Puget Energy — Debt Investor Presentation (2025)
20 slides from Puget Energy's debt investor presentation, 2025
Slide 1: Puget Energy Fixed Income Investor Presentation Spring 2025
Puget Energy Fixed Income Investor Presentation Spring 2025
Slide 2: Cautionary Statement
Cautionary Statement Information Current as of February 20, 2025 (except as expressly noted) Except as expressly noted, the information in this presentation is current as of February 20, 2025 – the date on which Puget Energy, Inc. (“PE”) and Puget Sound Energy, Inc. (“PSE” and, together with PE, “Pu
Slide 3: Puget Team Members
Puget Team Members Jamie Martin Jon Piliaris Cara Peterman Senior Vice President & Vice President Chief Risk Officer & Chief Financial Officer Regulatory Affairs Corporate Treasurer 3
Slide 4: Key Credit Highlights
Key Credit Highlights Pure Play Vertically Integrated Utility Diverse Customer Base and A Strong Puget Energy (“PE”) owns Puget Sound Energy Economic Environment (“PSE”), Washington’s oldest and largest investor- PSE’s service territory boasts a strong economy owned utility, providing 99% of PE’s re
Slide 5: Puget Energy Overview
Puget Energy Overview Owns Washington state’s oldest and largest utility, PSE PSE is a regulated investor-owned utility (“IOU”) serving 1.25M electric customers and 881K gas customers in 10 counties, covering approximately 6,000 square miles, located primarily in Western Washington Undergoing a si
Slide 6: Business Updates
vy Business Updates PugetEnergy =
Slide 7: 2024 PSE GRC Results
2024 PSE GRC Results The Commission acknowledged the importance of the Company’s financial health and approved more than 80% of the requested revenue increase ROE: 9.8% in 2025 and 9.9% in 2026, an increase from 9.4% Equity Ratio: Remains 49% in 2025 and increases to 50% in 2026 Rate Base: Increment
Slide 8: Wildfire Risk Overview
Wildfire Risk Overview PSE specific considerations Approximately 2.5% of customers located in high fire threat areas (~30,000 customers ) Approximately 8% of overall PSE overhead system in high fire threat areas 745 miles of overhead distribution in high fire threat area 166 miles of overhead transm
Slide 9: Wildfire Mitigation Initiatives and Progress
Wildfire Mitigation Initiatives and Progress ACCOMPLISHED IN 2025-2026 2024 TARGET Overhead hardening 12.6 23.4 Increasing the resilience of our overhead infrastructure through conductor upgrades and the installation of covered conductor. MILES MILES Pole replacements 613 619 Distribution and transm
Slide 10: Progress Towards CETA Goals
Progress Towards CETA Goals 2025 2030 2045 Coal-free 80% clean electricity / 100% electricity 100% carbon neutral clean electricity Notable Updates in 2024 Scheduled to transfer Colstrip to NorthWestern Energy on December 31, 2025 Contracted and acquired 1,000+ MW of long-term CETA-qualifying resour
Slide 11: Financial Updates
vy Financial Updates PugetEnergy =
Slide 12: PSE Revenue and Adjusted Net Income
PSE Revenue and Adjusted Net Income1 Revenue Adjusted Net Income and Adjusted ROE1 ($ in millions) ($ in millions) Adjusted Net income1 and Adjusted ROE1 results Authorized ROE to Actual 2024 Adjusted ROE1 in 2024 were primarily driven by regulatory lag from investments not yet in rates, higher powe
Slide 13: Growing Capex to Support Clean Energy, System Safety and Reliability
Growing Capex to Support Clean Energy, System Safety and Reliability Historical and Projected Capital Expenditures (PE)1 2025-2027 capital ($ in millions) Actual Projected expenditures are focused on: $2,500 Clean generation resources Grid modernization $2,000 Reliability $1,500 Capacity $2,421 $1,0
Slide 14: Manageable Debt Profile, Ample Liquidity and Stable Credit Ratings
Manageable Debt Profile, Ample Liquidity and Stable Credit Ratings Debt Maturity Profile (12/31/2024) Liquidity Profile (12/31/2024) ($ in millions) ($ in millions) PE Credit Ratings1 Capitalization (12/31/2024) Corporate Sr. Secured Outlook $’s in millions PSE PE BBB- BBB- Stable Long-term Debt $5,
Slide 15: Concluding Takeaways
Concluding Takeaways Pure Play Vertically Integrated Utility Increasingly Constructive Regulatory Environment Clean Energy Leader Diverse Customer Base and a Strong Economic Environment Wildfire Risk Mitigation Progress Continues Committed To Investment Grade Ratings 15
Slide 16: Appendix
2 Appendix PugetEnergy =
Slide 17: Oversight of Retail Electric and Natural Gas
Oversight of Retail Electric and Natural Gas The Washington Utilities and Transportation Name, party, Photo Biography role, and tenure Commission (WUTC) is a three-member • Appointed by Gov. Bob Ferguson in Jan. 2025 commission appointed by Washington's governor and confirmed by the state senate • M
Slide 18: State Government
State Government State government Newly elected Executive Branch officials Governor: Bob Ferguson (D) Attorney General: Nick Brown (D) Commissioner of Insurance: Patricia Kuderer (D) Public Lands Commissioner: Dave Upthegrove (D) New Legislature Democrat Senate Majority: 30 – 19 Democrat House Major
Slide 19: PSE Ownership
19 PSE Ownership OMERS BCi (@) MACQUARIE > TEACHERS" PENSION PLAN ONTARIO —== AIMCo \ a 4 ro PGGM Ontario Municipal Employees Retirement System British Columbia Investment Management Macquarie Asset Management Teachers Ontario Pension Plan Alberta Investment Management Corporation PGGM Ownership % 2
Slide 20: Non-GAAP Reconciliation of PSE Net Income
Non-GAAP Financials Reconciliation of PSE Net Income Numbers is Provided Below ($ in millions) 2020 2021 2022 2023 2024 1 Net Income $274 $336 $491 $131 $346 2 Unrealized (gain) loss on derivative instruments, net 27 (14) (261) 284 (34) 3 After tax impact (2)*(1-21%) 21 (11) (206) 225 (27) 4 Adjuste