Bellevue

Following a depressed 2004 earnings report earlier in the year, Bellevue, WA-based Puget Energy’s senior management Thursday issued somewhat modest earnings guidance for this year and next, in the $1.30/diluted share to $1.55/diluted share range. The company set an Internet-based webcast for 10 a.m. EST Friday in which the CEO and CFO will discuss the latest estimates (www.pse.com).

Citing $24 million in state regulatory disallowances for its utility, Bellevue, WA-based Puget Energy Thursday reported a net loss of $6.8 million, or 7 cents/share, for the second quarter, compared with profit of $20.6 million, or 22 cents/share, for the same period last year.

Drawing lots of lender interest, Bellevue, WA-based Puget Energy announced Wednesday that it obtained two new lines of credit totaling $500 million, involving 17 foreign and domestic banks and including a three-year $350 million unsecured credit line for its major utility subsidiary, Puget Sound Energy (PSE). Its nonutility construction arm, InfrastruX Group, will have a three-year, $150-million line for its operations nationally. Puget said the new credit facility will be used for general corporate purposes, and specifically for the utility, it will be used “primarily to back up the insurance of commercial paper, one of the company’s least expensive sources of borrowed funds.”

Citing the need to enhance customer service and stabilize energy costs, Bellevue, WA-based Puget Sound Energy (PSE) Monday asked state of Washington regulators for a $128.8 million general rate increase, or between 5% and 7% for its electric and natural gas customers in the western half of Washington.

Bellevue, WA-based Puget Sound Energy (PSE) reported Tuesday that a bad investment in a venture capital fund for energy start-ups lowered its 2003 earnings by $4 million.

Bellevue, WA-based Puget Energy Tuesday reported it was lowering its 2003 earnings by $4 million based on recent information about losses at an energy-focused venture capital fund that its utility had invested in starting in 1997. The revision was reported in a 10-K filing to the Securities and Exchange Commission.

In response to the big arctic freeze across the Pacific Northwest, Bellevue, WA-based Puget Sound Energy reported Tuesday an all-time record natural gas send-out of 716 MMcf last Sunday, and a near-record electricity send-out of 4,540 MW Monday in its territory in western Washington, surrounding the greater Seattle metropolitan area.

Putting its stock where it business strategy is focused, Bellevue, WA-based Puget Energy Friday announced it was selling about $100 million of common stock to mutual funds managed by Franklin Advisers, based in San Mateo, CA, at a discount to the Oct. 30, 2003 price at $22/share. Net proceeds will go entirely to support Puget’s regulated combination utility, Puget Sound Energy (PSE).

Bellevue, WA-based Puget Sound Energy Friday asked state regulators for an overall 13.3% natural gas rate increase, effective Oct. 1, to cover its higher wholesale gas supply costs. The Puget Energy subsidiary made the filing under a “purchased gas adjustment” (PGA) process established by the Washington Utilities and Transportation Commission.