OLYMPIA – State regulators approved an unopposed settlement agreement that will allow Jefferson Public Utility District to continue its pursuit of acquiring Puget Sound Energy’s East Jefferson County electrical system.
The state Utilities and Transportation Commission adopted the agreement, which determines among other things that the transfer of PSE’s electrical infrastructure to the PUD is exempt from a state law that requires affirmative approval by the commission for most such transfers of property. The agreed upon buyout is $103 million.
“While we determine that the purchase price of $103 million is an appropriate one and sufficient to fully compensate PSE for the sale of the assets, our determination does not affect the subsequent accounting treatment of the sale proceeds and does not affect an allocation of the sale proceeds between PSE’s customers and shareholders,” said the three-member commission in its written order.
