Washington’s largest utility company, Puget Sound Energy (PSE), is seeking approval from state regulators for a significant rate increase totaling $1.5 billion. This proposal entails raising electricity rates by 30% and gas rates by nearly 20% over the next three years. Additionally, millions are earmarked for shareholder payments.
During a public meeting on October 7, customers voiced their opinions on the rate hikes. If approved, customers could see additional costs, with an estimated increase of $612 annually for electricity and $276 for gas by 2029, based on average usage.
For the year-by-year breakdown:
-
Electricity Rates:
- 2027: 16.75% increase ($28/month)
- 2028: 3.76% increase ($7/month)
- 2029: 8.91% increase ($16/month)
-
Gas Rates:
- 2027: 13.32% increase ($14/month)
- 2028: 3.04% increase ($4/month)
- 2029: 3.27% increase ($5/month)
This increase is positioned against a backdrop of rising costs and expanded shareholder remuneration. For more details, you can refer to the full report by KIRO 7.
