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PUGET POWER REPORTS SECOND-QUARTER FINANCIAL RESULTS

 PUGET POWER REPORTS SECOND-QUARTER FINANCIAL RESULTS
 BELLEVUE, Wash., July 17 /PRNewswire/ -- Puget Sound Power & Light Co. (NYSE: PSD) today reported improved operating revenues and earnings for the three months ending June 30, 1992, compared to the same quarter one year ago. While operating revenues for the 12 months ending June 30, 1992, increased over the same period one year ago, comparative earnings declined.
 The company reported 1992 second-quarter earnings of 47 cents per share compared with 40 cents per share for the same period one year ago. Earnings were based on operating revenues of $240.6 million and income available for common stock of $26.2 million. They compare with 1991 second-quarter results of $216.8 million and $22.4 million, respectively.
 For the 12-month period ending June 30, 1992, the company reported earnings of $2.14 per share based on operating revenues of $984.7 million and income available for common stock of $118.8 million. This compares with earnings of $2.26 per share, based on revenues of $955.2 million and income available for common stock of $125.3 million for the same 12-month period one year ago.
 Kilowatt-hour sales for the most recent three- and 12-month periods decreased to 4.4 billion and 19.5 billion, respectively, from 4.7 billion and 20 billion recorded for the same periods one year ago. These declines were caused by abnormally warm 1991-92 winter temperatures throughout the Pacific Northwest region. Revenues were not adversely affected, however, because of the company's Periodic Rate Adjustment Mechanism (PRAM) which has been in place since Oct. 1, 1991. Under this mechanism, abnormalities in weather and hydro conditions no longer substantially impact earnings. Any significant impact, favorable or unfavorable, is eliminated through rate adjustments to customers. Had PRAM not been in effect for most of the 12-month period ending June 30, 1992, earnings would have been lower because of the unfavorable weather and hydro conditions experienced throughout the region.
 Revenues recorded for later collection in retail customer rates under the PRAM were $28.6 million for the three-month period ending June 30, 1992, and $42.7 million for the 12 months ending June 30, 1992. These additional revenues will be collected in customer rates as established in subsequent annual PRAM filings.
 PRAM revenues recorded in the second quarter of 1992 were increased because of the company's settlement with the Internal Revenue Service in April 1992 related to the manner in which conservation expenditures are deducted for federal income tax purposes, and because of other adjustments which were made in the second quarter to previous PRAM revenue estimates.
 Although operating revenues for the 12 months ending June 30, 1992, increased as compared to the same period a year ago, income available for common stock declined. The principal reason for the decline was that the earlier 12-month period benefited from better- than-normal earnings because there did not exist at that time any rate adjustment mechanism, such as PRAM, by which such benefits could be returned to customers in the form of reduced rates.
 A summary of financial results follows:
 PUGET SOUND POWER & LIGHT CO.
 (In thousands, except share data)
 For Three Months Ending June 30: 1992 1991
 Operating revenues $240,643 $216,846
 Net income $ 29,538 $ 24,785
 Income for common stock $ 26,220 $ 22,427
 Earnings per share $ 0.47 $ 0.40
 Average common shares outstanding 55,561,647 55,561,647
 For 12 Months Ending June 30: 1992 1991
 Operating revenues $984,684 $955,219
 Net income $129,001 $136,597
 Income for common stock $118,810 $125,311
 Earnings per share $ 2.14 $ 2.26
 Average common shares outstanding 55,561,647 55,561,647
 -0- 7/17/92
 /CONTACT: William Seil, 206-462-3206, or U. Earl Dunn, 206-462-3808, both of Puget Sound Power & Light/
 (PSD) CO: Puget Sound Power & Light Co. ST: Washington IN: UTI SU: ERN


LM-SC -- SE007 -- 0414 07/17/92 16:58 EDT
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Date:Jul 17, 1992
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