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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


[X]			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


[ ]			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from ________ to ________


Commission File Number			Exact name of registrant as specified in its charter, state of incorporation, address of principal executive offices, telephone number			I.R.S. Employer Identification Number


1-16305			PUGET ENERGY, INC. A Washington Corporation 355 110th Ave NE Bellevue, Washington 98004 (425) 454-6363			91-1969407


1-4393			PUGET SOUND ENERGY, INC. A Washington Corporation 355 110th Ave NE Bellevue, Washington 98004 (425) 454-6363			91-0374630

Securities Registered pursuant to Section 12(b) of the Securities Exchange Act of 1934


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

Indicate by check mark whether the registrants: (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

Puget Energy, Inc.

Yes

/X/

/ /

Puget Sound Energy, Inc.

Yes

/X/

/ /

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Puget Energy, Inc.

Yes

/X/

/ /

Puget Sound Energy, Inc.

Yes

/X/

/ /

Indicate by check mark whether the registrants are a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer," "accelerated filer," "smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Puget Energy, Inc.

Large accelerated filer

/ /

Accelerated filer

/ /

Non-accelerated Filer

/X/

Smaller reporting company

/ /

Emerging growth company

/ /

Puget Sound Energy, Inc.

Large accelerated filer

/ /

Accelerated filer

/ /

Non-accelerated Filer

/X/

Smaller reporting company

/ /

Emerging growth company

/ /

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. / /

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Puget Energy, Inc.

Yes

/ /

/X/

Puget Sound Energy, Inc.

Yes

/ /

/X/

All of the outstanding shares of voting stock of Puget Energy, Inc. are held by Puget Equico LLC, an indirect wholly-owned subsidiary of Puget Holdings LLC. All of the outstanding shares of voting stock of Puget Sound Energy, Inc. are held by Puget Energy, Inc.

Table of Contents


		Page
Definitions		3
Filing Format		3
Forward-Looking Statements		4

Part I.	Financial Information	5

Item 1.	Financial Statements	5
	Puget Energy, Inc.
	Consolidated Statements of Income – Three and Nine Months Ended September 30, 2025 and 2024	5
	Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2025 and 2024	6
	Consolidated Balance Sheets – September 30, 2025 and December 31, 2024	7
	Consolidated Statements of Common Shareholder's Equity - September 30, 2025 and December 31, 2024	8
	Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2025 and 2024	9

	Puget Sound Energy, Inc.
	Consolidated Statements of Income – Three and Nine Months Ended September 30, 2025 and 2024	12
	Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2025 and 2024	11
	Consolidated Balance Sheets – September 30, 2025 and December 31, 2024	12
	Consolidated Statements of Common Shareholder's Equity - September 30, 2025 and December 31, 2024	14
	Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2025 and 2024	15

	Notes
	Combined Notes to Consolidated Financial Statements	16

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37

Item 3.	Quantitative and Qualitative Disclosure About Market Risk	59

Item 4.	Controls and Procedures	59

Part II.	Other Information	60

Item 1.	Legal Proceedings	60

Item 1A.	Risk Factors	60

Item 5.	Other Information	60

Item 6.	Exhibits	60

Exhibit Index		61

Signatures		62

DEFINITIONS


ASU			Accounting Standards Update
ARO			Asset Retirement Obligation
ASC			Accounting Standards Codification
CCA			Climate Commitment Act
CEIP			Clean Energy Implementation Plan
CETA			Clean Energy Transformation Act
CWIP			Construction Work in Progress
EBITDA			Earnings Before Interest, Tax, Depreciation and Amortization
FASB			Financial Accounting Standards Board
GAAP			U.S. Generally Accepted Accounting Principles
GHG			Greenhouse gases
GRC			General Rate Case
IOU			Investor-Owned Utility
ISDA			International Swaps and Derivatives Association
ITCs			Investment tax credits
LNG			Liquefied Natural Gas
MMBtu			One Million British Thermal Units
MWh			Megawatt Hour (one MWh equals one thousand kWh)
MYRP			Multi-year Rate Plan
NAESB			North American Energy Standards Board
NPNS			Normal Purchase Normal Sale
OBBB			One Big Beautiful Bill Act
PCA			Power Cost Adjustment
PGA			Purchased Gas Adjustment
PSE			Puget Sound Energy, Inc.
Puget Energy			Puget Energy, Inc.
Puget Holdings			Puget Holdings LLC
Puget LNG			Puget LNG, LLC
SERP			Supplemental Executive Retirement Plan
Washington Commission			Washington Utilities and Transportation Commission
WDOE			Washington Department of Ecology
WSPP			WSPP, Inc.

FILING FORMAT

This combined Quarterly Report on Form 10-Q is separately filed by Puget Energy, Inc. (Puget Energy) and Puget Sound Energy, Inc. (PSE). Information in this filing relating to PSE is filed by PSE on its own behalf. PSE makes no representation as to information relating to Puget Energy (except as it may relate to PSE) or any other affiliate or subsidiary of Puget Energy. Any references in this report to “the Company” are to Puget Energy and PSE collectively.

FORWARD-LOOKING STATEMENTS

Puget Energy and PSE include the following cautionary statements in this Form 10-Q to make applicable and to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by or on behalf of Puget Energy or PSE. This report includes forward-looking statements, which are statements of expectations, beliefs, plans, objectives and assumptions of future events or performance. Words or phrases such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “future,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” “projects,” “should,” “will likely result,” “will continue” or similar expressions are intended to identify certain of these forward-looking statements and may be included in discussion of, among other things, our anticipated operating or financial performance, business plans and prospects, planned capital expenditures and other future expectations. In particular, these include statements relating to future actions, business plans and prospects, future performance expenses, the outcome of contingencies, such as legal proceedings, government regulation and financial results.

Forward-looking statements reflect current expectations and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed. There can be no assurance that Puget Energy’s and PSE’s expectations, beliefs or projections will be achieved or accomplished.

In addition to other factors and matters discussed elsewhere in this report, some important risks that could cause actual results or outcomes for Puget Energy and PSE to differ materially from past results and those discussed in the forward-looking statements include:


●			Governmental policies and regulatory actions, including those of the Federal Energy Regulatory Commission and the Washington Commission, that may affect our ability to recover costs and earn a reasonable return, including but not limited to disallowance or delays in the recovery of capital investments and operating costs and discretion over allowed return on investment;
●			Changes in, adoption of and compliance with laws and regulations, related to executive orders, federal grant programs, incentives and funding policies, tariffs and trade restrictions and budget and efficiency measures, including any actual or potential reduction in the federal workforce, decisions and policies concerning the environment, climate change, greenhouse gas or other emissions or by-products of electric generation (including coal ash or other substances) or natural gas distribution and sales, natural resources, and fish and wildlife (including the Endangered Species Act and Migratory Bird Treaty Act) as well as the risk of litigation arising from such matters, whether involving public or private claimants or regulatory investigative or enforcement measures;
●			Changes in tax law, related regulations or differing interpretation, or enforcement of applicable law by the Internal Revenue Service (IRS) or other taxing jurisdiction; and PSE's ability to recover costs in a timely manner arising from such changes;
●			Inability to realize deferred tax assets and use tax credits due to insufficient future taxable income;
●			Accidents or natural disasters, such as hurricanes, windstorms, earthquakes, floods, landslides, fires and wildfires (either affecting or caused by PSE's facilities or infrastructure), extreme weather conditions and other acts of God, terrorism, asset-based or cyber-based attacks, pandemics or similar significant events, changes in legislation, regulation and government policies including federal grant programs, trade restrictions and tariffs, and government staff reductions can delay projects, interrupt service and lead to lost revenue, cause temporary supply disruptions and/or price spikes in the cost of fuel and raw materials, impose extraordinary costs, and subject the Company to liability;
●			Commodity price risks associated with procuring natural gas and power in wholesale markets from creditworthy counterparties;
●			Wholesale market disruption, which may result in a deterioration of market liquidity, increase the risk of counterparty default, affect the regulatory and legislative process in unpredictable ways, negatively affect wholesale energy prices and/or impede PSE's ability to manage its energy portfolio risks and procure energy supply, affect the availability and access to capital and credit markets and/or impact delivery of energy to PSE from its suppliers;
●			Financial difficulties of other energy companies and related events, which may affect the regulatory and legislative process in unpredictable ways, adversely affect the availability of, and access to, capital and credit markets and/or impact delivery of energy to PSE from its suppliers;
●			The effect of wholesale market structures (including, but not limited to, regional market designs or transmission organizations) or other related federal initiatives;
●			PSE electric or natural gas distribution systems failure, blackouts or large curtailments of transmission or distribution systems (whether PSE's or others'), or failure of the interstate natural gas pipeline delivering to PSE's system, all of which can affect PSE's ability to deliver power or natural gas to its customers and generating facilities;
●			Electric plant generation and transmission system outages, which can have an adverse impact on PSE's expenses with respect to repair costs, added costs to replace energy or higher costs associated with dispatching a more expensive generation resource;
●			The ability to restart generation following a regional transmission disruption;
●			The ability of a natural gas or electric plant to operate as intended;
●			PSE's resource adequacy needs to meet the Washington CETA and the Washington CCA requirements, through a combination of owned or contracted resources, may significantly increase purchased power and gas costs if pricing pressures and supply constraints on resource acquisitions increase;
●			Changes in climate, weather conditions, or sustained extreme weather events in PSE's operational territory, which could have effects on customer usage and PSE's revenue and expenses;
●			Regional or national weather conditions (including conditions and events associated with climate change), wildfires, droughts, earthquakes, and other natural disasters, which could impact PSE's ability to procure adequate supplies of natural gas, fuel or purchased power to serve its customers and the cost of procuring such supplies;
●			Variable hydrological conditions, which can impact streamflow and PSE's ability to generate electricity from hydroelectric facilities;
●			Variable wind conditions, which can impact PSE's ability to generate electricity from wind facilities;
●			The ability to renew contracts for electric and natural gas supply and the price and terms of renewal;
●			Industrial, commercial and residential growth and demographic patterns in the service territories of PSE;
●			General economic conditions in the Pacific Northwest, such as inflation, which may impact customer consumption or affect PSE's accounts receivable;
●			The loss of significant customers, changes in the business of significant customers or the condemnation of PSE's facilities as a result of municipalization or other government action or negotiated settlement, which may result in changes in demand for PSE's services;
●			The failure of information systems or the failure to secure information system data, which may impact the operations and cost of PSE's customer service, generation, distribution and transmission;
●			Opposition and social activism that may hinder PSE's ability to perform work or construct infrastructure;
●			Capital market conditions, including changes in the availability of capital and interest rate fluctuations;
●			General economic and political conditions, such as the effects of geopolitical tensions related to the ongoing Russia-Ukraine and Middle East conflicts, recessions, tariffs and trade restrictions, fuel prices, international currency fluctuations, sanctions, corruption, political instability, acts of war and local and national elections;
●			Employee workforce factors including strikes; work stoppages; retirements; absences due to pandemics, accidents, natural disasters or other significant, unforeseeable events; and availability of qualified employees or the loss of a key executive;
●			PSE's ability to attract, retain, and compensate employees while operating within a region of high demand for skilled workers resulting in significant competition and wage pressure;
●			The ability to obtain insurance coverage, the availability of insurance for certain specific losses, including those arising from catastrophic events such as wildfires and the cost of such insurance;
●			Changes in Puget Energy's or PSE's credit ratings, which may have an adverse impact on the availability and cost of capital for Puget Energy or PSE generally and the ability to pay dividends;
●			Deteriorating values of the equity, fixed income and other markets which could significantly impact the value of investments of PSE's retirement plan, post-retirement medical benefit plan trusts and the funding of obligations thereunder; and
●			Recent laws enacted, amended or proposed in Washington and other municipalities in PSE's service territory, which may impact PSE’s operations by, among others: changing system planning; changing existing statutory targets; instituting electrification requirements; or establishing Washington Commission requirements.

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. For further information, see Part I, Item 1A, “Risk Factors” in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2024.

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

PUGET ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in Thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating revenue:
Electric	$	968,125	$	736,113	$	2,827,428	$	2,434,458
Natural gas	176,835		182,737		1,012,132		1,017,096
Other	9,818		8,694		37,686		24,375
Total operating revenue	1,154,778		927,544		3,877,246		3,475,929
Operating expenses:
Energy costs:
Purchased electricity	354,795		250,822		1,012,441		892,436
Electric generation fuel	86,106		78,305		249,338		241,293
Residential exchange	(17,452)		(17,477)		(62,053)		(61,630)
Purchased natural gas	53,957		68,243		397,956		472,776
Unrealized (gain) loss on derivative instruments, net	—		108,979		—		131,712
Utility operations and maintenance	226,024		183,915		666,366		579,697
Non-utility expense and other	9,936		10,919		42,677		33,359
Depreciation & amortization	212,806		197,975		632,718		585,317
Conservation amortization	36,790		28,837		120,977		96,326
Taxes other than income taxes	95,300		75,869		335,011		291,226
Total operating expenses	1,058,262		986,387		3,395,431		3,262,512
Operating income (loss)	96,516		(58,843)		481,815		213,417
Other income (expense):
Other income	31,370		31,350		103,681		73,284
Other expense	(3,873)		(4,839)		(22,325)		(14,984)
Interest charges:
AFUDC	8,853		9,321		29,851		27,389
Interest expense	(117,954)		(111,642)		(346,817)		(320,926)
Income (loss) before income taxes	14,912		(134,653)		246,205		(21,820)
Income tax (benefit) expense	8,604		(13,545)		28,167		(1,545)
Net income (loss)	$	6,308	$	(121,108)	$	218,038	$	(20,275)

The accompanying notes are an integral part of the financial statements.

PUGET ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	6,308	$	(121,108)	$	218,038	$	(20,275)
Other comprehensive income (loss):
Net unrealized gain (loss) from pension and postretirement plans, net of tax of $(270), $(459), $(808) and $1,088, respectively	(1,014)		(1,727)		(3,040)		(4,679)



Other comprehensive income (loss)	(1,014)		(1,727)		(3,040)		(4,679)
Comprehensive income (loss)	$	5,294	$	(122,835)	$	214,998	$	(24,954)

The accompanying notes are an integral part of the financial statements.

PUGET ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

(Unaudited)

ASSETS


	September 30, 2025		December 31, 2024
Utility plant (at original cost, including construction work in progress of $1,174,447 and $1,577,695 respectively):
Electric plant	$	13,328,721	$	12,476,380
Natural gas plant	5,360,540		5,178,523
Common plant	1,277,345		1,089,618
Less: Accumulated depreciation and amortization	(5,488,507)		(5,101,926)
Net utility plant	14,478,099		13,642,595
Other property and investments:
Goodwill	1,656,513		1,656,513
Other property and investments	296,892		307,813
Total other property and investments	1,953,405		1,964,326
Current assets:
Cash and cash equivalents	390,759		101,836
Restricted cash	142,152		38,865
Accounts receivable, net of allowance for doubtful accounts of $48,000 and $40,436, respectively	448,988		538,930
Unbilled revenue	200,768		273,420

Materials and supplies, at average cost	231,300		201,847
Fuel and natural gas inventory, at average cost	81,560		88,964
Unrealized gain on derivative instruments	23,978		32,591
GHG emission allowances	1,359		43,592
Prepaid expense and other	88,945		83,851
Power contract acquisition adjustment gain	3,704		4,122
Total current assets	1,613,513		1,408,018
Other long-term and regulatory assets:


Power cost adjustment mechanism	104,131		61,202

Regulatory assets related to power contracts	3,968		4,779
Other regulatory assets	1,393,058		1,355,291
Unrealized gain on derivative instruments	18,692		6,245
Power contract acquisition adjustment gain	23,770		26,444
Operating lease right-of-use asset	329,829		181,397
Other	336,653		310,094
Total other long-term and regulatory assets	2,210,101		1,945,452
Total assets	$	20,255,118	$	18,960,391

The accompanying notes are an integral part of the financial statements.

PUGET ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

(Unaudited)

CAPITALIZATION AND LIABILITIES


	September 30, 2025		December 31, 2024
Capitalization:
Common shareholder’s equity:
Common stock $0.01 par value, 1,000 shares authorized, 200 shares outstanding	$	—	$	—
Additional paid-in capital	3,816,332		3,816,332
Retained earnings	1,685,697		1,508,705
Accumulated other comprehensive income (loss), net of tax	40,128		43,168
Total common shareholder’s equity	5,542,157		5,368,205
Long-term debt:
First mortgage bonds and senior notes	6,345,000		5,845,000
Pollution control bonds	161,860		161,860

Long-term debt	2,200,000		1,600,000
Debt discount issuance costs and other	(184,440)		(182,941)
Total long-term debt	8,522,420		7,423,919
Total capitalization	14,064,577		12,792,124
Current liabilities:
Accounts payable	543,350		549,710
Short-term debt	410,500		378,400
Current maturities of long-term debt	17,000		417,000

Accrued expenses:
Taxes	107,084		105,080
Salaries and wages	62,300		74,294
Interest	94,198		66,113
Unrealized loss on derivative instruments	215,183		218,443
Power contract acquisition adjustment loss	991		1,074
Operating lease liabilities	92,123		22,761
Compliance obligation	—		43,592
Other	74,146		105,605
Total current liabilities	1,616,875		1,982,072
Other long-term and regulatory liabilities:
Deferred income taxes	824,424		997,680
Unamortized investment tax credits	195,584		—
Unrealized loss on derivative instruments	167,938		171,488
Purchased gas adjustment liability	85,445		58,657
Regulatory liabilities	1,107,384		1,075,620
Regulatory liability for deferred income taxes	717,536		721,907
Regulatory liabilities related to power contracts	27,474		30,566
Power contract acquisition adjustment loss	2,977		3,705
Operating lease liabilities	246,076		166,700
Finance lease liabilities	175,787		96,850
Compliance obligation	192,632		73,049
Other deferred credits	830,409		789,973
Total long-term and regulatory liabilities	4,573,666		4,186,195
Commitments and contingencies (Note 8)
Total capitalization and liabilities	$	20,255,118	$	18,960,391

The accompanying notes are an integral part of the financial statements.

PUGET ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER’S EQUITY

(Dollars in Thousands)

(Unaudited)


	Common Stock			Additional Paid-in Capital				Accumulated Other Comprehensive Income (Loss)
	Shares	Amount				Retained Earnings				Total Equity













Balance at December 31, 2023	200	$	—	$	3,523,532	$	1,419,311	$	17,539	$	4,960,382
Net income (loss)	—	—		—		129,909		—		129,909
Common stock dividend paid	—	—		—		(84,050)		—		(84,050)
Other comprehensive income (loss)	—	—		—		—		(2,399)		(2,399)
Balance at March 31, 2024	200	$	—	$	3,523,532	$	1,465,170	$	15,140	$	5,003,842
Net income (loss)	—	—		—		(29,076)		—		(29,076)
Common stock dividend paid	—	—		—		(56,891)		—		(56,891)
Capital contribution	—	—		292,800		—		—		292,800
Other comprehensive income (loss)	—	—		—		—		(553)		(553)
Balance at June 30, 2024	200	$	—	$	3,816,332	$	1,379,203	$	14,587	$	5,210,122
Net income (loss)	—	—		—		(121,108)		—		(121,108)
Common stock dividend paid	—	—		—		(11,860)		—		(11,860)
Other comprehensive income (loss)	—	—		—		—		(1,727)		(1,727)
Balance at September 30, 2024	200	$	—	$	3,816,332	$	1,246,235	$	12,860	$	5,075,427
Balance at December 31, 2024	200	$	—	$	3,816,332	$	1,508,705	$	43,168	$	5,368,205
Net income (loss)	—	—		—		167,556		—		167,556
Common stock dividend paid	—	—		—		(19,979)		—		(19,979)
Other comprehensive income (loss)	—	—		—		—		(1,014)		(1,014)
Balance at March 31, 2025	200	$	—	$	3,816,332	$	1,656,282	$	42,154	$	5,514,768
Net income (loss)	—	—		—		44,174		—		44,174
Common stock dividend paid	—	—		—		(3,395)		—		(3,395)

Other comprehensive income (loss)	—	—		—		—		(1,012)		(1,012)
Balance at June 30, 2025	200	$	—	$	3,816,332	$	1,697,061	$	41,142	$	5,554,535
Net income (loss)	—	—		—		6,308		—		6,308
Common stock dividend paid	—	—		—		(17,672)		—		(17,672)
Capital contribution	—	—		—		—		—		—
Other comprehensive income (loss)	—	—		—		—		(1,014)		(1,014)
Balance at September 30, 2025	200	$	—	$	3,816,332	$	1,685,697	$	40,128	$	5,542,157

The accompanying notes are an integral part of the consolidated financial statements.

PUGET ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

(Unaudited)


	Nine Months Ended September 30,
	2025		2024
Operating activities:
Net Income (loss)	$	218,038	$	(20,275)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	632,718		585,317
Conservation amortization	120,977		96,326
Deferred income taxes and tax credits, net	19,996		(18,656)
Net unrealized (gain) loss on derivative instruments	—		131,712


AFUDC - equity	(51,628)		(41,159)

Other non-cash	2,474		(12,603)

Funding of pension liability	(18,000)		(18,000)
Regulatory assets and liabilities	(38,754)		(9,322)
Purchased gas adjustment	26,786		(71,600)
GHG emission allowances	(140,295)		(83,910)
Other long-term assets and liabilities	5,197		(24,164)
Change in certain current assets and liabilities:
Accounts receivable and unbilled revenue	162,594		193,421
Materials and supplies	(29,453)		(16,289)
Fuel and natural gas inventory	5,517		(568)
Prepayments and other	15,166		41,225

Accounts payable	(82,758)		(77,349)
Taxes payable	2,004		(2,199)
Other	11,661		27,993
Net cash provided by (used in) operating activities	862,240		679,900
Investing activities:
Construction expenditures - excluding equity AFUDC	(1,156,445)		(1,143,829)
Other	4,348		1,874
Net cash provided by (used in) investing activities	(1,152,097)		(1,141,955)
Financing activities:
Change in short-term debt, net	32,100		(227,000)
Dividends paid	(41,046)		(152,801)
Investment from Parent	—		292,800
Proceeds from long-term debt and bonds issued	1,091,725		793,892
Redemption of bonds and notes	(400,000)		—

Seller Financing	(21,739)		—
Other	21,027		19,752
Net cash provided by (used in) financing activities	682,067		726,643
Net increase (decrease) in cash, cash equivalents, and restricted cash	392,210		264,588
Cash, cash equivalents, and restricted cash at beginning of period	140,701		214,575
Cash, cash equivalents, and restricted cash at end of period	$	532,911	$	479,163
Supplemental cash flow information:
Cash payments for interest (net of capitalized interest)	$	276,843	$	246,252
Cash payments (refunds) for income taxes	22,186		37,065
Non-cash financing and investing activities:
Accounts payable for capital expenditures eliminated from cash flows	$	182,696	$	126,512
Change in ARO estimate eliminated from cash flows	—		18,957
Recognition of finance lease eliminated from cash flows	82,162		1,832

The accompanying notes are an integral part of the financial statements.

PUGET SOUND ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in Thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating revenue:
Electric	$	968,125	$	736,113	$	2,827,428	$	2,434,458
Natural gas	177,620		184,090		1,014,876		1,019,434
Other	48		40		7,481		222
Total operating revenue	1,145,793		920,243		3,849,785		3,454,114
Operating expenses:
Energy costs:
Purchased electricity	354,795		250,822		1,012,441		892,436
Electric generation fuel	86,106		78,305		249,338		241,293
Residential exchange	(17,452)		(17,477)		(62,053)		(61,630)
Purchased natural gas	53,957		68,243		397,956		472,776
Unrealized (gain) loss on derivative instruments, net	—		108,979		—		131,712
Utility operations and maintenance	226,024		183,915		666,366		579,697
Non-utility expense and other	5,058		5,719		24,303		15,912
Depreciation & amortization	211,118		196,298		627,663		580,304
Conservation amortization	36,790		28,837		120,977		96,326
Taxes other than income taxes	93,157		76,895		329,762		293,600
Total operating expenses	1,049,553		980,536		3,366,753		3,242,426
Operating income (loss)	96,240		(60,293)		483,032		211,688
Other income (expense):
Other income	30,164		30,651		96,939		71,073
Other expense	(3,875)		(4,839)		(22,324)		(14,984)
Interest charges:
AFUDC	8,853		9,321		29,851		27,389
Interest expense	(86,297)		(84,148)		(255,854)		(237,529)
Income (loss) before income taxes	45,085		(109,308)		331,644		57,637
Income tax (benefit) expense	13,123		(18,408)		45,348		3,922
Net income (loss)	$	31,962	$	(90,900)	$	286,296	$	53,715

The accompanying notes are an integral part of the financial statements.

PUGET SOUND ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	31,962	$	(90,900)	$	286,296	$	53,715
Other comprehensive income(loss):
Net unrealized gain (loss) from pension and postretirement plans, net of tax of $(18), $(313), $(53) and $1,512, respectively.	(65)		(1,174)		(196)		(3,080)


Amortization of treasury interest rate swaps to earnings, net of tax of $25, $25, $78 and $76, respectively.	96		97		288		290

Other comprehensive income (loss)	31		(1,077)		92		(2,790)
Comprehensive income (loss)	$	31,993	$	(91,977)	$	286,388	$	50,925

The accompanying notes are an integral part of the financial statements.

PUGET SOUND ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

(Unaudited)

ASSETS


	September 30, 2025		December 31, 2024
Utility plant (at original cost, including construction work in progress of $1,174,447 and $1,577,695, respectively):
Electric plant	$	15,018,924	$	14,188,252
Natural gas plant	5,906,854		5,726,641
Common plant	1,297,282		1,110,364
Less: Accumulated depreciation and amortization	(7,744,961)		(7,382,662)
Net utility plant	14,478,099		13,642,595
Other property and investments:

Other property and investments	65,962		71,005
Total other property and investments	65,962		71,005
Current assets:
Cash and cash equivalents	389,407		100,105
Restricted cash	142,152		38,865
Accounts receivable, net of allowance for doubtful accounts of $48,000 and $40,436, respectively	448,006		539,072
Unbilled revenue	200,768		273,420

Materials and supplies, at average cost	231,300		201,847
Fuel and natural gas inventory, at average cost	80,292		87,118
Unrealized gain on derivative instruments	23,978		32,591
GHG emission allowances	1,359		43,592
Prepaid expense and other	88,876		83,835

Total current assets	1,606,138		1,400,445
Other long-term and regulatory assets:


Power cost adjustment mechanism	104,131		61,202


Other regulatory assets	1,393,058		1,355,291
Unrealized gain on derivative instruments	18,692		6,245

Operating lease right-of-use asset	329,829		181,397
Other	335,534		308,204
Total other long-term and regulatory assets	2,181,244		1,912,339
Total assets	$	18,331,443	$	17,026,384

The accompanying notes are an integral part of the financial statements.

PUGET SOUND ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

(Unaudited)

CAPITALIZATION AND LIABILITIES


	September 30, 2025		December 31, 2024
Capitalization:
Common shareholder’s equity:
Common stock $0.01 par value, 150,000,000 shares authorized, 85,903,791 shares outstanding	$	859	$	859
Additional paid-in capital	4,191,905		3,927,905
Retained earnings	1,861,054		1,665,370
Accumulated other comprehensive income (loss), net of tax	(30,155)		(30,247)
Total common shareholder’s equity	6,023,663		5,563,887
Long-term debt:
First mortgage bonds and senior notes	6,345,000		5,845,000
Pollution control bonds	161,860		161,860

Debt discount, issuance costs and other	(49,160)		(45,835)
Total long-term debt	6,457,700		5,961,025
Total capitalization	12,481,363		11,524,912
Current liabilities:
Accounts payable	543,354		550,765
Short-term debt	—		40,000
Current maturities of long-term debt	17,000		17,000

Accrued expenses:
Taxes	107,532		105,754
Salaries and wages	62,300		74,294
Interest	79,631		56,215
Unrealized loss on derivative instruments	215,183		218,443

Operating lease liabilities	92,123		22,761
Compliance obligation	—		43,592
Other	74,146		105,605
Total current liabilities	1,191,269		1,234,429
Other long-term and regulatory liabilities:
Deferred income taxes	944,987		1,117,492
Unamortized investment tax credits	195,584		—
Unrealized loss on derivative instruments	167,938		171,488
Purchased gas adjustment liability	85,445		58,657
Regulatory liabilities	1,106,191		1,074,427
Regulatory liabilities for deferred income tax	718,037		722,558


Operating lease liabilities	246,076		166,700
Finance lease liabilities	175,787		96,850
Compliance obligation	192,632		73,049
Other deferred credits	826,134		785,822
Total long-term and regulatory liabilities	4,658,811		4,267,043
Commitments and contingencies (Note 8)
Total capitalization and liabilities	$	18,331,443	$	17,026,384

The accompanying notes are an integral part of the financial statements.

PUGET SOUND ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER’S EQUITY

(Dollars in Thousands)

(Unaudited)


	Common Stock			Additional Paid-in Capital				Accumulated Other Comprehensive Income (Loss)
	Shares	Amount				Retained Earnings				Total Equity














Balance at December 31, 2023	85,903,791	$	859	$	3,635,105	$	1,473,218	$	(58,394)	$	5,050,788
Net income (loss)	—	—		—		147,899		—		147,899
Common stock dividend paid	—	—		—		(54,999)		—		(54,999)
Other comprehensive income (loss)	—	—		—		—		(1,774)		(1,774)
Balance at March 31, 2024	85,903,791	$	859	$	3,635,105	$	1,566,118	$	(60,168)	$	5,141,914
Net income (loss)	—	—		—		(3,284)		—		(3,284)
Common stock dividend paid	—	—		—		(14,340)		—		(14,340)
Capital contribution	—	—		292,800		—		—		292,800
Other comprehensive income	—	—		—		—		61		61
Balance at June 30, 2024	85,903,791	$	859	$	3,927,905	$	1,548,494	$	(60,107)	$	5,417,151
Net income (loss)	—	—		—		(90,900)		—		(90,900)
Other comprehensive income (loss)	—	—		—		—		(1,077)		(1,077)
Balance at September 30, 2024	85,903,791	$	859	$	3,927,905	$	1,457,594	$	(61,184)	$	5,325,174
Balance at December 31, 2024	85,903,791	$	859	$	3,927,905	$	1,665,370	$	(30,247)	$	5,563,887
Net income (loss)	—	—		—		186,014		—		186,014
Common stock dividend paid	—	—		—		(24,793)		—		(24,793)
Other comprehensive income (loss)	—	—		—		—		32		32
Balance at March 31, 2025	85,903,791	$	859	$	3,927,905	$	1,826,591	$	(30,215)	$	5,725,140
Net income (loss)	—	—		—		68,320		—		68,320

Capital contribution	—	—		139,000		—		—		139,000
Other comprehensive income (loss)	—	—		—		—		29		29
Balance at June 30, 2025	85,903,791	$	859	$	4,066,905	$	1,894,911	$	(30,186)	$	5,932,489
Net income (loss)	—	—		—		31,962		—		31,962
Common stock dividend paid	—	—		—		(65,819)		—		(65,819)
Capital contribution	—	—		125,000		—		—		125,000
Other comprehensive income (loss)	—	—		—		—		31		31
Balance at September 30, 2025	85,903,791	$	859	$	4,191,905	$	1,861,054	$	(30,155)	$	6,023,663

The accompanying notes are an integral part of the consolidated financial statements.

PUGET SOUND ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

(Unaudited)


	Nine Months Ended September 30,
	2025		2024
Operating activities:
Net Income (loss)	$	286,296	$	53,715
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	627,663		580,304
Conservation amortization	120,977		96,326
Deferred income taxes and tax credits, net	19,764		(44,451)
Net unrealized (gain) loss on derivative instruments	—		131,712

AFUDC - equity	(51,628)		(41,159)

Other non-cash	(7,402)		(20,482)

Funding of pension liability	(18,000)		(18,000)
Regulatory assets and liabilities	(38,754)		(9,322)
Purchased gas adjustment	26,786		(71,600)
GHG emission allowances	(140,295)		(83,910)
Other long-term assets and liabilities	8,528		(22,137)
Change in certain current assets and liabilities:
Accounts receivable and unbilled revenue	163,718		193,818
Materials and supplies	(29,453)		(16,289)
Fuel and natural gas inventory	4,939		(1,031)
Prepayments and other	15,219		41,269

Accounts payable	(83,809)		(79,371)
Taxes payable	1,778		(1,761)
Other	6,991		18,344
Net cash provided by (used in) operating activities	913,318		705,975
Investing activities:
Construction expenditures - excluding equity AFUDC	(1,155,560)		(1,143,346)
Other	4,348		1,874
Net cash provided by (used in) investing activities	(1,151,212)		(1,141,472)
Financing activities:
Change in short-term debt, net	(40,000)		(336,600)
Dividends paid	(90,612)		(69,339)
Investment from Parent	263,997		292,800
Proceeds from long-term debt and bonds issued	495,625		793,892

Seller Financing	(21,739)		—
Other	23,212		19,747
Net cash provided by (used in) financing activities	630,483		700,500
Net increase (decrease) in cash, cash equivalents, and restricted cash	392,589		265,003
Cash, cash equivalents, and restricted cash at beginning of period	138,970		210,852
Cash, cash equivalents, and restricted cash at end of period	$	531,559	$	475,855
Supplemental cash flow information:
Cash payments for interest (net of capitalized interest)	$	198,601	$	180,382
Cash payments (refunds) for income taxes	39,823		67,888
Non-cash financing and investing activities:
Accounts payable for capital expenditures eliminated from cash flows	$	182,696	$	126,512
Change in ARO estimate eliminated from cash flows	—		18,957
Recognition of finance lease eliminated from cash flows	82,162		1,832

The accompanying notes are an integral part of the financial statements.

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(1)Summary of Significant Accounting Policies

Basis of Presentation

Puget Energy is an energy services holding company that owns PSE, which is a public utility incorporated in the state of Washington that furnishes electric and natural gas services in a territory covering approximately 6,000 square miles, primarily in the Puget Sound region. Puget Energy also has a wholly owned non-regulated subsidiary, Puget LNG, which has the sole purpose of owning and operating the non-regulated activity of the Tacoma LNG facility. PSE and Puget LNG are considered related parties with similar ownership by Puget Energy. Therefore, capital and operating costs that are incurred by PSE and allocated to Puget LNG are related party transactions by nature.

In 2009, Puget Holdings, owned by a consortium of long-term infrastructure investors, completed its merger with Puget Energy (the merger). As a result of the merger, all of Puget Energy’s common stock is indirectly owned by Puget Holdings. The acquisition of Puget Energy was accounted for in accordance with FASB ASC 805, “Business Combinations” (ASC 805), as of the date of the merger. ASC 805 requires the acquirer to recognize and measure identifiable assets acquired and liabilities assumed at fair value as of the merger date.

The consolidated financial statements of Puget Energy reflect the accounts of Puget Energy and its subsidiaries. PSE’s consolidated financial statements include the accounts of PSE and its subsidiary. Puget Energy and PSE are collectively referred to herein as “the Company”, The consolidated financial statements are presented after elimination of all significant intercompany items and transactions. PSE’s consolidated financial statements continue to be accounted for on a historical basis and do not include any ASC 805 purchase accounting adjustments. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Allowance for Credit Losses

The Company measures expected credit losses on trade receivables on a collective basis by receivable type, which includes electric retail receivables, natural gas retail receivables, and electric wholesale receivables. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

The following table presents the activity in the allowance for credit losses for accounts receivable for the nine months ended September 30, 2025 and 2024:


Puget Energy and Puget Sound Energy	Nine Months Ended September 30,
(Dollars in Thousands)	2025		2024
Allowance for credit losses:
Beginning balance	$	40,436	$	38,211
Provision for credit loss expense1	39,188		26,570
Receivables charged-off	(31,624)		(30,783)

Total ending allowance balance	$	48,000	$	33,998

_____________

1 $24.4 million and $23.6 million of provision related to balances of deferred costs specific to COVID-19 as of September 30, 2025 and 2024, respectively.

Tacoma LNG Facility

Operational since February 2022, the Tacoma LNG facility at the Port of Tacoma provides peak-shaving services to PSE’s natural gas customers and provides LNG as fuel to transportation customers, particularly in the marine market. In December 2019, the Puget Sound Clean Air Agency (PSCAA) issued the air quality permit for the facility, and the Pollution Hearings Control Board of Washington State upheld the approval following extended litigation.

Based on an order by the Washington Commission, approximately 43.0% of common capital and operating costs are allocated to PSE, the regulated portion of the Tacoma LNG facility. The remaining 57.0% of common capital and operating costs of the Tacoma LNG facility is allocated to Puget LNG, the unregulated portion of the Tacoma LNG facility. Per this

allocation of costs, $230.8 million and $234.8 million of net non-utility plant related to Puget LNG's portion of the Tacoma LNG facility is reported in the Puget Energy "Other property and investments" line item as of September 30, 2025 and December 31, 2024, respectively. Additionally, $18.0 million and $17.4 million of operating costs are reported in the Puget Energy "Non-utility expense and other" financial statement line item for the nine months ended September 30, 2025, and September 30, 2024, respectively. Further, $224.5 million and $229.0 million of natural gas plant related to PSE’s portion of the Tacoma LNG facility is reported in the PSE “Utility plant - Natural gas plant” financial statement line item as of September 30, 2025 and December 31, 2024, respectively, as PSE is a regulated entity.

Variable Interest Entities

PSE has certain power purchase agreements (PPAs) in which PSE has variable interests mainly including fixed price contracts for renewable energy. The most significant economic activity for these variable interest entities (VIEs) is typically the operation and maintenance of the facility, which is performed by the seller. Therefore, the Company is not the primary beneficiary of any of these VIEs as it does not control the commercial and operating activities that most significantly impact the economic performance of the entities.

The carrying amount of any assets and liabilities related to these VIEs in the Company’s balance sheets represent amounts due from the PPAs. The Company can recover these costs through the PCA mechanism. The Company has no residual interest in the entities and has not provided or guaranteed any debt or equity support, liquidity arrangements, performance guarantees, or other commitments associated with these contracts. The aggregate contracted capacity from these VIE projects was 723.8 MW at September 30, 2025 and 2024, and the amounts that the Company paid related to these VIEs were $62.8 million and $65.7 million for the nine months ended September 30, 2025 and 2024, respectively.

For further information on the Company's accounting policies, see Part II, Item 8, Note 1, "Summary of Significant Accounting Policies" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

(2) New Accounting Pronouncements

Recently Adopted Accounting Guidance

Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". ASU 2023-07 is intended to improve the disclosures for reportable segments and provide more detailed information about a reportable segment's expenses. This requires disclosure of significant segment expense categories, amounts for each reportable segment, disclosure of the title and position of the Chief Operating Decision Maker and how they use the measure of the segments' profit or loss to assess performance and allocate resources. ASU 2023-07 is effective for the Company in fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. As of September 30, 2025, the Company's disclosures are consistent with the amendment.

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". ASU 2023-09 will require disclosure of specific categories in a tabular rate reconciliation using both percentages and currency amounts and provide additional information for reconciling items that meet a quantitative threshold. Further requirements include a qualitative description of the tax jurisdictions, an explanation of the reconciling items disclosed and disclosure regarding income taxes paid. ASU 2023-09 eliminates the requirement to disclose the nature and estimate of range in unrecognized tax benefits and disclosures of the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized. ASU 2023-09 will be effective for the Company in annual periods beginning after December 15, 2024. As of September 30, 2025, the Company's disclosures are consistent with the amendment.

Accounting Standards Issued but Not Yet Adopted

Derivatives and Hedging and Revenue with Contracts with Customers

In September 2025, the FASB issued ASU No. 2025-07, "Derivatives and Hedging (Topic 815) and Revenue from Contract with Customers (Topic 606)". ASU 2025-07 addresses stakeholders concerns about i) the application of derivative accounting to contracts with features based on activities or operations of a party to the contract and ii) the diversity of accounting for share -based non-cash consideration. The amendments of ASU 2025-07 should be applied prospectively and are

effective for annual and interim periods beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-07 on its consolidated financial statements and related disclosures.

Intangibles - Goodwill and Other - Internal-Use Software

In September 2025, the FASB issued ASU No. 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)". ASU 2025-06 modernizes the accounting for software costs that are accounted for under Subtopic 350-40. The amendments of ASU 2025-06 should be applied prospectively and are effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements and related disclosures.

Measurement of Credit Losses Disclosures

In July 2025, the FASB issued ASU No. 2025-05, "Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets". ASU 2025-05 provides a practical expedient that allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The amendments of ASU 2025-05 should be applied prospectively and are effective for annual and interim periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its consolidated financial statements and related disclosures.

Income Statement Reporting Comprehensive Income Disclosures

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures". ASU 2024-03 will require disclosure of specific cost and expense information in the notes to the financial statements. Disclosure shall include inventory purchases, employee compensation, depreciation and intangible asset amortization presented in the face of the income statement for continuing operations. It shall also include certain amounts already disclosed under GAAP in the same disclosure as other disaggregation requirements as well as disclose a qualitative description and the amount of selling expenses. ASU 2024-03 will be effective for the Company in annual periods beginning after December 15, 2026. The amendment contemplates changes in disclosures only and the Company continues to assess the impacts of the amendment.

(3) Revenue

The following tables present disaggregated revenue from contracts with customers, and other revenue by major source for the three months and nine months ended September 30, 2025 and September 30, 2024:


Puget Energy and Puget Sound Energy
(Dollars in Thousands)	Three Months Ended September 30, 2025
Revenue from contracts with customers:	Electric		Natural Gas		Other1		Total
Retail
Residential	$	412,259	$	94,313	$	—	$	506,572
Commercial	339,762		59,001		—		398,763
Industrial	37,772		3,426		—		41,198
Other	5,973		—		—		5,973
Wholesale	139,667		—		—		139,667
Transmission and transportation	13,564		7,326		—		20,890
Miscellaneous2	8,258		9,836		9,818		27,912
Total revenue from contracts with customers	$	957,255	$	173,902	$	9,818	$	1,140,975
Total other revenue3	10,870		2,933		—		13,803
Total operating revenue	$	968,125	$	176,835	$	9,818	$	1,154,778

_____________

1 Other includes $9.8 million of Puget LNG revenues recorded at Puget Energy.

2 Miscellaneous natural gas revenue includes $10.4 million for the regulatory offset of CCA auction proceeds passed back to customers.

3 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers.


Puget Energy and Puget Sound Energy
(Dollars in Thousands)	Three Months Ended September 30, 2024
Revenue from contracts with customers:	Electric		Natural Gas		Other1		Total
Retail
Residential	$	346,658	$	78,517	$	—	$	425,175
Commercial	281,178		49,614		—		330,792
Industrial	31,634		3,818		—		35,452
Other	5,795		—		—		5,795
Wholesale	68,485		—		—		68,485
Transmission and transportation	7,297		6,434		—		13,731
Miscellaneous2	11,250		41,464		8,694		61,408
Total revenue from contracts with customers	$	752,297	$	179,847	$	8,694	$	940,838
Total other revenue3	(16,184)		2,890		—		(13,294)
Total operating revenue	$	736,113	$	182,737	$	8,694	$	927,544

_____________

1 Other includes $8.7 million of Puget LNG revenues recorded at Puget Energy.

2 Miscellaneous natural gas revenue includes $41.2 million for the regulatory offset of CCA auction proceeds passed back to customers.

3 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers.


Puget Energy and Puget Sound Energy
(Dollars in Thousands)	Nine Months Ended September 30, 2025
Revenue from contracts with customers:	Electric		Natural Gas		Other1		Total
Retail
Residential	$	1,394,958	$	630,153	$	—	$	2,025,111
Commercial	975,672		302,358		—		1,278,030
Industrial	108,116		19,178		—		127,294
Other	17,247		—		—		17,247
Wholesale	274,739		—		—		274,739
Transmission and transportation	31,046		20,823		—		51,869
Miscellaneous2	22,660		66,510		37,686		126,856
Total revenue from contracts with customers	$	2,824,438	$	1,039,022	$	37,686	$	3,901,146
Total other revenue3	2,990		(26,890)		—		(23,900)
Total operating revenue	$	2,827,428	$	1,012,132	$	37,686	$	3,877,246

__________________

1 Other includes $30.2 million of Puget LNG revenues recorded at Puget Energy.

2 Miscellaneous natural gas revenue includes $64.0 million for the regulatory offset of CCA auction proceeds passed back to customers.

3 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers.


Puget Energy and Puget Sound Energy
(Dollars in Thousands)	Nine Months Ended September 30, 2024
Revenue from contracts with customers:	Electric		Natural Gas		Other1		Total
Retail
Residential	$	1,207,130	$	522,522	$	—	$	1,729,652
Commercial	857,267		250,068		—		1,107,335
Industrial	97,750		18,685		—		116,435
Other	17,585		—		—		17,585
Wholesale	223,596		—		—		223,596
Transmission and transportation	26,619		22,144		—		48,763
Miscellaneous2	23,463		200,768		24,375		248,606
Total revenue from contracts with customers	$	2,453,410	$	1,014,187	$	24,375	$	3,491,972
Total other revenue3	(18,952)		2,909		—		(16,043)
Total operating revenue	$	2,434,458	$	1,017,096	$	24,375	$	3,475,929

__________________

1 Other includes $24.2 million of Puget LNG revenues recorded at Puget Energy.

2 Miscellaneous natural gas revenue includes $206.0 million for the regulatory offset of CCA auction proceeds passed back to customers.

3 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers.

Transaction Price Allocated to Remaining Performance Obligations

In December 2020, Puget LNG entered into a contract with one customer where Puget LNG is selling LNG over a 10-year delivery period which began April 1, 2024. The contract requires the customer to purchase a minimum annual quantity even if the customer does not take delivery. The price of the LNG includes a fixed charge, a fuel charge that includes both a market index and fixed margin component and other variable considerations. The fixed transaction price is allocated to the remaining

performance obligations which is determined by the fixed charge components multiplied by the outstanding minimum annual quantity.

The Company expects to recognize revenue over the following time periods:


Puget Energy
(Dollars in Thousands)	2025		2026		2027		2028		2029		Thereafter		Total
Remaining performance obligations	$	4,480	$	19,071	$	19,454	$	19,454	$	19,454	$	82,681	$	164,594

The Company has elected the optional exemption in ASC 606, "Revenues from Contracts with Customers", under which the Company does not disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. The primary sources of variability are (a) fluctuations in market index prices of natural gas used to determine aspects of variable pricing and (b) variation in volumes that may be delivered to the customer. Both sources of variability are expected to be resolved at or shortly before delivery of each unit of LNG or natural gas. As each unit of LNG or natural gas represents a separate performance obligation, future volumes are wholly unsatisfied.

(4) Accounting for Derivative Instruments and Hedging Activities

PSE employs various energy portfolio optimization strategies but is not in the business of assuming risk for the purpose of realizing speculative trading revenue. The nature of serving regulated electric customers with its portfolio of owned and contracted electric generation resources exposes PSE and its customers to some volumetric and commodity price risks within the sharing mechanism of the Power Cost Adjustment. Therefore, wholesale market transactions and PSE's related hedging strategies are focused on reducing costs and risks where feasible, thus reducing volatility in costs in the portfolio. In order to manage its exposure to the variability in future cash flows for forecasted energy transactions, PSE utilizes a programmatic hedging strategy, which extends out three years. PSE's hedging strategy includes a risk-responsive component for the core natural gas portfolio, which utilizes quantitative risk-based measures with defined objectives to balance both portfolio risk and hedge costs.

PSE's energy risk portfolio management function monitors and manages these risks using analytical models and tools. In order to manage risks effectively, PSE enters into forward physical electric and natural gas purchase and sale agreements, fixed-for-floating swap contracts, and commodity call/put options. Currently, the Company does not apply cash flow hedge accounting and therefore records all mark-to-market gains or losses through earnings.

The Company manages its interest rate risk through the issuance of mostly fixed-rate debt with varied maturities. The Company utilizes internal cash from operations, borrowings under its commercial paper program and its credit facilities to meet short-term funding needs. The Company may enter into swap instruments or other financial hedge instruments to manage the interest rate risk associated with these debts.

The following table presents the volumes, fair values and classification of the Company's derivative instruments recorded on the balance sheets:


Puget Energy and Puget Sound Energy
	September 30, 2025					December 31, 2024
(Dollars in Thousands)	Volumes (millions)	Assets1		Liabilities2		Volumes (millions)	Assets1		Liabilities2
Electric portfolio derivatives3	*	$	33,797	$	311,574	*	$	35,341	$	319,506
Natural gas derivatives (MMBtus)3	321	8,873		71,547		269	3,495		70,425
Total derivative contracts		$	42,670	$	383,121		$	38,836	$	389,931
Current		$	23,978	$	215,183		$	32,591	$	218,443
Long-term		18,692		167,938			6,245		171,488
Total derivative contracts		$	42,670	$	383,121		$	38,836	$	389,931

_______________

1 Balance sheet classification: Current and Long-term Unrealized gain on derivative instruments.

2 Balance sheet classification: Current and Long-term Unrealized loss on derivative instruments.

3 All fair value adjustments on derivatives have been deferred in accordance with ASC 980, “Regulated Operations.” The net derivative asset or liability and offsetting regulatory liability or asset are related to contracts used to economically hedge the cost of electricity and physical gas purchased to serve customers.

* Electric portfolio derivatives consist of electric generation fuel of 303.3 million MMBtu and purchased electricity of 27.1 million MWhs at September 30, 2025, and 283.5 million MMBtus and 13.3 million MWhs at December 31, 2024.

It is the Company's policy to record all derivative transactions on a gross basis at the contract level without offsetting assets or liabilities. The Company generally enters into transactions using the following master agreements: WSPP agreements, which standardize physical power contracts; ISDA agreements, which standardize financial natural gas and electric contracts; and NAESB agreements, which standardize physical natural gas contracts. The Company believes that such agreements reduce credit risk exposure because such agreements provide for the netting and offsetting of monthly payments as well as the right of set-off in the event of counterparty default. The set-off provision can be used as a final settlement of accounts which extinguishes the mutual debts owed between the parties in exchange for a new net amount. For further details regarding the fair value of derivative instruments, see Note 5, "Fair Value Measurements," in the Combined Notes to Consolidated Financial Statements included in Item 1 of this report.

The electric and natural gas derivative contracts above will be included in power costs during the period they are delivered and will be included in the applicable recovery mechanism.

The following tables present the potential effect of netting arrangements, including rights of set-off associated with the Company's derivative assets and liabilities:


Puget Energy and Puget Sound Energy
	At September 30, 2025
	Gross Amount Recognized in the Statement of Financial Position1		Gross Amounts Offset in the Statement of Financial Position		Net of Amounts Presented in the Statement of Financial Position		Gross Amounts Not Offset in the Statement of Financial Position
(Dollars in Thousands)							Commodity Contracts		Cash Collateral Received/Posted		Net Amount
Assets:
Energy derivative contracts	$	42,670	$	—	$	42,670	$	(38,174)	$	—	$	4,496
Liabilities:
Energy derivative contracts	$	383,121	$	—	$	383,121	$	(38,174)	$	(3,302)	$	341,645



Puget Energy and Puget Sound Energy	At December 31, 2024
	Gross Amount Recognized in the Statement of Financial Position1		Gross Amounts Offset in the Statement of Financial Position		Net of Amounts Presented in the Statement of Financial Position		Gross Amounts Not Offset in the Statement of Financial Position
(Dollars in Thousands)							Commodity Contracts		Cash Collateral Received/Posted		Net Amount
Assets:
Energy derivative contracts	$	38,836	$	—	$	38,836	$	(34,329)	$	—	$	4,507
Liabilities:
Energy derivative contracts	$	389,931	$	—	$	389,931	$	(34,329)	$	(3,593)	$	352,009

_______________

1 All derivative contract deals are executed under ISDA, NAESB, and WSPP master agreements with right of set-off.

On December 19, 2024, the Washington Commission approved the Company's accounting petition in Docket No. UE-240773 to defer any incurred unrealized gains or losses on derivative instruments entered into to serve electric customers, and as such PSE has recognized regulatory assets and/or liabilities, thus deferring the unrealized gains or losses. The Company recognized an unrealized loss of $109.0 million and $131.7 million related to its derivatives in the three and nine months ended September 30, 2024, respectively in the 'Unrealized gain (loss) on derivative instruments, net' line item on its Consolidated Statements of Income. For further information see Part I, Item I, Note 4 "Accounting for Derivative Instruments and Hedging Activities" in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2024 and Part II, Item 8, Note 10, "Accounting for Derivative Instruments and Hedging Activities" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The Company is exposed to credit risk primarily through buying and selling electricity and natural gas to serve its customers. Credit risk is the potential loss resulting from a counterparty's non-performance under an agreement. The Company manages credit risk with policies and procedures for, among other things, counterparty credit analysis, exposure measurement, and exposure monitoring and mitigation.

The Company monitors counterparties for significant swings in credit default swap rates, credit rating changes by external rating agencies, ownership changes or financial distress. Where deemed appropriate, the Company may request collateral or other security from its counterparties to mitigate potential credit default losses. Criteria employed in this decision include, among other things, the perceived creditworthiness of the counterparty and the expected credit exposure.

It is possible that volatility in energy commodity prices could cause the Company to have material credit risk exposure with one or more counterparties. If such counterparties fail to perform their obligations under one or more agreements, the Company could suffer a material financial loss. However, as of September 30, 2025, approximately 98.6% of the Company's energy portfolio exposure, excluding NPNS transactions, is with counterparties that are rated investment grade by rating agencies and 1.4% is either rated below investment grade or not rated by rating agencies. The Company assesses credit risk internally for counterparties that are not rated by the major rating agencies.

The Company computes credit reserves at a master agreement level by counterparty. The Company considers external credit ratings and market factors in the determination of reserves, such as credit default swaps and bond spreads. The Company recognizes that external ratings may not always reflect how a market participant perceives a counterparty's risk of default. The Company uses both default factors published by Standard & Poor's and factors derived through analysis of market risk, which reflect the application of an industry standard recovery rate. The Company selects a default factor by counterparty at an aggregate master agreement level based on a weighted average default tenor for that counterparty's deals. The default tenor is determined by weighting the fair value and contract tenors for all deals for each counterparty to derive an average value. The default factor used is dependent upon whether the counterparty is in a net asset or a net liability position after applying the master agreement levels.

The Company applies the counterparty's default factor to compute credit reserves for counterparties that are in a net asset position. The Company calculates a non-performance risk on its derivative liabilities by using its estimated incremental borrowing rate over the risk-free rate. Credit reserves are netted against the unrealized gain (loss) positions. The majority of the Company's derivative contracts are with financial institutions and other utilities operating within the Western Electricity Coordinating Council. PSE also transacts power futures contracts on the Intercontinental Exchange (ICE), and natural gas contracts on the ICE natural gas exchange (NGX) platform. Execution of contracts on ICE requires the daily posting of margin calls as collateral through a futures and clearing agent. As of September 30, 2025, PSE had cash posted as collateral of $6.9 million related to contracts executed on the ICE platform. As a condition of transacting on the ICE NGX platform as well

as participating in the Washington state carbon allowance auctions, PSE maintains a standby letter of credit agreement with TD Bank. As of September 30, 2025, PSE had no cash posted with ICE NGX, and $72.9 million was issued under the standby letter of credit agreement in support of natural gas and carbon allowance purchases. PSE did not trigger any collateral requirements with any of its counterparties nor were any of PSE's counterparties required to post collateral resulting from credit rating downgrades during the nine months ended September 30, 2025.

The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position and the amount of additional collateral the Company could be required to post:


Puget Energy and Puget Sound Energy
(Dollars in Thousands)	At September 30, 2025						At December 31, 2024
	Fair Value1		Posted		Contingent		Fair Value1		Posted		Contingent
Contingent Feature	Liability		Collateral		Collateral		Liability		Collateral		Collateral
Credit rating2	$	179,226	$	—	$	179,226	$	179,532	$	—	$	179,532
Requested credit for adequate assurance	25,287		—		—		37,492		—		—
Forward value of contract3	8,363		6,899		N/A		19,905		12,915		N/A
Total	$	212,876	$	6,899	$	179,226	$	236,929	$	12,915	$	179,532

_______________

1 Represents the derivative fair value of contracts with contingent features for counterparties in net derivative liability positions. Excludes NPNS, accounts payable and accounts receivable.

2 Failure by PSE to maintain an investment grade credit rating from each of the major credit rating agencies provides counterparties a contractual right to demand collateral.

3 Collateral requirements may vary based on changes in the forward value of underlying transactions relative to contractually defined collateral thresholds.

(5) Fair Value Measurements

ASC 820 established a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy categorizes the inputs into three levels with the highest priority given to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority given to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:

Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 1 primarily consists of financial instruments such as exchange-traded derivatives and listed equities. Equity securities that are also classified as cash equivalents are considered Level 1 if there are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Instruments in this category include non-exchange-traded derivatives such as over-the-counter forwards and options.

Level 3 - Pricing inputs include significant inputs that have little or no observability as of the reporting date. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value.

Financial assets and liabilities measured at fair value are classified in their entirety in the appropriate fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. The Company primarily determines fair value measurements classified as Level 2 or Level 3 using a combination of the income and market valuation approaches. The process of determining the fair values is the responsibility of the derivative accounting department, which reports to the Controller and Principal Accounting Officer. Inputs used to estimate the fair value of forwards, swaps and options include market-price curves, contract terms and prices, credit-risk adjustments, and discount factors. Additionally, for options, the Black-Scholes option valuation model and implied market volatility curves are used. Inputs used to estimate fair value in industry-standard models are categorized as Level 2 inputs as substantially all assumptions and inputs are observable in active

markets throughout the full term of the instruments. On a daily basis, the Company obtains quoted forward prices for the electric and natural gas markets from an independent external pricing service.

The Company considers its electric and natural gas contracts as Level 2 derivative instruments as such contracts are commonly traded as over-the-counter forwards with indirectly observable price quotes. However, certain energy derivative instruments with maturity dates falling outside the range of observable price quotes or that are transacted at illiquid delivery locations are classified as Level 3 in the fair value hierarchy. Management's assessment is based on the trading activity in real-time and forward electric and natural gas markets. Each quarter, the Company confirms the validity of pricing-service quoted prices used to value Level 2 commodity contracts with the actual prices of commodity contracts entered into during the most recent quarter. The Company’s environmental compliance obligation is categorized in Level 2 of the fair value hierarchy and is measured at fair value using a market approach based on quoted prices from an independent pricing service.

Assets and Liabilities with Estimated Fair Value

The carrying values of cash and cash equivalents, restricted cash, and short-term debt as reported on the balance sheet are reasonable estimates of their fair value due to the short-term nature of these instruments and are classified as Level 1 in the fair value hierarchy. Investments in life insurance contracts of $44.5 million and $44.8 million at September 30, 2025 and December 31, 2024, respectively, are included in "Other property and investments" on the balance sheet. These investments are carried at cash surrender values, which represent the amount of cash that could be realized under the contracts.

The fair value of the long-term notes was estimated using the discounted cash flow method with the U.S. Treasury yields and the Company's credit spreads as inputs, interpolating to the maturity date of each issue. The carrying values and estimated fair values were as follows:


Puget Energy		September 30, 2025				December 31, 2024
(Dollars in Thousands)	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:
Long-term debt (fixed-rate), net of discount1	2	$	8,522,420	$	8,300,104	$	7,423,919	$	6,966,211
Total liabilities		$	8,522,420	$	8,300,104	$	7,423,919	$	6,966,211


Puget Sound Energy		September 30, 2025				December 31, 2024
(Dollars in Thousands)	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:
Long-term debt (fixed-rate), net of discount2	2	$	6,457,700	$	6,150,499	$	5,961,025	$	5,492,999
Total liabilities		$	6,457,700	$	6,150,499	$	5,961,025	$	5,492,999

_______________

1 The carrying value includes debt issuances costs of $22.9 million and $21.3 million for September 30, 2025 and December 31, 2024, respectively, which are not included in fair value.

2 The carrying value includes debt issuances costs of $21.9 million and $22.1 million for September 30, 2025 and December 31, 2024, respectively, which are not included in fair value.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company's financial assets and liabilities by level, within the fair value hierarchy, that were accounted for at fair value on a recurring basis:


Puget Energy and Puget Sound Energy	Fair Value At September 30, 2025						Fair Value At December 31, 2024
(Dollars in Thousands)	Level 2		Level 3		Total		Level 2		Level 3		Total
Assets:
Electric derivative instruments	$	27,697	$	6,101	$	33,798	$	25,236	$	10,105	$	35,341
Natural gas derivative instruments	3,388		5,484		8,872		1,729		1,766		3,495
Total assets	$	31,085	$	11,585	$	42,670	$	26,965	$	11,871	$	38,836
Liabilities:
Electric derivative instruments	$	149,388	$	162,185	$	311,573	$	134,292	$	185,214	$	319,506
Natural gas derivative instruments	70,399		1,149		71,548		70,050		375		70,425
Compliance obligations	192,632		—		192,632		73,049		—		73,049
Total liabilities	$	412,419	$	163,334	$	575,753	$	277,391	$	185,589	$	462,980

The following tables present the Company's reconciliation of the changes in the fair value of Level 3 derivatives in the fair value hierarchy:


Puget Energy and Puget Sound Energy	Three Months Ended September 30,
(Dollars in Thousands)	2025						2024
Level 3 Roll-Forward Net Asset/(Liability)	Electric		Natural Gas		Total		Electric		Natural Gas		Total
Balance at beginning of period	$	(93,364)	$	4,538	$	(88,826)	$	3,041	$	2,022	$	5,063
Changes during period:
Realized and unrealized energy derivatives:
Included in earnings1	—		—		—		(97,624)		—		(97,624)
Included in regulatory assets / liabilities	(68,540)		231		(68,309)		—		1,217		1,217
Settlements	5,820		(434)		5,386		6,113		(1,299)		4,814
Transferred into Level 3	—		—		—		—		—		—
Transferred out of Level 3	—		—		—		—		—		—
Balance at end of period	$	(156,084)	$	4,335	$	(151,749)	$	(88,470)	$	1,940	$	(86,530)

_______________

1 Income Statement locations: Unrealized gain (loss) on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $(90.9) million for the three months ended September 30, 2024.


Puget Energy and Puget Sound Energy	Nine Months Ended September 30,
(Dollars in Thousands)	2025						2024
Level 3 Roll-Forward Net Asset/(Liability)	Electric		Natural Gas		Total		Electric		Natural Gas		Total
Balance at beginning of period	$	(175,110)	$	1,391	$	(173,719)	$	27,262	$	3,851	$	31,113
Changes during period:
Realized and unrealized energy derivatives:
Included in earnings1	—		—		—		(148,522)		—		(148,522)
Included in regulatory assets / liabilities	(24,122)		4,256		(19,866)		—		1,741		1,741
Settlements	43,148		(1,312)		41,836		32,790		(3,652)		29,138
Transferred into Level 3	—		—		—		—		—		—
Transferred out of Level 3	—		—		—		—		—		—
Balance at end of period	$	(156,084)	$	4,335	$	(151,749)	$	(88,470)	$	1,940	$	(86,530)

_______________

1 Income Statement locations: Unrealized gain (loss) on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $(112.4) million for the nine months ended September 30, 2024.

Realized gains and losses on energy derivatives for Level 3 recurring items are included in energy costs in the Company's consolidated statements of income under purchased electricity, electric generation fuel or purchased natural gas when settled. Unrealized gains and losses on energy derivatives for Level 3 recurring items are deferred as regulatory assets or liabilities on the Company's consolidated balance sheet.

The Company does not use internally developed models to make adjustments to significant unobservable pricing inputs. The only significant unobservable input into the fair value measurement of the Company's Level 3 assets and liabilities is the forward price for electric and natural gas contracts. The weighted average price is calculated as the total market value divided by the total volume of the Company's Level 3 electric and natural gas commodity contracts, respectively, as of the reporting date.

The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of September 30, 2025:


Puget Energy and Puget Sound Energy	Fair Value						Range
(Dollars in Thousands)	Assets1		Liabilities1		Valuation Technique	Unobservable Input	Low		High		Weighted Average
Electric	$	6,102	$	162,185	Discounted cash flow	Power prices (per MWh)	$	24.52	$	136.60	$	64.02
Natural gas	$	5,484	$	1,149	Discounted cash flow	Natural gas prices (per MMBtu)	$	2.44	$	4.63	$	3.84

_______________

1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions.

The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of December 31, 2024:


Puget Energy and Puget Sound Energy	Fair Value						Range
(Dollars in Thousands)	Assets1		Liabilities1		Valuation Technique	Unobservable Input	Low		High		Weighted Average
Electric	$	10,104	$	185,214	Discounted cash flow	Power prices (per MWh)	$	13.82	$	138.94	$	64.59
Natural gas	$	1,767	$	376	Discounted cash flow	Natural gas prices (per MMBtu)	$	2.66	$	4.17	$	3.66

_______________

1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions.

The significant unobservable inputs listed above would have a direct impact on the fair values of the above instruments if they were adjusted. Consequently, significant increases or decreases in the forward prices of electricity or natural gas in isolation would result in a significantly higher or lower fair value for Level 3 assets and liabilities. Generally, interrelationships exist between market prices of natural gas and power. As such, an increase in natural gas pricing would potentially have a similar impact on forward power markets. As of September 30, 2025 and December 31, 2024, a hypothetical 10% increase or decrease in market prices of natural gas and electricity would change the fair value of the Company's derivative portfolio, classified as Level 3 within the fair value hierarchy, by $56.3 million and $57.8 million, respectively.

(6) Retirement Benefits

The following tables summarize the Company’s net periodic benefit cost for the three and nine months ended September 30, 2025 and 2024:


Puget Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Three Months Ended September 30,
(Dollars in Thousands)	2025		2024		2025		2024		2025		2024
Components of net periodic benefit cost:
Service cost	$	4,729	$	4,654	$	—	$	—	$	50	$	47
Interest cost	8,092		7,788		306		342		91		97
Expected return on plan assets	(13,998)		(13,724)		—		—		(61)		(61)
Amortization of prior service cost	—		—		—		—		9		8
Amortization of net loss (gain)	(1,094)		(671)		(49)		(10)		(67)		(24)
Net periodic benefit cost	$	(2,271)	$	(1,953)	$	257	$	332	$	22	$	67


Puget Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Nine Months Ended September 30,
(Dollars in Thousands)	2025		2024		2025		2024		2025		2024
Components of net periodic benefit cost:
Service cost	$	13,141	$	13,962	$	—	$	—	$	152	$	148
Interest cost	24,199		23,364		919		1,027		308		305
Expected return on plan assets	(42,119)		(41,172)		—		—		(206)		(216)
Amortization of prior service cost	—		—		—		—		26		25
Amortization of net loss (gain)	(3,485)		(2,013)		(149)		(31)		(160)		(105)
Net periodic benefit cost	$	(8,264)	$	(5,859)	$	770	$	996	$	120	$	157


Puget Sound Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits

	Three Months Ended September 30,
(Dollars in Thousands)	2025		2024		2025		2024		2025		2024
Components of net periodic benefit cost:
Service cost	$	4,729	$	4,654	$	—	$	—	$	50	$	47
Interest cost	8,092		7,788		306		342		91		97
Expected return on plan assets	(13,998)		(13,724)		—		—		(61)		(61)
Amortization of prior service cost	—		—		—		—		9		8
Amortization of net loss (gain)	—		—		(44)		(5)		(69)		(22)
Net periodic benefit cost	$	(1,177)	$	(1,282)	$	262	$	337	$	20	$	69


Puget Sound Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits

	Nine Months Ended September 30,
(Dollars in Thousands)	2025		2024		2025		2024		2025		2024
Components of net periodic benefit cost:
Service cost	$	13,141	$	13,962	$	—	$	—	$	152	$	148
Interest cost	24,199		23,364		919		1,027		308		305
Expected return on plan assets	(42,120)		(41,172)		—		—		(206)		(216)
Amortization of prior service cost	—		—		—		—		26		25
Amortization of net loss (gain)	—		—		(134)		(16)		(163)		(105)
Net periodic benefit cost	$	(4,780)	$	(3,846)	$	785	$	1,011	$	117	$	157

The aggregate expected contributions by the Company to fund the qualified pension plan, SERP and the other postretirement plans for the year ending December 31, 2025, are expected to be at least $18.0 million, $6.8 million and $0.2 million, respectively. The Company contributed $18.0 million to fund the qualified pension plan during each of the nine months ended September 30, 2025 and September 30, 2024. In addition, the Company contributed $3.7 million and $1.5 million to fund the SERP during each of the nine months ended September 30, 2025 and September 30, 2024, respectively. In addition, the Company contributed an immaterial amount to fund the other post-retirement plans.

For further information, see Part II, Item 8, Note 13, "Retirement Benefits" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

(7) Regulation and Rates

General Rate Case

PSE filed a GRC which includes a two-year MYRP with the Washington Commission on February 15, 2024. On January 15, 2025, the Washington Commission issued an order on PSE's 2024 GRC, in Docket Nos. UE-240004 and UG-240005, that approved a weighted cost of capital of 7.52% in 2025 and 7.64% in 2026, a capital structure of 49.0% in common equity in 2025 and 50.0% in 2026, and a return on equity of 9.8% in 2025 and 9.9% in 2026. On January 28, 2025, the Washington Commission approved PSE's electric and natural gas rates in its compliance filing with an overall net revenue change for electric of $378.2 million or 13.3% in 2025 and $191.0 million or 5.9% in 2026 and an overall net revenue change for natural gas of $110.0 million or 10.6% in 2025 and $20.0 million or 1.8% in 2026, with an effective date of January 29, 2025. PSE filed a petition for reconsideration on January 24, 2025 and multiple parties filed petitions for reconsideration and a motion for clarification on January 27, 2025. On March 17, 2025, the Washington Commission issued an order denying PSE’s petition for reconsideration. The order also granted and denied certain petitions for reconsideration and clarification by other parties. The order approved PSE's Targeted Electrification Pilot Phase II.

Liquefied Natural Gas Rate Adjustment

On April 24, 2024, the Washington Commission issued Final Order 07 in Docket No. UG-230393. The order determined that PSE acted prudently in developing and constructing the Tacoma LNG Facility after the initial decision to build in September 2016. Further, there were two main outcomes that resulted from the order. First, the Washington Commission did not authorize recovery of the portion of the Company’s deferred return on its investment in the Tacoma LNG Facility that was recorded between February 1, 2022, the date the facility was placed into service, and January 11, 2023, the date PSE’s 2022 GRC rates went into effect. Second, the Washington Commission directed PSE to increase the allocation of distribution pipeline investment to Puget LNG. The Washington Commission determined that the allocation should be tied to the relative flow of natural gas across these facilities, resulting in a higher allocation to Puget LNG than was originally filed. On May 3, 2024, PSE made the compliance filing required by Final Order 07. On May 24, 2024, Public Counsel and the Puyallup Tribe of Indians each filed a petition for judicial review of the Washington Commission’s Final Order 07. The petitions were filed in Thurston County Superior Court and were consolidated. Both petitions allege that the Washington Commission (i) failed to properly apply the updated public interest standard, (ii) failed to disallow all costs related to PSE’s redesign of the pipeline and development of waste gas disposal methods, and (iii) failed to conduct an independent determination of reasonable attorney fees. The parties agreed to seek direct review of the case by the Washington State Court of Appeals. The case was transferred to Division III of the Court of Appeals in March 2025. Petitioners, Public Counsel and the Puyallup Tribe of Indians filed opening briefs on July 11, 2025. Respondents, PSE and the Washington Commission filed briefs on September 10, 2025. Petitioners’ reply briefs were filed on October 10, 2025. A hearing date has not yet been set.

PCA and PGA Unrealized Loss

On December 19, 2024, the Washington Commission approved the Company's accounting petition in Docket No. UE-240773 to offset any derivative assets or liabilities, entered into in order to serve electric customers, with a regulatory asset or liability, thus deferring the unrealized gains or losses. For additional information, see Note 4, "Accounting for Derivative Instruments and Hedging Activities" in the Combined Notes to Consolidated Financial Statements included in Item 1 of this report.

Climate Commitment Act Deferral

In 2023, PSE filed its initial revision to natural gas rates for the recovery of allowance costs and pass back of auction proceeds in Docket UG-230968. In this filing, PSE sought to update rates pertaining to amounts deferred from January 2023 through September 2023 and to add new language to the tariff that would enable PSE to fund decarbonization projects using a portion of its projected no cost allowances revenues. Subsequent filings were also made to revise the tariff rates for allowance costs and auction proceeds related to subsequent periods. The Washington Commission suspended the tariff sheets and subsequent updates but allowed the rates to go into effect on an interim basis, subject to refund, on January 1, 2024. The Washington Commission rejected all parties' proposals for gas utility risk sharing of CCA compliance costs, however indicated that it will consider whether a utility risk sharing mechanism is necessary in an ongoing rule making related to CCA implementation.

The ongoing recovery of allowance costs and pass back of proceeds from the sale of consigned no-cost allowances associated with PSE's natural gas business activities is consistent with the approved accounting petitions in Docket Nos. UG-220975 and UG-230471. As of September 30, 2025, PSE recorded a regulatory liability of $64.3 million, which represents the amounts to date over-collected in customer natural gas rates for CCA obligation costs, net of the expense incurred for the purchase of allowances for GHG emissions associated with the Company's natural gas business activities. Additionally, PSE will continue to consign for auction at least the minimum amount of no-cost emission allowances allocated for natural gas business activities in compliance with the CCA, the proceeds of which will continue to be used for the benefit of natural gas customers, as determined by the Washington Commission. PSE does not record a regulatory liability to defer the proceeds until consigned allowances are sold at auction. As of September 30, 2025, PSE recorded a regulatory liability of $24.0 million, which represents the proceeds received from the sale of consigned allowances sold at auction net of proceeds from the sale of consigned natural gas GHG emission allowances passed back through customer rates or used on approved decarbonization projects.

On May 2, 2025, PSE filed a revision to its electric tariff in Docket No. UE-250321, which proposed the establishment of a new schedule, Schedule 111E, which will allow PSE to recover the costs associated with its electric compliance obligation. PSE's proposal covered the recovery of its electric compliance costs incurred, or to be incurred, from January 2023 through December 2025, with a recovery period set for the period of August 1, 2025 through December 2026. On July 24, 2025, the Washington Commission approved the recovery of PSE's estimated 2023 and 2024 compliance costs and a pro-rata portion of the 2025 estimated compliance costs. The order also required PSE to file a proposal for future recovery of CCA costs, which was made in PSE's variable power cost filing update in October 2025. As of September 30, 2025, PSE recorded a regulatory asset of $108.1 million, which represents the expense incurred for the purchase of allowances for the GHG emissions associated

with the Company's electric business activities, net of amounts to date collected in customer electric rates for CCA obligation costs.

Colstrip Adjustment Rider

On September 30, 2024, PSE filed proposed revisions to rates under the Colstrip Adjustment Rider Schedule 141COL with the Washington Commission, seeking to recover actual and forecasted costs for Colstrip Units 3 and 4 for calendar year 2025. The proposed revisions would increase PSE's annual revenues by $4.1 million, or 0.1%. The Washington Commission Staff identified concerns regarding certain capital investments related to the Colstrip coal-fired generating facility, particularly in light of the CETA's mandate to remove coal-fired generation facility costs from rates by December 31, 2025. On December 19, 2024, the Washington Commission issued Order 01, requiring PSE to file revised tariff pages, with rates effective January 1, 2025, subject to refund pending final determination. The Washington Commission set the matter for adjudication, with a hearing held on September 3, 2025. The Washington Commission's order allows the rates to be collected beginning January 1, 2025, but explicitly notes this does not represent a resolution or final determination of any matter raised in Docket No. UE-240729.

On September 30, 2025, PSE filed proposed revisions to rates under the Colstrip Adjustment Rider Schedule 141COL with the Washington Commission in Docket No. 250733 for Colstrip Units 3 and 4 for calendar year 2026. The proposed revisions would decrease PSE's annual revenues by $75.5 million, or 2.1% due to an expected decrease from the removal of Colstrip plant and reduction of operating costs. This filing does not address any items under review from Docket No. UE-240729, noted above.

Power Cost Adjustment Mechanism

PSE currently has a PCA mechanism that provides for the deferral of power costs that vary from the “power cost baseline” level of power costs. The “power cost baseline” levels are set, in part, based on normalized assumptions about weather and hydroelectric conditions. Excess power costs or savings are apportioned between PSE and its customers pursuant to the graduated scale set forth in the PCA mechanism and will trigger a surcharge or refund when the cumulative deferral trigger is reached.

The following graduated scale used in the PCA mechanism resulted in the following Company and customer shares:


Puget Energy and
Puget Sound Energy	At September 30, 2025
(Dollars in Thousands)	Company's Share			Customers' Share			Total
Annual Power Cost Variability	Over	Under	Amount	Over	Under	Amount
(Over) and under collected up to $17 million	100%	100%	$17,000	—%	—%	$—	$17,000
(Over) and under collected between $17 - $40 million	35	50	11,500	65	50	11,500	23,000
(Over) or under collected beyond $40 million	10	10	7,600	90	90	68,402	76,002
Interest			—			2,632	2,632
Total (over) / under recovery			$36,100			$82,534	$118,634


Puget Energy and
Puget Sound Energy	At September 30, 2024
(Dollars in Thousands)	Company's Share			Customers' Share			Total
Annual Power Cost Variability	Over	Under	Amount	Over	Under	Amount
(Over) and under collected up to $17 million	100%	100%	$17,000	—%	—%	$—	$17,000
(Over) and under collected between $17 - $40 million	35	50	11,500	65	50	11,500	23,000
(Over) or under collected beyond $40 million	10	10	7,108	90	90	63,971	71,079
Interest			—			2,317	2,317
Total (over) / under recovery			$35,608			$77,788	$113,396

On July 8, 2025, PSE filed in Docket No. UE-250537 a tariff revision requesting that the Washington Commission eliminate the deadband and sharing bands in the PCA mechanism. The tariff revision is expected to be suspended and set for hearing.

On April 30, 2025, PSE filed the 2024 PCA compliance report in Docket No. UE-250318. PSE proposed that the $3.1 million difference between the 2024 forecasted deferred balance of $98.2 million, which was set in rates from October 1, 2024,

to December 31, 2025, and the actual 2024 deferred balance of $95.1 million be returned to the PCA tracking account for future disposition. Additionally, PSE requested to recover the forecasted 2025 deferred balance of $80.6 million from October 1, 2025 to December 31, 2026. On September 29, 2025, the Washington Commission approved the report.

On April 30, 2024, PSE filed the 2023 PCA compliance report in Docket No. UE-240288. The Company proposed to pass back 2023 deferred balances from October 1, 2024 to December 31, 2025, resulting in credits to customers of $22.2 million. Additionally, PSE requested to recover the forecasted 2024 deferred balance of $98.2 million from October 1, 2024, to December 31, 2025. On September 26, 2024, the Washington Commission approved the filing as proposed with rates going into effect October 1, 2024 and January 1, 2025.

Purchased Gas Adjustment Mechanism

On October 23, 2025, the Washington Commission approved PSE's request for PGA rates in Docket No. UG-250704, effective November 1, 2025. As part of that filing, PSE requested an annual overall revenue decrease of $55.1 million, where PGA rates, under Schedule 101, decrease annual revenue by $7.9 million and the tracker rates, under Schedule 106, decrease annual revenue by $47.2 million.

On October 24, 2024, the Washington Commission approved PSE's request for PGA rates in Docket No. UG-240708, effective November 1, 2024. As part of that filing, PSE requested an annual overall revenue increase of $124.4 million, where PGA rates, under Schedule 101, decrease annual revenue by $2.6 million and the tracker rates, under Schedule 106, increase annual revenue by $127.0 million. The revenue increase in Schedule 106 is primarily due to the cessation of the counterparty refund of $28.1 million, that was amortized as a credit in 2023 and $142.8 million in commodity deferrals that were passed back to customers.

The following table presents the PGA mechanism balances and activity for the nine months ended September 30, 2025 and the twelve months ended December 31, 2024:


Puget Energy and Puget Sound Energy
(Dollars in Thousands)	At September 30,		At December 31,
	2025		2024
PGA (liability)/receivable beginning balance	$	(58,657)	$	(132,082)
Actual natural gas costs	264,746		416,067
Allowed PGA recovery	(287,460)		(336,170)
Interest	(4,074)		(6,472)

PGA (liability)/receivable ending balance	$	(85,445)	$	(58,657)

For further information, such as prior rate filings and accounting petitions, see Part II, Item 8, Note 4, "Regulation and Rates" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

(8) Commitments and Contingencies

Legal Matters

Washington Climate Commitment Act

In 2021, the Washington Legislature adopted the CCA, which establishes a GHG emissions cap-and-invest program that requires covered entities, including electric and natural gas utilities, to purchase allowances to cover their GHG emissions with a cap on available allowances beginning on January 1, 2023 that declines annually through 2050. The WDOE published final regulations to implement the program on September 29, 2022, which became effective on October 30, 2022. The WDOE also indicated that there will be subsequent rulemakings building off initial rulemaking as program implementation proceeds and Washington carbon goal progress is evaluated.

Compliance with the CCA requires covered entities to obtain allowances equal to their emissions and submit to the WDOE annually according to a staggered four-year compliance schedule. For the first three years of each compliance period, covered entities must submit allowances to cover at least 30% of their annual compliance obligation, as determined by the WDOE, no later than November 1st of the following year. For the fourth year of each compliance period, covered entities must submit sufficient allowances to cover 100% of their full four-year compliance obligation, as determined by the WDOE, no later than November 1st of the following year.

The WDOE provided an initial allocation of no-cost allowances to electric utilities, including PSE, for compliance years 2023, 2024 and 2025. However, qualifying electric utilities are allowed to submit revised emissions forecasts approved by the Washington Commission to WDOE. On July 10, 2025, the Washington Commission approved PSE's revised demand and resource supply forecast for calendar years 2025 and 2026, which revises PSE's electric emissions forecast and pending approval from the WDOE may affect the allocation of no-cost allowances provided by the WDOE for 2025. As of September 30, 2025, the Company's compliance obligation does not reflect the revised electric emissions forecast approved by the Washington Commission as it is pending approval with WDOE.

On September 30, 2024, the WDOE provided notice to PSE that its 2023 annual compliance obligation was confirmed based on its 2023 reported covered emissions as previously reported to the WDOE. The WDOE has held meetings with electric utilities, including PSE, regarding CCA compliance issues related to the first compliance period. To date, WDOE has not made adjustments or “true up” accounting for allocation methods, forecasts or cost burden associated with the first compliance period for PSE. The WDOE has indicated that they will provide future guidance on how the adjustment (or “true-up”) mechanism will work going forward. WDOE has not yet confirmed approval of PSE's 2024 compliance obligation based on PSE's 2024 reported covered emissions. Given that PSE is still awaiting approval and the potential for future rulemakings and the WDOE's ability to adjust no-cost allowances during the compliance period, there is estimation uncertainty surrounding the Company's ability to estimate its compliance obligation both on an annual basis and a four-year compliance period, prior to a final WDOE determination.

As existing uncertainties are resolved in future periods, any change in compliance costs as a result of such estimated additional liabilities would be deferred under ASC 980 as a regulatory asset consistent with Docket No. UE-220974, as these amounts will be recoverable from customers in future utility rates. As a result, there is no current impact to the Company's consolidated statements of income.

Colstrip

PSE has a 50% ownership interest in Colstrip Units 1 and 2 and a 25% interest in each of Colstrip Units 3 and 4, which are coal-fired generating units located in Colstrip, Montana. PSE entered into an agreement with NorthWestern Energy to transfer PSE's ownership interest in Colstrip Units 3 and 4 to NorthWestern Energy on January 1, 2026. Management evaluated Colstrip Units 3 and 4 and determined that abandonment accounting criteria was met as of December 31, 2024. Thus, PSE will apply abandonment accounting on the transfer date of January 1, 2026. Until that date, Colstrip Units 3 and 4 are classified as electric utility plant on the Company's balance sheet as of September 30, 2025 and December 31, 2024.

For further information, see Part II, Item 8, Note 6, "Utility Plant" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Other Commitments and Contingencies

In addition to the contractual obligations and consolidated commercial commitments disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, during the nine months ended September 30, 2025, the Company entered into new Electric Portfolio and Electric Wholesale Market Transaction contracts with estimated payment obligations totaling $1.0 billion through 2054. For further information, see Part II, Item 8, Note 16, "Commitments and Contingencies" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

On July 22, 2025, the Company executed two agreements with the same counterparty that would provide the Company with the output of a 400 MW solar PV energy project and the capacity of a 200 MW battery energy storage system, both over a 25-year term. The total estimated payment obligation during the term of the agreements is approximately $2.1 billion. The agreements contain certain provisions that would allow the counterparty to terminate the agreements within 120 days of the execution date or if certain tax law changes occur for a nominal fee.

(9) Leases

PSE has operating leases for buildings for corporate offices and operations, real estate for operating facilities and the Tacoma LNG facility, land for wind farms, power tolling agreements and vehicles for PSE’s fleet. PSE has finance leases primarily for office buildings and office printers. The leases have remaining lease terms of less than a year to 43.9 years. PSE's ROU assets and lease liabilities include options to extend leases when it is reasonably certain that PSE will exercise that option.

On January 1, 2025, PSE commenced a tolling agreement to purchase the energy and capacity associated with a 650 MW natural gas combined cycle facility. The tolling agreement represents an operating lease to PSE and as of September 30, 2025, PSE recorded $155.6 million in right-of-use assets and $155.7 million in lease liabilities, included in the Company's consolidated balance sheets. The right-of-use asset is included in the operating lease right-of-use assets line item and liabilities are included in the operating lease liabilities line items under the current liabilities and other long-term and regulatory liabilities

sections. Costs associated with the tolling agreement are included within purchased electricity on the Company's consolidated statements of income.

In September 2025, PSE commenced a lease agreement for an operations training facility located in Puyallup, Washington. The lease agreement represents a finance lease to PSE and as of September 30, 2025, PSE recorded $81.4 million in assets and $82.9 million in liabilities, included in the Company's consolidated balance sheets.

Leases Not Yet Commenced

On September 20, 2023, PSE entered into a tolling agreement to purchase the energy and capacity associated with a 132.5 MW facility. The tolling agreement represents a lease to PSE and is expected to commence in October 2025. PSE expects the total lease payment consideration to be $91.0 million over the five-year period beginning in October 2025.

On May 8, 2024, PSE entered into a battery energy storage services agreement that will be accounted for as a lease upon commencement. The lease is expected to commence in August 2027 and has a term of 20 years. The expected total lease payment consideration will approximate $744.0 million over the lease term.

On May 23, 2024, PSE entered into a battery energy storage services agreement that will be accounted for as a lease upon commencement. The lease is expected to commence in September 2027 and has a term of 25 years. The expected total lease payment consideration will approximate $856.2 million over the lease term.

On January 7, 2025, PSE entered into two battery energy storage services agreements that will be accounted for as leases upon commencement. These leases are expected to commence in May 2027 and each will have a term of 20 years. The expected total lease payment consideration will approximate $45.2 million over the lease terms.

On August 22, 2025, PSE entered into an energy storage system tolling agreement that will be accounted for as a lease upon commencement. The lease is expected to commence in December 2028 and has a term of 20 years. The expected total lease payment consideration will approximate $429.0 million over the lease term.

(10) Other

Long-Term Debt

On March 13, 2025, Puget Energy issued $600.0 million of senior secured notes at 5.725% (the "Initial 5.725% Notes") in a private offering exempt from registration under the Securities Act. Proceeds from the issuance of the Initial 5.725% Notes were used to repay Puget Energy's $400.0 million 3.65% senior secured notes that matured on May 15, 2025, to pay down a portion of the outstanding balance on the Puget Energy senior secured credit facility and for general corporate purposes.

On May 7, 2025, Puget Energy filed a Form S-4 Registration Statement, which was declared effective by the SEC on May 30, 2025. On June 2, 2025, Puget Energy launched an exchange offer for holders of the Initial 5.725% Notes to receive registered notes (the “Registered 5.725% Notes”) with substantially identical terms. The exchange offer expired on July 1, 2025, and all Initial 5.725% Notes were exchanged and settled on July 8, 2025 and July 22, 2025 for the Registered 5.725% Notes.

On July 30, 2025, PSE filed an automatic shelf registration statement on Form S-3 as a "well-known seasoned issuer" as defined in Rule 405 under the Securities Act of 1933, as amended. Under this shelf registration process, an indeterminate aggregate offering price or number of securities may be registered from time to time. The shelf registration will expire in July 2028.

On September 15, 2025, PSE issued $500.0 million of senior secured notes at an interest rate of 5.598%. The notes mature on September 15, 2055 and pay interest semi-annually in arrears on March 15 and September 15 of each year, commencing March 15, 2026. Proceeds from the issuance of the notes were used to fund capital expenditures and for general corporate purposes.

Liquidity Facilities and Other Financing Arrangements

As of September 30, 2025, $410.5 million was drawn and outstanding under Puget Energy's credit facility, which was classified as short-term debt on Puget Energy's consolidated balance sheet.

As of September 30, 2025, there was zero outstanding under the commercial paper program at PSE and no amount was drawn under PSE's credit facility. Outside of the credit facility, PSE maintains a standby letter of credit with TD Bank allowing for standby letter of credit postings of up to $210.0 million as a condition of transacting on the ICE NGX platform as well as participating in the Washington state carbon allowance auctions. As of September 30, 2025, $72.9 million was issued under the standby letter of credit with TD Bank in support of natural gas purchases and carbon allowance purchases. Additionally, PSE secured rights to $111.4 million of GHG emission allowances under the CCA, which did not clear until October 1, 2025 and thus was included in restricted cash, and had a $1.7 million letter of credit in support of a long-term transmission contract. In

support of purchase power contracts, PSE posted no cash collateral and maintained three standby letters of credit in the amounts of $55.0 million, $13.5 million and $11.9 million. In support of a funding participant contract, PSE has a $14.2 million standby letter of credit.

In April 2025, Puget Energy borrowed $139.0 million on its credit facility and contributed the proceeds to PSE as an equity contribution. The equity proceeds were used for general corporate purposes.

In August 2025, Puget Energy borrowed $125.0 million on its credit facility and contributed the proceeds to PSE as an equity contribution. The equity proceeds were used for general corporate purposes.

For further information on the Company's long-term and short-term debt, credit facilities and other financing arrangements, see Part II, Item 8, Note 7, "Long-Term Debt" and Note 8, "Liquidity Facilities and Other Financing Arrangements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Utility Plant

Beaver Creek Wind Project

Beaver Creek is a utility-scale wind project located in Stillwater County, Montana, with nameplate capacity of 248 MW that commenced commercial operations in August 2025. On September 15, 2023, PSE executed a membership interest purchase agreement with Caithness Beaver Creek, LLC for a 100% ownership interest in Caithness Montana Wind, LLC, which closed on December 1, 2023 and $45.6 million has been paid as of September 30, 2025. On December 1, 2023, PSE entered into a turbine supply agreement with GE Renewables North America, LLC to purchase 88 wind turbines and $272.9 million has been paid as of September 30, 2025. On January 26, 2024, PSE entered into a balance of plant agreement to complete the design and construction of the project, for which $157.4 million has been paid as of September 30, 2025. As of September 30, 2025, $568.2 million of assets were recorded to the “Utility plant - Electric plant” financial statement line item and $19.9 million of ARO were recorded to the "Other deferred credits" financial statement line item, in conjunction with the Beaver Creek wind project. As of September 30, 2025, a $196.8 million net ITC was recorded with a corresponding accumulated deferred ITC to the "Unamortized investment tax credit" financial statement line item, which will be passed back to customers over the life of the project.

Appaloosa Solar Project

Appaloosa Solar Project is a utility-scale solar project located in Garfield County, Washington with an expected nameplate capacity of 142 MW that is expected to commence commercial operations in 2027. On December 22, 2023, PSE executed and closed a membership interest purchase agreement with HQC Solar Holdings 1, LLC for a 100% ownership interest in Appaloosa Solar Project LLC. Total consideration is expected to be $20.3 million, of which $18.6 million was paid as of September 30, 2025 and the remaining balance is expected to be paid in 2026. On August 30, 2024, PSE entered into an Engineering, Procurement, and Construction agreement to complete the design and construction of the project. Total consideration is expected to be approximately $266.8 million. As of September 30, 2025, $41.9 million was recorded to CWIP in conjunction with the project.

Lower Baker Dam Project

Additionally, as of September 30, 2025, PSE completed a seepage reduction project at the Lower Baker Dam, which resulted in electric utility plant placed into service from CWIP. For further information on the Company's utility plant, see Part II, Item 8, Note 6, "Utility Plant" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

(11) Segment Information

Puget Energy operates one reportable segment referred to as the regulated utility segment (Regulated Utility), which is made up of its regulated subsidiary, PSE. No additional reportable segments are contained within PSE. The Regulated Utility segment generates, purchases and sells electricity and purchases, transports and sells natural gas. The service territory of PSE covers approximately 6,000 square miles in the state of Washington. Operations in addition to the Regulated Utility reportable segment, described as Other below, include the activities conducted at the holding company level and at Puget LNG, a non-regulated liquefied natural gas facility. The accounting policies of the Regulated Utility operating segment are the same as those described in Note 1, "Summary of Significant Accounting Policies" to the Combined Notes to Consolidated Financial Statements included in Item 1 of this report. The chief operating decision maker for both Puget Energy and PSE is the president and chief executive officer.

The chief operating decision maker uses net income for the Regulated Utility reportable segment to assess performance, determine resource allocation and gauge the Company's ability to attract and pursue capital investments by comparing actual results to budgeted amounts.

The following tables present financial information about the Regulated Utility segment and reconciliation to Puget Energy consolidated financial statements:


Puget Energy	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
(Dollars in Thousands)	Regulated Utility		Other		Total		Regulated Utility		Other		Total
Revenue	$	1,145,793	$	8,985	$	1,154,778	$	3,849,785	$	27,461	$	3,877,246
Depreciation and amortization	211,118		1,688		212,806		627,663		5,055		632,718
Income tax (benefit) expense	13,123		(4,519)		8,604		45,348		(17,181)		28,167
Non-utility expense and other	5,058		4,878		9,936		24,303		18,374		42,677
Interest expense	86,297		31,657		117,954		255,854		90,963		346,817
Net income	31,962		(25,654)		6,308		286,296		(68,258)		218,038
Total assets	18,331,443		1,923,675		20,255,118		18,331,443		1,923,675		20,255,118
Construction expenditures	(425,514)		(606)		(426,120)		(1,155,560)		(885)		(1,156,445)


Puget Energy	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
(Dollars in Thousands)	Regulated Utility		Other		Total		Regulated Utility		Other		Total
Revenue	$	920,243	$	7,301	$	927,544	$	3,454,114	$	21,815	$	3,475,929
Depreciation and amortization	196,298		1,677		197,975		580,304		5,013		585,317
Income tax (benefit) expense	(18,408)		4,863		(13,545)		3,922		(5,467)		(1,545)
Non-utility expense and other	5,719		5,200		10,919		15,912		17,447		33,359
Interest expense	84,148		27,494		111,642		237,529		83,397		320,926
Net income	(90,900)		(30,208)		(121,108)		53,715		(73,990)		(20,275)
Total assets	16,465,809		1,941,020		18,406,829		16,465,809		1,941,020		18,406,829
Construction expenditures	(426,740)		(106)		(426,846)		(1,143,346)		(483)		(1,143,829)

There are no significant segment expenses used by the chief operating decision maker to manage the segment’s operations that are not included in the Consolidated Statements of Income. PSE recognized revenue from Puget LNG for gas transportation services of $2.7 million and $2.3 million for the nine months ended September 30, 2025 and 2024, respectively. These revenues are eliminated in Puget Energy's Consolidated Statements of Income. Puget LNG is charged tariff rates that are approved by the Washington Commission.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is intended to promote understanding of the results of operations and financial condition, is provided as a supplement to, and should be read in conjunction with the financial statements and related notes thereto included elsewhere in this report on Form 10-Q. This section generally discusses the results of operations and changes in financial condition for the period ended September 30, 2025 compared to 2024. For discussion related to the results of operations and changes in financial condition for the period ended September 30, 2024 compared to 2023 refer to Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations in our period ended September 30, 2024, Form 10-Q, which was filed with the United States Securities and Exchange commission (SEC). The discussion contains forward-looking statements that involve risks and uncertainties, such as Puget Energy, Inc. (Puget Energy) and Puget Sound Energy, Inc. (PSE) objectives, expectations and intentions. Words or phrases such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “future,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” “projects,” “should,” “will likely result,” “will continue” and similar expressions are intended to identify certain of these forward-looking statements. However, these words are not the exclusive means of identifying such statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Puget Energy's and PSE's actual results could differ materially from results that may be anticipated by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled “Forward-Looking Statements” included elsewhere in this report and in the section entitled "Risk Factors" included in Part I, Item 1A in Puget Energy's and PSE's Form 10-K for the period ended December 31, 2024. Except as required by law, neither Puget Energy nor PSE undertakes any obligation to revise any forward-looking statements in order to reflect events or circumstances that may subsequently arise. Readers are urged to carefully review and consider the various disclosures made in this report and in Puget Energy's and PSE's other reports filed with the SEC that attempt to advise interested parties of the risks and factors that may affect Puget Energy's and PSE's business, prospects and results of operations.

Overview

Puget Energy is an energy services holding company and substantially all of its operations are conducted through its wholly owned subsidiary PSE, a regulated electric and natural gas utility company. PSE is the largest electric and natural gas utility in the state of Washington, primarily engaged in the business of electric transmission, distribution and generation and natural gas distribution. Puget Energy's business strategy is to generate stable cash flows by offering reliable electric and natural gas service in a cost-effective manner through PSE. Puget Energy also has a wholly owned non-regulated subsidiary, Puget LNG, which has the sole purpose of owning and operating the non-regulated activity of the Tacoma liquefied natural gas (LNG) facility. Puget Holdings indirectly owns all of Puget Energy's common stock. Puget Holdings is owned by a consortium of long-term infrastructure investors including the British Columbia Investment Management Corporation (BCIMC), the Alberta Investment Management Corporation (AIMCo), the Ontario Municipal Employees Retirement System (OMERS), PGGM Vermogensbeheer B.V., Macquarie Washington Clean Energy Investment, L.P., and the Ontario Teachers’ Pension Plan Board. Puget Energy and PSE are collectively referred to herein as “the Company.”

PSE generates revenue and cash flow primarily from the sale of electric and natural gas services to residential and commercial customers within a service territory covering approximately 6,000 square miles, principally in the Puget Sound region of the state of Washington. PSE continually balances its load requirements, generation resources, purchase power agreements and market purchases to meet customer demand. The Company's external financing requirements principally reflect the cash needs of its construction program, its schedule of maturing debt and certain operational needs. PSE requires access to bank and capital markets to meet its financing needs.

Factors and Trends Affecting PSE's Performance

PSE’s ongoing regulatory requirements and operational needs necessitate the investment of substantial capital in 2025 and will continue to do so in future years. Because PSE intends to seek recovery of such investments through the regulatory process, its financial results depend heavily upon favorable outcomes from that process. The principal business, economic and other factors that affect PSE’s operations and financial performance include:

•The rates PSE is allowed to charge for its services;

•PSE’s ability to recover power costs that are subject to the Company's power cost adjustment mechanism that are included in rates, which are based on volume;

•Weather conditions, including the impact of temperature on customer load; the impact of extreme weather events on budgeted maintenance costs; meteorological conditions such as snow-pack, stream-flow and wind-speed which affect power generation, supply and price;

•The effects of climate change, including changes in the environment that may affect energy costs or consumption, increase the Company’s costs, or adversely affect its operations;

•Regulatory decisions allowing PSE to recover purchased power and fuel costs, on a timely basis;

•PSE’s ability to supply electricity and natural gas, through company-owned generation, purchase power contracts or by procuring natural gas or electricity in wholesale markets;

•Deferral of excess revenues if earnings exceed PSE's authorized rate of return (ROR) by more than 0.5%;

•Availability and access to capital and the cost of capital;

•Regulatory compliance costs, including those related to new and developing federal regulations of electric system reliability, state regulations of natural gas pipelines and federal, state and local environmental laws and regulations, such as the CCA;

•Wholesale commodity prices of electricity and natural gas;

•Increasing capital expenditures with additional depreciation and amortization;

•Failure to complete capital projects on schedule and within budget or the abandonment of capital projects, either of which could result in the Company’s inability to recover project costs or refund previously collected revenues;

•Changes in customer growth and customer usage;

•Tax reform, the effect of lower tax rates, and regulatory treatment of excess deferred tax balances on rate base and customer rates;

•General economic conditions, such as inflation, in PSE's operational territory and its effects on customer growth and use-per-customer;

•Federal, state, and local taxes;

•Employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and loss or retirement of key personnel and availability of qualified personnel;

•The effectiveness of PSE’s risk management policies and procedures;

•Cybersecurity incidents, cybersecurity attacks, data security breaches or other malicious acts that cause damage to the Company’s generation and transmission facilities or information technology systems, or result in the release of confidential customer, employee, or Company information;

•Acts of war or terrorism locally or abroad, or the impact of civil unrest to infrastructure or preventing access to infrastructure and its impact on the supply chain and prices of goods and services;

•Natural disasters such as wildfires, earthquakes, hurricanes, floods, landslides and windstorms or the rise in frequency and magnitude of extreme temperature events; possible accidents, explosions, fires or mechanical breakdowns affecting or caused by PSE's facilities or infrastructure; changes in legislation, regulation and government policies including federal grant programs, trade restrictions and tariffs, and government staff reductions may increase the Company's costs, delay projects, interrupt service, impact PSE's generation, transmission and distribution systems, subject the Company to increased liability, and/or adversely affect its operations;

•Risks due to health crises, such as epidemics and pandemics, including supply shortages, rising costs, disruption to vendor or customer relationships, the potential for reputational harm, the impact of government, business and company closure of facilities, customer or contract defaults, concerns of safety to employees and customers, potential costs due to quarantining of employees and work-from-home policies, and the Company's and vendor staffing levels resulting from vaccination mandates; and

•Legislative, regulatory, code, and/or ordinance changes, including executive orders, tariffs and trade restrictions and budget and efficiency measures, including any actual or potential reduction in the federal workforce, that impact operations, electric and natural gas availability, sales, transmission, costs and/or delivery.

Regulation of PSE Rates and Recovery of PSE Costs

PSE's regulatory requirements, environmental compliance and operational needs require the investment of substantial capital in 2025 and future years. As PSE intends to seek recovery of these investments through the regulatory process, its financial results depend heavily upon outcomes from that process. The rates PSE is allowed to charge for its services influence its financial condition, results of operations and liquidity. PSE is highly regulated and the rates that it charges its retail customers are approved by the Washington Commission.

PSE’s mandate to pursue electric conservation initiatives may have a negative impact on the electric business financial performance due to lost margins from lower sales volumes as variable power costs are not part of the decoupling mechanism. Washington law and the Washington Commission also set natural gas conservation achievement standards for PSE. The effects of achieving these standards will, however, have only a minor negative impact on the natural gas business's financial performance due to the natural gas business being mostly decoupled.

In 2024, the Washington Governor signed the Washington Decarbonization Act for Large Combination Utilities, introduced as House Bill 1589, which requires PSE to file an integrated system plan that combines natural gas and electric planning into one process and include, among other objectives, planning scenarios that (i) achieve natural gas and electricity emissions reductions and costs associated therewith (including planning scenarios for a range of natural gas decarbonization and associated costs), (ii) achieve two percent of electric load annually with conservation and energy efficiency resources unless the Washington Commission finds that a higher target is cost effective or if it determines the requirement is neither technically nor commercially feasible, (iii) includes low-income electrification programs and (iv) include a 10-year clean energy action plan for implementing CETA at the lowest reasonable cost and at an acceptable resource adequacy standard. The law requires consolidation of multiple existing system plans into an integrated plan. Rulemaking at the Washington Commission has concluded and PSE will submit its first integrated system plan on April 1, 2027 to the Washington Commission. The law also clarifies the application of certain regulatory mechanisms for PSE, including a Certificate of Necessity and usage of CWIP. For additional information on PSE's GRC filings, see Note 7, "Regulation and Rates" in the Combined Notes to Consolidated Financial Statements included in Item 1 of this report.

On March 29, 2024, senate bill 5950 approved Washington State's operating budget, which included $150.0 million for public and private utilities to provide one-time bill rebates for low-and moderate-income residential electric customers. PSE received a total of $45.9 million in 2024 and provided rebates to low-and moderate-income residential electric customers.

Variable Power Cost Filing Update

PSE filed a variable power cost filing update with the Washington Commission on October 1, 2025 in Docket No. 250747, proposing to recover 2026 power costs and to comply with Washington Commission Order 01 in Docket UE-250321. The filing requests a revenue requirement increase of $736.0 million or 20.5%. The proposed tariff revisions have an effective date of January 1, 2026.

General Rate Case Filing

For further information, such as prior rate filings, see Part II, Item 8, Note 4, "Regulation and Rates" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Electric Rates

The following table sets forth electric rate adjustments and the expected annual impact of PSE's revenue approved by the Washington Commission since the electric rate adjustments included in the Company's Annual Report included on Form 10-K for the year ended December 31, 2024 and inclusive of filings through the 10-K filing date of February 21, 2025. For further information on the rate schedule descriptions and prior approved filings, see Part I, Item 1, Business, "Regulation and Rates"

and Part II, Item 7, "Regulation of PSE Rates and Recovery of PSE Costs" respectively, in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.


Electric	Schedule	Docket	Effective Date	Average Percentage Increase (Decrease) in Rates	Increase (Decrease) in Revenue (Dollars in Millions)
Conservation service rider	120	250123	May 1, 2025	1.2%	$37.7
Electric CCA supplemental	111E Supp1	250321	August 1, 2025	1.9	86.2
Low income program	129	250648	October 1, 2025	(0.6)	(21.7)
		250200	May 1, 2025	3.0	34.8
PCA supplemental	95 Supp2	250318	October 1, 2025	2.2	78.5
Property tax tracker	140	250207	May 1, 2025	0.3	10.3
Residential exchange benefit credit	194	250664	October 1, 2025	0.5	10.6
Revenue decoupling adjustment mechanism	142	250203	May 1, 2025	(0.2)	(5.5)
Transportation electrification plan	141TEP	250197	May 1, 2025	0.1	4.6

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1 Represents a rate increase from August 1, 2025 through December 31, 2026.

2 Rate effective October 1, 2025 runs concurrent with current PCA rate through December 31, 2025. New rate will be effective January 1, 2026 through December

PUGET ENERGY INC /WA 10-Q