# EDGAR Filing Document

**Accession Number:** 0000081100
**File Stem:** 0001193125-25-169351
**Filing Date:** 2025-7
**Character Count:** 175865
**Document Hash:** 0ac25f4e7f648b0e323218350bac07d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-169351.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001193125-25-169351

**CONFORMED SUBMISSION TYPE**: S-3ASR

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**EFFECTIVENESS DATE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUGET SOUND ENERGY INC
- **CENTRAL INDEX KEY:** 0000081100
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 910374630
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-3ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289101
- **FILM NUMBER:** 251168052

**BUSINESS ADDRESS:**
- **STREET 1:** 355 110TH AVE NE
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004-5515
- **BUSINESS PHONE:** 4254546363

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 97034
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 980099734

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUGET SOUND POWER & LIGHT CO /WA/
- **DATE OF NAME CHANGE:** 19920703

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on July 30, 2025** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-3** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## PUGET SOUND ENERGY, INC.
**(Exact name of registrant as specified in its charter)** 

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| | |
|:---|:---|
| **Washington** | **91-0374630** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

**355 110th Ave NE Bellevue,** 

**Washington 98004** 

**(425) 454-6363** 

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** 

**Lorna Luebbe** 

**Senior Vice President, General Counsel and Chief Sustainability Officer** 

**Puget Sound Energy, Inc.** 

**355 110th Ave NE** 

**Bellevue, Washington 98004** 

**(425) 454-6363** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

***Copies to:***

**Andrew Bor** 

**Andrew Moore** 

**Perkins Coie LLP** 

**1301 Second Avenue, Suite 4200** 

**Seattle, Washington 98101-3804** 

**(206) 359-8000**

**From time to time after this registration statement becomes effective.** 

**(Approximate date of commencement of proposed sale to the public)** 

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box: ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is 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.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | 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 7(a)(2)(B) of Securities Act. ☐

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##### [**Table of Contents**](#toc)
**PROSPECTUS** 

## Puget Sound Energy, Inc.
**SENIOR NOTES** 

Puget Sound Energy, Inc. may offer from time to time, on one or more occasions, secured senior notes (the "Senior Notes"). The amount, price and terms will be determined at or prior to the time of sale.

Each time we offer any of these securities, we will set forth the specific terms of these securities in one or more supplements to this prospectus. The prospectus supplement or supplements also will set forth the names of any underwriters, dealers or agents involved in the offering of the securities, the compensation of these parties and any other special terms of the offering and sale. You should read carefully this prospectus and the accompanying prospectus supplement or supplements before you invest.

This prospectus may not be used to consummate sales of any of these securities unless accompanied by a prospectus supplement.

Our executive office is located at 355 110th Ave NE, Bellevue, Washington 98004, and our mailing address is P.O. Box 97034, Bellevue, Washington, 98009-9734. Our telephone number is (425) 454-6363.

**Investing in our securities involves risks. See "[Risk Factors](#toc18234_6)" on page 6 of this prospectus.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.** 

**The date of this prospectus is July 30, 2025.** 

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##### [**Table of Contents**](#toc)
You should rely only on the information provided or incorporated by reference in this prospectus or any prospectus supplement. We have not authorized anyone else to provide you with information different from or additional to that contained in this prospectus. You should not assume that the information in this prospectus or any prospectus supplement is accurate as of any date other than the date on the front of these documents.

**No dealer, salesperson or other person has been authorized to give any information or to make any representations other than those contained in this prospectus in connection with the senior notes, and, if given or made, such information or representations must not be relied upon as having been authorized by Puget Sound Energy. This prospectus does not constitute an offer of any securities other than those to which it relates or an offer or a solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation in such jurisdiction. Neither the delivery of this prospectus nor any sale made hereunder shall under any circumstance create an implication that there has been no change in the affairs of Puget Sound Energy, Inc. since the date of this prospectus.** 

**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  [About This Prospectus](#toc18234_1) | 1 |
|  [Special Note Regarding Forward-Looking Statements](#toc18234_2) | 1 |
|  [Where You Can Find More Information](#toc18234_3) | 5 |
|  [Incorporation of Certain Documents by Reference](#toc18234_4) | 5 |
|  [Puget Sound Energy, Inc.](#toc18234_5) | 6 |
|  [Risk Factors](#toc18234_6) | 6 |
|  [Use of Proceeds](#toc18234_7) | 6 |
|  [Description of Securities](#toc18234_8) | 7 |
|  [Plan of Distribution](#toc18234_9) | 19 |
|  [Disclosure of Commission Position on Indemnification for Securities Act Liabilities](#toc18234_10) | 21 |
|  [Legal Opinions](#toc18234_11) | 22 |
|  [Experts](#toc18234_12) | 22 |

---

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##### [**Table of Contents**](#toc)
**ABOUT THIS PROSPECTUS** 

This prospectus is part of an automatic shelf registration statement that we filed with the Securities and Exchange Commission (the "SEC" or "Commission"), utilizing an automatic "shelf" registration process as a "well-known seasoned issuer" as defined in Rule 405 under the Securities Act of 1933, as amended (the "Securities Act"). Under this shelf registration process, we may sell the securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the securities. Each time we offer securities, we will provide you with a prospectus supplement that will describe the specific amounts, prices and terms of the offering. The prospectus supplement may also add, update or change information contained in this prospectus. You should read carefully both this prospectus and any prospectus supplement together with additional information described below.

This prospectus does not contain all the information provided in the registration statement we filed with the SEC. For further information about Puget Sound Energy, Inc. or the securities described in this prospectus, you should refer to that registration statement, which you can obtain from the SEC as described below under "Where You Can Find More Information."

You should rely only on the information contained or incorporated by reference in this prospectus or a prospectus supplement (and any applicable free writing prospectus) when making your investment decision. We have not, and the underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus or any prospectus supplement, as well as information we have previously filed with the SEC and incorporated by reference, is accurate as of the date on the front of those documents only. Our business, financial condition, results of operations and prospects may have changed since those dates.

Unless otherwise stated or the context otherwise requires, references in this prospectus to "Puget Sound Energy," "we," "us" and "our" are to Puget Sound Energy, Inc. and its consolidated subsidiaries.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

Our disclosure and analysis in this prospectus, in any prospectus supplement and in the documents incorporated by reference contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). The PSLRA provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information about themselves so long as they identify these statements as forward-looking and provide meaningful cautionary statements identifying important factors that could cause actual results to differ from the projected results. In some cases, you can identify forward-looking statements by terminology such as "anticipates," "believes," "continues," "could," "estimates," "expects," "future," "intends," "may," "might," "plans," "potential," "predicts," "projects," "should," "will likely result," "will continue" or the negative of those terms or comparable terminology.

Forward-looking statements reflect our 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 our expectations, beliefs or projections will be achieved or accomplished.

In addition to other factors and matters discussed elsewhere in this prospectus, some important factors that could cause our actual results or outcomes 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 Utilities and Transportation Commission ("Washington Commission"),

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##### [**Table of Contents**](#toc)
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 or other taxing jurisdiction; and Puget Sound Energy's ability to recover costs in a timely manner arising from such changes;

• Inability to realize deferred tax assets and use production 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 Puget Sound Energy'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 which 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 Puget Sound Energy 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 Puget Sound Energy'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 Puget Sound Energy 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 Puget Sound Energy 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;

• Puget Sound Energy electric or natural gas distribution systems failure, blackouts or large curtailments of
transmission or distribution systems (whether Puget Sound Energy's or others'), or failure of the interstate natural gas pipeline delivering to Puget Sound Energy's system, all of which can affect Puget Sound Energy'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 Puget Sound
Energy'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;

• Puget Sound Energy's resource adequacy needs to meet the Washington Clean Energy Transformation Act and the
Washington Climate Commitment Act requirements, through a combination of owned or contracted

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##### [**Table of Contents**](#toc)
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 Puget Sound Energy's
operational territory, which could have effects on customer usage and Puget Sound Energy'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 Puget Sound Energy'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 Puget Sound Energy's ability to generate
electricity from hydroelectric facilities;

• Variable wind conditions, which can impact Puget Sound Energy'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 Puget Sound
Energy;

• General economic conditions in the Pacific Northwest, such as inflation, which may impact customer consumption or
affect Puget Sound Energy's accounts receivable;

• The loss of significant customers, changes in the business of significant customers or the condemnation of Puget
Sound Energy's facilities as a result of municipalization or other government action or negotiated settlement, which may result in changes in demand for Puget Sound Energy's services;

• The failure of information systems or the failure to secure information system data, which may impact the
operations and cost of Puget Sound Energy's customer service, generation, distribution and transmission;

• Opposition and social activism that may hinder Puget Sound Energy'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;

• Puget Sound Energy'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 Sound Energy's credit ratings, which may have an adverse impact on the availability and
cost of capital for Puget Sound Energy 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 Puget Sound Energy'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 Puget Sound Energy's
service territory, which may impact Puget Sound Energy's operations by, among others: changing system planning; changing existing statutory targets; instituting electrification requirements; or establishing Washington Commission requirements.

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##### [**Table of Contents**](#toc)
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, we undertake 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. You are also advised to consult any further disclosures we make on related subjects in our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as the "Risk Factors" in any prospectus supplement accompanying this prospectus.

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##### [**Table of Contents**](#toc)
**WHERE YOU CAN FIND MORE INFORMATION** 

We and our parent, Puget Energy, Inc. ("Puget Energy"), each file reports and other information with the SEC. Such material may also be accessed electronically by means of the SEC's website on the Internet at http://www.sec.gov. Additionally, Puget Sound Energy's and Puget Energy's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") are available or may be accessed free of charge at Puget Energy's website, www.pugetenergy.com. The information on Puget Energy's website is not incorporated into this prospectus.

In connection with this offering, we have filed with the SEC a registration statement on Form S-3 under the Securities Act. As permitted by SEC rules, this prospectus omits certain information included in the registration statement. For a more complete understanding of the securities we may offer, you should refer to the registration statement, including its exhibits.

**INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE** 

The SEC allows us to "incorporate by reference" into this prospectus the information we file separately with it, which means we may disclose important information by referring you to those other documents. The information we incorporate by reference is considered to be part of this prospectus, except for any information superseded by information in this prospectus. This prospectus incorporates by reference the documents set forth below that we have filed previously with the SEC. These documents contain important information about us and our finances.

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| | |
|:---|:---|
| **SEC Filings (File No. 1-4393)** | **Period/Date** |
| • Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/81100/000108539225000009/psd-20241231.htm) | Year ended December 31, 2024 |
| • Quarterly Reports on Form 10-Q | Quarters ended [March 31, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/81100/000108539225000018/psd-20250331.htm) and [June 30, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/81100/000108539225000022/psd-20250630.htm) |
| • Current Reports on Form 8-K | Filed [January 3, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/81100/000119312525001487/d922563d8k.htm), [April 15, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/81100/000119312525081489/d894791d8k.htm) and [June 11, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/81100/000119312525139128/d917077d8k.htm) |

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The documents filed by us with the SEC pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act (other than those "furnished" pursuant to Item 2.02 or Item 7.01 in any Current Report on Form 8-K or other information and related exhibits "furnished" to the SEC) after the date of the initial registration statement, including any documents filed prior to the date on which the registration statement becomes effective, and prior to the termination of all offerings made pursuant to this prospectus are also incorporated by reference into this prospectus.

Security holders can obtain any document incorporated by reference in this prospectus from us without charge (excluding any exhibits to those documents, except that if we have specifically incorporated by reference an exhibit in this prospectus, the exhibit will also be provided without charge) by requesting it in writing or by telephone from us at:

Treasury Department

Puget Sound Energy, Inc.

P.O. Box 97034

Bellevue, Washington 98009-9734

(425) 454-6363

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##### [**Table of Contents**](#toc)
**PUGET SOUND ENERGY, INC.** 

Puget Sound Energy, Inc. is a public utility incorporated in the state of Washington in 1960 that furnishes electric and natural gas services in a territory covering approximately 6,000 square miles, principally in the Puget Sound region of the state of Washington.

Our executive office is located at 355 110th Ave NE, Bellevue, Washington 98004, and our mailing address is P.O. Box 97034, Bellevue, Washington, 98009-9734. Our telephone number is (425) 454-6363.

**RISK FACTORS** 

The purchase of the securities offered by this prospectus involves various risks. In considering whether to purchase the securities offered by this prospectus, you should carefully consider all the information we have included or incorporated by reference in this prospectus and any prospectus supplement. In particular, you should carefully consider each of the risks described in the section entitled "Risk Factors" in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q that are incorporated by reference in this prospectus and those that may be included in the applicable prospectus supplement, together with all the other information included or incorporated by reference in this prospectus and any prospectus supplement*.* 

**USE OF PROCEEDS** 

As will be more specifically set forth in the applicable prospectus supplement, we will use the net proceeds from the sale of senior notes offered hereby for our general corporate purposes, including capital expenditures, working capital and repayment of debt. Any specific allocation of the proceeds to a particular purpose that has been made at the date of any prospectus supplement will be described in the appropriate prospectus supplement.

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**DESCRIPTION OF SECURITIES** 

**Description of the Senior Notes** 

The senior notes will be issued under that certain Indenture dated as of December 1, 1997 between Puget Sound Energy and U.S. Bank Trust Company, National Association (as successor to State Street Bank and Trust Company), as supplemented (the "senior note indenture"). Unless otherwise provided in the applicable prospectus supplement, the trustee under the senior note indenture will be U.S. Bank Trust Company, National Association (the "senior note trustee"). The senior note indenture is sometimes referred to in this prospectus as an "indenture."

The following briefly summarizes the material provisions of the senior note indenture and the senior notes. You should read the more detailed provisions of the senior note indenture, including the defined terms, for provisions that may be important to you. The senior note indenture has been filed as an exhibit to the registration statement of which this prospectus is a part. Copies of the senior note indenture may also be obtained from Puget Sound Energy or the trustee.

The senior note indenture does not limit the aggregate principal amount of senior notes that we may issue. We may from time to time, without the consent of the existing holders of senior notes, issue additional senior notes. As of the date of this prospectus, we have approximately $5.9 billion in aggregate outstanding principal amount of senior notes under the senior note indenture.

The senior note indenture provides that senior notes of Puget Sound Energy may be issued in one or more series, with different terms, as authorized on one or more occasions by Puget Sound Energy.

The applicable prospectus supplement relating to any series of senior notes will describe the following terms, where applicable:

• the title of the senior notes;

• the total principal amount of the senior notes;

• the percentage of the principal amount at which the senior notes will be sold and, if applicable, the method of
determining the price;

• the maturity date or dates;

• the interest rate or the method of computing the interest rate;

• the date or dates from which any interest will accrue, or how such date or dates will be determined, and the
interest payment date or dates and any related record dates;

• the location where payments on the senior notes will be made;

• the terms and conditions on which the senior notes may be redeemed at the option of Puget Sound Energy;

• any obligation of Puget Sound Energy to redeem, purchase or repay the senior notes at the option of a holder upon
the happening of any event and the terms and conditions of redemption, purchase or repayment;

• any provisions for the discharge of Puget Sound Energy's obligations relating to the senior notes by deposit
of funds or United States government obligations;

• whether the senior notes are to trade in book-entry form and the terms and any conditions for exchanging the
global security in whole or in part for paper certificates;

• any material provisions of the senior note indenture described in this prospectus that do not apply to the senior
notes;

• any additional amounts with respect to the senior notes that Puget Sound Energy will pay to a non-United States person because of any tax, assessment or governmental charge withheld or deducted and, if so, any option of Puget Sound Energy to redeem the senior notes rather than pay these additional amounts;

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##### [**Table of Contents**](#toc)
• any additional events of default; and

• any other specific terms of the senior notes.

Federal income tax consequences and other special considerations applicable to any senior notes issued by Puget Sound Energy at a discount will be described in the applicable prospectus supplement.

Senior notes may be presented for exchange. Registered senior notes may be presented for registration of transfer at the offices of the trustee and, subject to the restrictions set forth in the senior notes and in the applicable prospectus supplement, without service charge, but upon payment of any taxes or other governmental charges due in connection with the transfer, subject to any limitations contained in the senior note indenture.

Distributions of the senior notes in registered form will be made at the office or agency of the trustee in its designated office. However, at the option of Puget Sound Energy, payment of any interest may be made by check or wire transfer. Payment of any interest due on senior notes in registered form will be made to the persons in whose names the senior notes are registered at the close of business on the record date for such interest payments. Payments made in any other manner will be specified in the applicable prospectus supplement.

***Security; Substitution Date***

Until the substitution date (as described in the next paragraph), the senior notes will be secured by one or more series of Puget Sound Energy's first mortgage bonds from either or both of Puget Sound Energy's current first mortgage indentures issued and delivered by Puget Sound Energy to the senior note trustee. Upon the issuance of a series of senior notes prior to the substitution date, Puget Sound Energy will simultaneously issue and deliver to the senior note trustee, as security for all senior notes, a series of first mortgage bonds that will have the same stated maturity date and corresponding redemption provisions, and will be in the same total principal amount, as the series of the senior notes being issued. Any series of first mortgage bonds securing senior notes may, but need not, bear interest. Any payment by Puget Sound Energy to the senior note trustee of principal of, and interest and/or any premium on, a series of first mortgage bonds will be applied by the senior note trustee to satisfy Puget Sound Energy's obligations with respect to principal of, and interest and/or any premium on, the corresponding senior notes.

The "substitution date" will be the date that all first mortgage bonds of Puget Sound Energy issued and outstanding under its electric utility mortgage indenture with U.S. Bank Trust Company, National Association and its gas utility mortgage indenture with The Bank of New York Mellon Trust Company, N.A. other than first mortgage bonds securing senior notes, have been retired (at, before or after their maturity) through payment, redemption or otherwise.

A lien on certain property owned by Puget Sound Energy will secure each series of first mortgage bonds that secures senior notes. Upon the payment or cancellation of any outstanding senior notes, the senior note trustee will surrender to Puget Sound Energy for cancellation an equal principal amount of the related series of first mortgage bonds. Puget Sound Energy will not permit, at any time prior to the substitution date, the total principal amount of first mortgage bonds securing senior notes held by the senior note trustee to be less than the total principal amount of senior notes outstanding.

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As required under the senior note indenture, particularly as amended by the Fifth Supplemental Indenture dated as of May 23, 2018, on the substitution date, the Company will deliver to the senior note trustee pledged substitute mortgage bonds under a substitute mortgage in an aggregate principal amount equal to the aggregate principal amount of senior notes outstanding on the substitution date, in separate series and issues corresponding to the series and issues of the senior notes outstanding on the substitution date, with the same stated rate of interest, interest payment dates, stated maturity date and redemption provisions.

***Events of Default***

The following constitute events of default under senior notes of any series:

• failure to pay interest on any senior note of the series when due for 30 days;

• failure to perform any other covenant or agreement of Puget Sound Energy in the senior notes of the series for 90
days after written notice to Puget Sound Energy by the senior note trustee or the holders of at least a majority in total principal amount of the outstanding senior notes;

• prior to the substitution date, a default occurs under the gas utility mortgage and the gas utility mortgage
trustee or the holders of at least a majority in total principal amount of the outstanding senior notes of the series give notice of the default to the senior note trustee;

• prior to the substitution date, a default occurs under the electric utility mortgage and the electric utility
mortgage trustee or the holders of at least a majority in total principal amount of the outstanding senior notes of the series give notice of the default to the senior note trustee;

• if any substitute mortgage bonds are outstanding, a default occurs under the substitute mortgage and the trustee
under the substitute mortgage or the holders of at least a majority in total principal amount of the outstanding senior notes of the series give notice of the default to the senior note trustee; and

• events of bankruptcy, insolvency or reorganization of Puget Sound Energy specified in the senior note indenture.

If an event of default occurs and is continuing, either the senior note trustee or the holders of at least a majority in total principal amount of the outstanding senior notes of a series may declare the principal amount of all senior notes of the series to be due and payable immediately.

The senior note trustee generally will be under no obligation to exercise any of its rights or powers under the senior note indenture at the request or direction of any of the holders of senior notes of a series unless those holders have offered to the senior note trustee reasonable security or indemnity. Subject to the provisions for indemnity and certain other limitations contained in the senior note indenture, the holders of at least a majority in total principal amount of the outstanding senior notes of a series generally will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the senior note trustee with respect to the series, or of exercising any trust or power conferred on the senior note trustee with respect to the series. The holders of at least a majority in principal amount of the outstanding senior notes of a series generally will have the right to waive any past default or event of default (other than a payment default) on behalf of all holders of senior notes of the series.

No holder of senior notes of a series may institute any action against Puget Sound Energy under the senior note indenture unless:

• that holder gives to the senior note trustee advance written notice of default and its continuance;

• the holders of not less than a majority in total principal amount of senior notes of the series then outstanding
affected by that event of default request the senior note trustee to institute such action;

• that holder has offered the senior note trustee reasonable indemnity; and

• the senior note trustee shall not have instituted such action within 60 days of such request.

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Furthermore, no holder of senior notes of a series will be entitled to institute any such action if and to the extent that the action would disturb or prejudice the rights of other holders of senior notes of the series.

Within 90 days after the occurrence of a default with respect to the senior notes of a series, the senior note trustee must give the holders of the senior notes of that series notice of the default if known to the senior note trustee, unless cured or waived. The senior note trustee may withhold the notice if it determines in good faith that it is in the interest of the holders to do so except in the case of default in the payment of principal of, and interest and/or any premium on, any senior notes of the series. Puget Sound Energy is required to deliver to the senior note trustee each year a certificate as to whether or not, to the knowledge of the officers signing the certificate, Puget Sound Energy is in compliance with the conditions and covenants under the senior note indenture.

***Modification***

Except as provided in the paragraph below, Puget Sound Energy and the senior note trustee cannot modify or amend the senior note indenture with respect to a series without the consent of the holders of at least a majority in principal amount of the outstanding affected senior notes. In addition, Puget Sound Energy and the senior note trustee cannot modify or amend the senior note indenture without the consent of the holder of each outstanding senior note of a series to:

• change the maturity date of any senior note of the series;

• reduce the rate (or change the method of calculation of the rate) or extend the time of payment of interest on
any senior note of the series;

• reduce the principal amount of, or premium payable on, any senior note of the series;

• change the coin or currency of any payment of principal of, and interest and/or any premium on, any senior note
of the series;

• change the date on which any senior note of the series may be redeemed or repaid at the option of its holder or
adversely affect the rights of a holder to institute suit for the enforcement of any payment on or with respect to any senior note of the series;

• impair the interest of the senior note trustee in the first mortgage bonds securing the senior notes of the
series held by it or, prior to the substitution date, reduce the principal amount of any series of first mortgage bonds securing the senior notes of the series to an amount less than the principal amount of the related series of senior notes or
alter the payment provisions of the first mortgage bonds in a manner adverse to the holders of the senior notes; or

• modify or reduce the percentage of holders of senior notes of the series necessary to modify or amend the senior
note indenture or to waive any past default to less than a majority.

Puget Sound Energy and the senior note trustee can modify and amend the senior note indenture without the consent of the holders in certain cases, including:

• to add to the covenants of Puget Sound Energy for the benefit of the holders or to surrender a right conferred on
Puget Sound Energy in the senior note indenture;

• to add further security for the senior notes of the series;

• to supply omissions, cure ambiguities or correct defects, which actions, in each case, are not prejudicial to the
interests of the holders in any material respect; or

• to make any other changes that are not prejudicial to the holders of senior notes of the series.

***Defeasance and Discharge***

The senior note indenture provides that Puget Sound Energy will be discharged from any and all obligations with respect to the senior notes of a series and the senior note indenture (except for obligations to register the transfer

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or exchange of senior notes, replace stolen, lost or mutilated senior notes and maintain paying agencies) if, among other things, Puget Sound Energy irrevocably deposits with the senior note trustee, in trust for the benefit of holders of senior notes of the series, money or certain United States government obligations, or any combination of money or government obligations, which through the payment of interest and principal on the deposits in accordance with their terms must provide money in an amount sufficient, without reinvestment, to make all payments of principal of, and any premium and interest on, the senior notes on the dates those payments are due in accordance with the terms of the senior note indenture and the senior notes of the series. Unless all the senior notes of the series are to be due within 90 days of the deposit by redemption or otherwise, Puget Sound Energy must also deliver to the senior note trustee an opinion of counsel to the effect that the holders of the senior notes of the series will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance or discharge of the senior notes. Thereafter, the holders of senior notes must look only to the deposit for payment of the principal of, and interest and any premium on, the senior notes.

***Consolidation, Merger and Sale or Disposition of Assets***

Puget Sound Energy may consolidate with or merge into another corporation, or sell or otherwise dispose all or substantially all of its assets if:

• the successor or transferee corporation is a corporation organized and existing under the laws of the United
States, any state thereof or the District of Columbia;

• the new corporation assumes the due and punctual payment of the principal of, and premium and interest on, all
the senior notes and the performance of every covenant of the senior note indenture to be performed or observed by Puget Sound Energy;

• prior to the substitution date, the new corporation assumes Puget Sound Energy's obligations under its
electric utility mortgage and gas utility mortgage with respect to first mortgage bonds securing senior notes; and

• after the substitution date and if there are substitute first mortgage bonds outstanding, the new corporation
assumes Puget Sound Energy's obligations under the substitute first mortgage with respect to substitute first mortgage bonds securing senior notes.

The senior note indenture defines "all or substantially all" of the assets of Puget Sound Energy as being 50% or more of the total assets of Puget Sound Energy as shown on its balance sheet as of the end of the prior year. The senior note indenture specifically permits any sale, transfer or other disposition during a calendar year of less than 50% of total assets without the consent of the holders of the senior notes and without the assumption by the transferee of Puget Sound Energy's obligations on the senior notes and covenants contained in the senior note indenture.

**Certain Covenants of Puget Sound Energy** 

***Limitation on Liens***

Puget Sound Energy cannot issue any first mortgage bonds other than first mortgage bonds that secure senior notes. The foregoing restriction will not apply to:

• liens on any property existing at the time of its acquisition (but excluding any extension of or addition to that
property unless the terms of the mortgage as of the date of the acquisition of the property provide that the mortgage shall be secured by extensions or additions to the property);

• liens to secure the payment of all or part of the purchase price of property or to secure any debt incurred prior
to, at the time of or within 180 days after the acquisition of that property for the purpose of financing all or part of the purchase price of the property;

• liens secured by property used in the generation of electricity;

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• liens existing as of the date of the senior note indenture;

• permitted encumbrances similar to the permitted encumbrances under the electric utility mortgage;

• any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part,
of any lien referred to in the bullet points above; provided, however, that the principal amount of debt secured thereby may not exceed the principal amount of debt (plus any premium or fee payable in connection with such extension, renewal or
replacement) so secured at the time of such extension, renewal or replacement; and provided, further, that such lien must be limited to all or such part of the property which was subject to the mortgage so extended, renewed or replaced (plus
improvements on such property);

• liens in favor of the United States, any state thereof, any other country or any political subdivision of any of
the foregoing, to secure partial, progress, advance or other payments under any contract or statute; or

• liens securing industrial development, pollution control or similar revenue bonds.

Notwithstanding the foregoing restriction, Puget Sound Energy may create, assume or incur any lien not excepted above without equally and ratably securing the senior notes if the aggregate amount of all debt then outstanding and secured by that lien or any other lien not excepted above, together with all net sale proceeds from sale and leaseback transactions that are not described in "—Limitations on Sale and Leaseback Transactions" below, does not exceed 15% of Puget Sound Energy's total consolidated capitalization as shown on its latest audited consolidated balance sheet.

***Limitations on Sale and Lease Back Transactions***

Puget Sound Energy may effect any sale and leaseback transaction if the net sale proceeds from the sale and leaseback transaction, together with the net sale proceeds from all other sale and leaseback transactions not excepted above and all debt then outstanding and secured by mortgages not described in any of the bullet points under "—Limitations on Liens," do not exceed 15% of Puget Sound Energy's total consolidated capitalization as shown on its latest audited consolidated balance sheet. Puget Sound Energy may also effect any sale and leaseback transaction involving a lease for a period, including renewals, of not more than 36 months.

***Voting of First Mortgage Bonds Held by Senior Note Trustee***

The senior note trustee, as the holder of first mortgage bonds securing senior notes, will attend any meeting of bondholders under Puget Sound Energy's electric utility mortgage and gas utility mortgage or, at its option, will deliver its proxy in connection therewith as it relates to matters with respect to which it is entitled to vote or consent. The senior note trustee will vote all the electric utility bonds or gas utility bonds held by it, or will consent with respect thereto, as directed by holders of at least a majority in total principal amount of the outstanding senior notes; provided, however, that the senior note trustee is not required to vote the electric utility bonds or gas utility bonds of any particular issue in favor of, or give consent to, any action except upon notification by the senior note trustee to the holders of the related issue of senior notes of such proposal and consent thereto of the holders of at least a majority in principal amount of the outstanding senior notes of such issue.

***Concerning the Senior Note Trustee***

U.S. Bank Trust Company, National Association is both the senior note trustee under the senior note indenture and the mortgage trustee under the electric utility mortgage indenture. As of the date of this prospectus, U.S. Bank Trust Company, National Association also serves as the issuing and paying agent for our commercial paper program, and is a lender under our credit facility.

The senior note trustee may resign at any time by giving written notice to Puget Sound Energy specifying the day on which the resignation is to take effect. The resignation will take effect immediately upon the later of the appointment of a successor senior note trustee and the day specified by the senior note trustee.

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The senior note trustee may be removed at any time by a written instrument filed with the senior note trustee and signed by the holders of at least a majority in total principal amount of outstanding senior notes. In addition, if no event of default has occurred and is continuing, Puget Sound Energy may remove the senior note trustee upon notice to the holder of each senior note outstanding and the senior note trustee, and appointment of a successor senior note trustee.

**Description of the First Mortgage Bonds** 

The first mortgage bonds securing the senior notes are to be issued under Puget Sound Energy's electric utility mortgage indenture or its gas utility mortgage indenture, each as amended and supplemented by various supplemental indentures. U.S. Bank Trust Company, National Association will act as the electric utility mortgage trustee and The Bank of New York Mellon Trust Company, N.A. will act as the gas utility mortgage trustee.

The statements herein concerning these mortgage indentures are outlines and are not complete and are subject to, and qualified in their entirety by, all the provisions of the electric utility mortgage indenture and the gas utility mortgage indenture, which are exhibits to the registration statement of which this prospectus forms a part. They make use of defined terms and are qualified in their entirety by express reference to the mortgage indentures, copies of which are available upon request to the senior note trustee.

First mortgage bonds securing senior notes will be issued as security for Puget Sound Energy's obligations under the senior note indenture and will be immediately delivered to and registered in the name of the senior note trustee. The first mortgage bonds securing senior notes will be issued as security for senior notes of a series and will secure the senior notes of that series until the substitution date. The senior note indenture provides that the senior note trustee shall not transfer any first mortgage bonds securing senior notes except to a successor trustee, to Puget Sound Energy (as provided in the senior note indenture) or in compliance with a court order in connection with a bankruptcy or reorganization proceeding of Puget Sound Energy.

First mortgage bonds securing senior notes will correspond to the senior notes of their related series in respect of principal amount, interest rate, maturity date and redemption provisions. Upon payment of the principal or any premium or interest on senior notes of a series, the related first mortgage bonds in a principal amount equal to the principal amount of the senior notes will, to the extent of the payment of principal, premium or interest, be deemed fully paid and the obligation of Puget Sound Energy to make the payment shall be discharged.

**The Electric Utility Mortgage Bonds** 

***Priority and Security***

The electric utility mortgage bonds securing senior notes of any series will rank equally as to security with bonds of other series now outstanding or issued later under the electric utility mortgage. This security is a direct first lien on Puget Sound Energy's electric utility property and its electric franchises and permits, other than property expressly excluded from the lien. Property expressly excluded from the lien includes:

• cash, securities, notes, accounts receivable and similar instruments;

• conditional sales, appliance rental or lease agreements;

• materials and supplies held for use in the ordinary course of business;

• merchandise held for the purpose of sale, lease or distribution;

• fuel (including fissionable material) and personal property consumable in operations;

• timber, oil, gas and other minerals under or upon lands of Puget Sound Energy;

• office furniture and equipment, automobiles and similar transportation equipment; and

• nonutility property.

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The lien of the electric utility mortgage is subject to excepted encumbrances (and certain other limitations) as defined and described in the electric utility mortgage indenture. It is also subject to the lien of the gas utility mortgage with respect to Puget Sound Energy's gas utility property that was acquired in connection with the merger with Washington Energy Company on February 10, 1997. The electric utility mortgage indenture permits the acquisition of property subject to prior liens.

***Dividend Restriction***

So long as any of the electric utility mortgage bonds are outstanding, Puget Sound Energy shall not do either of the following, except out of net income available for dividends on its common stock, accumulated after December 31, 1957, plus the sum of $7,500,000:

• declare or pay any dividends (other than dividends payable in Puget Sound Energy's common stock) or make any
other distribution on any shares of its common stock; or

• purchase, redeem or otherwise retire for consideration any shares of stock.

***Issuance of Electric Utility Mortgage Bonds and Withdrawal of Cash Deposited Against That Issuance***

The principal amount of electric utility mortgage bonds that Puget Sound Energy may issue under the electric utility mortgage is not limited, provided that the issuance tests in the electric utility mortgage are satisfied. Electric utility mortgage bonds may be issued from time to time against one or more of the following:

• 60% of unfunded net property additions;

• deposit of cash with the electric utility mortgage trustee; and

• 100% of unfunded electric utility mortgage bond credits.

The issuance of electric utility mortgage bonds is subject to net earnings available for interest being at least two times the annual interest requirements on all electric utility mortgage bonds and prior lien debt to be outstanding. Cash deposited is withdrawable against 60% of unfunded net additions and 100% of unfunded electric utility mortgage bond credits.

***Depreciation Fund***

Puget Sound Energy will pay cash or deliver electric utility mortgage bonds of any series to the electric utility mortgage trustee by May 31 of each year in an amount equal to the minimum provision for depreciation for the preceding year (i.e., an amount by which 15% of gross utility operating revenues of Puget Sound Energy, after deducting cost of electricity purchased, fuel costs, and rental and lease payments, exceeds maintenance, repairs and renewals). Cash held in the depreciation fund may be applied to the retirement of the electric utility mortgage bonds of certain of the Secured Medium-Term Notes, Series A and certain of the Secured Medium-Term Notes, Series B, at a price not exceeding the applicable regular redemption price thereof, or other electric utility mortgage bonds at a price not exceeding the applicable special redemption price thereof. In lieu of paying cash or delivering electric utility mortgage bonds, Puget Sound Energy has the option of satisfying this obligation through the use of unfunded property additions or unfunded electric utility mortgage bond credits. Cash and electric utility mortgage bonds held in the depreciation fund may also be withdrawn by using either unfunded property additions or unfunded electric utility mortgage bond credits.

***Modification of Mortgage***

The rights of the bondholders under the electric utility mortgage may be modified by Puget Sound Energy with the consent of the holders of at least 66 2/3% in total principal amount of the electric utility bonds and of not less than 66 2/3% of the total principal amount of each series affected. In general, however, no modification of the terms of payment of principal or interest and no modification affecting the lien or reducing the percentage required for modification is effective against any bondholder without the bondholder's consent.

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***Concerning the Mortgage Trustee***

U.S. Bank Trust Company, National Association is both the mortgage trustee under the electric utility mortgage indenture and the senior note trustee under the senior note indenture. As of the date of this prospectus, U.S. Bank Trust Company, National Association also serves as the issuing and paying agent for our commercial paper program, and is a lender under our credit facility.

The holders of at least a majority in total principal amount of the electric utility mortgage bonds have the right to require the electric utility mortgage trustee to enforce the electric utility mortgage, but the electric utility mortgage trustee is entitled to receive reasonable indemnity and is not required to act under certain circumstances.

***Defaults***

The electric utility mortgage defines the following as "defaults":

• failure to pay principal and premium when due;

• failure to pay interest for 30 days after becoming due;

• failure to pay any installment of any sinking or other purchase fund for 60 days after becoming due;

• an unstayed continuance for 90 days after an entry of an order for reorganization or an appointment of a trustee;

• certain events in bankruptcy, insolvency or reorganization;

• an unstayed continuance for 90 days after entry of a judgment in excess of $100,000; and

• failure for 90 days after notice to observe other covenants or conditions.

The electric utility mortgage indenture does not contain a provision requiring any periodic evidence to be furnished as to the absence of default or as to compliance with the terms thereof.

**Gas Utility Mortgage Bonds** 

***Priority and Security***

The gas utility mortgage bonds securing senior notes of any series will rank equally as to security with gas utility mortgage bonds of other series now outstanding or issued later under the gas utility mortgage indenture. This security is a direct first lien on all of Puget Sound Energy's gas utility property, on its gas utility franchises and permits and on its gas purchase contracts (other than certain property expressly excluded from the lien). Property expressly excluded from the lien includes:

• cash, securities, notes, accounts receivable and similar instruments;

• conditional sales, appliance rental or lease agreements;

• equipment, materials, supplies and merchandise held by Puget Sound Energy for consumption in the ordinary course
of business or acquired for sale, lease or distribution;

• gas or liquid hydrocarbons in pipelines and in storage;

• fuel and personal property consumable in operations;

• oil, gas and other minerals and timber under or upon lands of Puget Sound Energy;

• office furniture and equipment, automobiles and similar transportation equipment;

• nonutility property; and

• certain property of a successor corporation in a merger or consolidation.

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All property owned by Puget Sound Energy immediately prior to its merger with Washington Energy Company on February 10, 1997 is excepted from the lien of the gas utility mortgage. All property acquired by Puget Sound Energy after the merger is also excepted from the lien, unless the property improves or replaces the gas utility property owned by Washington Energy Company at the time of the merger. This lien is subject to excepted encumbrances (and certain other limitations) as defined and described in the gas utility mortgage indenture. The mortgage indenture permits the acquisition of property subject to prior liens, but this property will not be considered as additional property under the gas utility mortgage until the prior lien is paid.

***Dividend Restriction***

If the aggregate amount of all the dividends, distributions and expenditures listed below made since September 30, 1994 would exceed the aggregate amount of the net income of Puget Sound Energy accumulated after September 30, 1994 plus the sum of $20,000,000, Puget Sound Energy shall not do any of the following so long as any of Puget Sound Energy's Secured Medium-Term Notes, Series C, issued under the gas utility mortgage, are outstanding:

• declare or pay any dividends (other than dividends payable in Puget Sound Energy's common stock) or make any
other distribution on any shares of its common stock; or

• purchase, redeem or otherwise retire for consideration any shares of stock (other than in exchange for, or from
the net cash proceeds of, other new shares of capital stock of Puget Sound Energy and other than any shares of any class of stock ranking as to dividends or assets prior to Puget Sound Energy's common stock required to be purchased, redeemed or
otherwise retired for any sinking fund or purchase fund for that class of stock).

***Renewal Fund***

Puget Sound Energy will pay cash and/or deliver gas utility mortgage bonds (taken at the principal amount thereof) to the gas utility mortgage trustee for deposit into a renewal fund on or before May 1 of each year in an amount equal to:

• the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate amount of the minimum provision for depreciation (i.e., an amount computed at the rate of 2% per
annum, or another rate as may be permitted or required by the Washington Utilities and Transportation Commission, of the book value of depreciable gas utility property subject to the lien of the gas utility mortgage and not to prior liens) from
March 1, 1957 to the end of the next preceding calendar year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate amount of retirements for the same period;

in excess of:

• the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate amount for the minimum provision for depreciation or retirements, whichever is greater, shown in
the next preceding renewal fund certificate filed with the gas utility mortgage trustee pursuant to the requirements of Section 4.04 of the gas utility mortgage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate amount for the minimum provision for depreciation or retirements, whichever is greater, shown in
the latest certificate of available net additions delivered to the gas utility mortgage trustee pursuant to Section 2.01 of the gas utility mortgage;

less the aggregate amount of gas utility mortgage bonds retired by sinking fund operations, not theretofore used as a credit on account of the renewal fund in previous renewal fund certificates. The renewal fund obligation may be satisfied in whole or in part by credits consisting of unfunded property additions and/or unfunded gas utility mortgage bonds credits.

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Any cash deposited in the renewal fund, if and to the extent that Puget Sound Energy at the time does not have property additions available for use as a credit to satisfy the renewal fund obligation, may, upon the written order of Puget Sound Energy, be applied by the gas utility mortgage trustee to the redemption of gas utility mortgage bonds or, if not so applied pursuant to the provisions of the gas utility mortgage, to the retirement of gas utility mortgage bonds.

***Issuance of Gas Bonds and Withdrawal of Cash Deposited Against Such Issuance***

The principal amount of gas utility mortgage bonds issuable under the gas utility mortgage is not limited, provided that the issuance tests in the gas utility mortgage are satisfied. Gas utility mortgage bonds may be issued from time to time against one or more of the following:

• 60% of unfunded net property additions;

• deposit of cash with the gas utility mortgage trustee; and

• 100% of unfunded gas utility mortgage bond credits.

With certain exceptions, the issuance of gas utility mortgage bonds is subject to net earnings available for interest being at least:

• two times the annual interest requirements on all gas utility mortgage bonds and prior lien debt to be
outstanding; and

• so long as gas utility mortgage bonds issued prior to the date of this prospectus are outstanding, 1.75 times the
annual interest requirements on all indebtedness of Puget Sound Energy to be outstanding immediately after such issuance.

Cash deposited is withdrawable against 60% of unfunded net property additions in the case of moneys on deposit with the gas utility mortgage trustee for the purpose described above, 100% of the amount of unfunded net additions in the case of any other trust moneys and 100% of unfunded gas utility mortgage bond credits.

***Modification of Mortgage***

The rights of the bondholders under the gas utility mortgage may be modified by Puget Sound Energy with the consent of the holders of at least 66 2/3% in total principal amount of the gas utility mortgage bonds and of not less than 66 2/3% of the total principal amount of each series affected. In general, however, no modification of the terms of payment of principal or interest and no modification affecting the lien or reducing the percentage required for modification is effective against any bondholder without the bondholder's consent.

***Concerning the Mortgage Trustee***

The Bank of New York Mellon Trust Company, N.A. is both the gas utility mortgage trustee under the mortgage indenture and the unsecured debenture trustee under our unsecured debt indenture. The holders of at least a majority in total principal amount of the gas utility mortgage bonds have the right to require the gas utility mortgage trustee to enforce the gas utility mortgage, but the gas utility mortgage trustee is entitled to receive reasonable indemnity and is not required to act under certain circumstances.

***Defaults***

The gas utility mortgage defines the following as "defaults":

• failure to pay principal and premium when due;

• failure to pay interest for 10 days after becoming due;

• failure to pay any installment of any sinking or other purchase fund for 30 days after becoming due;

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• certain events in bankruptcy, insolvency or reorganization;

• failure to pay money due under any indebtedness other than gas utility mortgage bonds in an amount of $500,000 or
more or the failure to perform any other agreement evidencing the indebtedness if Puget Sound Energy's failure causes any payments to become due prior to the due date;

• a judgment against Puget Sound Energy in excess of $100,000 that continues unstayed and unsatisfied for a period
of 90 days following entry of the judgment; and

• failure for 30 days after notice to observe other covenants or conditions.

The gas utility mortgage indenture does not contain a provision requiring any periodic evidence to be furnished as to the absence of default or as to compliance with the terms thereof.

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**PLAN OF DISTRIBUTION** 

Puget Sound Energy may sell the senior notes:

• through underwriters or dealers;

• through agents;

• directly to purchasers; or

• through a combination of any of these methods.

The prospectus supplement with respect to any senior notes will set forth the terms of the related offering, including:

• the name or names of any underwriters, dealers or agents and the amount of securities underwritten or purchased
by them;

• the name or names of any managing underwriter or underwriters;

• the purchase price of the senior notes and the proceeds to Puget Sound Energy from their sale;

• any underwriting discounts and commissions or agency fees and other items constituting underwriters' or
agents' compensation;

• any initial public offering price and any discounts or concessions allowed or reallowed or paid to dealers;

• any commissions paid to agents;

• any delayed delivery arrangements; and

• any securities exchange on which the senior notes may be listed.

**Sale Through Underwriters or Dealers** 

If underwriters are used in the sale, they will acquire the senior notes for their own account and may resell them on one or more occasions in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The senior notes may be offered to the public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters. Unless otherwise set forth in the applicable prospectus supplement, the obligations of the underwriters to purchase the senior notes will be subject to certain conditions precedent, and the underwriters will be obligated to purchase all the offered senior notes if any are purchased. The underwriters may change from time to time any initial public offering price and any discounts or concessions allowed or reallowed or paid to dealers.

During and after an offering through underwriters, the underwriters may purchase and sell the senior notes in the open market. These transactions may include overallotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the offering. The underwriters may also impose a penalty bid, which means that selling concessions allowed to syndicate members or other broker-dealers for the senior notes sold for their account may be reclaimed by the syndicate if the senior notes are repurchased by the syndicate in stabilizing or covering transactions. These activities may stabilize, maintain or otherwise affect the market price of the senior notes, which may be higher than the price that might otherwise prevail in the open market. If commenced, the underwriters may discontinue these activities at any time.

If dealers are utilized in the sale of senior notes, Puget Sound Energy will sell the senior notes to the dealers as principals. The dealers may then resell the senior notes to the public at varying prices to be determined by the dealers at the time of resale.

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**Direct Sales and Sales Through Agents** 

The senior notes may be sold directly by Puget Sound Energy or through agents designated by Puget Sound Energy from time to time. Unless otherwise indicated in the prospectus supplement, any agent will be acting on a best-efforts basis for the period of its appointment.

The senior notes may be sold directly by Puget Sound Energy to institutional investors or others, who may be deemed to be underwriters within the meaning of the Securities Act with respect to any resale of the securities. The terms of these sales will be described in the related prospectus supplement.

**Delayed Delivery Contracts** 

If indicated in the prospectus supplement, Puget Sound Energy may authorize agents, underwriters or dealers to solicit offers from certain types of institutions to purchase senior notes from Puget Sound Energy at the public offering price under delayed delivery contracts. These contracts would provide for payment and delivery on a specified date in the future. The contracts would be subject only to those conditions described in the prospectus supplement. The prospectus supplement will describe the commission payable for solicitation of those contracts.

**General Information** 

Agents, dealers and underwriters may be entitled under agreements with Puget Sound Energy to indemnification by Puget Sound Energy against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments which the agents, dealers or underwriters may be required to make in respect of liabilities under the Securities Act. Agents, dealers and underwriters may be customers of, engage in transactions with, or perform services for Puget Sound Energy and its affiliates in the ordinary course of business.

The senior notes may or may not be listed on a national securities exchange. You should read the applicable prospectus supplement for a discussion of this matter. We cannot assure you there will be a market for any of the senior notes.

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**DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES** 

Sections 23B.08.500 through 23B.08.603 of the Washington Business Corporation Act (the "WBCA") authorize a court to award, or a corporation to grant, indemnification to directors and officers on terms sufficiently broad to permit indemnification under certain circumstances for liabilities arising under the Securities Act. Article 8 of Puget Sound Energy's amended and restated articles of incorporation and Article VII of Puget Sound Energy's amended and restated bylaws, as amended, provide for indemnification of Puget Sound Energy's directors and officers to the maximum extent permitted by Washington law, except for (i) acts or omissions of such person finally adjudged to be intentional misconduct or a knowing violation of law by the person, (ii) conduct finally adjudged to be in violation of Section 23B.08.310 of the WBCA, or (iii) any transaction with respect to which it was finally adjudged that the person received a benefit in money, property, or services to which such person was not legally entitled.

Section 23B.08.320 of the WBCA authorizes a corporation to eliminate or limit a director's personal liability to the corporation or its shareholders for monetary damages for conduct as a director, except in certain circumstances involving intentional misconduct, knowing violations of law or illegal corporate loans or distributions, or any transaction from which the director personally receives a benefit in money, property or services to which the director is not legally entitled. Article 9 of Puget Sound Energy's amended and restated articles of incorporation contains provisions implementing, to the fullest extent permitted by Washington law, such limitations on a director's liability to Puget Sound Energy and its shareholders.

Officers and directors of Puget Sound Energy are covered by insurance (with certain exceptions and certain limitations) that indemnifies them against losses and liabilities arising from certain alleged "wrongful acts," including alleged errors or misstatements, or certain other alleged wrongful acts or omissions constituting neglect or breach of duty.

The underwriting agreements, which will be filed or incorporated by reference as exhibits to the registration statement of which this prospectus is a part, may contain provisions whereby the underwriters agree to indemnify Puget Sound Energy, its directors and certain officers and other persons, and are incorporated herein by reference.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons under the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

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##### [**Table of Contents**](#toc)
**LEGAL OPINIONS** 

Opinions as to the legality of certain of the senior notes will be rendered for Puget Sound Energy by Perkins Coie LLP, Seattle, Washington. Certain legal matters with respect to the senior notes will be passed upon by counsel for any underwriters, dealers or agents, each of whom will be named in the related prospectus supplement.

**EXPERTS** 

The financial statements and management's assessment of the effectiveness of internal control over financial reporting (which is included in Management's Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

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##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 14.** **Other Expenses of Issuance and Distribution.** <br>

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| | |
|:---|:---|
|  Securities and Exchange Commission fees | $† |
|  Listing fees | \* |
|  Printing fees | \* |
|  Trustee fees (including counsel fees) | \* |
|  Legal fees and expenses | \* |
|  Blue Sky fees and expenses | \* |
|  Rating agency fees | \* |
|  Independent registered public accounting firm fees | \* |
|  Miscellaneous | \* |
|  Total | $\* |

---

† The registrant is deferring payment of the registration fee in reliance on Rule 456(b) and Rule 457(r) of the
Securities Act.

\* To be provided by amendment or as an exhibit to a filing with the Securities and Exchange Commission under Section 13(a), 13(c) or 15(d) of the Exchange Act and incorporated herein by reference, or reflected in the applicable prospectus supplement.

**Item 15.** **Indemnification of Directors and Officers.** <br>

Sections 23B.08.500 through 23B.08.603 of the WBCA authorize a court to award, or a corporation to grant, indemnification to directors and officers on terms sufficiently broad to permit indemnification under certain circumstances for liabilities arising under the Securities Act. Article 8 of Puget Sound Energy's amended and restated articles of incorporation and Article VII of Puget Sound Energy's amended and restated bylaws, as amended, provide for indemnification of Puget Sound Energy's directors and officers to the maximum extent permitted by Washington law, except for (i) acts or omissions of such person finally adjudged to be intentional misconduct or a knowing violation of law by the person, (ii) conduct finally adjudged to be in violation of Section 23B.08.310 of the WBCA, or (iii) any transaction with respect to which it was finally adjudged that the person received a benefit in money, property, or services to which such person was not legally entitled.

Section 23B.08.320 of the WBCA authorizes a corporation to eliminate or limit a director's personal liability to the corporation or its shareholders for monetary damages for conduct as a director, except in certain circumstances involving intentional misconduct, knowing violations of law or illegal corporate loans or distributions, or any transaction from which the director personally receives a benefit in money, property or services to which the director is not legally entitled. Article 9 of Puget Sound Energy's amended and restated articles of incorporation contains provisions implementing, to the fullest extent permitted by Washington law, such limitations on a director's liability to Puget Sound Energy and its shareholders.

Officers and directors of Puget Sound Energy are covered by insurance (with certain exceptions and certain limitations) that indemnifies them against losses and liabilities arising from certain alleged "wrongful acts," including alleged errors or misstatements, or certain other alleged wrongful acts or omissions constituting neglect or breach of duty.

The underwriting agreements, which will be filed or incorporated by reference as Exhibit 1.1 hereto, may contain provisions whereby the underwriters agree to indemnify Puget Sound Energy, its directors and certain officers and other persons, which provisions are incorporated herein by reference.

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##### [**Table of Contents**](#toc)
**Item 16.** **Exhibits.** <br>

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| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Title** |
| 1.1\* | Form of Underwriting Agreement with respect to the senior notes. |
| 4.1 | [Indenture between Puget Sound Energy, Inc. and U.S. Bank National Association (as successor to State Street Bank and Trust Company) defining the rights of the holders of Puget Sound Energy's senior notes (incorporated herein by reference to Exhibit 4-a to Puget Sound Energy's Quarterly Report on Form 10-Q for the quarter ended June 30, 1998, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/0000081100-98-000010.txt) |
| 4.2 | [Form of Senior Note (contained in Exhibit D of the indenture referenced as Exhibit 4.1).](http://www.sec.gov/Archives/edgar/data/81100/0000081100-98-000010.txt) |
| 4.3 | First, Second, Third, Fourth and Fifth Supplemental Indentures defining the rights of the holders of Puget Sound Energy, Inc.'s senior notes (incorporated herein by reference to[Exhibit 4-b](http://www.sec.gov/Archives/edgar/data/81100/0000081100-98-000010.txt) to Puget Sound Energy, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 1998, Commission File No. 1-4393; [Exhibit 4.26](http://www.sec.gov/Archives/edgar/data/81100/0000898430-99-000786.txt) to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated March 4, 1999, Commission File No. 1-4393; [Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/81100/000103221000002111/0001032210-00-002111-0003.txt) to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated November 2, 2000, Commission File No. 1-4393; and [Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/81100/000119312503007978/dex41.htm) to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated May 28, 2003, Commission File No. 1-4393; and [Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/81100/000119312518172025/d475006dex41.htm) to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated May 23, 2018, Commission File No. 1-4393). |
| 4.4 | Fortieth through Sixtieth Supplemental Indentures defining the rights of the holders of Puget Sound Energy, Inc.'s Electric Utility First Mortgage Bond (incorporated herein by reference to Puget Sound Energy, Inc.'s Registration Statement on Form S-3, filed March 13, 2009, Registration No. 333-157960). |
|  | Exhibits 4.3 through 4.23: [4.3](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex43.htm), [4.4](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex44.htm), [4.5](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex45.htm), [4.6](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex46.htm), [4.7](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex47.htm), [4.8](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex48.htm), [4.9](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex49.htm), [4.10](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex410.htm), [4.11](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex411.htm), [4.12](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex412.htm), [4.13](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex413.htm), [4.14](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex414.htm), [4.15](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex415.htm), [4.16](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex416.htm), [4.17](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex417.htm), [4.18](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex418.htm), [4.19](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex419.htm), [4.20](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex420.htm), [4.21](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex421.htm), [4.22](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex422.htm), [4.23](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex423.htm). |
| 4.5\*\* | Sixty-first through Eighty-seventh Supplemental Indentures defining the rights of the holders of Puget Sound Energy, Inc.'s Electric Utility First Mortgage Bonds (incorporated herein by reference to Exhibit (4)-j-1 to Registration No. 2-72061; Exhibit (4)-a to Registration No. 2-91516; Exhibit (4)-b to Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 1985, Commission File No. 1-4393; Exhibits (4)(a) and (4)(b) to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated April 22, 1986, Commission File No. 1-4393; Exhibit (4)(b) to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated September 5, 1986, Commission File No. 1-4393; Exhibit (4)-b to Puget Sound Energy, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 1986, Commission File No. 1-4393; Exhibit (4)-c to Registration No. 33-18506; Exhibit (4)-b to Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 1989, Commission File No. 1-4393; Exhibit (4)-b to Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-4393; Exhibits (4)-d and (4)-e to Registration No. 33-45916; Exhibit (4)-c to Registration No. 33-50788; Exhibit (4)-a to Registration No. 33-53056; Exhibit 4.3 to Registration No. 33-63278; Exhibit 4-c to Puget Sound Energy, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 20, 1998). |
|  | [Commission File No. 1-4393; Exhibit 4.27 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated March 4, 1999.](http://www.sec.gov/Archives/edgar/data/81100/0000898430-99-000786.txt) |
|  | [Commission File No. 1-4393; Exhibit 4.2 to Puget Energy, Inc.'s Current Report on Form 8-K, dated November 2, 2000.](http://www.sec.gov/Archives/edgar/data/81100/000103221000002111/0001032210-00-002111-0004.txt) |
|  | [Commission File No. 1-4393; Exhibit 4.2 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated May 28, 2003.](http://www.sec.gov/Archives/edgar/data/81100/000119312503007978/dex42.htm) |
|  | [Commission File No. 1-4393; Exhibit 4.28 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2004.](http://www.sec.gov/Archives/edgar/data/81100/000108539205000044/exhibit428.htm) |
|  | [Commission File No. 1-4393; Exhibit 4.1 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated May 23, 2005.](http://www.sec.gov/Archives/edgar/data/81100/000119312505114785/dex41.htm) |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Title** |
|  | [Commission File No. 1-4393; Exhibit 4.30 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2005.](http://www.sec.gov/Archives/edgar/data/81100/000108539206000031/exhibit430.htm) |
|  | Commission File No. 1-4393); Exhibit 4.4 to Post-Effective Amendment No. 2 to Puget Sound Energy, Inc.'s Registration Statement on Form S-3, filed February 9, 2009.\*\* |
|  | [Registration No. 333-132497-01; Exhibit 4.1 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated September 13, 2006.](http://www.sec.gov/Archives/edgar/data/81100/000119312506190465/dex41.htm) |
|  | Commission File No. 1-4393; Exhibit 4.1 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2007. Commission File No. 1-4393; and Exhibit 4.5 to Post-Effective Amendment No. 2 to Puget Sound Energy, Inc.'s Registration Statement on Form S-3, filed February 9, 2009.\*\* |
|  | [Registration No. 333-132497-01); Exhibit 4.1 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated September 8, 2009, Commission File No. 1-4393.](http://www.sec.gov/Archives/edgar/data/81100/000110465909054105/a09-25724_1ex4d1.htm) |
|  | [Commission File No. 1-4393; Exhibit 4.28 to Puget Sound Energy, Inc.'s Annual Report on 10-K for fiscal year ended December 31, 2004.](http://www.sec.gov/Archives/edgar/data/81100/000108539205000044/exhibit428.htm) |
| 4.6 | Eighty-eighth, Eighty-ninth and Ninetieth Supplemental Indentures defining the rights of the holders of Puget Sound Energy, Inc.'s Electric Utility First Mortgage Bonds (incorporated herein by reference to Exhibits 4.1 through 4.3 to Puget Sound Energy, Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, Commission File No. 1-4393). |
|  | Exhibits 4.1 through 4.3: [4.1](http://www.sec.gov/Archives/edgar/data/81100/000108539212000010/pse-ex41_2012331xq1.htm), [4.2](http://www.sec.gov/Archives/edgar/data/81100/000108539212000010/pse-ex42_2012331xq1.htm), [4.3](http://www.sec.gov/Archives/edgar/data/81100/000108539212000010/pse-ex43_2012331xq1.htm). |
| 4.7 | Ninety-first and Ninety-second supplemental Indentures defining the rights of the holders of Puget Sound Energy, Inc.'s Electric Utility First Mortgage Bonds (incorporated herein by reference to Exhibit 4.6 to Puget Sound Energy, Inc.'s Registration Statement on Form S-3, filed January 24, 2014, Registration No. 333-193555 and to Exhibit 4.4 to Puget Sound Energy, Inc.'s Current Report on Form 8-K filed May 29, 2013). |
|  | Exhibit 4.4 and 4.6: [4.4](http://www.sec.gov/Archives/edgar/data/81100/000119312513241515/d545859dex44.htm), [4.6](http://www.sec.gov/Archives/edgar/data/81100/000119312514020477/d664833dex46.htm). |
| 4.8 | [Ninety-third Supplemental Indenture to Puget Sound Energy's Electric Utility First Mortgage, dated as of April 29, 2014 (incorporated herein by reference to Exhibit 4.7 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit47conformed.htm) |
| 4.9 | [Ninety-fourth Supplemental Indenture to Puget Sound Energy's Electric Utility First Mortgage, dated as of April 29, 2015 (incorporated herein by reference to Exhibit 4.8 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit48conformed.htm) |
| 4.10 | [Ninety-fifth Supplemental Indenture to Puget Sound Energy's Electric Utility First Mortgage, dated as of April 25, 2016 (incorporated herein by reference to Exhibit 4.9 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit49conformed.htm) |
| 4.11 | [Ninety-sixth Supplemental Indenture to Puget Sound Energy's Electric Utility First Mortgage, dated as of April 27, 2017 (incorporated herein by reference to Exhibit 4.10 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit410conformed.htm) |
| 4.12 | [Ninety-seventh Supplemental Indenture to Puget Sound Energy's Electric Utility First Mortgage, dated as of April 27, 2018 (incorporated herein by reference to Exhibit 4.11 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit411conformed.htm) |
| 4.13 | [Ninety-eighth Supplemental Indenture to Puget Sound Energy's Electric Utility First Mortgage, dated as of April 30, 2019 (incorporated herein by reference to Exhibit 4.12 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit412conformed.htm) |
| 4.14 | [Ninety-ninth Supplemental Indenture to Puget Sound Energy's Electric Utility First Mortgage, dated as of April 30, 2020 (incorporated herein by reference to Exhibit 4.13 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit413conformed.htm) |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Title** |
| 4.15 | [One-hundredth Supplemental Indenture to Puget Sound Energy's Electric Utility First Mortgage, dated as of April 30, 2021 (incorporated herein by reference to Exhibit 4.14 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit414conformed.htm) |
| 4.16 | [One-hundred and first Supplemental Indenture to Puget Sound Energy's Electric Utility First Mortgage, dated as of April 28, 2023 (incorporated herein by reference to Exhibit 4.15 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit415conformed.htm) |
| 4.17 | [Indenture of First Mortgage, dated as of April 1, 1957, defining the rights of the holders of Puget Sound Energy, Inc.'s Gas Utility First Mortgage Bonds (incorporated herein by reference to Exhibit 4.25 to Puget Sound Energy, Inc.'s Registration Statement on Form S-3, filed March 13, 2009, Registration No. 333-157960).](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex425.htm) |
| 4.18 | First, Sixth, Seventh, Sixteenth and Seventeenth Supplemental Indenture to the Gas Utility First Mortgage, dated as of April 1, 1957, August 1, 1966, February 1, 1967, June 1, 1977, and August 9, 1978, respectively (incorporated herein by reference to Exhibits 4.26 through and including 4.30 to Puget Sound Energy, Inc.'s Registration Statement on Form S-3, filed March 13, 2009, Registration No. 333-157960). |
|  | Exhibits 4.26 through 4.30: [4.26](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex426.htm), [4.27](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex427.htm), [4.28](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex428.htm), [4.29](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex429.htm), [4.30](http://www.sec.gov/Archives/edgar/data/81100/000119312509054013/dex430.htm). |
| 4.19\*\* | Twenty-second Supplemental Indenture to the Gas Utility First Mortgage, dated as of July 15, 1986 (incorporated herein by reference to Exhibit 4-B.20 to Washington Natural Gas Company's Annual Report on Form 10-K for the fiscal year ended September 30, 1986, Commission File No. 0-951). |
| 4.20\*\* | Twenty-seventh Supplemental Indenture to the Gas Utility First Mortgage (incorporated herein by reference to Exhibit 4.12 to Post-Effective Amendment No. 2 to Puget Sound Energy, Inc.'s Registration Statement on Form S-3, filed February 9, 2009, Registration No. 333-132497-01). |
| 4.21\*\* | Twenty-eighth through Thirty-sixth Supplemental Indentures to the Gas Utility First Mortgage (incorporated herein by reference to Exhibit 4-A to Washington Natural Gas Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 1993, Commission File No. 0-951; Exhibit 4-A to Washington Natural Gas Company's Registration Statement on Form S-3, Registration No. 33-49599; Exhibit 4-A to Washington Natural Gas Company's Registration Statement on Form S-3, Registration No. 33-61859; Exhibit 4.30 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2002, Commission File No. 1-4393; Exhibits 4.22 and 4.23 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2005, Commission File No. 1-4393; Exhibits 4.22 and 4.23 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, Commission File No. 1-4393; and Exhibit 4.14 to Post-Effective Amendment No. 2 to Puget Sound Energy, Inc.'s Registration Statement on Form S-3, filed February 9, 2009, Registration No. 333-132497-01). |
| 4.22 | [Thirty-seventh Supplemental Indenture to Puget Sound Energy's Gas Utility First Mortgage, dated as of April 25, 2016 (incorporated herein by reference to Exhibit 4.21 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit421conformed.htm) |
| 4.23 | [Thirty-eighth Supplemental Indenture to Puget Sound Energy's Gas Utility First Mortgage, dated as of April 27, 2017 (incorporated herein by reference to Exhibit 4.22 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit422conformed.htm) |
| 4.24 | [Thirty-ninth Supplemental Indenture to Puget Sound Energy's Gas Utility First Mortgage, dated as of April 30, 2020 (incorporated herein by reference to Exhibit 4.23 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit423conformed.htm) |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Title** |
| 4.25 | [Fortieth Supplemental Indenture to Puget Sound Energy's Gas Utility First Mortgage, dated as of April 28, 2023 (incorporated herein by reference to Exhibit 4.24 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit424conformed.htm) |
| 4.26 | [Forty-first Supplemental Indenture to Puget Sound Energy's Gas Utility First Mortgage, dated as of April 22, 2024 (incorporated herein by reference to Exhibit 4.25 to Puget Sound Energy, Inc.'s Annual Report on Form 10-K, dated February 21, 2025, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000108539225000009/exhibit425conformed.htm) |
| 4.27 | [Unsecured Debt Indenture, dated as of May 18, 2001, between Puget Sound Energy, Inc. and The Bank of New York Mellon Trust Company, N.A. (as successor to Bank One Trust Company, N.A.) defining the rights of the holders of Puget Sound Energy, Inc.'s unsecured debentures (incorporated herein by reference to Exhibit 4.3 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated May 18, 2001, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000103221001500622/dex43.txt) |
| 4.28 | [Second Supplemental Indenture to the Unsecured Debt Indenture, dated June 1, 2007, between Puget Sound Energy, Inc. and The Bank of New York Mellon Trust Company, N.A. defining the rights of Puget Sound Energy, Inc.'s Series A Enhanced Junior Subordinated Notes due June 1, 2067 (incorporated herein by reference to Exhibit 4.1 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated May 30, 2007, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000119312507128090/dex41.htm) |
| 4.29 | [Third Supplemental Indenture to the Unsecured Debt Indenture, dated March 19, 2018, between Puget Sound Energy, Inc. and The Bank of New York Mellon Trust Company, N.A. defining the rights of Puget Sound Energy's Series A Enhanced Junior Subordinated Notes due June 1, 2067 (incorporated herein by reference to Exhibit 4.1 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated March 26, 2018, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000008110018000002/ex41_20180323-8k.htm) |
| 4.30 | [Form of Replacement Capital Covenant of Puget Sound Energy, Inc. (incorporated herein by reference to Exhibit 4.2 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated May 30, 2007, Commission File No. 1-4393).](http://www.sec.gov/Archives/edgar/data/81100/000119312507128090/dex42.htm) |
| 4.31 | [Trust Indenture, dated as of May 1, 2013 (the "Indenture"), by and between the City of Forsyth, Rosebud County, Montana and Wells Fargo Bank, National Association, as trustee (incorporated herein by reference to Exhibit 4.1 to Puget Sound Energy's Current Report on Form 8-K, dated May 30, 2013, Commission File No. 1-04393).](http://www.sec.gov/Archives/edgar/data/81100/000119312513241515/d545859dex41.htm) |
| 4.32 | [Loan Agreement, dated as of May 1, 2013, between Puget Sound Energy, Inc. and the City of Forsyth, Rosebud County, Montana (incorporated herein by reference to Exhibit 4.2 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated May 30, 2013, Commission File No. 1-04393).](http://www.sec.gov/Archives/edgar/data/81100/000119312513241515/d545859dex42.htm) |
| 4.33 | [Pledge Agreement, dated as of May 1, 2013, between Puget Sound Energy, Inc. and Wells Fargo Bank, National Association, as trustee (incorporated herein by reference to Exhibit 4.3 to Puget Sound Energy, Inc.'s Current Report on Form 8-K, dated May 30, 2013, Commission File No. 1-04393).](http://www.sec.gov/Archives/edgar/data/81100/000119312513241515/d545859dex43.htm) |
| 5.1\*\*\* | [Opinion of Perkins Coie LLP regarding the legality of the senior notes to be offered by Puget Sound Energy, Inc.](d18234dex51.htm) |
| 23.1\*\*\* | [Consent of Perkins Coie LLP (contained in opinion referenced as Exhibit 5.1).](d18234dex51.htm) |
| 23.2\*\*\* | [Consent of PricewaterhouseCoopers LLP.](d18234dex232.htm) |
| 24.1 | [Powers of attorney (contained on signature page).](#sig) |
| 25.1\*\*\* | [Statement of Eligibility on Form T-1 of U.S. Bank Trust Company, National Association to act as Trustee regarding senior notes of Puget Sound Energy, Inc.](d18234dex251.htm) |
| 107\*\*\* | [Filing Fee Table.](d18234dexfilingfees.htm) |

---

\* To be filed by amendment or as an exhibit to a filing with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934 and incorporated by reference in connection with the offering of securities to the extent required for any such offering

\*\* Exhibit originally filed with the Securities and Exchange Commission in paper format and as such, a hyperlink is not available.

\*\*\* Filed herewith.

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##### [**Table of Contents**](#toc)
**Item 17.** **Undertakings.** <br>

(a) The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" in the effective registration statement;

(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*provided, however*, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

(i) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof. *Provided*, *however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

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##### [**Table of Contents**](#toc)
(5) That, for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i) Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;

(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

(iv) Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bellevue, State of Washington, on July 30, 2025.

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| | |
|:---|:---|
| **PUGET SOUND ENERGY, INC.** | **PUGET SOUND ENERGY, INC.** |
| By: | /s/ Jamie Martin |
| Name: | Jamie Martin |
| Title: | Senior Vice President and Chief Financial Officer |

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**POWER OF ATTORNEY** 

Each person whose individual signature appears below hereby authorizes and appoints Mary E. Kipp, Jamie Martin, Stacy Smith, Cara Peterman, Samuel Osborne, and Lorna Luebbe, and each of them, with full power of substitution and resubstitution and full power to act without the other, as his or her true and lawful attorney-in-fact and agent to act in his or her name, place and stead and to execute in the name and on behalf of each person, individually and in each capacity stated below, and to file any and all amendments to this registration statement, including any and all post-effective amendments, or any registration statements to be filed in connection with this registration statement pursuant to Rule 462 under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing, ratifying and confirming all that said attorneys-in-fact and agents or any of them or their or his or her substitute or substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated below on July 30, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Mary E. Kipp<br> Mary E. Kipp | President, Chief Executive Officer and Director<br> (Principal Executive Officer) |
| /s/ Jamie Martin<br> Jamie Martin | Senior Vice President and Chief Financial Officer<br> (Principal Financial Officer) |
| /s/ Stacy Smith<br> Stacy Smith | Controller and Principal Accounting Officer<br> (Principal Accounting Officer) |
| /s/ Scott Armstrong<br> Scott Armstrong | Director |
| /s/ Jerry Divoky<br> Jerry Divoky | Director |
| /s/ Christine Gregoire<br> Christine Gregoire | Director |
| /s/ Julia Hamm<br> Julia Hamm | Director |

---

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Grant Hodgkins<br> Grant Hodgkins | Director |
| /s/ Tom King<br> Tom King | Director |
| /s/ Jenine Krause<br> Jenine Krause | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Paul McMillan | Director |
| /s/ Chris Parker<br> Chris Parker | Director |
| /s/ Diana Birkett Rakow<br> Diana Birkett Rakow | Director |
| /s/ Aaron Rubin<br> Aaron Rubin | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Bertrand Valdman | Director |
| /s/ Steven Zucchet<br> Steven Zucchet | Director |

---

## Exhibit 5.1

**Exhibit 5.1** 

[Perkins Coie LLP Letterhead]

July 30, 2025

Puget Sound Energy, Inc.

355 110th Ave NE

Bellevue, WA 98004

**Re: Registration Statement on Form S-3** 

Ladies and Gentlemen:

We have acted as counsel to Puget Sound Energy, Inc., a Washington corporation ("***PSE***"), in connection with the preparation and filing of the Registration Statement on Form S-3 (the "***Registration Statement***") with the Securities and Exchange Commission (the "***Commission***") with respect to the registration under the Securities Act of 1933, as amended (the "***Securities Act***"), and the rules and regulations promulgated thereunder (the "***Rules***") of senior notes of PSE (the "***Notes***").

PSE has informed us that the Notes will be sold or delivered on a delayed or continuous basis from time to time as set forth in the Registration Statement (and any amendments thereto), the prospectus contained therein and any prospectus supplement. We understand that prior to the sale of any Notes under the Registration Statement, PSE will afford us an opportunity to review the operative documents pursuant to which such Notes are to be sold and will file the applicable amendment to the Registration Statement (which may include as an exhibit an amendment to this opinion) or prospectus supplement as we may reasonably consider necessary or appropriate by reason of the terms of the sale of such Notes.

The Notes are to be issued under a senior note indenture between PSE and U.S. Bank Trust Company, National Association, as trustee (the "***Note Trustee***"), and one or more company orders or supplemental indentures thereto (collectively, the "***Note Indenture***"). PSE's obligations under the Notes will be secured by PSE's first mortgage bonds (the "***Pledged Bonds***") to be issued under either PSE's electric utility property first mortgage indenture and one or more company orders or supplemental indentures thereto (collectively, the "***Electric Mortgage***") between PSE and U.S. Bank Trust Company, National Association, as trustee (the "***Electric Trustee***"), or PSE's gas utility property first mortgage indenture and one or more company orders or supplemental indentures thereto (collectively, the "***Gas Mortgage***") between PSE and The Bank of New York Mellon Trust Company, N.A., as trustee (the "***Gas Trustee***"). As part of the corporate actions taken and to be taken in connection with the issuance and sale of the Notes (the "***corporate proceedings***"), PSE has informed us that the board of directors of PSE (the "***Board***") or a duly authorized committee thereof will, before the Notes are issued and sold under the Registration Statement, authorize the issuance and approve the terms of any Notes to be issued and sold from time to time under the Registration Statement, and such applicable corporate proceedings shall be in full force and effect at any such issuance and sale.

In our capacity as counsel to PSE, we have examined the Registration Statement, such of the corporate proceedings as have occurred as of the date hereof, and such other instruments, documents and records of PSE, certificates of public officials and other materials that we deemed necessary or appropriate in giving this opinion (collectively, the "***Documents***"). In such examination, we have assumed the following: (a) the authenticity of original Documents and the genuineness of all signatures, (b) the conformity to the originals of all Documents submitted to us as copies, and (c) as to factual matters material to the opinions expressed herein, the truth, accuracy and completeness of the information, representations and warranties contained in the Documents.

For purposes of the opinions expressed below, we also assume that: (a) the Registration Statement and any amendments or prospectus supplements relating thereto shall have become and be effective pursuant to timely filings under the Securities Act; (b) a prospectus supplement describing each class and series of Notes offered pursuant to the Registration Statement, to the extent required by applicable law and the Rules, will be timely filed with the Commission; (c) PSE will have obtained any legally required consents, approvals, authorizations and other orders of the Commission and any other regulatory authorities necessary to issue and sell the Notes being offered

------

Puget Sound Energy, Inc.

July 30, 2025

and to execute and deliver any company orders or indentures supplemental to the Note Indenture; and (d) a definitive purchase, underwriting or similar agreement (each, a "***Purchase Agreement***") with respect to any Notes offered or issued will have been duly authorized and validly executed and delivered by PSE and the other parties thereto.

Based upon and subject to the foregoing, we are of the opinion that the Notes will be duly authorized, validly issued and binding obligations of PSE when:

(a) PSE shall have complied with the requirements of section 80.08.040 of the Revised Code of Washington ("***RCW***") with respect to the issuance and sale of the Notes;

(b) The Board or a duly authorized committee thereof shall have duly adopted final resolutions authorizing (i) the issuance and sale of the Notes, as contemplated by the Registration Statement (including any amendments or supplements thereto) and the Note Indenture, (ii) the execution and delivery of the Note Indenture, including a company order or indenture supplemental thereto pursuant to which PSE will issue a series of Notes, (iii) issuance and delivery of the Pledged Bonds; and (iv) the execution and delivery of a company order or indenture supplemental to the Electric Mortgage or the Gas Mortgage, as the case may be, pursuant to which PSE will issue a series of Pledged Bonds;

(c) the terms of the Notes and their issuance and sale shall have been duly established in conformity with the Note Indenture so as not to violate any applicable law, or result in a default under or a breach of any agreement or instrument then binding upon PSE and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over PSE;

(d) the terms of the Pledged Bonds and their issuance and sale shall have been duly established in conformity with the Electric Mortgage or the Gas Mortgage, as the case may be, so as not to violate any applicable law, or result in a default under or a breach of any agreement or instrument then binding upon PSE and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over PSE;

(e) PSE and the Note Trustee shall have complied with the terms and conditions of the Note Indenture with respect to the creation, authentication and delivery of a company order or supplemental indenture thereto, as the case may be;

(f) the Notes shall have been duly executed by PSE, duly authenticated and delivered by the Note Trustee, and issued and sold by PSE as contemplated by the Registration Statement (including any amendments or supplements thereto), against payment in accordance with the Note Indenture, the applicable Purchase Agreement and applicable law and in accordance with the above-mentioned corporate and governmental authorizations;

(g) PSE and the Electric Trustee or the Gas Trustee, as the case may be, shall have complied with the terms and conditions of the Electric Mortgage or the Gas Mortgage, as the case may be, with respect to the creation, authentication and delivery of a company order or supplemental indenture thereto, as the case may be;

(h) the Pledged Bonds shall have been duly executed by PSE, duly authenticated and delivered by the Electric Trustee or the Gas Trustee, as the case may be, and issued by PSE as contemplated by the Registration Statement (including any amendments or supplements thereto) and in accordance with the above-mentioned corporate and governmental authorizations; and

(i) the company order or indenture supplemental to the Electric Mortgage or the Gas Mortgage, as the case may be, shall have been duly filed and recorded in the appropriate recording offices of all jurisdictions in which the properties subject to the Electric Mortgage or the Gas Mortgage, as the case may be, are located, and all appropriate Uniform Commercial Code filings shall have been duly filed and recorded.

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Puget Sound Energy, Inc.

July 30, 2025

The opinions expressed above are subject to the following exclusions and qualifications:

A. Our opinions are as of the date hereof and we have no responsibility to update this opinion for events and circumstances occurring after the date hereof or as to facts relating to prior events that are subsequently brought to our attention. This opinion is limited to the laws, including the rules and regulations, as in effect on the date hereof, and we disavow any undertaking to advise you of any changes in law.

B. We express no opinion as to the validity, binding effect or enforceability of any right or obligation to the extent that such right or obligation may be limited by (i) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, arrangement, moratorium, fraudulent transfer or other laws relating to or affecting creditors' rights generally, (ii) general principles of equity (regardless of whether arising prior to, or after, the date hereof or considered in a proceeding in equity or at law), including those relating to the availability of the remedy of specific performance or injunctive relief or (iii) the effect of federal and state securities laws and principles of public policy on rights of indemnity and contribution.

C. We are qualified to practice law in the State of Washington and do not express any opinion as to any laws other than the laws in their current forms of the State of Washington and the federal securities laws of the United States and we express no opinion with respect to the laws, regulations or ordinances of any county, municipality or governmental subdivision or agency thereof.

This opinion letter is rendered solely for your benefit in connection with the filing of the Registration Statement and may not be relied upon, quoted or used by any other person or entity or for any other purpose without our prior written consent.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and any amendments thereto, including any and all post-effective amendments, and to the reference to us under the heading "Legal Opinions" in the related prospectus. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or related Rules.

Very truly yours,

/S/ PERKINS COIE LLP

## Exhibit 23.2

**Exhibit 23.2** 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of Puget Sound Energy, Inc. of our report dated February 20, 2025 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in Puget Sound Energy, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Seattle, Washington

July 30, 2025

## Exhibit 25.1

**Exhibit 25.1** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM T-1** 

**STATEMENT OF ELIGIBILITY** 

**UNDER THE TRUST INDENTURE ACT OF 1939** 

**OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE** 

☐ **Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)** 

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION** 

**(Exact name of Trustee as specified in its charter)** 

**91-1821036** 

**I.R.S. Employer Identification No.** 

---

| | |
|:---|:---|
| **800 Nicollet Mall**<br> **Minneapolis, Minnesota** | **55402** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Maria Cepeda-Holly** 

**U.S. Bank Trust Company, National Association** 

**100 Wall Street, Suite 600** 

**New York, NY 10004** 

**(779) 225-8163** 

**(Name, address and telephone number of agent for service)** 

**Puget Sound Energy, Inc.** 

**(Issuer with respect to the Securities)** 

---

| | |
|:---|:---|
| **Washington** | **91-0374630** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **355 110<sup>th</sup> Ave NE**<br> **Bellevue, Washington** | **98004** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Senior Notes** 

**(Title of the Indenture Securities)** 

------

**<u>FORM T-1</u>**

**Item 1.** **GENERAL INFORMATION*.*** Furnish the following information as to the Trustee. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) *Name and address of each examining or supervising authority to which it is subject.* 

Comptroller of the Currency

Washington, D.C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) *Whether it is authorized to exercise corporate trust powers.* 

Yes

**Item 2.** **AFFILIATIONS WITH THE OBLIGOR.** *If the obligor is an affiliate of the Trustee, describe each such affiliation.* <br>

None

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| | |
|:---|:---|
| **Items 3-15** | *Items 3-15 are not applicable because to the best of the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.*  |

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**Item 16.** **LIST OF EXHIBITS:** *List below all exhibits filed as a part of this statement of eligibility and qualification.* <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Articles of Association of the Trustee, attached as Exhibit 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of the certificate of authority of the Trustee to commence business, attached as Exhibit 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of the authorization of the Trustee to exercise corporate trust powers, included as Exhibit 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing bylaws of the Trustee, attached as Exhibit 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each Indenture referred to in Item 4. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as
Exhibit 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Report of Condition of the Trustee as of March 31, 2025, published pursuant to law or the requirements of
its supervising or examining authority, attached as Exhibit 7.

------

**SIGNATURE** 

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York, , State of New York on the 30<sup>th</sup> of July, 2025.

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| | |
|:---|:---|
| By: | /s/ Maria Cepeda-Holly |
|  | Maria Cepeda-Holly |
|  | Vice President |

---

------

**<u>Exhibit 1</u>**

**ARTICLES OF ASSOCIATION** 

**OF** 

**U. S. BANK TRUST COMPANY, NATIONAL ASSOCIATION** 

For the purpose of organizing an association (the "Association") to perform any lawful activities of national banks, the undersigned enter into the following Articles of Association:

**FIRST.** The title of this Association shall be U. S. Bank Trust Company, National Association.

**SECOND.** The main office of the Association shall be in the city of Portland, county of Multnomah, state of Oregon. The business of the Association will be limited to fiduciary powers and the support of activities incidental to the exercise of those powers. The Association may not expand or alter its business beyond that stated in this article without the prior approval of the Comptroller of the Currency.

**THIRD.** The board of directors of the Association shall consist of not less than five nor more than twenty-five persons, the exact number to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the Association or of a holding company owning the Association, with an aggregate par, fair market, or equity value of not less than $1,000, as of either (i) the date of purchase, (ii) the date the person became a director, or (iii) the date of that person's most recent election to the board of directors, whichever is more recent. Any combination of common or preferred stock of the Association or holding company may be used.

Any vacancy in the board of directors may be filled by action of a majority of the remaining directors between meetings of shareholders. The board of directors may increase the number of directors up to the maximum permitted by law. Terms of directors, including directors selected to fill vacancies, shall expire at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite the expiration of a director's term, the director shall continue to serve until his or her successor is elected and qualified or until there is a decrease in the number of directors and his or her position is eliminated.

Honorary or advisory members of the board of directors, without voting power or power of final decision in matters concerning the business of the Association, may be appointed by resolution of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary or advisory directors shall not be counted to determined the number of directors of the Association or the presence of a quorum in connection with any board action, and shall not be required to own qualifying shares.

**FOURTH.** There shall be an annual meeting of the shareholders to elect directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other convenient place the board of directors may designate, on the day of each year specified therefor in the Bylaws, or if that day falls on a legal holiday in the state in which the

------

Association is located, on the next following banking day. If no election is held on the day fixed or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days of the day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds of the shares issued and outstanding. In all cases, at least 10 days' advance notice of the meeting shall be given to the shareholders by first-class mail.

In all elections of directors, the number of votes each common shareholder may cast will be determined by multiplying the number of shares he or she owns by the number of directors to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates in the manner selected by the shareholder. On all other questions, each common shareholder shall be entitled to one vote for each share of stock held by him or her.

A director may resign at any time by delivering written notice to the board of directors, its chairperson, or to the Association, which resignation shall be effective when the notice is delivered unless the notice specifies a later effective date.

A director may be removed by the shareholders at a meeting called to remove him or her, when notice of the meeting stating that the purpose or one of the purposes is to remove him or her is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided, however, that a director may not be removed if the number of votes sufficient to elect him or her under cumulative voting is voted against his or her removal.

**FIFTH.** The authorized amount of capital stock of the Association shall be 1,000,000 shares of common stock of the par value of ten dollars ($10) each; but said capital stock may be increased or decreased from time to time, according to the provisions of the laws of the United States. The Association shall have only one class of capital stock.

No holder of shares of the capital stock of any class of the Association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the Association, whether now or hereafter authorized, or to any obligations convertible into stock of the Association, issued, or sold, nor any right of subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine and at such price as the board of directors may from time to time fix.

Transfers of the Association's stock are subject to the prior written approval of a federal depository institution regulatory agency. If no other agency approval is required, the approval of the Comptroller of the Currency must be obtained prior to any such transfers.

Unless otherwise specified in the Articles of Association or required by law, (1) all matters requiring shareholder action, including amendments to the Articles of Association must be approved by shareholders owning a majority voting interest in the outstanding voting stock, and (2) each shareholder shall be entitled to one vote per share.

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Unless otherwise specified in the Articles of Association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval.

Unless otherwise provided in the Bylaws, the record date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.

The Association, at any time and from time to time, may authorize and issue debt obligations, whether subordinated, without the approval of the shareholders. Obligations classified as debt, whether subordinated, which may be issued by the Association without the approval of shareholders, do not carry voting rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification of all or part of securities into securities of another class or series.

**SIXTH.** The board of directors shall appoint one of its members president of this Association and one of its members chairperson of the board and shall have the power to appoint one or more vice presidents, a secretary who shall keep minutes of the directors' and shareholders' meetings and be responsible for authenticating the records of the Association, and such other officers and employees as may be required to transact the business of this Association. A duly appointed officer may appoint one or more officers or assistant officers if authorized by the board of directors in accordance with the Bylaws.

The board of directors shall have the power to:

(1) Define the duties of the officers, employees, and agents of the Association.

(2) Delegate the performance of its duties, but not the responsibility for its duties, to the officers, employees,
and agents of the Association.

(3) Fix the compensation and enter employment contracts with its officers and employees upon reasonable terms and
conditions consistent with applicable law.

(4) Dismiss officers and employees.

(5) Require bonds from officers and employees and to fix the penalty thereof.

(6) Ratify written policies authorized by the Association's management or committees of the board.

(7) Regulate the manner any increase or decrease of the capital of the Association shall be made; provided that
nothing herein shall restrict the power of shareholders to increase or decrease the capital of the Association in accordance with law, and nothing shall raise or lower from two-thirds the percentage required
for shareholder approval to increase or reduce the capital.

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(8) Manage and administer the business and affairs of the Association.

(9) Adopt initial Bylaws, not inconsistent with law or the Articles of Association, for managing the business and
regulating the affairs of the Association.

(10) Amend or repeal Bylaws, except to the extent that the Articles of Association reserve this power in whole or in
part to the shareholders.

(11) Make contracts.

(12) Generally perform all acts that are legal for a board of directors to perform.

**SEVENTH.** The board of directors shall have the power to change the location of the main office to any authorized branch within the limits of the city of Portland, Oregon, without the approval of the shareholders, or with a vote of shareholders owning two-thirds of the stock of the Association for a location outside such limits and upon receipt of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of the city of Portland, Oregon, but not more than thirty miles beyond such limits. The board of directors shall have the power to establish or change the location of any office or offices of the Association to any other location permitted under applicable law, without approval of shareholders, subject to approval by the Comptroller of the Currency.

**EIGHTH.** The corporate existence of this Association shall continue until termination according to the laws of the United States.

**NINTH.** The board of directors of the Association, or any shareholder owning, in the aggregate, not less than 25 percent of the stock of the Association, may call a special meeting of shareholders at any time. Unless otherwise provided by the Bylaws or the laws of the United States, or waived by shareholders, a notice of the time, place, and purpose of every annual and special meeting of the shareholders shall be given by first-class mail, postage prepaid, mailed at least 10, and no more than 60, days prior to the date of the meeting to each shareholder of record at his/her address as shown upon the books of the Association. Unless otherwise provided by the Bylaws, any action requiring approval of shareholders must be effected at a duly called annual or special meeting.

**TENTH.** These Articles of Association may be amended at any regular or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of the Association, unless the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of such greater amount; provided, that the scope of the Association's activities and services may not be expanded without the prior written approval of the Comptroller of the Currency. The Association's board of directors may propose one or more amendments to the Articles of Association for submission to the shareholders.

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In witness whereof, we have hereunto set our hands this 11<sup>th</sup> of June, 1997.

---

| |
|:---|
| /s/ Jeffrey T. Grubb |
| Jeffrey T. Grubb |
| /s/ Robert D. Sznewajs |
| Robert D. Sznewajs |
| /s/ Dwight V. Board |
| Dwight V. Board |
| /s/ P. K. Chatterjee |
| P. K. Chatterjee |
| /s/ Robert Lane |
| Robert Lane |

---

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**<u>Exhibit 2</u>**

---

| | |
|:---|:---|
| ![LOGO](g18234page004a.jpg) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Office of the Comptroller of the Currency |
| ![LOGO](g18234page004a.jpg) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | <br> Washington, DC 20219 |

---

**CERTIFICATE OF CORPORATE EXISTENCE AND FIDUCIARY POWERS** 

I, Rodney E. Hood, Acting Comptroller of the Currency, do hereby certify that:

1. The Comptroller of the Currency, pursuant to Revised Statutes 324, et seq, as amended, and 12 USC 1, et seq, as amended, has possession, custody, and control of all records pertaining to the chartering, regulation, and supervision of all national banking associations.

2. "U.S. Bank Trust Company National Association," Portland, Oregon (Charter No. 23412), is a national banking association formed under the laws of the United States and is authorized thereunder to transact the business of banking and exercise fiduciary powers on the date of this certificate.

IN TESTIMONY WHEREOF, today, March 31, 2025, I have hereunto subscribed my name and caused my seal of office to be affixed to these presents at the U.S. Department of the Treasury, in the City of Washington, District of Columbia.

![LOGO](g18234page004.jpg)

2025-00742-C

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**<u>Exhibit 4</u>**

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION<u> </u>**

**<u>AMENDED AND RESTATED BYLAWS</u>**

<u>ARTICLE I</u> 

<u>Meetings of Shareholders</u> 

Section 1.1. <u>Annual Meeting</u>. The annual meeting of the shareholders, for the election of directors and the transaction of any other proper business, shall be held at a time and place as the Chairman or President may designate. Notice of such meeting shall be given not less than ten (10) days or more than sixty (60) days prior to the date thereof, to each shareholder of the Association, unless the Office of the Comptroller of the Currency (the "OCC") determines that an emergency circumstance exists. In accordance with applicable law, the sole shareholder of the Association is permitted to waive notice of the meeting. If, for any reason, an election of directors is not made on the designated day, the election shall be held on some subsequent day, as soon thereafter as practicable, with prior notice thereof. Failure to hold an annual meeting as required by these Bylaws shall not affect the validity of any corporate action or work a forfeiture or dissolution of the Association.

Section 1.2. <u>Special Meetings</u>. Except as otherwise specially provided by law, special meetings of the shareholders may be called for any purpose, at any time by a majority of the board of directors (the "Board"), or by any shareholder or group of shareholders owning at least ten percent of the outstanding stock. Every such special meeting, unless otherwise provided by law, shall be called upon not less than ten (10) days nor more than sixty (60) days prior notice stating the purpose of the meeting.

Section 1.3. <u>Nominations for Directors</u>. Nominations for election to the Board may be made by the Board or by any shareholder.

Section 1.4. <u>Proxies</u>. Shareholders may vote at any meeting of the shareholders by proxies duly authorized in writing. Proxies shall be valid only for one meeting and any adjournments of such meeting and shall be filed with the records of the meeting.

Section 1.5. <u>Record Date</u>. The record date for determining shareholders entitled to notice and to vote at any meeting will be thirty days before the date of such meeting, unless otherwise determined by the Board.

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Section 1.6. <u>Quorum and Voting</u>. A majority of the outstanding capital stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law, but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held as adjourned without further notice. A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided by law or by the Articles of Association.

Section 1.7. <u>Inspectors</u>. The Board may, and in the event of its failure so to do, the Chairman of the Board may appoint Inspectors of Election who shall determine the presence of quorum, the validity of proxies, and the results of all elections and all other matters voted upon by shareholders at all annual and special meetings of shareholders.

Section 1.8. <u>Waiver and Consent</u>. The shareholders may act without notice or a meeting by a unanimous written consent by all shareholders.

Section 1.9. <u>Remote Meetings</u>. The Board shall have the right to determine that a shareholder meeting not be held at a place, but instead be held solely by means of remote communication in the manner and to the extent permitted by the General Corporation Law of the State of Delaware.

<u>ARTICLE II</u> 

<u>Directors</u> 

Section 2.1. <u>Board of Directors</u>. The Board shall have the power to manage and administer the business and affairs of the Association. Except as expressly limited by law, all corporate powers of the Association shall be vested in and may be exercised by the Board.

Section 2.2. <u>Term of Office</u>. The directors of this Association shall hold office for one year and until their successors are duly elected and qualified, or until their earlier resignation or removal.

Section 2.3. <u>Powers</u>. In addition to the foregoing, the Board shall have and may exercise all of the powers granted to or conferred upon it by the Articles of Association, the Bylaws and by law.

Section 2.4. <u>Number</u>. As provided in the Articles of Association, the Board of this Association shall consist of no less than five nor more than twenty-five members, unless the OCC has exempted the Association from the twenty-five- member limit. The Board shall consist of a number of members to be fixed and determined from time to time by resolution of the Board or the shareholders at any meeting thereof, in accordance with the Articles of Association. Between meetings of the shareholders held for the purpose of electing directors, the Board

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by a majority vote of the full Board may increase the size of the Board but not to more than a total of twenty-five directors, and fill any vacancy so created in the Board; provided that the Board may increase the number of directors only by up to two directors, when the number of directors last elected by shareholders was fifteen or fewer, and by up to four directors, when the number of directors last elected by shareholders was sixteen or more. Each director shall own a qualifying equity interest in the Association or a company that has control of the Association in each case as required by applicable law. Each director shall own such qualifying equity interest in his or her own right and meet any minimum threshold ownership required by applicable law.

Section 2.5. <u>Organization Meeting</u>. The newly elected Board shall meet for the purpose of organizing the new Board and electing and appointing such officers of the Association as may be appropriate. Such meeting shall be held on the day of the election or as soon thereafter as practicable, and, in any event, within thirty days thereafter, at such time and place as the Chairman or President may designate. If, at the time fixed for such meeting, there shall not be a quorum present, the directors present may adjourn the meeting until a quorum is obtained.

Section 2.6. <u>Regular Meetings</u>. The regular meetings of the Board shall be held, without notice, as the Chairman or President may designate and deem suitable.

Section 2.7. <u>Special Meetings</u>. Special meetings of the Board may be called at any time, at any place and for any purpose by the Chairman of the Board or the President of the Association, or upon the request of a majority of the entire Board. Notice of every special meeting of the Board shall be given to the directors at their usual places of business, or at such other addresses as shall have been furnished by them for the purpose. Such notice shall be given at least twelve hours (three hours if meeting is to be conducted by conference telephone) before the meeting by telephone or by being personally delivered, mailed, or electronically delivered. Such notice need not include a statement of the business to be transacted at, or the purpose of, any such meeting.

Section 2.8. <u>Quorum and Necessary Vote</u>. A majority of the directors shall constitute a quorum at any meeting of the Board, except when otherwise provided by law; but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held as adjourned without further notice. Unless otherwise provided by law or the Articles or Bylaws of this Association, once a quorum is established, any act by a majority of those directors present and voting shall be the act of the Board.

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Section 2.9. <u>Written Consent</u>. Except as otherwise required by applicable laws and regulations, the Board may act without a meeting by a unanimous written consent by all directors, to be filed with the Secretary of the Association as part of the corporate records.

Section 2.10. <u>Remote Meetings</u>. Members of the Board, or of any committee thereof, may participate in a meeting of such Board or committee by means of conference telephone, video or similar communications equipment by means of which all persons participating in the meeting can hear each other and such participation shall constitute presence in person at such meeting.

Section 2.11. <u>Vacancies</u>. When any vacancy occurs among the directors, the remaining members of the Board may appoint a director to fill such vacancy at any regular meeting of the Board, or at a special meeting called for that purpose.

<u>ARTICLE III</u> 

<u>Committees</u> 

Section 3.1. <u>Advisory Board of Directors</u>. The Board may appoint persons, who need not be directors, to serve as advisory directors on an advisory board of directors established with respect to the business affairs of either this Association alone or the business affairs of a group of affiliated organizations of which this Association is one. Advisory directors shall have such powers and duties as may be determined by the Board, provided, that the Board's responsibility for the business and affairs of this Association shall in no respect be delegated or diminished.

Section 3.2. <u>Trust Audit Committee</u>. At least once during each calendar year, the Association shall arrange for a suitable audit (by internal or external auditors) of all significant fiduciary activities under the direction of its trust audit committee, a function that will be fulfilled by the Audit Committee of the financial holding company that is the ultimate parent of this Association. The Association shall note the results of the audit (including significant actions taken as a result of the audit) in the minutes of the Board. In lieu of annual audits, the Association may adopt a continuous audit system in accordance with 12 C.F.R. § 9.9(b).

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The Audit Committee of the financial holding company that is the ultimate parent of this Association, fulfilling the function of the trust audit committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Must not include any officers of the Association or an affiliate who participate significantly in the administration of the Association's fiduciary activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Must consist of a majority of members who are not also members of any committee to which the Board has delegated power to manage and control the fiduciary activities of the Association.

Section 3.3. <u>Executive Committee</u>. The Board may appoint an Executive Committee which shall consist of at least three directors and which shall have, and may exercise, to the extent permitted by applicable law, all the powers of the Board between meetings of the Board or otherwise when the Board is not meeting.

Section 3.4. <u>Trust Management Committee</u>. The Board of this Association shall appoint a Trust Management Committee to provide oversight of the fiduciary activities of the Association. The Trust Management Committee shall determine policies governing fiduciary activities. The Trust Management Committee or such sub-committees, officers or others as may be duly designated by the Trust Management Committee shall oversee the processes related to fiduciary activities to assure conformity with fiduciary policies it establishes, including ratifying the acceptance and the closing out or relinquishment of all trusts. The Trust Management Committee will provide regular reports of its activities to the Board.

Section 3.5. <u>Other Committees</u>. The Board may appoint, from time to time, committees of one or more persons who need not be directors, for such purposes and with such powers as the Board may determine; however, the Board will not delegate to any committee any powers or responsibilities that it is prohibited from delegating under any law or regulation. In addition, either the Chairman or the President may appoint, from time to time, committees of one or more officers, employees, agents or other persons, for such purposes and with such powers as either the Chairman or the President deems appropriate and proper. Whether appointed by the Board, the Chairman, or the President, any such committee shall at all times be subject to the direction and control of the Board.

Section 3.6. <u>Meetings, Minutes and Rules</u>. An advisory board of directors and/or committee shall meet as necessary in consideration of the purpose of the advisory board of directors or committee, and shall maintain minutes in sufficient detail to indicate actions taken or recommendations made; unless required by the members, discussions, votes or other specific details need not be reported. An advisory board of directors or a committee may, in consideration of its purpose, adopt its own rules for the exercise of any of its functions or authority.

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<u>ARTICLE IV</u> 

<u>Officers</u> 

Section 4.1. <u>Chairman of the Board</u>. The Board may appoint one of its members to be Chairman of the Board to serve at the pleasure of the Board. The Chairman shall supervise the carrying out of the policies adopted or approved by the Board; shall have general executive powers, as well as the specific powers conferred by these Bylaws; and shall also have and may exercise such powers and duties as from time to time may be conferred upon or assigned by the Board.

Section 4.2. <u>President</u>. The Board may appoint one of its members to be President of the Association. In the absence of the Chairman, the President shall preside at any meeting of the Board. The President shall have general executive powers, and shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, to the office of President, or imposed by these Bylaws. The President shall also have and may exercise such powers and duties as from time to time may be conferred or assigned by the Board.

Section 4.3. <u>Vice President</u>. The Board may appoint one or more Vice Presidents who shall have such powers and duties as may be assigned by the Board and to perform the duties of the President on those occasions when the President is absent, including presiding at any meeting of the Board in the absence of both the Chairman and President.

Section 4.4. <u>Secretary</u>. The Board shall appoint a Secretary, or other designated officer who shall be Secretary of the Board and of the Association, and shall keep accurate minutes of all meetings. The Secretary shall attend to the giving of all notices required by these Bylaws to be given; shall be custodian of the corporate seal, records, documents and papers of the Association; shall provide for the keeping of proper records of all transactions of the Association; shall, upon request, authenticate any records of the Association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, to the Secretary, or imposed by these Bylaws; and shall also perform such other duties as may be assigned from time to time by the Board. The Board may appoint one or more Assistant Secretaries with such powers and duties as the Board, the President or the Secretary shall from time to time determine.

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Section 4.5. <u>Other Officers</u>. The Board may appoint, and may authorize the Chairman, the President or any other officer to appoint, any officer as from time to time may appear to the Board, the Chairman, the President or such other officer to be required or desirable to transact the business of the Association. Such officers shall exercise such powers and perform such duties as pertain to their several offices, or as may be conferred upon or assigned to them by these Bylaws, the Board, the Chairman, the President or such other authorized officer. Any person may hold two offices.

Section 4.6. <u>Tenure of Office</u>. The Chairman or the President and all other officers shall hold office until their respective successors are elected and qualified or until their earlier death, resignation, retirement, disqualification or removal from office, subject to the right of the Board or authorized officer to discharge any officer at any time.

<u>ARTICLE V</u> 

<u>Stock</u> 

Section 5.1. The Board may authorize the issuance of stock either in certificated or in uncertificated form. Certificates for shares of stock shall be in such form as the Board may from time to time prescribe. If the Board issues certificated stock, the certificate shall be signed by the President, Secretary or any other such officer as the Board so determines. Shares of stock shall be transferable on the books of the Association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming a shareholder by such transfer shall, in proportion to such person's shares, succeed to all rights of the prior holder of such shares. Each certificate of stock shall recite on its face that the stock represented thereby is transferable only upon the books of the Association properly endorsed. The Board may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the Association for stock transfers, voting at shareholder meetings, and related matters, and to protect it against fraudulent transfers.

<u>ARTICLE VI</u> 

<u>Corporate Seal</u> 

Section 6.1. The Association shall have no corporate seal; provided, however, that if the use of a seal is required by, or is otherwise convenient or advisable pursuant to, the laws or regulations of any jurisdiction, the following seal may be used, and the Chairman, the President, the Secretary and any Assistant Secretary shall have the authority to affix such seal:

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<u>ARTICLE VII</u> 

<u>Miscellaneous Provisions</u> 

Section 7.1. <u>Execution of Instruments</u>. All agreements, checks, drafts, orders, indentures, notes, mortgages, deeds, conveyances, transfers, endorsements, assignments, certificates, declarations, receipts, discharges, releases, satisfactions, settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, guarantees, proxies and other instruments or documents may be signed, countersigned, executed, acknowledged, endorsed, verified, delivered or accepted on behalf of the Association, whether in a fiduciary capacity or otherwise, by any officer of the Association, or such employee or agent as may be designated from time to time by the Board by resolution, or by the Chairman or the President by written instrument, which resolution or instrument shall be certified as in effect by the Secretary or an Assistant Secretary of the Association. The provisions of this section are supplementary to any other provision of the Articles of Association or Bylaws.

Section 7.2. <u>Records</u>. The Articles of Association, the Bylaws as revised or amended from time to time and the proceedings of all meetings of the shareholders, the Board, and standing committees of the Board, shall be recorded in appropriate minute books provided for the purpose. The minutes of each meeting shall be signed by the Secretary, or other officer appointed to act as Secretary of the meeting.

Section 7.3. <u>Trust Files</u>. There shall be maintained in the Association files all fiduciary records necessary to assure that its fiduciary responsibilities have been properly undertaken and discharged.

Section 7.4. <u>Trust Investments</u>. Funds held in a fiduciary capacity shall be invested according to the instrument establishing the fiduciary relationship and according to law. Where such instrument does not specify the character and class of investments to be made and does not vest in the Association a discretion in the matter, funds held pursuant to such instrument shall be invested in investments in which corporate fiduciaries may invest under law.

Section 7.5. <u>Notice</u>. Whenever notice is required by the Articles of Association, the Bylaws or law, such notice shall be by mail, postage prepaid, e- mail, in person, or by any other means by which such notice can reasonably be expected to be received, using the address of the person to receive such notice, or such other personal data, as may appear on the records of the Association.

Except where specified otherwise in these Bylaws, prior notice shall be proper if given not more than 30 days nor less than 10 days prior to the event for which notice is given.

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<u>ARTICLE VIII</u> 

<u>Indemnification</u> 

Section 8.1. The Association shall indemnify such persons for such liabilities in such manner under such circumstances and to such extent as permitted by Section 145 of the Delaware General Corporation Law, as now enacted or hereafter amended. The Board may authorize the purchase and maintenance of insurance and/or the execution of individual agreements for the purpose of such indemnification, and the Association shall advance all reasonable costs and expenses (including attorneys' fees) incurred in defending any action, suit or proceeding to all persons entitled to indemnification under this Section 8.1. Such insurance shall be consistent with the requirements of 12 C.F.R. § 7.2014 and shall exclude coverage of liability for a formal order assessing civil money penalties against an institution-affiliated party, as defined at 12 U.S.C. § 1813(u).

Section 8.2. Notwithstanding Section 8.1, however, (a) any indemnification payments to an institution-affiliated party, as defined at 12 U.S.C. § 1813(u), for an administrative proceeding or civil action initiated by a federal banking agency, shall be reasonable and consistent with the requirements of 12 U.S.C. § 1828(k) and the implementing regulations thereunder; and (b) any indemnification payments and advancement of costs and expenses to an institution-affiliated party, as defined at 12 U.S.C. § 1813(u), in cases involving an administrative proceeding or civil action not initiated by a federal banking agency, shall be in accordance with Delaware General Corporation Law and consistent with safe and sound banking practices.

<u>ARTICLE IX</u> 

<u>Bylaws: Interpretation and Amendment</u> 

Section 9.1. These Bylaws shall be interpreted in accordance with and subject to appropriate provisions of law, and may be added to, altered, amended, or repealed, at any regular or special meeting of the Board.

Section 9.2. A copy of the Bylaws and all amendments shall at all times be kept in a convenient place at the principal office of the Association, and shall be open for inspection to all shareholders during Association hours.

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<u>ARTICLE X</u> 

<u>Miscellaneous Provisions</u> 

Section 10.1. <u>Fiscal Year</u>. The fiscal year of the Association shall begin on the first day of January in each year and shall end on the thirty-first day of December following.

Section 10.2. <u>Governing Law</u>. This Association designates the Delaware General Corporation Law, as amended from time to time, as the governing law for its corporate governance procedures, to the extent not inconsistent with Federal banking statutes and regulations or bank safety and soundness.

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(February 8, 2021)

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**<u>Exhibit 6</u>**

**CONSENT** 

In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.

Dated: July 30th, 2025

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| | |
|:---|:---|
| By: | /s/ Maria Cepeda-Holly |
|  | Maria Cepeda-Holly |
|  | Vice President |

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**<u>Exhibit 7</u>**

**U.S. Bank Trust Company, National Association** 

**Statement of Financial Condition** 

**as of 3/31/2025** 

**($000's)** 

---

| | |
|:---|:---|
|  | **3/31/2025** |
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and Balances Due From | $1748785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depository Institutions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | 4557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Funds | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans & Lease Financing Receivables | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Assets | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible Assets | 575665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets | 156612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $**2486515** |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fed Funds | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Demand Notes | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Liabilities | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Borrowed Money | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acceptances | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes and Debentures | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities | 222718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | $**222718** |
|  **Equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and Preferred Stock | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surplus | 1171635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undivided Profits | 1091962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minority Interest in Subsidiaries | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Equity Capital** | $**2263797** |
|  **Total Liabilities and Equity Capital** | $**2486515** |

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## Ex-Filing

**Exhibit 107** 

**Calculation of Filing Fee Tables** 

Form S-3

(Form Type)

PUGET SOUND ENERGY, INC.

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u> 

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Security<br> Type | Security Class Title | Fee Calculation<br>or Carry<br>Forward Rule | Amount<br>Registered | Proposed<br>Maximum<br>Offering<br>Price Per<br>Unit | Maximum<br>Aggregate<br>Offering Price | Fee<br> Rate  | Amount of<br>Registration<br>Fee | Carry<br>Forward<br>Form<br>Type | Carry Forward<br>File Number | Carry<br>Forward<br>Initial<br>Effective<br>Date | Filing Fee<br>Previously<br>Paid In<br>Connection<br>with<br>Unsold<br>Securities<br>to be<br>Carried<br>Forward |
| &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** | &nbsp;&nbsp;&nbsp;**Newly Registered Securities** |
| &nbsp;&nbsp;&nbsp; **Fees to be**<br> **Paid**  | (1) | Debt | Senior Secured Notes of Puget Sound Energy,<br> Inc. | Rule 456(b) and Rule 457(r) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Fees**<br> **Previously**<br> **Paid** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;**Carry Forward Securities** |
| &nbsp;&nbsp;&nbsp; **Carry**<br> **Forward**<br> **Securities**  | (2) | Debt | Senior Secured Notes of Puget Sound Energy,<br> Inc. | 415(a)(6) |  |  | $200000000 |  |  | S-3 | 333-266649 | August 8, 2022 | $18540 |
|  |  | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | $200000000 |  | $0.00 |  |  |  |  |
|  |  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  | $0.00 |  |  |  |  |
|  |  | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  | $0.00 |  |  |  |  |
|  |  | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  | $0.00 |  |  |  |  |

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(1) An indeterminate aggregate offering price or number of securities are being registered as from time to time may
be offered at indeterminate prices. In accordance with Rules 456(b) and 457(r), the registrants are deferring payment of the entire registration fee subject to the conditions set forth in such rules. Any registration fees will be paid subsequently
on a "pay-as-you-go" basis.

(2) On August 8, 2022, the registrant filed a registration statement on Form S-3 (File No. 333-266649) (the "Prior Registration Statement") with the Securities and Exchange Commission ("SEC"), registering an aggregate
principal amount of $1,400,000,000 of senior secured notes, for which a filing fee of $129,780 was paid. The Prior Registration Statement was declared effective by the SEC on August 23, 2022. On May 16, 2023, the registrant filed a
prospectus supplement pursuant to Rule 424(b)(5) to register the issuance of senior secured notes in an aggregate principal amount of $400,000,000 and on June 5, 2024, the registrant filed a prospectus supplement pursuant to Rule 424(b)(5) to
register the issuance of senior secured notes in an aggregate principal amount of $800,000,000.

As of the date hereof, the registrant has not sold any additional senior secured notes registered for sale pursuant to the Prior Registration Statement. The registrant is registering the offer and sale of the remaining $200,000,000 aggregate principal amount of senior secured notes that has not been sold pursuant to the Prior Registration Statement (the "Unsold Securities"). Pursuant to Rule 415(a)(6) under the Securities Act, as amended, the Unsold Securities are being carried forward and the $18,540 filing fee previously paid in connection with the Unsold Securities will continue to be applied to the Unsold Securities under this registration statement.