August 27, 2016 8:58 PM ET

Multi-Utilities

Company Overview of Puget Sound Energy Inc.

Company Overview

Puget Sound Energy, Inc., a public utility company, engages in the generation, transmission, distribution, purchase, and sale of electricity in the United States. The company is also involved in the purchase, transportation, sale, and distribution of natural gas. It generates electricity from coal, natural gas, wind, oil, and hydroelectric sources. As of December 31, 2015, the company’s electric power resources, including company-owned or controlled resources, as well as those under long-term contracts had a total capacity of approximately 4,887 megawatts. It serves residential, commercial, industrial, and other customers principally in the Puget Sound region, Washington. The company was inc...

10885 NE 4th Street

Suite 1200

Bellevue, WA 98004

United States

Founded in 1960

2,800 Employees

Phone:

425-454-6363

Key Executives for Puget Sound Energy Inc.

Chief Executive Officer, President and Director
Age: 51
Chief Financial Officer and Senior Vice President
Age: 58
Senior Vice President of Operations
Age: 52
Chief Administrative Officer and Senior Vice President
Age: 55
Chief Ethics & Compliance Officer, Senior Vice President and General Counsel
Age: 54
Compensation as of Fiscal Year 2016.

Puget Sound Energy Inc. Key Developments

Puget Sound Energy Agrees to Shut Down Part of Montana Coal-Power Plant

Puget Sound Energy has reached an agreement to close part of its Montana coal-fired power plant by 2022. Under a settlement with the Sierra Club and Montana Environmental Information Center, PSE and Talen Energy will shut down the two oldest units of the Colstrip Generating Station, which the companies co-own, by July 1, 2022. In return, the environmental organizations will drop their allegations that the plant has violated the federal Clean Air Act, which stem from a 2013 lawsuit filed with the U.S. District Court in Missoula. The Clean Air Act allows the U.S. Environmental Protection Agency and Department of Justice 45 days to review the settlement and possibly intervene or comment, according to court records. The settlement allows PSE to avoid potentially costly pollution controls at the two units in the future, as well as move toward energy that's considered cleaner than coal.

Talen Montana, LLC Reaches Settlement with Puget Sound Energy, Avista Corporation, Portland General Electric Company, Northwestern Corporation and PacifiCorp

Talen Montana, LLC and the five other owners of the Colstrip Steam Electric Station (Puget Sound Energy, Avista Corporation, Portland General Electric Company, NorthWestern Corporation and PacifiCorp) have reached a proposed settlement in a lawsuit filed in 2013 by Sierra Club and the Montana Environmental Information Center under the Clean Air Act. The proposed consent decree, if approved by the United States District Court for the District of Montana, would resolve the litigation against all four Colstrip units and provide liability releases to the owners of all four units. The core elements of the proposed settlement include a commitment to cease operations of Units 1 and 2 on or before July 1, 2022, and liability releases for the owners of all four units, without requiring monetary payments to the plaintiffs. Apart from outright dismissal of all claims against Units 3 and 4, those units are not affected by the proposed settlement. Aside from the July 1, 2022 deadline in the proposed settlement, there is no formal plan or timeline currently in place for retiring Units 1 and 2.

Puget Energy, Inc. and Puget Sound Energy, Inc. Announce Executive Changes

On May 5, 2016, the Boards of Directors of Puget Energy Inc. and its wholly owned subsidiary, Puget Sound Energy Inc. appointed Matthew Marcelia to serve as Controller and Principal Accounting Officer, effective May 16, 2016. Mr. Marcelia replaces Michael J. Stranik, who on May 5, 2016, the Board appointed to serve as Director, Financial Planning & Budgeting, also effective May 16, 2016. Prior to his appointment as Controller and Principal Accounting Officer, Mr. Marcelia, 48, has served as Director, Tax of the Company since January 2005. Previously, he served as Manager, Tax of the Company from 2003 to 2005, and prior to that he was a tax manager with PricewaterhouseCoopers LLP.

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