“A group of Canadian investors is buying Puget Sound Energy, the state’s largest private utility.
Puget Energy, the parent company, says the consortium is paying a 25 percent premium over yesterday’s closing stock price….
Puget Sound Energy has more than one million electricity customers and 721,000 natural gas customers in 11 counties, mostly in Western Washington,” quoting The Olympian.
Did Puget Power just come closer to being privatized? YES!
Here is what the Seattle P-I had to say,
“An agreement to sell Puget Sound Energy to a group of private investors would give the state’s largest gas and electricity supplier a $5 billion cash infusion to satisfy renewable-resource laws, strengthen its network against storm damage and accommodate the region’s growing population, the company said Friday [Oct. 26]…
Spokespeople from the Federal Energy Regulatory Commission and the Washington Utilities and Transportation Commission said their examinations of the proposed sale will focus on whether it would serve the public interest…
The state Attorney General’s Office said in a statement that its public counsel section “will be looking at how this major change in ownership could impact rates, service quality and infrastructure reliability.”