	407,625	382,386
Investing activities:
Construction expenditures - excluding equity AFUDC	(229,040)	(233,131)
Other	9,113	(532)
Net cash provided by (used in) investing activities	(219,927)	(233,663)
Financing activities:
Change in short-term debt, net	(203,600)	(70,250)
Dividends paid	(28,133)	(939)
Proceeds from long-term debt and bonds issued	0	448,075
Other	6,553	5,523
Net cash provided by (used in) financing activities	(225,180)	382,409
Net increase (decrease) in cash, cash equivalents, and restricted cash	(37,482)	531,132
Cash, cash equivalents, and restricted cash at beginning of period	168,785	103,150
Cash, cash equivalents, and restricted cash at end of period	131,303	634,282
Supplemental cash flow information:
Cash payments for interest (net of capitalized interest)	65,479	65,238
Non-cash financing and investing activities:
Accounts payable for capital expenditures eliminated from cash flows	71,823	61,133
Subsidiaries [Member]
Operating activities:
Net Income (loss)	27,535	288,081
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	187,043	163,704
Conservation amortization	38,219	30,141
Deferred income taxes and tax credits, net	(76,785)	5,970
Net unrealized (gain) loss on derivative instruments	192,123	(131,921)
AFUDC - equity	(7,594)	(6,971)
Other non-cash	9,472	(328)
Regulatory assets and liabilities	38,162	4,470
Purchased gas adjustment	123,594	13,915
Other long term assets and liabilities	(16,498)	(5,558)
Change in certain current assets and liabilities:
Accounts receivable and unbilled revenue	60,796	38,183
Materials and supplies	(4,573)	(7,077)
Fuel and natural gas inventory	37,350	12,334
Prepayments and other	(130)	(4,733)
Accounts payable	(269,112)	(61,531)
Taxes payable	90,035	47,162
Other	(5,765)	11,300
Net cash provided by (used in) operating activities	423,872	397,141
Investing activities:
Construction expenditures - excluding equity AFUDC	(228,986)	(232,868)
Other	9,113	(532)
Net cash provided by (used in) investing activities	(219,873)	(233,400)
Financing activities:
Change in short-term debt, net	(220,000)	(70,250)
Dividends paid	(28,002)	(13,896)
Other	6,564	5,576
Net cash provided by (used in) financing activities	(241,438)	(78,570)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(37,439)	85,171
Cash, cash equivalents, and restricted cash at beginning of period	165,885	96,247
Cash, cash equivalents, and restricted cash at end of period	128,446	181,418
Supplemental cash flow information:
Cash payments for interest (net of capitalized interest)	53,568	51,357
Non-cash financing and investing activities:
Accounts payable for capital expenditures eliminated from cash flows	$ 71,823	$ 61,133

Summary of Consolidation and Si

Summary of Consolidation and Significant Accounting Policy	3 Months Ended
	Mar. 31, 2023
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” (ASC 805) 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 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. Emission Allowances PSE is required to obtain emission allowances or offset credits for greenhouse gas (GHG) emissions associated with electricity it generates or imports into Washington State and natural gas supplied to customers in accordance with the cap-and- invest program included in the Climate Commitment Act (CCA). PSE records allocated and purchased emission allowances at cost, similar to an inventory method. PSE measures the compliance obligation at the weighted average cost of allowances held plus the fair value of additional allowances required to satisfy the obligation after adjustment for applicable no-cost allowances received. PSE includes the obligation in current liabilities and long-term liabilities on the Consolidated Balance Sheets based on the dates the allowances are to be surrendered. PSE balances costs and revenues associated with the cap-and-invest program through regulatory assets and liabilities. Allowance for Credit Losses The Company measures expected credit losses on trade receivables on a collective basis by receivable type, which include electric retail receivables, 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 following table presents the activity in the allowance for credit losses for accounts receivable for the three months ended March 31, 2023 and 2022: Puget Energy and Three Months (Dollars in Thousands) 2023 2022 Allowance for credit losses: Beginning balance $ 41,962 $ 34,958 Provision for credit loss expense 1 9,482 9,767 Receivables charged-off (7,216) (3,492) Total ending allowance balance $ 44,228 $ 41,233 _______________ 1 $11.1 million and $4.7 million of provision were deferred as cost specific to COVID-19 for the three months ended March 31, 2023 and 2022, respectively. Tacoma LNG Facility On February 1, 2022, the Tacoma LNG facility at the Port of Tacoma completed commissioning and commenced commercial operations. The Tacoma LNG facility provides peak-shaving services to PSE's natural gas customers, and provides LNG as fuel to transportation customers, mainly the marine market. In 2019, the Puget Sound Clean Air Agency issued the air quality permit for the facility, and the Pollution Hearings Control Board of Washington State upheld the approval following extended litigation. This decision was appealed with the Pierce County Superior Court by the Puyallup Tribe of Indians and nonprofit law firm Earthjustice and the case was granted direct review by the Pierce County Court of Appeals Division II where it is currently pending. Pursuant to an order by the 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, $244.9 million and $249.1 million of non-utility plant operating cost is reported in the Puget Energy "Other property and investments" line item as of March 31, 2023 and December 31, 2022, respectively. Additionally, $7.8 million and $2.2 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, 2023, and March 31, 2022, respectively. Further, $242.5 million and $245.7 million of natural gas plant operating cost 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, 2023 and December 31, 2022, respectively, as PSE is a regulated entity. Variable Interest Entities In April 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 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. In May 2020, PSE entered into a PPA with Golden Hills Wind Farm, LLC (Golden Hills) pursuant to which Golden Hills would develop a wind generation facility and sell bundled energy and associated attributes, namely RECs, to PSE over a term of 20 years. On April 29, 2022, Golden Hills commenced commercial operations. In February 2021, PSE entered into a PPA with Clearwater Wind Project, LLC (Clearwater) in which Clearwater would develop a wind generation facility and sell energy and associated attributes to PSE over a term of 25 years. On November 8th, 2022, Clearwater commenced commercial operations. For each of the aforementioned PPAs, PSE has no equity investment in the generation facilities, but is the only customer of each facility. PSE has concluded that Skookumchuck, Golden Hills, and Clearwater represent variable interest entities (VIE) and that PSE is not the primary beneficiary of these VIEs since it does not control the commercial and operating activities of the facilities. Additionally, PSE does not have the obligation to absorb losses or receive benefits. As a result, PSE does not consolidate the VIEs.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting PronouncementsReference 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 ”. 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. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848"

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
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, 2023 and March 31, 2022: Puget Energy and Puget Sound Energy (Dollars in Thousands) Three Months Ended March 31, 2023 Revenue from contracts with customers: Electric Natural Gas Other 1 Total Retail Residential $ 470,855 $ 350,024 $ — $ 820,879 Commercial 291,489 152,237 — 443,726 Industrial 33,847 11,091 — 44,938 Other 5,501 — — 5,501 Wholesale 142,260 — — 142,260 Transmission and transportation 14,486 5,694 — 20,180 Miscellaneous 3,991 (368) 13,769 17,392 Total revenue from contracts with customers $ 962,429 $ 518,678 $ 13,769 $ 1,494,876 Total other revenue 2 47,731 (1,420) — 46,311 Total operating revenue $ 1,010,160 $ 517,258 $ 13,769 $ 1,541,187 _____________ 1 Other includes $4.5 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, 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. 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 April 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, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accounting for Derivative Instruments and Hedging Activities	Accounting for Derivative Instruments and Hedging ActivitiesPSE 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. 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, 2023 December 31, 2022 (Dollars in Thousands) Volumes (millions) Assets 1 Liabilities 2 Volumes (millions) Assets 1 Liabilities 2 Electric portfolio derivatives * $ 135,643 $ 77,182 * $ 337,703 $ 87,120 Natural gas derivatives (MMBtus) 3 285 54,232 49,928 322 343,947 56,222 Total derivative contracts $ 189,875 $ 127,110 $ 681,650 $ 143,342 Current $ 125,377 $ 112,634 $ 587,029 $ 124,976 Long-term 64,498 14,476 94,621 18,366 Total derivative contracts $ 189,875 $ 127,110 $ 681,650 $ 143,342 _______________ 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 purchased gas adjustment (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 227.9 million British Thermal Units (MMBtu) and purchased electricity of 3.9 million Megawatt hours (MWhs) at March 31, 2023, and 234.9 million MMBtus and 5.3 million MWhs at December 31, 2022. 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," in the Combined Notes to 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, 2023 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 $ 189,875 $ — $ 189,875 $ (78,345) $ — $ 111,530 Liabilities: Energy derivative contracts $ 127,110 $ — $ 127,110 $ (78,345) $ (976) $ 47,789 Puget Energy and At December 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 $ 681,650 $ — $ 681,650 $ (125,334) $ — $ 556,316 Liabilities: Energy derivative contracts $ 143,342 $ — $ 143,342 $ (125,334) $ (5,661) $ 12,347 _______________ 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 2023 2022 Gas for power derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net $ (104,646) $ 86,873 Realized Electric generation fuel 88,267 27,091 Power derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net (87,477) 45,048 Realized Purchased electricity 51,017 2,591 Total gain (loss) recognized in income on derivatives $ (52,839) $ 161,603 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, 2023, 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, 2023, PSE had cash posted as collateral of $6.3 million related to contracts executed on the ICE platform. In August 2022, PSE entered into a standby letter of credit agreement with TD Bank allowing standby letter of credit postings of up to $50.0 million as a condition of transacting on the ICE NGX platform. As of March 31, 2023, PSE had no cash posted with ICE NGX and $6.0 million issued under the standby letter of credit agreement. 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, 2023. 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, 2023 At December 31, 2022 Fair Value 1 Posted Contingent Fair Value 1 Posted Contingent Contingent Feature Liability Collateral Collateral Liability Collateral Collateral Credit rating 2 $ 1,878 $ — $ 1,878 $ 3,157 $ — $ 3,157 Requested credit for adequate assurance 28,717 — — 4,157 — — Forward value of contract 3 976 6,284 N/A 5,661 56,200 N/A Total $ 31,571 $ 6,284 $ 1,878 $ 12,975 $ 56,200 $ 3,157 _______________ 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, 2023
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. The Company’s environmental compliance obligation is categorized in Level 2 of the fair value hierarchy and is measured at fair value using a market approach based on quoted prices from an independent pricing service. 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 $47.2 million and $55.0 million at March 31, 2023 and December 31, 2022 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, 2023 December 31, 2022 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 1 2 $ 6,632,116 $ 6,377,432 $ 6,629,073 $ 6,149,797 Long-term debt (variable-rate) 2 34,300 34,300 34,300 34,300 Total liabilities $ 6,666,416 $ 6,411,732 $ 6,663,373 $ 6,184,097 Puget Sound Energy March 31, 2023 December 31, 2022 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 2 2 $ 4,787,241 $ 4,547,348 $ 4,786,765 $ 4,379,010 Total liabilities $ 4,787,241 $ 4,547,348 $ 4,786,765 $ 4,379,010 _______________ 1 The carrying value includes debt issuances costs of $21.1 million and $21.5 million for March 31, 2023 and December 31, 2022, respectively, which are not included in fair value. 2 The carrying value includes debt issuances costs of $21.0 million and $21.4 million for March 31, 2023 and December 31, 2022, 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 $ 53,252 $ 82,391 $ 135,643 $ 218,610 $ 119,093 $ 337,703 Natural gas derivative instruments 53,322 910 54,232 342,988 959 343,947 Total assets $ 106,574 $ 83,301 $ 189,875 $ 561,598 $ 120,052 $ 681,650 Liabilities: Electric derivative instruments $ 64,525 $ 12,657 $ 77,182 $ 84,105 $ 3,015 $ 87,120 Natural gas derivative instruments 49,233 695 49,928 55,136 1,086 56,222 Compliance obligations 79,203 — 79,203 — — — Total liabilities $ 192,961 $ 13,352 $ 206,313 $ 139,241 $ 4,101 $ 143,342 The following tables present 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) 2023 2022 Level 3 Roll-Forward Net Asset/(Liability) Electric Natural Gas Total Electric Natural Gas Total Balance at beginning of period $ 116,078 $ (127) $ 115,951 $ (42,752) $ (2,120) $ (44,872) Changes during period: Realized and unrealized energy derivatives: Included in earnings 1 (18,766) — (18,766) 38,820 — 38,820 Included in regulatory assets / liabilities — (91) (91) — 415 415 Settlements (27,795) 263 (27,532) (2,254) 324 (1,930) Transferred into Level 3 — — — — — — Transferred out of Level 3 217 170 387 176 169 345 Balance at end of period $ 69,734 $ 215 $ 69,949 $ (6,010) $ (1,212) $ (7,222) _______________ 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 $(9.1) million and $38.6 million for three months ended March 31, 2023 and 2022, 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, 2023: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 82,391 $ 12,657 Discounted cash flow Power prices (per MWh) $ 50.46 $ 232.35 $ 118.08 Natural gas $ 910 $ 695 Discounted cash flow Natural gas prices (per MMBtu) $ 1.33 $ 7.58 $ 3.91 _______________ 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, 2022: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 119,093 $ 3,015 Discounted cash flow Power prices (per MWh) $ 55.79 $ 291.03 $ 131.51 Natural gas $ 959 $ 1,086 Discounted cash flow Natural gas prices (per MMBtu) $ 3.84 $ 7.00 $ 4.87 ___________ 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, 2023, and December 31, 2022, 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 $29.0 million and $37.6 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, 2023, 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, 2023
Subsidiaries [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension and Other Postretirement Benefits Disclosure [Text Block]	Retirement BenefitsPSE 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 the 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. 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" in the Combined Notes to Consolidated Financial Statements included in Item 8 of the Company's Form 10-K for the period ended December 31, 2022. The following tables summarize the Company’s net periodic benefit cost for the three months ended March 31, 2023 and 2022: Puget Energy Qualified SERP Other Three Months Ended March 31, (Dollars in Thousands) 2023 2022 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 4,632 $ 6,797 $ 71 $ 139 $ 47 $ 55 Interest cost 7,929 6,087 424 313 115 81 Expected return on plan assets (12,652) (12,777) — — (79) (99) Amortization of prior service cost — — 73 72 7 6 Amortization of net loss (gain) (862) 1,628 — 618 (51) (4) Net periodic benefit cost $ (953) $ 1,735 $ 568 $ 1,142 $ 39 $ 39 Puget Sound Energy Qualified SERP Other Three Months Ended March 31, (Dollars in Thousands) 2023 2022 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 4,632 $ 6,797 $ 71 $ 139 $ 47 $ 55 Interest cost 7,929 6,087 424 313 115 81 Expected return on plan assets (12,652) (12,777) — — (79) (99) Amortization of prior service cost — — 73 72 7 6 Amortization of net loss (gain) — 3,806 22 663 (54) (6) Net periodic benefit cost $ (91) $ 3,913 $ 590 $ 1,187 $ 36 $ 37 The following table summarizes the Company’s change in benefit obligation for the periods ended March 31, 2023 and December 31, 2022: 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 $ 589,278 $ 834,960 $ 32,046 $ 43,155 $ 9,015 $ 11,654 Amendments — — — — — 38 Service cost 4,632 26,351 71 557 47 217 Interest cost 7,929 24,263 424 1,253 115 311 Actuarial loss (gain) — (215,005) — (5,260) — (2,397) Benefits paid (11,625) (80,226) (485) (7,659) (438) (808) Administrative Expense — (1,065) — — — — Benefit obligation at end of period $ 590,214 $ 589,278 $ 32,056 $ 32,046 $ 8,739 $ 9,015

Regulation and Rates

Regulation and Rates	3 Months Ended
	Mar. 31, 2023
Entity Information [Line Items]
Regulation and Rates Disclosure	Regulation and Rates General Rate Case On December 22, 2022, the Washington Commission issued an order on PSE’s 2022 general rate case (GRC), which was filed on January 31, 2022 that approved a weighted cost of capital of 7.16%, or 6.62% after-tax, a capital structure of 49.0% in common equity in 2023 and 2024, and a return on equity of 9.4%. On January 6, 2023, the Washington Commission approved PSE’s natural gas rates in its compliance filing with an overall net revenue change of $70.8 million or 6.4% in 2023 and $19.5 million or 1.7% in 2024, with an effective date of January 7, 2023. On January 10, 2023, the Washington Commission approved PSE’s electric rates in its compliance filing with an overall net revenue change of $247.0 million or 10.8% in 2023 and $33.1 million or 1.3% in 2024 with an effective date of January 11, 2023. Per the 2022 GRC Final Order in Docket No. UE-220066, power cost only rate case (PCORC) rates were set to zero as of January 11, 2023 and PSE agreed not to file a PCORC during 2023 and 2024, the two-year rate plan agreed to in the GRC settlement. Prior rates were subject to the 2019 GRC and included a weighted cost of capital of 7.39% or 6.8% after-tax, a capital structure of 48.5% in common equity, and a return on equity of 9.4%. The annualized overall rate impacts were an electric revenue increase of $48.3 million, or 2.3%, and a natural gas increase of $4.9 million, or 0.6%, effective October 1, 2021. For further information, see Note 4, "Regulation and Rates" in the Combined Notes to Consolidated Financial Statements included in Item 8 of the Company's Form 10-K for the period ended December 31, 2022. Climate Commitment Act Deferral On December 29, 2022, PSE filed accounting petitions with the Washington Commission requesting authorization to defer costs and revenues associated with the Company’s compliance with the Climate Commitment Act (CCA) codified in law within Revised Code of Washington (RCW) 70A.65. On February 28, 2023, in Order 01 under Docket No. UE-220974 and UG-220975, the Washington Commission granted PSE approval to defer the cost of carbon allowances to comply with the CCA and the proceeds from no-cost allowances consigned to auction beginning January 1, 2023. This accounting treatment is necessary in order for PSE to defer and seek recovery of CCA costs that are not currently included in rates. As of March 31, 2023, PSE deferred $83.3 million and $11.3 million of CCA compliance costs for natural gas and electric liabilities, respectively. Revenue Decoupling Adjustment Mechanism 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 and took effect on July 1, 2021. On September 28, 2021, the Washington Commission approved the 2019 GRC filing. 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 January 6, 2023, the Washington Commission approved the natural gas 2022 GRC filing. As part of this filing the annual gas delivery allowed revenue was updated to reflect changes in the approved revenue requirement. Additionally, the Commission approved the removal of the earnings test from the decoupling mechanism in accordance with RCW 80.28.425(6). The changes took effect on January 7, 2023. On January 10, 2023, the Washington Commission approved the electric 2022 GRC filing. As part of this filing the annual electric delivery and fixed power cost allowed revenue was updated to reflect changes in the approved revenue requirement. Additionally, the Commission approved the removal of the earnings test from the decoupling mechanism in accordance with RCW 80.28.425(6). The changes took effect on January 11, 2023. On March 31, 2023, 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. Based on the analyses, no reserve adjustment was recorded as of March 31, 2023 and 2022. Power Cost Adjustment Mechanism PSE currently has a power cost adjustment (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, 2023, in its PCA mechanism, PSE over recovered its allowable costs by $12.9 million of which zero was apportioned to customers and $1.1 million of interest was accrued on the deferred customer balance. This compares to an under recovery of allowable costs of $10.6 million for the three months ended March 31, 2022, of which zero was apportioned to customers and accrued $0.3 million of interest on the total deferred customer balance. Power Cost Adjustment Clause PSE exceeded the $20.0 million cumulative deferral balance in its PCA mechanism in 2022. During 2022, actual power costs were higher than baseline power costs, thereby, creating an under-recovery of $110.1 million. Under the terms of the PCA’s sharing mechanism for under-recovered power costs, PSE absorbed $35.5 million of the under-recovered amount, and customers were responsible for the remaining $74.6 million, or $76.1 million including interest. On April 28, 2023, PSE filed the 2022 PCA report with the Washington Commission and proposed to recover the 2022 deferred balance from December 1, 2023 through December 31, 2024. 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 October 27, 2022, the Washington Commission approved PSE's 2021 PCA report that proposed to recover the deferred balance for the 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 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. On October 27, 2022, the Washington Commission approved PSE's request for PGA rates in Docket No. UG-220715, effective November 1, 2022. As part of that filing, PSE requested an annual revenue increase of $155.3 million, where PGA rates, under Schedule 101, increase annual revenue by $142.1 million, and the tracker rates under Schedule 106 increase annual revenue by $13.2 million. On November 15, 2022, the FERC approved a settlement of a counterparty, FERC Docket No. RP17-346. Under the terms, PSE was allocated $24.2 million related to PSE natural gas services which was recorded on December 31, 2022 and included below. The 2022 GRC order requires PSE to amortize the refund in 2023 as a credit against natural gas costs and therefore pass back the refund to customers through the PGA mechanism. The following table presents the PGA mechanism balances and activity at March 31, 2023 and December 31, 2022: Puget Energy and (Dollars in Thousands) At March 31, At December 31, PGA (liability)/receivable balance and activity 2023 2022 PGA (liability)/receivable beginning balance $ (3,536) $ 57,935 Actual natural gas costs 138,178 457,950 Allowed PGA recovery (234,372) (496,879) Interest (348) 1,674 Refund/interest from counterparty settlement (2,836) (24,216) PGA (liability)/receivable ending balance $ (102,914) $ (3,536) Storm Loss Deferral Mechanism

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	Commitments and Contingencies Legal Matters Washington Climate Commitment Act In 2021, the Washington Legislature adopted the CCA, which establishes a GHG emissions cap-and-invest program that caps GHG emissions beginning on January 1, 2023 and makes further reductions to the cap annually through 2050. The Washington Department of Ecology (WDOE) published final regulations to implement the program on September 29, 2022, which became effective on October 30, 2022. WDOE also indicated that they will have subsequent rulemakings that will build off initial rulemaking as program implementation gets underway and progress with Washington State carbon goals are evaluated. One component of the CCA rules stipulates the WDOE shall provide electric utilities, such as PSE, with no-cost allowances based on the cost burden of the program to electric customers. As of the date of this report, Management’s interpretation of the methodology in determining the no-cost allowance amount provided to electric utilities differs from the WDOE’s. Although the Company is actively engaged in discussions with WDOE and other stakeholders with respect to the rulemaking process and believes that further changes in the interpretation of methodologies could be forthcoming, as of the date of this disclosure it is reasonably possible that the Company did not accrue sufficient compliance obligation based upon receiving less no-cost allowances from the WDOE due to the difference in interpretation of the methodology. The Company estimates the reasonably possible loss is up to $45.7 million depending on whether additional no-cost allowances are received. Any change in compliance costs as a result of such estimated losses would increase the electric deferred CCA compliance costs consistent with Docket No. UE-220974. On February 28, 2023, in Order 01 under Docket No. UE-220974 and UG-220975, the Washington Commission granted PSE approval to defer the cost of carbon allowances to comply with the CCA and the proceeds from no-cost allowances consigned to auction beginning January 1, 2023. This accounting treatment is necessary in order for PSE to defer and seek recovery of CCA costs that are not currently included in rates. Additional risks associated with CCA compliance include: the evolving nature of the CCA rulemaking as indicated by WDOE, market uncertainty based on rule interpretation during implementation, unresolved recovery methodology for CCA’s impact on energy costs, company costs, customer rate impacts, and cash, liquidity and credit volatility. Such risks associated with the CCA are evaluated by Management for potential impacts to the estimated liability to comply with the program as well as the likelihood that may make a loss contingency both probable and reasonably estimable. Management’s assessment to determine whether a loss is probable or reasonably possible and to whether a loss or range of losses is estimable often involves judgement. 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 to December 31, 2025 as part of the 2019 GRC. The 2017 GRC 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. On September 2, 2022, PSE and Talen Energy reached an agreement to transfer PSE's ownership interest in Colstrip Units 3 and 4 to Talen Energy on December 31, 2025. Management evaluated Colstrip Units 3 and 4 and determined that the applicable held for sale accounting criteria were not met as of March 31, 2023 and December 31, 2022. As such, Colstrip Units 3 and 4 are classified as electric utility plant on the Company's balance sheet as of March 31, 2023 and December 31, 2022. 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 Montana Senate Bill 266. On September 28, 2022, the magistrate judge in the District Court proceeding issued a recommendation to the presiding U.S. District Court Judge that a permanent injunction against enforcement of Senate Bill 266 be granted. In October 2022, the U.S. District Court Judge accepted in full the magistrate judge's recommendation for a permanent injunction against enforcement of Senate Bill 266. The Court entered judgment and a permanent injunction in favor of PSE and the Colstrip owners on November 15, 2022. No party filed a notice of appeal. Other Commitments and Contingencies In addition to the contractual obligations and consolidated commercial commitments disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, during the three months ended March 31, 2023, the Company entered into new Electric Portfolio and Electric Wholesale Market Transaction contracts with estimated payment obligations totaling $3.3 billion through 2051. For further information, see Part II, Item 8, Note 16, "Commitments and Contingencies" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Leases (Notes)

Leases (Notes)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	LeasesAs of March 31, 2023, there have been no material changes regarding the Company's leases. For further information, see Part II, Item 8, Note 9, "Leases" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Leases	LeasesAs of March 31, 2023, there have been no material changes regarding the Company's leases. For further information, see Part II, Item 8, Note 9, "Leases" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Other

Other	3 Months Ended
	Mar. 31, 2023
Other [Abstract]
Debt Disclosure	Other Long-Term Debt On March 17, 2022, Puget Energy issued $450.0 million of senior secured notes at an interest rate of 4.224%. The notes mature on March 15, 2032, and pay interest semi-annually on March 15 and September 15 of each year. Proceeds from the issuance of the notes were invested in short-term money market funds, and then used to repay Puget Energy's $450.0 million 5.625% notes that were originally scheduled to mature in July 2022. 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. Short-Term Debt As of March 31, 2023, $137.0 million was outstanding under the commercial paper program at PSE. For further information, see Part II, Item 8, Note 8, "Liquidity Facilities and Other Financing Arrangements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Credit Facilities On May 16, 2022, Puget Energy entered into an $800.0 million credit facility to replace the existing facility. The terms and conditions, including fees, financial covenant, expansion feature and credit spreads remain substantially the same. The base interest rate on loans has changed to the Secured Overnight Financing Rate (SOFR), as the LIBOR is being discontinued in 2023. The proceeds of the Puget Energy credit facility are to be used for general corporate purposes. The maturity date of the credit facility is May 14, 2027. As of March 31, 2023, $135.0 million was drawn and outstanding under the facility, of which $34.3 million was classified as long-term debt and $100.7 million was classified as short-term debt. On May 16, 2022, PSE entered into an $800.0 million credit facility to replace the existing facility. The terms and conditions, including fees, financial covenant, expansion feature and credit spreads remain substantially the same. The base interest rate on loans has changed to the SOFR, as the LIBOR is being discontinued in 2023. The proceeds of the PSE credit facility are to be used for general corporate purposes. The maturity date of the credit facility is May 14, 2027. As of March 31, 2023, no amount was drawn under PSE's credit facility. On September 26, 2022, Puget Energy borrowed $50.0 million on the credit facility and contributed the proceeds to PSE as an equity contribution. The equity proceeds will be used for general corporate purposes. For further information, see Part II, Item 8, Note 7, "Long-Term Debt" and Note 8, "Liquidity Facilities and Other Financing Arrangements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

Summary of Consolidation and _2

Summary of Consolidation and Significant Accounting Policy (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Puget Energy and Three Months (Dollars in Thousands) 2023 2022 Allowance for credit losses: Beginning balance $ 41,962 $ 34,958 Provision for credit loss expense 1 9,482 9,767 Receivables charged-off (7,216) (3,492) Total ending allowance balance $ 44,228 $ 41,233 _______________ 1

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023	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, 2023 and March 31, 2022: Puget Energy and Puget Sound Energy (Dollars in Thousands) Three Months Ended March 31, 2023 Revenue from contracts with customers: Electric Natural Gas Other 1 Total Retail Residential $ 470,855 $ 350,024 $ — $ 820,879 Commercial 291,489 152,237 — 443,726 Industrial 33,847 11,091 — 44,938 Other 5,501 — — 5,501 Wholesale 142,260 — — 142,260 Transmission and transportation 14,486 5,694 — 20,180 Miscellaneous 3,991 (368) 13,769 17,392 Total revenue from contracts with customers $ 962,429 $ 518,678 $ 13,769 $ 1,494,876 Total other revenue 2 47,731 (1,420) — 46,311 Total operating revenue $ 1,010,160 $ 517,258 $ 13,769 $ 1,541,187 _____________ 1 Other includes $4.5 million of Puget LNG revenues recorded at Puget Energy. 2	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.
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, 2023
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, 2023 December 31, 2022 (Dollars in Thousands) Volumes (millions) Assets 1 Liabilities 2 Volumes (millions) Assets 1 Liabilities 2 Electric portfolio derivatives * $ 135,643 $ 77,182 * $ 337,703 $ 87,120 Natural gas derivatives (MMBtus) 3 285 54,232 49,928 322 343,947 56,222 Total derivative contracts $ 189,875 $ 127,110 $ 681,650 $ 143,342 Current $ 125,377 $ 112,634 $ 587,029 $ 124,976 Long-term 64,498 14,476 94,621 18,366 Total derivative contracts $ 189,875 $ 127,110 $ 681,650 $ 143,342 _______________ 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 purchased gas adjustment (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 227.9 million British Thermal Units (MMBtu) and purchased electricity of 3.9 million Megawatt hours (MWhs) at March 31, 2023, and 234.9 million MMBtus and 5.3 million MWhs at December 31, 2022.
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, 2023 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 $ 189,875 $ — $ 189,875 $ (78,345) $ — $ 111,530 Liabilities: Energy derivative contracts $ 127,110 $ — $ 127,110 $ (78,345) $ (976) $ 47,789 Puget Energy and At December 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 $ 681,650 $ — $ 681,650 $ (125,334) $ — $ 556,316 Liabilities: Energy derivative contracts $ 143,342 $ — $ 143,342 $ (125,334) $ (5,661) $ 12,347 _______________ 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 2023 2022 Gas for power derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net $ (104,646) $ 86,873 Realized Electric generation fuel 88,267 27,091 Power derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net (87,477) 45,048 Realized Purchased electricity 51,017 2,591 Total gain (loss) recognized in income on derivatives $ (52,839) $ 161,603
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, 2023 At December 31, 2022 Fair Value 1 Posted Contingent Fair Value 1 Posted Contingent Contingent Feature Liability Collateral Collateral Liability Collateral Collateral Credit rating 2 $ 1,878 $ — $ 1,878 $ 3,157 $ — $ 3,157 Requested credit for adequate assurance 28,717 — — 4,157 — — Forward value of contract 3 976 6,284 N/A 5,661 56,200 N/A Total $ 31,571 $ 6,284 $ 1,878 $ 12,975 $ 56,200 $ 3,157 _______________ 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, 2023
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, 2023 December 31, 2022 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 1 2 $ 6,632,116 $ 6,377,432 $ 6,629,073 $ 6,149,797 Long-term debt (variable-rate) 2 34,300 34,300 34,300 34,300 Total liabilities $ 6,666,416 $ 6,411,732 $ 6,663,373 $ 6,184,097 Puget Sound Energy March 31, 2023 December 31, 2022 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 2 2 $ 4,787,241 $ 4,547,348 $ 4,786,765 $ 4,379,010 Total liabilities $ 4,787,241 $ 4,547,348 $ 4,786,765 $ 4,379,010 _______________ 1 The carrying value includes debt issuances costs of $21.1 million and $21.5 million for March 31, 2023 and December 31, 2022, respectively, which are not included in fair value. 2 The carrying value includes debt issuances costs of $21.0 million and $21.4 million for March 31, 2023 and December 31, 2022, 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 $ 53,252 $ 82,391 $ 135,643 $ 218,610 $ 119,093 $ 337,703 Natural gas derivative instruments 53,322 910 54,232 342,988 959 343,947 Total assets $ 106,574 $ 83,301 $ 189,875 $ 561,598 $ 120,052 $ 681,650 Liabilities: Electric derivative instruments $ 64,525 $ 12,657 $ 77,182 $ 84,105 $ 3,015 $ 87,120 Natural gas derivative instruments 49,233 695 49,928 55,136 1,086 56,222 Compliance obligations 79,203 — 79,203 — — — Total liabilities $ 192,961 $ 13,352 $ 206,313 $ 139,241 $ 4,101 $ 143,342
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables present 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) 2023 2022 Level 3 Roll-Forward Net Asset/(Liability) Electric Natural Gas Total Electric Natural Gas Total Balance at beginning of period $ 116,078 $ (127) $ 115,951 $ (42,752) $ (2,120) $ (44,872) Changes during period: Realized and unrealized energy derivatives: Included in earnings 1 (18,766) — (18,766) 38,820 — 38,820 Included in regulatory assets / liabilities — (91) (91) — 415 415 Settlements (27,795) 263 (27,532) (2,254) 324 (1,930) Transferred into Level 3 — — — — — — Transferred out of Level 3 217 170 387 176 169 345 Balance at end of period $ 69,734 $ 215 $ 69,949 $ (6,010) $ (1,212) $ (7,222) _______________ 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 $(9.1) million and $38.6 million for three months ended March 31, 2023 and 2022, 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, 2023: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 82,391 $ 12,657 Discounted cash flow Power prices (per MWh) $ 50.46 $ 232.35 $ 118.08 Natural gas $ 910 $ 695 Discounted cash flow Natural gas prices (per MMBtu) $ 1.33 $ 7.58 $ 3.91 _______________ 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, 2022: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 119,093 $ 3,015 Discounted cash flow Power prices (per MWh) $ 55.79 $ 291.03 $ 131.51 Natural gas $ 959 $ 1,086 Discounted cash flow Natural gas prices (per MMBtu) $ 3.84 $ 7.00 $ 4.87 ___________ 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, 2023
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, 2023 and 2022: Puget Energy Qualified SERP Other Three Months Ended March 31, (Dollars in Thousands) 2023 2022 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 4,632 $ 6,797 $ 71 $ 139 $ 47 $ 55 Interest cost 7,929 6,087 424 313 115 81 Expected return on plan assets (12,652) (12,777) — — (79) (99) Amortization of prior service cost — — 73 72 7 6 Amortization of net loss (gain) (862) 1,628 — 618 (51) (4) Net periodic benefit cost $ (953) $ 1,735 $ 568 $ 1,142 $ 39 $ 39 Puget Sound Energy Qualified SERP Other Three Months Ended March 31, (Dollars in Thousands) 2023 2022 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 4,632 $ 6,797 $ 71 $ 139 $ 47 $ 55 Interest cost 7,929 6,087 424 313 115 81 Expected return on plan assets (12,652) (12,777) — — (79) (99) Amortization of prior service cost — — 73 72 7 6 Amortization of net loss (gain) — 3,806 22 663 (54) (6) Net periodic benefit cost $ (91) $ 3,913 $ 590 $ 1,187 $ 36 $ 37
Schedule of Changes in Projected Benefit Obligations	The following table summarizes the Company’s change in benefit obligation for the periods ended March 31, 2023 and December 31, 2022: 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 $ 589,278 $ 834,960 $ 32,046 $ 43,155 $ 9,015 $ 11,654 Amendments — — — — — 38 Service cost 4,632 26,351 71 557 47 217 Interest cost 7,929 24,263 424 1,253 115 311 Actuarial loss (gain) — (215,005) — (5,260) — (2,397) Benefits paid (11,625) (80,226) (485) (7,659) (438) (808) Administrative Expense — (1,065) — — — — Benefit obligation at end of period $ 590,214 $ 589,278 $ 32,056 $ 32,046 $ 8,739 $ 9,015

Regulation and Rates Public Uti

Regulation and Rates Public Utilities, Regulatory Proceeding (Tables) - Subsidiaries [Member]	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022: Puget Energy and (Dollars in Thousands) At March 31, At December 31, PGA (liability)/receivable balance and activity 2023 2022 PGA (liability)/receivable beginning balance $ (3,536) $ 57,935 Actual natural gas costs 138,178 457,950 Allowed PGA recovery (234,372) (496,879) Interest (348) 1,674 Refund/interest from counterparty settlement (2,836) (24,216) PGA (liability)/receivable ending balance $ (102,914) $ (3,536)
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, 2023 USD ($) mi²	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Puget LNG [Member]
Summary of Consolidation Policy
Operating Costs and Expenses	$ 7.8	$ 2.2
Subsidiaries [Member]
Summary of Consolidation Policy
Area of Service Territory (in sqmi) | mi²	6,000
Variable Interest Entity, Measure of Activity, Expense	$ 29.7	$ 3.9
Variable Interest Entity, Payable	$ 7		$ 3.9
Subsidiaries [Member] | Skookumchuck Wind Energy Project
Summary of Consolidation Policy
Contract Length, PPA	20 years
Subsidiaries [Member] | Golden Hills Wind Farm
Summary of Consolidation Policy
Contract Length, PPA	20 years
Subsidiaries [Member] | Clearwater Wind Project
Summary of Consolidation Policy
Contract Length, PPA	25 years
Subsidiaries [Member] | Natural Gas, US Regulated [Member] | Tacoma LNG [Member]
Summary of Consolidation Policy
Construction in Progress, Gross			245.7
Public Utilities, Property, Plant and Equipment, Generation or Processing	$ 242.5
Subsidiaries [Member] | Tacoma LNG [Member]
Summary of Consolidation Policy
Jointly Owned Non-Utility Plant Share	43%
Puget LNG [Member]
Summary of Consolidation Policy
Jointly Owned Non-Utility Plant Share	57%
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	$ 244.9
Construction in Progress, Gross			$ 249.1
Variable Interest Entity, Not Primary Beneficiary
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, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 41,962	$ 34,958
Provision for credit loss expense 1	9,482	9,767
Receivables charged-off	(7,216)	(3,492)
Total ending allowance balance	44,228	41,233
Bad Debt Deferral, COVID 19	$ 11,100	$ 4,700

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2020	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		$ 1,494,876	$ 1,171,759
Total Other Revenue		46,311	21,678
Revenues		1,541,187	1,193,437
Non-utility expense and other		16,046	15,419
Electric		1,010,160	756,377
Natural gas		517,258	426,348
Other		13,769	10,712
Residential
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		820,879	708,856
Commercial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		443,726	377,998
Industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		44,938	38,158
Other Retail Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		5,501	4,761
Wholesale
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		142,260	13,147
Transmission and Transportation
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		20,180	16,668
Miscellaneous Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		17,392	12,171
Electricity, US Regulated [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		962,429	733,632
Total Other Revenue		47,731	22,745
Electricity, US Regulated [Member] | Residential
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		470,855	416,260
Electricity, US Regulated [Member] | Commercial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		291,489	257,019
Electricity, US Regulated [Member] | Industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		33,847	30,073
Electricity, US Regulated [Member] | Other Retail Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		5,501	4,761
Electricity, US Regulated [Member] | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		142,260	13,147
Electricity, US Regulated [Member] | Transmission and Transportation
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		14,486	11,222
Electricity, US Regulated [Member] | Miscellaneous Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		3,991	1,150
Natural Gas, US Regulated [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		518,678	427,415
Total Other Revenue		(1,420)	(1,067)
Natural Gas, US Regulated [Member] | Residential
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		350,024	292,596
Natural Gas, US Regulated [Member] | Commercial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		152,237	120,979
Natural Gas, US Regulated [Member] | Industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		11,091	8,085
Natural Gas, US Regulated [Member] | Other Retail Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		0	0
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		5,694	5,446
Natural Gas, US Regulated [Member] | Miscellaneous Customer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		(368)	309
Other Revenue From Contracts with Customers [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		13,769	10,712
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		13,769	10,712
Subsidiaries [Member]
Disaggregation of Revenue [Line Items]
Non-utility expense and other		8,014	12,814
Electric		1,010,160	756,377
Natural gas		517,258	426,348
Puget LNG [Member]
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Amount		195,566
Remaining Contract Term, PLNG	10 years
Puget LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Amount		$ 15,359
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Puget LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Amount		$ 19,710
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Puget LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Amount		$ 19,454
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Puget LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Amount		$ 19,454
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Puget LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Amount		$ 19,454
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Puget LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Amount		$ 102,135
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period
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		$ 4,500	$ 100

Accounting for Derivative Ins_3

Accounting for Derivative Instruments and Hedging Activities Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Subsidiaries [Member]
Derivative [Line Items]
Hedging strategy number of years extended	3 years
Natural Gas Portfolio [Member]
Derivative [Line Items]
Posted Collateral	$ 0
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%

Accounting for Derivative Ins_4

Accounting for Derivative Instruments and Hedging Activities Derivative Assets and Liabilities (Details) $ in Thousands, MMBTU in Millions		Mar. 31, 2023 USD ($) MMBTU	Dec. 31, 2022 USD ($) MMBTU
Derivative [Line Items]
Current, Assets		$ 125,377	$ 587,029
Long-term, Assets		64,498	94,621
Current, Liabilities		112,634	124,976
Long-term, Liabilities		14,476	18,366
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Current, Assets		125,377	587,029
Long-term, Assets		64,498	94,621
Assets	[1]	189,875	681,650
Current, Liabilities		112,634	124,976
Long-term, Liabilities		14,476	18,366
Derivative Liability	[2]	$ 127,110	$ 143,342
Not Designated as Hedging Instrument [Member] | Natural Gas Derivatives [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MMBTU		285	322
Not Designated as Hedging Instrument [Member] | Electric Portfolio [Member]
Derivative [Line Items]
Assets		$ 135,643	$ 337,703
Derivative Liability		77,182	87,120
Not Designated as Hedging Instrument [Member] | Natural Gas Portfolio [Member]
Derivative [Line Items]
Assets		54,232	343,947
Derivative Liability		$ 49,928	$ 56,222
Not Designated as Hedging Instrument [Member] | Electric Generation Fuel [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MMBTU		227.9	234.9
Not Designated as Hedging Instrument [Member] | Purchased Electricity [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MMBTU		3.9	5.3
[1] _______________ 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.

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, 2023	Dec. 31, 2022
Assets:
Gross Amount Recognized in the Statement of Financial Position	$ 189,875	$ 681,650
Gross Amounts Offset in the Statement of Financial Position	0	0
Assets	189,875	681,650
Commodity Contracts	(78,345)	(125,334)
Cash Collateral Received	0	0
Net Amount	111,530	556,316
Liabilities:
Gross Amount Recognized in the Statement of Financial Position	127,110	143,342
Gross Amounts Offset in the Statement of Financial Position	0	0
Derivative Liability	127,110	143,342
Commodity Contracts	(78,345)	(125,334)
Cash Collateral Posted	(976)	(5,661)
Net Amount	$ 47,789	$ 12,347

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, 2023	Mar. 31, 2022
Derivative Instruments, (Loss) Gain [Line Items]
Unrealized (gain) loss on derivative instruments	$ (192,123)	$ 131,921
Not Designated as Hedging Instrument [Member]
Derivative Instruments, (Loss) Gain [Line Items]
Unrealized (gain) loss on derivative instruments	(52,839)	161,603
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	(104,646)	86,873
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	88,267	27,091
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Purchased Electricity [Member]
Derivative Instruments, (Loss) Gain [Line Items]
Unrealized (gain) loss on derivative instruments	51,017	2,591
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	$ (87,477)	$ 45,048

Accounting for Derivative Ins_7

Accounting for Derivative Instruments and Hedging Activities Contractual Contingent Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 135,000
Electric Portfolio [Member]
Derivative [Line Items]
Fair Value Liability	31,571	$ 12,975
Posted Collateral	6,284	56,200
Additional Collateral, Aggregate Fair Value	1,878	3,157
Natural Gas Portfolio [Member]
Derivative [Line Items]
Posted Collateral	0
Electricity, US Regulated [Member]
Derivative [Line Items]
Posted Collateral	6,300
Credit Rating [Member] | Electric Portfolio [Member]
Derivative [Line Items]
Fair Value Liability	1,878	3,157
Posted Collateral	0	0
Additional Collateral, Aggregate Fair Value	1,878	3,157
Credit Rating [Member] | Natural Gas Portfolio [Member] | Standby Letters of Credit
Derivative [Line Items]
Posted Collateral	6,000
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases	50,000
Requested Credit for Adequate Assurance [Member] | Electric Portfolio [Member]
Derivative [Line Items]
Fair Value Liability	28,717	4,157
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	976	5,661
Posted Collateral	$ 6,284	$ 56,200

Fair Value Measurements Debt at

Fair Value Measurements Debt at at Carrying and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities:
Total long-term debt	$ 6,666,416	$ 6,663,373
Carrying Value [Member] | Level 2 [Member]
Liabilities:
Notes Receivable, Fair Value Disclosure	47,200	55,000
Subsidiaries [Member]
Liabilities:
Total long-term debt	4,787,241	4,786,765
Discounted cash flow [Member] | Fair Value [Member]
Liabilities:
Long-term Debt, Excluding Current Maturities, Fair Value Disclosure	6,411,732	6,184,097
Discounted cash flow [Member] | Fair Value [Member] | Level 2 [Member]
Liabilities:
Long-term debt (fixed-rate), net of discount	6,377,432	6,149,797
Long-term debt (variable-rate)	34,300	34,300
Discounted cash flow [Member] | Carrying Value [Member]
Liabilities:
Long-term Debt, Excluding Current Maturities, Fair Value Disclosure	6,666,416	6,663,373
Discounted cash flow [Member] | Carrying Value [Member] | Level 2 [Member]
Liabilities:
Long-term debt (fixed-rate), net of discount	6,632,116	6,629,073
Long-term debt (variable-rate)	34,300	34,300
Debt issuance costs	21,100	21,500
Discounted cash flow [Member] | Subsidiaries [Member] | Fair Value [Member]
Liabilities:
Total long-term debt	4,547,348	4,379,010
Discounted cash flow [Member] | Subsidiaries [Member] | Fair Value [Member] | Level 2 [Member]
Liabilities:
Long-term debt (fixed-rate), net of discount	4,547,348	4,379,010
Discounted cash flow [Member] | Subsidiaries [Member] | Carrying Value [Member]
Liabilities:
Total long-term debt	4,787,241	4,786,765
Discounted cash flow [Member] | Subsidiaries [Member] | Carrying Value [Member] | Level 2 [Member]
Liabilities:
Long-term debt (fixed-rate), net of discount	4,787,241	4,786,765
Debt issuance costs	$ 21,000	$ 21,400

Fair Value Measurements Assets

Fair Value Measurements Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Compliance obligation	$ 94,626		$ 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	69,949	$ (7,222)	115,951	$ (44,872)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings	(18,766)	38,820
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Regulatory Assets (Liabilities)	(91)	415
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(27,532)	(1,930)
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	387	345
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	69,734	(6,010)	116,078	(42,752)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings	(18,766)	38,820
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	(27,795)	(2,254)
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	217	176
Gain (loss) on derivatives	(9,100)	38,600
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	215	(1,212)	(127)	$ (2,120)
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)	(91)	415
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	263	324
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	170	$ 169
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	189,875		681,650
Compliance obligation	79,203		0
Liabilities, Fair Value Disclosure	206,313		143,342
Fair Value, Recurring [Member] | Electric Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	135,643		337,703
Derivative Liability	77,182		87,120
Fair Value, Recurring [Member] | Natural Gas Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	54,232		343,947
Derivative Liability	49,928		56,222
Fair Value, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	106,574		561,598
Compliance obligation	79,203		0
Liabilities, Fair Value Disclosure	192,961		139,241
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	53,252		218,610
Derivative Liability	64,525		84,105
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	53,322		342,988
Derivative Liability	49,233		55,136
Fair Value, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	83,301		120,052
Compliance obligation	0		0
Liabilities, Fair Value Disclosure	13,352		4,101
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	82,391		119,093
Derivative Liability	12,657		3,015
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	910		959
Derivative Liability	$ 695		$ 1,086

Fair Value Measurements Valuati

Fair Value Measurements Valuation Techniques for Measurement with Unobservable Inputs (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) $ / MWh $ / MMBTU	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / 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	10%		10%
Fair Value Measurements, Sensitivity Analysis, Hypothetical Increase or Decrease of Market Prices, Result on Fair Value	$ 29,000,000		$ 37,600,000
Impairment of Intangible Assets, Finite-lived	0
Electric Portfolio [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gain (loss) on derivatives	$ (9,100,000)	$ 38,600,000
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	50.46		55.79
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	232.35		291.03
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	118.08		131.51
Electric Portfolio [Member] | Fair Value, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	$ 135,643,000		$ 337,703,000
Derivative Liability	77,182,000		87,120,000
Electric Portfolio [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	82,391,000		119,093,000
Derivative Liability	12,657,000		3,015,000
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	82,391,000		119,093,000
Derivative Liability	$ 12,657,000		$ 3,015,000
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	1.33		3.84
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	7.58		7
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	3.91		4.87
Natural Gas Portfolio [Member] | Fair Value, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Assets	$ 54,232,000		$ 343,947,000
Derivative Liability	49,928,000		56,222,000
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	910,000		959,000
Derivative Liability	695,000		1,086,000
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	910,000		959,000
Derivative Liability	$ 695,000		$ 1,086,000

Retirement Benefits Net Periodi

Retirement Benefits Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Qualified Pension Benefits [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	$ 4,632		$ 26,351
Defined Benefit Plan, Interest Cost	7,929		24,263
Qualified Pension Benefits [Member] | Parent Company [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	4,632	$ 6,797
Defined Benefit Plan, Interest Cost	7,929	6,087
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(12,652)	(12,777)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0
Defined Benefit Plan, Amortization of Gain (Loss)	(862)	1,628
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	(953)	1,735
Qualified Pension Benefits [Member] | Subsidiaries [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	4,632	6,797
Defined Benefit Plan, Interest Cost	7,929	6,087
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(12,652)	(12,777)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0
Defined Benefit Plan, Amortization of Gain (Loss)	0	3,806
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	(91)	3,913
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	71		557
Defined Benefit Plan, Interest Cost	424		1,253
Supplemental Employee Retirement Plan [Member] | Parent Company [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	71	139
Defined Benefit Plan, Interest Cost	424	313
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	73	72
Defined Benefit Plan, Amortization of Gain (Loss)	0	618
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	568	1,142
Supplemental Employee Retirement Plan [Member] | Subsidiaries [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	71	139
Defined Benefit Plan, Interest Cost	424	313
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	73	72
Defined Benefit Plan, Amortization of Gain (Loss)	22	663
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	590	1,187
Other Benefit [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	47		217
Defined Benefit Plan, Interest Cost	115		$ 311
Other Benefit [Member] | Parent Company [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	47	55
Defined Benefit Plan, Interest Cost	115	81
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(79)	(99)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	7	6
Defined Benefit Plan, Amortization of Gain (Loss)	(51)	(4)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	39	39
Other Benefit [Member] | Subsidiaries [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Service Cost	47	55
Defined Benefit Plan, Interest Cost	115	81
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(79)	(99)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	7	6
Defined Benefit Plan, Amortization of Gain (Loss)	(54)	(6)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	$ 36	$ 37

Retirement Benefits Change in N

Retirement Benefits Change in Net Benefit Obligation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Qualified Pension Benefits [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Benefit Obligation, Beginning Balance	$ 589,278	$ 834,960
Defined Benefit Plan, Service Cost	4,632	26,351
Defined Benefit Plan, Interest Cost	7,929	24,263
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	0	(215,005)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(11,625)	(80,226)
Administrative Expense	0	(1,065)
Defined Benefit Plan, Benefit Obligation, Ending Balance	590,214	589,278
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Benefit Obligation, Beginning Balance	32,046	43,155
Defined Benefit Plan, Service Cost	71	557
Defined Benefit Plan, Interest Cost	424	1,253
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	0	(5,260)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(485)	(7,659)
Administrative Expense	0	0
Defined Benefit Plan, Benefit Obligation, Ending Balance	32,056	32,046
Other Benefit [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Benefit Obligation, Beginning Balance	9,015	11,654
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment	0	38
Defined Benefit Plan, Service Cost	47	217
Defined Benefit Plan, Interest Cost	115	311
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	0	(2,397)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(438)	(808)
Administrative Expense	0	0
Defined Benefit Plan, Benefit Obligation, Ending Balance	8,739	9,015
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, 2023	Mar. 31, 2022	Dec. 31, 2023
Subsidiaries [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Interest Credit	4%
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%
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%
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			3.5
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 ($) $ in Thousands									3 Months Ended		12 Months Ended
	Jan. 11, 2023	Jan. 10, 2023	Dec. 22, 2022	Nov. 15, 2022	Nov. 01, 2022	Nov. 01, 2021	Sep. 28, 2021	Jul. 08, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2018
Regulatory Assets [Line Items]
Income tax (benefit) expense									$ 2,198	$ 19,811
Depreciation and amortization									188,717	164,576
Other regulatory assets									827,659				$ 784,231
Revenues									1,541,187	1,193,437
Compliance obligation									94,626				0
Subsidiaries [Member]
Regulatory Assets [Line Items]
Income tax (benefit) expense									2,409	34,856
Annual Power Cost Variability, Interest									1,100	300
Depreciation and amortization									187,043	163,704
Other regulatory assets									827,659				784,231
Purchased gas adjustment receivable									(102,914)				(3,536)	$ 57,935
Rate Plan, number of years		2 years
Compliance obligation									94,626				0
Subsidiaries [Member] | Under-collection [Member]
Regulatory Assets [Line Items]
Annual Power Cost Variability, Amount									(12,900)	10,600			110,100	68,000
Subsidiaries [Member] | Under-collection [Member] | Companys share [Member]
Regulatory Assets [Line Items]
Annual Power Cost Variability, Amount													35,500	31,300
Subsidiaries [Member] | Under-collection [Member] | Customer's share [Member]
Regulatory Assets [Line Items]
Annual Power Cost Variability, Amount									0	0			74,600	36,700
Subsidiaries [Member] | Under-collection [Member] | Customer's share plus interest
Regulatory Assets [Line Items]
Annual Power Cost Variability, Amount													76,100	38,400
Subsidiaries [Member] | Maximum Power | Customer's share plus interest
Regulatory Assets [Line Items]
Annual Power Cost Variability, Amount													20,000	$ 20,000
Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Storm Damage Costs Incurred During Period									6,100	2,200
Public Utilities, Rate Case, Deferred Storm Costs Threshold															$ 10,000
Public Utilities, Rate Case, Deferred Storm Qualifying Costs															$ 500
Compliance obligation									11,300
Subsidiaries [Member] | Natural Gas, US Regulated [Member]
Regulatory Assets [Line Items]
Compliance obligation									83,300
General Rate Case [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount							$ 48,300
Public Utilities, Approved Rate Increase (Decrease), Percentage							2.30%
Public Utilities, Approved Debt Capital Structure, Percentage			7.16%					7.39%
General Rate Case [Member] | Subsidiaries [Member] | Natural Gas, US Regulated [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount							$ 4,900
Public Utilities, Approved Rate Increase (Decrease), Percentage							0.60%
General Rate Case [Member] | Maximum [Member] | Subsidiaries [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Debt Capital Structure, Net of Tax, Percentage			6.62%					6.80%
Public Utilities, Approved Equity Capital Structure, Percentage			49%					48.50%
Public Utilities, Approved Return on Equity, Percentage			9.40%					9.40%
Decoupling Mechanism [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Contract with Customer, Liability, Revenue Recognized									0
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					$ 155,300	$ 59,100
Purchased natural gas costs									138,178				457,950
Purchased natural gas costs, recoverable									(234,372)				(496,879)
Purchased natural gas adjustment, interest									(348)				1,674
Out of Cycle PGA						69,400
Purchased natural gas costs, credit for CP settlement				$ (24,200)					(2,836)				$ (24,216)
Power Cost Only Rate Case | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount	$ 0
Purchased Gas Adjustment, Schedule 101 | Subsidiaries [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount					142,100	80,600
purchased gas adjustment, Schedule 106 106B | Subsidiaries [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount					$ 13,200	$ (21,500)
Storm that occurred in 2021 | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Storm Damage Costs Deferred During Period										100
Storm that occurred in 2022 | Subsidiaries [Member] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Storm Damage Costs Deferred During Period									2,300	$ 0
Storm that occurred in 2023 | 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] | Electricity, US Regulated [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount											$ 33,100	$ 247,000
Public Utilities, Approved Rate Increase (Decrease), Percentage											1.30%	10.80%
Forecast [Member] | General Rate Case [Member] | Subsidiaries [Member] | Natural Gas, US Regulated [Member]
Regulatory Assets [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount											$ 19,500	$ 70,800
Public Utilities, Approved Rate Increase (Decrease), Percentage											1.70%	6.40%

Schedule of Power Cost Adjustme

Schedule of Power Cost Adjustment Mechanism (Details) - Subsidiaries [Member] $ in Millions		3 Months Ended		12 Months Ended
	Jan. 01, 2017	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Interest		$ 1.1	$ 0.3
Under-collection [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Amount		(12.9)	10.6	$ 110.1	$ 68
Under-collection [Member] | Companys share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Amount				35.5	31.3
Under-collection [Member] | Customer's share [Member]
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Amount		$ 0	$ 0	74.6	36.7
Under-collection [Member] | Customer's share plus interest
Regulatory Assets and Liabiliaties [Line Items]
Annual Power Cost Variability, Amount				76.1	38.4
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) $ in Thousands	Mar. 31, 2023 USD ($)
Subsidiaries [Member]
Loss Contingencies [Line Items]
Contractual Obligation	$ 3,300,000
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 45,700
Colstrip Units 1 and 2 [Member] | Colstrip Units 1 and 2 [Member]
Loss Contingencies [Line Items]
Ownership interest (percent)	50%
Colstrip Units 3 and 4 [Member] | Colstrip Units 3 and 4 [Member]
Loss Contingencies [Line Items]
Ownership interest (percent)	25%

Leases - Supplemental balance s

Leases - Supplemental balance sheet information related to leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Description [Abstract]
Operating Lease, Right-of-Use Asset	$ 190,640	$ 193,509
Operating Lease, Liability, Current	20,254	20,342
Operating Lease, Liability, Noncurrent	$ 177,516	$ 181,265

Other - Narrative (Details)

Other - Narrative (Details) - USD ($)			3 Months Ended
	Sep. 26, 2022	Apr. 28, 2022	Mar. 31, 2023	Dec. 31, 2022	May 16, 2022	Mar. 17, 2022
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 800,000,000
Line of Credit Facility, Maximum Amount Outstanding During Period			$ 135,000,000
Short-term debt			237,700,000	$ 441,300,000
Line of Credit, Current			100,700,000
Long-term Line of Credit, Noncurrent			34,300,000
Proceeds from Lines of Credit	$ 50,000,000
Subsidiaries [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 800,000,000
Commercial Paper			137,000,000
Short-term debt			137,000,000	$ 357,000,000
Working Capital Needs [Member] | Subsidiaries [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period			$ 0
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%
5.625% Senior Secured Note Due 2022 | Senior Secured Note
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.625%
Long-term debt, Principal		$ 450,000,000
Debt Instrument, Increase, Accrued Interest		7,200,000
Extinguishment of Debt, Amount		$ 457,200,000