UTC approves Puget Sound Energy sale

In a 2-1 opinion, the Washington Utilities and Transportation Commission approved the pending sale of Puget Sound Energy for $7.4 billion. The UTC announced Tuesday afternoon that Washington's largest private utility can be sold to New York-based Puget Holdings LLC, a company held by foreign investors.

The commission concluded the sale, subject to conditions to protect customers and the public interest, would be "consistent with the public interest" and would not harm ratepayers. Commissioner Philip Jones opposed the sale.

The Attorney General’s Public Counsel Section, which advocates for the interests of consumers on major rate cases, had repeatedly expressed concerns that the settlement provisions do not do enough to address public interest concerns with the sale.

“This is a lengthy order and we’re still reviewing the details, but our initial review leads to disappointment,” said Public Counsel Section Chief Simon ffitch. “We believe the thousands of Puget Sound Energy customers who voiced their opposition to this sale will feel the same."

• UTC decision (163 pages)
• ffitch's full statement
• UTC news release