PSE Electric Customers to Receive One-Time Credit

Puget Sound Energy customers will notice a pleasant surprise on their winter power bills: a one-time credit applied to December and January bills that will save the average residential electric customer about $40. The credit passes along the financial benefit of sale of PSE’s assets in Jefferson County in 2010.
The total amount to be paid to PSE customers will be $59.2 million, which includes interest that has accrued. PSE provides electricity to more than 1.1 million customers in eight counties: Island, King, Kitsap, Kittitas, Pierce, Skagit, Thurston, and Whatcom.

How the Credits Will Work

? Every current PSE electric customer, residential and business, will receive the credit.
? Customers will not need to request the credit; it will automatically appear on their billing statements.
? Because of varying billing cycles, most customers will see a portion of the credit on their December statement, and the remainder on their January bill.
? The credits will be based on electricity used during the month of December.

Earlier this month, the state Utilities and Transportation Commission (UTC) approved the distribution to customers of $52.7 million, plus interest, from the proceeds of PSE’s sale of its Jefferson County infrastructure.
The UTC approved PSE’s request to distribute the credit through a one-time payout during winter, since it will be a benefit to customers when electric bills are typically higher due to colder weather and shorter daylight hours.