Washington Utilities and Transportation Commission - PSE Rate Increase Dockets Consolidated

Service Date: March 13, 2026 BEFORE THE WASHINGTON UTILITIES AND TRANSPORTATION COMMISSION WASHINGTON UTILITIES AND TRANSPORTATION COMMISSION, Complainant, v. PUGET SOUND ENERGY, Respondent. DOCKETS UE-260005 and UG-260006 (Consolidated) ORDER 01 COMPLAINT AND ORDER SUSPENDING TARIFF REVISIONS; ORDER OF CONSOLIDATION BACKGROUND 1 On February 27, 2026, Puget Sound Energy (PSE or Company) filed with the Washington Utilities and Transportation Commission (Commission) revisions in Docket UE-260005 to its currently effective electric service tariff, Tariff WN U-60 Tariff G, and in Docket UG-260006 to its natural gas service tariff, Tariff WN U-2, as listed in the appendix attached to this Order. The purpose of these filings is to increase rates and charges for electric and natural gas services provided to customers in the state of Washington. 2 In this filing, PSE proposes a Three-Year Rate Plan, which would begin with new base rates effective in 2027 (Rate Year 1), 2028 (Rate Year 2), and 2029 (Rate Year 3). 3 For both its electric and natural gas operations, PSE proposes a rate of return of 8.09 percent for Rate Year 1, a rate of return of 8.15 percent for Rate Year 2, and a rate of return of 8.18 for Rate Year 3, with a return on equity of 10.80 percent and a 50 percent debt and 50 percent equity capital structure for each year of the Three-Year Rate Plan. 4 For Rate Year 1, PSE proposes an electric revenue requirement increase of $625,340,657, or 15.15 percent, and a natural gas revenue requirement increase of $191,766,706, or 14.16 percent. For Rate Year 2, PSE proposes an electric revenue requirement increase of $178,702,222, or 3.74 percent, and a natural gas revenue requirement increase of $48,824,367, or 3.16 percent. For Rate Year 3, PSE proposes an electric revenue requirement increase of $431,853,006, or 8.70 percent, and a natural gas revenue requirement increase of $57,819,645, or 3.64 percent.

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 2 ORDER 01 DISCUSSION AND DECISION 5 The Commission may, in its discretion, consolidate two or more proceedings in which the facts or principles of law are related. Here, the matters in the two dockets appear to involve related facts and principles of law. It is therefore appropriate that they be consolidated for hearing and determination pursuant to Washington Administrative Code (WAC) 480-07-320. 6 PSE’s requested rate increases might injuriously affect the rights and interests of the public, and PSE has not demonstrated that the increases would result in rates that are fair, just, reasonable, and sufficient. In addition, PSE has agreed to waive the suspension hearing and requested that the Commission enter an order suspending these proposed changes for investigation, and that a hearing date to take testimony from the public be scheduled as part of the prehearing conference. The Commission, therefore, suspends the tariff filings and will hold public hearings, if necessary, to determine whether the proposed increases are fair, just, reasonable, and sufficient. FINDINGS AND CONCLUSIONS 7 (1) The Commission is an agency of the State of Washington vested by statute with the authority to regulate rates, regulations, practices, accounts, securities, transfers of property, and affiliated interests of public service companies, including electric and natural gas companies. 8 (2) PSE is an electric and natural gas company and a public service company subject to the Commission’s jurisdiction. 9 (3) The Commission may consolidate proceedings that involve related facts and principles of law. 10 (4) The matters in Dockets UE-260005 and UG-260006 involve related facts and principles of law, and the dockets should, therefore, be consolidated for hearing and determination pursuant to WAC 480-07-320. 11 (5) The tariff revisions filed by PSE on February 27, 2026, would increase charges and rates for service provided by PSE and might injuriously affect the rights and interest of the public. 12 (6) PSE has requested that the Commission suspend the tariff revisions and set the matters for hearing.

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 3 ORDER 01 (7) PSE has not yet demonstrated that the tariff revisions would result in rates that are fair, just, reasonable, and sufficient. 14 (8) PSE’s rates and charges for electric or natural gas service shown on any tariffs that PSE does not propose to revise may also be investigated to determine if they are fair, just, reasonable, and sufficient. 15 (9) In order to carry out the duties imposed upon the Commission by law, and as authorized by Revised Code of Washington (RCW) 80.04.130, the Commission finds it is necessary to investigate PSE’s books, accounts, practices, and activities; to make a valuation or appraisal of PSE’s property; and to investigate and appraise various phases of PSE’s operations. 16 (10) The Commission finds that this docket meets the criteria of WAC 480-07- 400(2)(b)(i) and that the parties may conduct discovery pursuant to the Commission’s discovery rules in WAC 480-07-400 – 425. 17 (11) As required by RCW 80.04.130(4), PSE bears the burden to prove that the proposed increases are fair, just, reasonable, and sufficient. 18 (12) PSE may be required to pay the expenses reasonably attributable and allocable to such an investigation, consistent with chapter 80.20 RCW. ORDER THE COMMISSION ORDERS: 19 (1) Dockets UE-260005 and UG-260006 are consolidated for hearing and determination under WAC 480-07-320. 20 (2) The tariff revisions Puget Sound Energy filed on February 27, 2026, are suspended. 21 (3) The Commission shall hold hearings at such times and places as may be required. Such hearings may also examine Puget Sound Energy’s rates and charges for electric and natural gas service shown on any tariffs that Puget Sound Energy does not propose to revise. 22 (4) Puget Sound Energy shall not change or alter the tariffs filed in these dockets during the suspension period, unless authorized by the Commission.

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 4 ORDER 01 (5) The Commission shall institute an investigation of Puget Sound Energy’s books, accounts, practices, activities, property, and operations as described above. 24 (6) Discovery shall be conducted pursuant to the Commission’s discovery rules in WAC 480-07-400 – 425. 25 (7) Puget Sound Energy shall pay the expenses reasonably attributable and allocable to the Commission’s investigation, consistent with chapter 80.20 RCW. DATED at Lacey, Washington, and effective March 13, 2026. WASHINGTON UTILITIES AND TRANSPORTATION COMMISSION BRIAN J. RYBARIK, Chair ANN E. RENDAHL, Commissioner MILTON H. DOUMIT, Commissioner

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 5 ORDER 01 Appendix WN U-60, Tariff G, Electric Service: WN U-2 Tariff, Natural Gas Service: WN U-60, Tariff G, Electric Service: Sheet No. 7 Residential Service Sheet No. 7.1 Residential Service (Continued) 15th Revision Sheet No. 7-B Master Metered Residential Service Sheet No. 7-B.1 Master Metered Residential Service Original Sheet No. 7-B.2 Master Metered Residential Service Sheet No. 7BDR-A Bill Discount Rate (Continued) 38th Revision Sheet No. 24 General Service Sheet No. 24.1 General Service (Continued) 28th Revision Sheet No. 25 Small Demand General Service 19th Revision Sheet No. 25-A Small Demand General Service Sheet No. 25-B Small Demand General Service Original Sheet No. 25-C Small Demand General Service Sheet No. 26 Large Demand General Service Sheet No. 26.1 Large Demand General Service 5th Revision Sheet No. 26-A Large Demand General Service

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 6 ORDER 01 34th Revision Sheet No. 29 Seasonal Irrigation & Drainage Pumping Service Sheet No. 29.1 Seasonal Irrigation & Drainage Pumping Service (Continued) Sheet No. 31 Primary General Service Sheet No. 31.1 Primary General Service (Continued) 33rd Revision Sheet No. 35 Seasonal Primary Irrigation & Drainage Pumping Service 31st Revision Sheet No. 43-A Interruptible Primary Service for Total- Electric Schools (Continued) Original Sheet No. 43-B Interruptible Primary Service for Total- Electric Schools (Continued) 39th Revision Sheet No. 46 High Voltage Interruptible Service 38th Revision Sheet No. 49 High Voltage General Service 38th Revision Sheet No. 50 Limited Street Lighting Service Sheet No. 50.1 Limited Street Lighting Service Sheet No. 51-B LED (Light Emitting Diode) Lighting Service (Continued) 10th Revision Sheet No. 51-C LED (Light Emitting Diode) Lighting Service (Continued) Sheet No. 51-D LED (Light Emitting Diode) Lighting Service (Continued) Sheet No. 51-D.1 LED (Light Emitting Diode) Lighting Service (Continued) Sheet No. 52-A Custom Lighting Service Company Owned (Continued) Sheet No. 52-A.1 Custom Lighting Service Company Owned (Continued) Sheet No. 52-A.2 Custom Lighting Service Company Owned (Continued)

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 7 ORDER 01 Original Sheet No. 52-A.3 Custom Lighting Service Company Owned (Continued) Sheet No. 53-A Street Lighting Service Sodium Vapor 25th Revision Sheet No. 53-B Street Lighting Service Sodium Vapor Sheet No. 53-C Street Lighting Service Sodium Vapor Sheet No. 53-G Street Lighting Service Sodium Vapor 8th Revision Sheet No. 53-H Street Lighting Service Sodium Vapor Sheet No. 54 Customer-Owned Street Lighting Energy Service Sodium Vapor 16th Revision Sheet No. 54-A Customer-Owned Street Lighting Energy Service Sodium Vapor (Continued) Sheet No. 54-B Customer-Owned Street Lighting Energy Service Sodium Vapor (Continued) 42nd Revision Sheet No. 55 Area Lighting Service 22nd Revision Sheet No. 55-A Area Lighting Service (Continued) Sheet No. 55-A.1 Area Lighting Service (Continued) 37th Revision Sheet No. 57 Continuous Lighting Service 36th Revision Sheet No. 58 Flood Lighting Service 25th Revision Sheet No. 58-A Flood Lighting Service (Continued) Sheet No. 58-B Flood Lighting Service (Continued) Sheet No. 58-B.1 Flood Lighting Service (Continued) Sheet No. 58-C Flood Lighting Service (Continued)

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 8 ORDER 01 Sheet No. 62 Substation and Related Equipment Capacity Original Sheet No. 62.1 Substation and Related Equipment Capacity (Continued) 6th Revision Sheet No. 62-A Substation and Related Equipment Capacity (Continued) 7th Revision Sheet No. 62-B Substation and Related Equipment Capacity (Continued) Sheet No. 62-C Substation and Related Equipment Capacity (Continued) Sheet No. 62-E Substation and Related Equipment Capacity (Continued) Sheet No. 80-L General Rules and Provisions (Continued) 6th Revision Sheet No. 80-T General Rules and Provisions (Continued) Sheet No. 80-Y General Rules and Provisions (Continued) 7th Revision Sheet No. 80-Z General Rules and Provisions (Continued) 18th Revision Sheet No. 85-E Line Extensions and Service Lines 18th Revision Sheet No. 85-F Line Extensions and Service Lines 6th Revision Sheet No. 85-S Line Extensions and Service Lines Original Sheet No. 85-S.1 Line Extensions and Service Lines 45th Revision Sheet No. 95 Power Cost Adjustment Clause Sheet No. 95-A Power Cost Adjustment Clause 22nd Revision Sheet No. 95-B Power Cost Adjustment Clause

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 9 ORDER 01 21st Revision Sheet No. 95-C Power Cost Adjustment Clause 14th Revision Sheet No. 95- Power Cost Adjustment Clause 14th Revision Sheet No. 95-C.2 Power Cost Adjustment Clause 5th Revision Sheet No. 95-C.3 Power Cost Adjustment Clause 21st Revision Sheet No. 95-D Power Cost Adjustment Clause 21st Revision Sheet No. 95-E Power Cost Adjustment Clause Sheet No. 95-E.1 Power Cost Adjustment Clause Sheet No. 95-E.2 Power Cost Adjustment Clause 4th Revision Sheet No. 141A-A Energy Charge Credit Recovery Adjustment (Continued) 4th Revision Sheet No. 141A-B Energy Charge Credit Recovery Adjustment (Continued) 5th Revision Sheet No. 141A-C Energy Charge Credit Recovery Adjustment (Continued) 4th Revision Sheet No. 141A-D Energy Charge Credit Recovery Adjustment (Continued) 4th Revision Sheet No. 141A-E Energy Charge Credit Recovery Adjustment (Continued) 4th Revision Sheet No. 141A-F Energy Charge Credit Recovery Adjustment (Continued) 5th Revision Sheet No. 141A-G Energy Charge Credit Recovery Adjustment (Continued) 4th Revision Sheet No. 141A-H Energy Charge Credit Recovery Adjustment (Continued) 5th Revision Sheet No. 141A-I Energy Charge Credit Recovery Adjustment (Continued) Sheet No. 141A-J Energy Charge Credit Recovery Adjustment (Continued)

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 10 ORDER 01 Sheet No. 141TEX-A Targeted Rate Adjustment (Continued) Sheet No. 141TEX-B Targeted Rate Adjustment (Continued) Sheet No. 141TEX-C Targeted Rate Adjustment (Continued) Sheet No. 141TEX-D Targeted Rate Adjustment (Continued) Sheet No. 141TEX-E Targeted Rate Adjustment (Continued) Sheet No. Targeted Rate Adjustment (Continued) Sheet No. 141TEX-G Targeted Rate Adjustment (Continued) Sheet No. 141TEX-H Targeted Rate Adjustment (Continued) Sheet No. 141TEX-I Targeted Rate Adjustment (Continued) 17th Revision Sheet No. 142 Revenue Decoupling Adjustment Mechanism 15th Revision Sheet No. 142-A Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142-B Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142-C Revenue Decoupling Adjustment Mechanism (Continued) 16th Revision Sheet No. 142-D Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142-E Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142-F Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142-G Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142-G.1 Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142- Revenue Decoupling Adjustment

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 11 ORDER 01 Sheet No. 142-G.3 Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142-G.4 Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142-G.5 Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142-G.6 Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 142-G.7 Revenue Decoupling Adjustment Mechanism (Continued) Sheet No. 307 Residential Service Time-of-Use 4th Revision Sheet No. 307- A Residential Service Time-of-Use Sheet No. 307-B Residential Service Time-of-Use Sheet No. 307-C Residential Service Time-of-Use Original Sheet No. 307- D Residential Service Time-of-Use Sheet No. 327 Residential Service Time-of-Use with Super Off-Peak 4th Revision Sheet No. 327- A Residential Service Time-of-Use with Super Off-Peak (Continued) Sheet No. 327-B Residential Service Time-of-Use with Super Off-Peak (Continued) Sheet No. 327-C Residential Service Time-of-Use with Super Off-Peak (Continued) 17th Revision Sheet No. 448-I Power Supplier Choice (Continued) Sheet No. 448- I.1 Power Supplier Choice (Continued) Original Sheet No. 448-I.2 Power Supplier Choice (Continued)

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 12 ORDER 01 18th Revision Sheet No. 449-I Retail Wheeling Service (Continued) Sheet No. 449- I.1 Retail Wheeling Service (Continued) Original Sheet No. 449- I.2 Retail Wheeling Service (Continued) Sheet No. 558- D General Service For Electric Vehicle Fleet Charging (Continued) Sheet No. 558-E General Service For Electric Vehicle Fleet Charging (Continued) Original Sheet No. 558- General Service For Electric Vehicle Fleet Original Sheet No. 558-E.2 General Service For Electric Vehicle Fleet Charging (Continued) Original Sheet No. 558-E.3 General Service For Electric Vehicle Fleet Charging (Continued) WN U-2 Tariff, Natural Gas Service: Sheet No. 20-A Rule No. 8: Metering (Continued) Original Sheet No. 20-B Rule No. 8: Metering (Continued) 8th Revision Sheet No. 21-B Rule No. 9: Bills and Payment for Service 8th Revision Sheet No. 21-C Rule No. 9: Bills and Payment for Service 18th Revision Sheet No. 116-A General Gas Lighting and Street Lighting Service (Optional) (Continued) 63rd Revision Sheet No. 123 Residential General Service Original Sheet No. 123-A Residential General Service Sheet No. 123BDR-A Bill Discount Rate (Continued)

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 13 ORDER 01 59th Revision Sheet No. 131 Commercial and Industrial Service Original Sheet No. 131-A Commercial and Industrial Service 13th Revision Sheet No. 131T Service (Firm-Commercial and Industrial) 65th Revision Sheet No. 141 Large Volume High Load Factor Gas Service (Optional) 26th Revision Sheet No. 141-A Large Volume High Load Factor Gas Service (Optional) (Continued) Sheet No. 141-B Large Volume High Load Factor Gas Service (Optional) (Continued) 13th Revision Sheet No. 141T Service (Firm-Large Volume High Load 13th Revision Sheet No. 141T-A Service (Firm-Large Volume High Load Sheet No. 141T-B Service (Firm-Large Volume High Load 19th Revision Sheet No. 153-B Propane Service (Continued) 26th Revision Sheet No. 185-C Interruptible Gas Service with Firm Option (Continued) 24th Revision Sheet No. 185-D Interruptible Gas Service with Firm Option (Continued) Sheet No. 185-E Interruptible Gas Service with Firm Option (Continued) Original Sheet No. 185-F Interruptible Gas Service with Firm Option (Continued) Original Sheet No. 185-G Interruptible Gas Service with Firm Option (Continued) 13th Revision Sheet No. 185T Service (Interruptible with Firm Option) 9th Revision Sheet No. 185T-A Service (Interruptible with Firm Option)

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 14 ORDER 01 Sheet No. 185T-A.1 Service (Interruptible with Firm Option) 26th Revision Sheet No. 186-C Limited Interruptible Gas Service with Firm Option (Optional) (Continued) Sheet No. 186-D Limited Interruptible Gas Service with Firm Option (Optional) (Continued) Original Sheet No. 186-E Limited Interruptible Gas Service with Firm Option (Optional) (Continued) 9th Revision Sheet No. 186T Service (Interruptible with Firm Option) Sheet No. 186T-A Service (Interruptible with Firm Option) Sheet No. 186T-B Service (Interruptible with Firm Option) Sheet No. 186T-C Service (Interruptible with Firm Option) 28th Revision Sheet No. 187-D Non-Exclusive Interruptible Gas Service with Firm Option (Optional) (Continued) Sheet No. 187-D.1 Non-Exclusive Interruptible Gas Service with Firm Option (Optional) (Continued) Sheet No. 187T Service (Non-Exclusive Interruptible with 13th Revision Sheet No. 187T-A Service (Non-Exclusive Interruptible with Sheet No. 187T-B Service (Non-Exclusive Interruptible with Sheet No. 187T-C Service (Non-Exclusive Interruptible with Sheet No. 187T-D Service (Non-Exclusive Interruptible with Sheet No. 188T Service (Exclusive Interruptible) Sheet No. 188T- A Service (Exclusive Interruptible)

DOCKETS UE-260005 & UG-260006 (Consolidated) PAGE 15 ORDER 01 Original Sheet No. 188T-A.1 Service (Exclusive Interruptible) Sheet No. 1141D-A Distribution Pipeline Provisional Recovery Adjustment (Continued) Sheet No. 1141D-B Distribution Pipeline Provisional Recovery Adjustment (Continued) Sheet No. 1141TEX-A Targeted Rate Adjustment (Continued) 7th Revision Sheet No. 1142 Revenue Decoupling Mechanism Sheet No. 1142-A Revenue Decoupling Mechanism Sheet No. 1142-B Revenue Decoupling Mechanism 14th Revision Sheet No. 1142-C Revenue Decoupling Mechanism Sheet No. 1142-C.1 Revenue Decoupling Mechanism Sheet No. 1142-C.2 Revenue Decoupling Mechanism