Puget Energy — 2025 EEI Financial Conference
25 slides from Puget Energy's conference presentation, November 2025
Slide 1: Puget Energy 2025 EEI Financial Conference
Puget Energy 2025 EEI Financial Conference Nov. 9-11, 2025
Slide 2: Cautionary Statement
Cautionary Statement Information Current as of November 5, 2025 (except as expressly noted) Except as expressly noted, the information in this presentation is current as of November 5, 2025 – the date on which Puget Energy, Inc. (“PE”) and Puget Sound Energy, Inc. (“PSE” and, together with PE, “Puge
Slide 3: Company overview
Company overview 3
Slide 4: Puget team members
Puget team members Mary Kipp Jamie Martin Jon Piliaris President & Senior Vice President & Vice President Chief Executive Officer Chief Financial Officer Regulatory Affairs Cara Peterman Manli Huang Chief Risk Officer & Debt Capital Markets Corporate Treasurer Manager 4
Slide 5: 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 PSE’s service territory boasts a strong economy investor-owned utility, providing 99% of PE’s dri
Slide 6: Puget Energy Overview
Puget Energy Overview Owns Washington state’s oldest and largest utility, Puget Sound Energy (PSE) PSE is a regulated investor-owned utility serving 1.25M electric customers and 881K gas customers in 10 counties, covering approximately 6,000 square miles, located primarily in Western Washington Unde
Slide 7: Business updates
Business updates 7
Slide 8: 2025 Progress & Achievements
2025 Progress & Achievements • Concluded wildfire season without any • Named #1 most trusted utility in the West and material incidents #3 most trusted in North America by Escalent • Launched enhanced outage map to give • Named Grid Innovator of the Year by Grid customers more timely information dur
Slide 9: 2025 Key Regulatory Proceedings
2025 Key Regulatory Proceedings 2024 General Rate Case In January, the WUTC approved PSE’s General Rate Case, authorizing a $660M rate increase, representing more than 80% of PSE’s request Electric CCA In July, the WUTC approved recovery of obligations under the CCA that were not otherwise c
Slide 10: General Rate Case Activity
General Rate Case Activity The two most recent rate case outcomes have resulted in $1B+ in incremental revenue, more than the cumulative amount authorized from the prior eight rate cases 2024 GRC Outcome 2025 2026 Grand $’s in millions Total Total Total PSE Request (Rebuttal) $591.2 $221.6 $812.8 Ap
Slide 11: WUTC Commissioners
WUTC Commissioners Name, party, Photo Biography The Washington Utilities and role, and tenure Transportation Commission (WUTC) is a • Appointed by Gov. Bob Ferguson in Jan. 2025 three-member commission appointed by • Most recently held leadership roles in supply chain Brian Rybarik (D) integrity, en
Slide 12: Utility cost burden in Washington State continues to be lower than national average
Utility cost burden in Washington State continues to be lower than national average Electric Cost Burden (% of Median Income)1, 2 Electric Customer: Typical Monthly Bill at 800 kWh3 4% 3% US Average % of Median Income 2.00% 2% 1.38% 1% 0% W… W… W… C… N… M… O… M… M… M… O… M… M… WA IL IA WI ID IN TN T
Slide 13: Washington State Legislative Update
Washington State Legislative Update House Bill (HB) 1522 was signed into law on April 24, 2025. The bill requires the WUTC to approve, Wildfire Risk deny, or approve with conditions investor-owned utility wildfire risk mitigation plans. PSE anticipates Mitigation filing its next plan in 1H26 Legisla
Slide 14: Focus on achieving CETA 2030 mandates
Focus on achieving CETA 2030 mandates ≫ ≫ 2025 2030-2033 2045 Coal-free 80% clean electricity/ 100% electricity 100% carbon neutral clean electricity Notable Updates in 2025 Construction is complete and Beaver Creek Wind farm in Montana became fully operational on August 15, 2025 with an initial nam
Slide 15: OBBB Act Impacts & Actions
OBBB Act Impacts & Actions Prior to the One Big Beautiful Bill Act (OBBB), the Inflation Reduction Act (IRA) provided a long runway for wind and solar tax credits The OBBB introduced a new December 31, 2027, placed in -service requirement for wind and solar projects to claim tax credits1, but OBBB p
Slide 16: Wildfire Risk Overview
Wildfire Risk Overview PSE specific considerations PSE refined its high fire threat (HFT) modeling in 2025 following continued deployment of Technosylva wildfire risk models, which integrated new fuels and weather data PSE risk assessment also included ingress/egress considerations, field feedback a
Slide 17: Wildfire Mitigation Initiatives and Progress
Wildfire Mitigation Initiatives and Progress Accomplished Progress 2025-2026 in 2024 1/1/25 - 8/31/25 TARGET1 Overhead hardening 12.6 5.8 23.4 Increasing the resilience of our overhead infrastructure through conductor upgrades and the installation of covered conductor. MILES MILES MILES Pole replace
Slide 18: Financial Updates
Financial Updates 18
Slide 19: PSE Revenue and Adjusted Net Income
PSE Revenue and Adjusted Net Income1 Revenue (9/30/25) Last twelve-month (LTM) Revenue, Net ($ in millions) Income, and ROE performance have improved from year-end 2024 All rating agencies affirmed PSE and PE credit ratings with stable outlooks in Q2 2025 Puget Sound Energy Credit Ratings Puget Ener
Slide 20: Growing Capex to Support Clean Energy, System Safety and Reliability
Growing Capex to Support Clean Energy, System Safety and Reliability 2025-2027 capital expenditures are Historical and Projected Capital Expenditures (PE)1 focused on: ($ in millions) Actual Projected Clean generation resources Grid modernization $2,500 Reliability Capacity $2,000 Wildfire mitigatio
Slide 21: Manageable Debt Profile, Ample Liquidity
Manageable Debt Profile, Ample Liquidity In March 2025, PE issued $600M 5.725% senior secured notes to repay the $400M 3.65% senior secured notes that matured May 15, 2025, to pay off $190M of PE credit facility borrowings, and for general corporate purposes In September 2025, PSE issued a $500M 5.5
Slide 22: Appendix
Appendix 22
Slide 23: PE Ownership
PE Ownership Ontario Teachers Pension Plan 23
Slide 24: Non-GAAP Financials Reconciliation of PSE Net Income and ROE
Non-GAAP Financials Reconciliation of PSE Net Income and ROE Numbers is Provided Below LTM September Line ($ in millions) 2020 2021 2022 2023 2024 2025 1 Net Income $274 $336 $491 $131 $346 $578 2 Unrealized (gain) loss on derivative instruments, net 27 (14) (261) 284 (34) (163) 3 After tax impact (
Slide 25: Important links
Important links PSE Website www.pse.com PSE Sustainability www.pse.com/en/about-us/Sustainability PSE Wildfire Program www.pse.com/en/pages/Wildfire-preparedness/wildfire-program Puget Energy and PSE SEC Filings https://www.pugetenergy.com/pages/filings.html WUTC Docket Number 240005 (Gas) https://w