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Puget Sound Energy

Puget Energy is an energy services holding company incorporated in the state of Washington in 1999.  Substantially, all of its operations are conducted through its regulated subsidiary, Puget Sound Energy Inc. (PSE), a utility company.  Puget Energy also has a wholly-owned, non-regulated subsidiary, Puget LNG, LLC (Puget LNG), which was formed in 2016 and has the sole purpose of owning, developing and financing the non-regulated activity of a liquefied natural gas (LNG) facility at the Port of Tacoma, Washington. Puget Energy is owned through a holding company structure by Puget Holdings, LLC (Puget Holdings).   All of Puget Energy's common stock is indirectly owned by Puget Holdings, LLC (Puget Holdings). Puget Holdings is owned by a consortium of long-term infrastructure investors including the Canada Pension Plan Investment Board, the British Columbia Investment Management Corporation (BCI), the Alberta Investment Management Corporation (AIMCo), Ontario Municipal Employee Retirement System (OMERS) and PGGM Vermogensbeheer B.V. The sale of previous owners', Macquarie Infrastructure Partners and Macquarie Capital Group Limited, shares to OMERS, PGGM Vermogensbeheer B.V., AIMCo and BCI was approved by various federal and state agencies including that of the Washington Utilities and Transportation Commission (Washington Commission), and closed on April 17th, 2019. Puget Energy and PSE are collectively referred to herein as “the Company.”

Calendar

3 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 20 Mar 20 Sep 19 Jun 19
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Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
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Financial report summary

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Management Discussion
  • Electric operating revenues increased $30.4 million from the prior year primarily due to an increase in electric retail sales of $48.6 million and an increase in other decoupling revenue of $1.6 million; partially offset by a decrease in decoupling revenue of $14.0 million and a decrease in sales to other utilities of $6.6 million. These items are discussed in detail below.
  • •Electric retail sales increased $48.6 million due to an increase of $30.5 million in rates compared to the prior year and an increase of $18.1 million from an increase in retail electricity usage of 3.3%. The increase in rates is primarily due to the tariffs filed pursuant to the Company's most recent PCORC effective July 1, 2021. See Management's Discussion and Analysis, "Regulation and Rates" included in Item 2 of this report for rate changes. The increase in retail usage was due to an increase in residential and commercial usage of 5.5% and 1.2%, respectively. Residential usage increased due to an increase in heating degree days of 52.8% due to lower than normal temperatures in three months ended June 30, 2022. The increase in commercial usage was also driven by employees returning to work after business shut downs and lack of staffing in 2021 due to COVID-19.
  • •Sales to other utilities decreased $6.6 million due to lower sales volume of 33.9%, which were the result of decreased volume from PSE's gas-fired generation of 64.2%, driven by decreased value in the market. The decrease was partially offset by a 14.1% increase in price of market sales driven by an increase in natural gas prices nationwide following constrained supply along with increased demand from overseas markets.

Content analysis

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New words: adequacy, advertising, attract, communication, discontinued, faster, Horse, lived, NERC, Overnight, SOFR, software, wage, Wild
Removed: megawatt, mild, PSCAA