Bellevue

Projecting continued stability and downward movement in wholesale prices, Bellevue, WA-based Puget Sound Energy (PSE) proposed a 13% drop in its retail natural gas utility rates Thursday in a filing with the Washington Utilities and Transportation Commission. PSE wants to make the rate cut effective Oct. 1. In a separate filing the utility also asked to lower a low-income surcharge.

With a new state global climate change law and increasing industry pressure, Bellevue, WA-based Puget Sound Energy (PSE) Thursday sent a considerably more conservation- and clean energy-focused integrated resource plan (IRP) to the Washington Utilities and Transportation Commission (WUTC). It emphasizes energy-saving programs, renewable resources and natural gas-produced electricity supplies over the next 20 years.

With a new state global climate change law and increasing industry pressure, Bellevue, WA-based Puget Sound Energy (PSE) Thursday sent a considerably more conservation- and clean energy-focused integrated resource plan (IRP) to the Washington Utilities and Transportation Commission (WUTC), carrying implications for future natural gas-fired power generation in the Pacific Northwest. The new IRP emphasizes energy-saving programs, renewable resources and natural gas-produced electricity supplies over the next 20 years.

In response to the industrywide sunburn developing from global warming concerns, Bellevue, WA-based Puget Sound Energy (PSE) this spring is rolling out a stepped-up smorgasbord of energy-saving programs with the dual purpose of combating global climate change and rising wholesale energy prices. The combination Puget Energy utility said it is increasingly directing more of its resources in western Washington state to “helping customers conserve electricity and natural gas.”

In the wake of a major nonutility sale and the creation of a utility-connected charitable foundation, Bellevue, WA-based Puget Energy Thursday reported sharply increased second quarter profits of $53.5 million, or 46 cents/diluted share, compared with $13.9 million, or 14 cents/diluted share, for the second quarter in 2005. Utility earnings at Puget Sound Energy (PSE) shot up by $17.9 million for the second quarter — $30.1 million, compared with $12.2 million in the same period last year.

On the heels of its $275 million construction company sale that boosted profits, Bellevue, WA-based Puget Energy Thursday reported net income of $92.6 million, or 79 cents/diluted share, for the first quarter, compared with $71.1 million, or 71 cents/diluted share, for the same period last year. The first quarter profits included $18.9 million, or 16 cents/diluted share, from the company’s former construction services unit, InfrastruX Group.

Driven by continuing high wholesale natural gas costs and demand for infrastructure upgrades for both gas and electric utility distribution systems, Bellevue, WA-based Puget Sound Energy (PSE) late Wednesday filed with state of Washington regulators for a combined gas and electric rate increase collectively totaling $200 million in added revenues. This is PSE’s second general rate case filing in less than two years, and the regulatory review process may take up to 11 months.

Putting behind some negative results at times over the past two years, Bellevue, WA-based Puget Sound Energy (PSE) had its relatively high investment-grade credit rating affirmed by Standard & Poor’s Ratings Services at year-end Friday, sticking with a “BBB-” corporate rating for the PSE utility and its parent, Puget Energy. The outlook, S&P said, is stable for the combination utility serving the northwestern parts of the state of Washington.

As previewed last week, Bellevue, WA-based Puget Energy, holding company for combination utility Puget Sound Energy (PSE), reported reduced third quarter earnings Tuesday. Net income from continuing operations totaled $5.9 million, or 6 cents/share, compared with $9.4 million, or 9 cents/share, for the same period in 2004, the company said.