Puget Sound Energy announced this week “that 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 bill credit is the mechanism to be used to distribute half of $109 million that resulted from the sale of PSE’s utility operations in Jefferson County, to all PSE customers.
A Sept. 11, 2014, press release from the Washington State Utilities and Transportation Commission, said that the company was ordered to credit customers after the utility had initially wanted to retain all but $15 million.
The company proposed that that portion be “returned to customers as a ‘voluntary sharing’ for the proceeds of this sale.” However, that figure was contested by state regulators. The utility was ordered to return one-half of the sales proceeds plus interest, to customers via the bill credit mechanism.
The total amount to be paid to PSE customers is $59.2 million, which includes interest that has accrued since the sale was finalized in 2010.
The distribution will include every current PSE electric customer, both residential and business, to 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.
PSE provides electricity to more than 1.1 million customers in eight counties in Western and Central Washington.
