PUBLIC OUTRAGE Over Puget Sound Energy's Proposed 29% Rate Increase

Puget Sound Energy customers are pushing back against a proposed three-year rate plan that could significantly increase electric and natural gas bills across Washington. PSE is asking the Washington Utilities and Transportation Commission to approve electric rate increases of 15.15% in 2027, 3.74% in 2028 and 8.70% in 2029. The Washington Attorney General's Office describes the proposal as an approximately 29% electric rate increase over the three-year period. Natural gas customers would also face proposed increases of 14.16% in 2027, 3.16% in 2028 and 3.64% in 2029. Puget Sound Energy customers packed a public hearing in Lacey to urge state regulators to reject or reduce the proposed rate increases. Ratepayers raised concerns about affordability, investor returns and how much Washington households are already paying for electricity and natural gas. One customer who testified at the hearing argued PSE's investors are seeking returns at the expense of ratepayers and characterized the arrangement as “corporate socialism,” arguing customers would shoulder costs while investors receive the financial benefits. Washington Attorney General Nick Brown is also challenging PSE's proposed increases. The Attorney General's Office says PSE's proposal would collect an additional $3.396 billion from customers over the three-year period and argues the requested increases are excessive. Brown's office has also focused on PSE's shareholder dividends. According to the Attorney General's Office, PSE paid $175.9 million in dividends to shareholders in 2024 and $62.9 million in 2025. The Attorney General's Office estimates that, on average, 12% of PSE customers' electric bills and 11% of their natural gas bills go toward paying investors rather than services. PSE says its rate proposal is needed to support infrastructure investments, maintain safe and reliable service, meet growing energy demand and comply with Washington's clean-energy requirements. The Washington Utilities and Transportation Commission will ultimately determine what rate increases, if any, are approved. The UTC has scheduled the PSE rate case for additional proceedings before regulators make a final decision. Today's report examines Puget Sound Energy's proposed rate increases, Washington power bills, PSE shareholder dividends, investor returns, customer affordability and the growing fight over utility costs in Washington state. Follow The Center Square for continuing coverage of Puget Sound Energy, Washington electric rates, natural gas rates, the Washington Utilities and Transportation Commission, energy policy, utility costs and state government. Want the next important update by text? Get the Washington state government and policy developments worth your attention sent straight to your phone. Text TCSWA to 206-944-3016 or sign up here: https://joinsubtext.com/c/thecentersquarewa Msg & data rates may apply. #PugetSoundEnergy #PSE #WashingtonState #ElectricRates #PowerBills #UtilityRates #EnergyCosts #RateHike #WashingtonNews #TheCenterSquare #WashingtonInFocus