Puget Sound Energy proposes double-digit rate hikes in 2027

SEATTLE - Puget Sound Energy has proposed a plan that would increase electricity rates by 15% and natural gas rates by 14% in 2027.

What we know:

Under the three-year plan, the average customer could see their monthly bill go up by about $28 in 2027, $7 in 2028 and nearly $16 in 2029.

As for natural gas, the typical customer would see rate increases of about $14 a month in 2027, $4 in 2028 and nearly $5 in 2029.

Puget Sound Energy (PSE) says they need the increases to invest more than $3.2 billion into its gas and electric system to maintain infrastructure, handle growing energy demand and meet state clean energy laws.

The utility company is also asking for levy increases in 2028 and 2029. PSE currently serves around 1.7 million customers.

What they're saying:

Frustrated customers spent hours pushing back against the proposed rate increases during a public comment session held by the Washington Utilities and Transportation Commission on Tuesday night.

"This rate increase will absolutely decimate small farms in Puget Sound," one customer stated. "We're already operating on the margins of what we can sell, what we can provide."

"How are retired folks like myself and others supposed to deal with this on fixed incomes?" another customer asked during the session. "I would ask the board to consider not allowing PSE to have any further rate increases until they can prove they're required."

"I definitely think there are other ways Puget Sound Energy could make this up, versus just asking the rate payers for more money," said 15-year PSE customer Evan Moyer. "Especially considering it's a private entity asking to raise its profit margins at the same time."

The other side:

PSE says that $529 million in expiring federal tax credits will be used to help offset costs of new generation projects, along with $190 million in tax benefits from the Beaver Creek Wind Facility. The company also noted bill assistance programs are available online.

What's next:

The Washington Utilities and Transportation Commission is expected to make a decision on the proposed rate hikes in January. If approved, the new rates would take effect in early 2027.

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