The extremely higher costs of natural gas and electricity lastyear are reflected in the financial results announced Tuesday byone of the Pacific Northwest’s major combination energy companies,Bellevue, WA-based Puget Energy. The holding company for the stateof Washington’s largest investor-owned utility, Puget Sound Energy,recorded $40 million in receivables for excess power provided toCalifornia’s independent grid operator, Cal-ISO.

Revenues increased to $3.4 billion, compared to $2.1 billion in1999, but most of the increase was attributable to the higher gasand power costs. Net income increased to $184.8 million last year,compared to $174.5 in 1999. About one-third of Puget’s revenues andnet income came in the fourth quarter when the company saw”improved results primarily due to favorable energy margins fromincreased wholesale electric sales” during the period, compared toresults in the comparable period a year earlier. Fourth quarterrevenues were $1.2 billion and earnings were $67 million, comparedto $645 million in revenue and $57 million in net income the samequarter in 1999.

“Within the utility, careful management of electric supplyresources, coupled with one of the most efficient distributionoperations in the country, led to good results despite extremeprice-volatility experienced in the West Coast wholesale powermarkets,” said William Weaver, Puget Energy president/CEO. “Thecompany has avoided the financial difficulties experienced by otherWest Coast utilities by being slightly long on electricity supplyresources, during a time of volatile high prices in the energymarkets.”

©Copyright 2001 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.