Sound

In separate filings Tuesday, Puget Sound Energy (PSE) asked Washington state regulators for a $91 million natural gas utility rate increase, effective Oct. 1, and to extend low-income assistance and some electric power credits from the federal Bonneville Power Administration (BPA). The moves, if approved by the Washington Utilities and Transportation Commission (WUTC), would affect 1 million electric and 760,000 natural gas PSE customers.

A memorandum of understanding (MOU) that would give Sound Energy Solutions (SES) exclusive development rights for its Long Beach, CA, liquefied natural gas (LNG) import terminal is set to expire the end of this week, and the oversight board of the Port of Long Beach is considering whether to extend the agreement. Both sides told NGI that regardless of what the Harbor Commission does, permitting and environmental review work by both sides will continue on the project.

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.

Belllevue, WA-based Puget Energy, holding company for the combination utility, Puget Sound Energy (PSE), announced late Wednesday its earnings for the third quarter were reduced by about half of the results for the same period last year, and that the holding company plans to sell 15 million shares of common stock to fund utility operations and reduce short-term debt tied to a nonutility merchant construction business. Puget shares were selling at $20.85 early Thursday.

Citing a 60% boost in wholesale natural gas prices during the past 12 months, Puget Sound Energy (PSE) asked Washington state regulators Monday to raise its retail natural gas utility rates by an average of 14.7% across all customer groups. The increase would be more, but the utility has hedged a large amount of required supplies.

In a new long-range forecast, Puget Sound Energy (PSE) estimates that it will need an additional 2,000 MW of power generation by 2025 due to population and business growth in its service territory as well as expiring purchased-power contracts with other Northwest utilities and power producers.

Puget Energy, the Bellevue, WA-based holding company for the Puget Sound Energy (PSE) electric and natural gas utility operations, Thursday reported increased first-quarter earnings with net income of $71.1 million, or 71 cents/diluted share, compared with $66.4 million, or 67 cents/diluted share for the same period last year. PSE reported utility earnings of $72.2 million, or 72 cents/share, and a nonutility construction services unit, InfrastruX Group, reported a $1 million loss, for the same quarter.

While the public scuffling between pro and con factions gain most of the attention, the key to the eventual development of Sound Energy Solution’s (SES) LNG import terminal in the Port of Long Beach, CA, is an environmental impact review (EIR) currently in “administrative draft” form, according to Robert Kanter, the Port’s planning director. The EIR should be released for public comment by mid-June, he said.