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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
November 13, 1998 November 2, 1998
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(Date of earliest
event reported)
PUGET SOUND ENERGY, INC.
(Exact name of registrant as specified in its charter)
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Commission File Number 1-4393
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Washington 91-0374630
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
411 - 108th Avenue N.E., Bellevue, Washington 98004-5515
(Address of principal executive offices)
(425) 454-6363
(Registrant's telephone number, including area code)
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ITEM 5: OTHER EVENTS
On November 2, 1998, Puget Sound Energy, Inc. (the "Company") announced
that it had entered into a definitive Asset Purchase Agreement (the "Agreement")
with PP&L Global, Inc., ("PP&L Global"), a subsidiary of PP&L Resources, Inc., a
utility holding company headquartered in Pennsylvania, in which PP&L Global
agreed to purchase for cash the Company's interest in the Colstrip coal-fired
generating plant located in Montana representing approximately 736 MW of
capacity and related high-voltage transmission lines.
The sales price is expected to be $549 million before taxes and expenses.
The net book value of these assets and related regulatory assets is
approximately $464 million.
In two related transactions, PP&L Global agreed to purchase from The
Montana Power Company its generation assets, including its interest in the
Colstrip plant, totaling approximately 1,556 MW, and from Portland General
Electric Company, its interests in the Colstrip plant totaling approximately 322
MW.
These sales are subject to the satisfaction of various conditions and the
receipt of required regulatory approvals. The Company anticipates this
transaction will be completed by the end of 1999.
This Form 8-K contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934. Forward-looking statements
should be read with the cautionary statements and important factors included in
the Company's Annual Report on Form 10-K for the year ended December 31, 1997 at
Item 7, "Management's Discussion and Analysis of Financial Conditions and
Results of Operations." Forward-looking statements are all statements other than
statements of historical fact, including without limitation those that are
identified by the use of the words "expects," "believes," "anticipates" and
similar expressions.
ITEM 7: EXHIBITS
Exhibit
Number Description
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2a Asset Purchase Agreement
99a Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PUGET SOUND ENERGY
Date:November 13, 1998 By:
James W. Eldredge
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James W. Eldredge
Corporate Secretary & Controller