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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
December 16, 1994 December 16, 1994
____________________________________________________
(Date of earliest
event reported)
PUGET SOUND POWER & LIGHT COMPANY
(Exact name of registrant as specified in its charter)
Washington 1-4393 91-0374630
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification
incorporation) Number)
411 108th Avenue N.E., Bellevue, Washington 98004-5515
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code:
206/454-6363
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ITEM 5 OTHER EVENTS
On December 16, 1994, the Washington Utilities and Transportation Commission
("Commission") affirmed its order of September 27, 1994, when it ruled that a
portion of the Company's costs associated with two purchase power contracts
are not recoverable in customer rates. The Commission denied the Company's
petition for reconsideration which the Company had filed on October 7, 1994.
In its September 27, 1994 order, the Commission held that 1.2% of the
contract payments on the Tenaska contract and 3% of the contract payments on
the March Point Phase II contract should not be recovered in rates. No
disallowance was ordered in respect to seven other purchased power contracts
under review. This results in a refund of approximately $1,000,000 of rate
revenues collected during the October 1, 1993 through September 30, 1994,
period and a denial of approximately $1.6 million of rate revenues over the
October 1, 1994 through September 30, 1995 period. The Commission calculated
that this decision would amount to a cumulative disallowance of approximately
$17 million on a present value basis over the life of the two contracts.
In light of the ruling, the Company is reviewing its options, including
possible appeal to the courts.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PUGET SOUND POWER & LIGHT COMPANY
Date: December 16, 1994 By William S. Weaver
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William S. Weaver
Executive Vice President
and Chief Financial Officer
(Principal financial officer and
officer duly authorized to sign this
report on behalf of the registrant)
