BELLEVUE, Wash.--(BUSINESS WIRE)--Puget Sound Energy, utility subsidiary of Puget Energy (NYSE:PSD - News), and Puget Holdings LLC, a consortium of long-term infrastructure investors committed to supporting and strengthening Washington’s oldest and largest energy utility, today announced that their proposed merger will immediately benefit PSE customers by providing $100 million in rate credits and reduced costs.In testimony scheduled to be filed later this afternoon with the Washington Utilities and Transportation Commission (UTC), which is reviewing the proposed merger announced in October 2007, the Puget Holdings investors reaffirmed their financial support of PSE’s $5 billion capital program ($1 billion annually over the next five years) to meet the critical energy, environment and economic needs of the region and outlined additional commitments that will protect and benefit customers.
“We have a group of patient investors who have listened and take seriously the issues raised by the interested parties in the merger case,” said Stephen P. Reynolds, chairman, president, and CEO for PSE and Puget Energy. “The investors are willing to go the extra mile to demonstrate their long-term commitment to our customers and make sure our local management team and employees succeed in improving customer service, are sensitive to rates, and meet the critical infrastructure and growing energy supply needs of the region.”
Today’s filings by PSE, the Puget Holdings investors and outside experts correct inaccuracies, outline customer benefits and make additional commitments in response to issues raised last month by the interested parties in the case. Customer benefits include tangible rate credits and meaningful service improvements, capital infusions to strengthen the utility, and, if required, limitations on distributions of earnings. The filings also include additional commitments to continue PSE’s aggressive approach to renewable energy and to PSE’s Green Power and energy efficiency programs. PSE also agrees to set a goal to be carbon neutral by 2050, making it the first such investor-owned utility in the region.
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