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Bellevue, Wash.-based Puget Sound Energy (PSE), utility subsidiary of Puget Energy; Puget Holdings LLC, a consortium of long-term infrastructure investors; the staff of the Washington Utilities and Transportation Commission (UTC); the Industrial Customers of Northwest Utilities; Northwest Industrial Gas Users; the Energy Project; the Northwest Energy Coalition and The Kroger Co. have filed a settlement stipulation with the UTC outlining the terms of their settlement agreement in the PSE merger case being reviewed by the UTC.

The settlement addressed the following areas:

- the level of debt to be incurred in the acquisition,

- bond ratings of PSE,

- dividend restrictions,

- ability of PSE to finance its capital expenditures,

- programs for low income customers, and

- renewable energy and energy efficiency.

As part of the settlement stipulation, the parties have requested that the UTC suspend the current procedural schedule and set a pre-hearing conference as soon as possible to determine a procedural schedule for hearing on the settlement and the other evidence in the case.

The settling parties will jointly seek commission approval of the merger application as outlined in the settlement stipulation.

SOURCE: Puget Energy


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