July 2, 2008

Utility Outlines Environmental Benefits From Merger

In testimony filed with the Washington Utilities and Transportation Commission, the investor group Puget Holdings supports Puget Sound Energy’s $5 billion capital program to meet the energy, environmental and economic needs of the region, the company announced.

A proposed merger between the two will immediately benefit customers of Puget Sound Energy by providing $100 million in rate credits and reduced costs, Puget Energy says. Customer benefits outlined in the testimony also include an expansion of renewable energy and energy efficiency commitments, and a goal of carbon neutrality by 2050.

The companies expect the commission to issue a decision on the merger, which has already been approved by both the Federal Energy Regulatory Commission and shareholders, in September 2008.

The company says the merger will also apply $88 million in rate credits on customer bills ($8.8 million in each of the next 10 years), and reduce costs by $12 million over 10 years ($1.2 million per year). The company says it increase its mechanism that helps low-income customers pay their energy bills.

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