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PUGET POWER RECEIVES RESOURCE RATE ADJUSTMENT

 PUGET POWER RECEIVES RESOURCE RATE ADJUSTMENT
 BELLEVUE, Wash., Sept. 25 /PRNewswire/ -- Puget Sound Power & Light


Company (NYSE: PSD) Thursday received approval to recover an additional $66.4 million in rates over the period Oct. 1, 1992 through Sept. 30, 1993.
 The company had sought $92.2 million to cover increased conservation costs, customer growth and increased purchased power costs, as well as the revenue impacts of the 1991-1992 drought and unexpectedly warm temperatures.
 The order from the Washington Utilities and Transportation Commission was in response to a request filed by the company in June. That filing was under a Periodic Rate Adjustment Mechanism (PRAM) procedure established by the commission in April 1991, in which rates are adjusted annually up, or down, to reflect the above costs.
 In its Thursday order, the commission modified the company's request by accepting a commission staff recommendation to defer its future PRAM periods, recognition of the costs associated with two co-generation facilities being constructed by independent producers. This modification totaled $10.7 million. Other modifications totaled $1.3 million.
 In addition, the commission changed, from one year to three years, the period for recovery of revenues accrued during the last PRAM period, which have not yet been recovered. The impact of this change is $13.8 million.
 The company intends to file a petition for reconsideration with the commission today, to address the this change in the recover period. If the commission does not grant the company's petition for reconsideration, accounting rules require that the company will have to write-off revenues previously accrued in accordance with the commission's April 1991 order. The impact on September 1992 earnings would be a reduction of approximately 49 cents per share.
 -0- 9/25/92
 /CONTACT: William Seil of Puget Sound Power & Light Company, 206-462-3206/
 (PSD) CO: Puget Sound Power & Light Company ST: Washington IN: UTI SU:


SH-TS -- NY001 -- 3407 09/25/92 09:00 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
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