PSE sale should be rejected, agency staff say

The Olympian • Published June 18, 2008

The sale of Puget Sound Energy to a consortium of foreign investors should be rejected, two key parties in the controversial sale recommended today.

Staff to the state Utilities and Transportation Commission and the public counsel section of the state Attorney General's Office concluded that the $7.4 billion sale of the state's largest private utility posed too much financial risk to ratepayers through increased debt required to finance the sale.

PSE officials have pressed for the buyout, claiming they need a $5 billion infusion of cash in the years ahead to pay for new energy supplies and infrastructure to serve an ever-increasing customer base.

The utility serves 1 million electric customers and 725,000 natural gas customers in Western Washington, including Thurston County.

The UTC still has the final say on whether the buyout is rejected or approved, and is not bound by the staff recommendation. .