PUGET SOUND ENERGY INC (Form: 10-Q/A, Filing Date: 12/26/2001)

SECURITIES AND EXCHANGE COMMISSION

FORM 10-Q/A

Quarterly report pursuant to sections 13 or 15(d) [amend]

Filing Date: 2001-12-26 | Period of Report: 2001-12-26

SEC Accession No. 0000081100-01-500042

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FILER

PUGET SOUND ENERGY INC

CIK:81100| IRS No.: 910374630 | State of Incorp.:WA | Fiscal Year End: 1231

Type: 10-Q/A | Act: 34 | File No.: 001-04393 | Film No.: 1822602

SIC: 4911 Electric services

PUGET ENERGY INC /WA

CIK:1085392| IRS No.: 911969407 | State of Incorp.:WA | Fiscal Year End: 1231

Type: 10-Q/A | Act: 34 | File No.: 001-16305 | Film No.: 1822603

SIC: 4911 Electric services

Mailing Address

PO BOX 97034

BELLEVUE NY 98009-9734

Business Address

411 108TH AVE NE

BELLEVUE WA 98004-5515

4254546363

Mailing Address

411 108TH AVENUE N E 34RD

FLOOR

BELLEVUE WA 980045515

Business Address

411 108TH AVENUE N E 3RD

FLOOR

BELLEVUE WA 980045515

4254623202

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q/A

Amendment No. 1

[X]

[ ]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2001

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from ________ to _________

Exact name of registrant as specified

in its charter, state of incorporation,

address of principal executive offices,

Telephone

I.R.S.

Employer

Identification

Number

1-16305

PUGET ENERGY, INC.

A Washington Corporation.

411 - 108th Avenue N.E.

Bellevue, Washington 98004-5515

(425) 454-6363

91-1969407

1-4393

PUGET SOUND ENERGY, INC.

A Washington Corporation

411 - 108th Avenue N.E.

Bellevue, Washington 98004-5515.

91-0374630

Commission

File Number

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the

Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was

required to file for such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No

As of September 30, 2001, (i) the number of shares of Puget Energy, Inc. (?Puget Energy?) common stock outstanding

was 86,703,331 ($.01 par value) and (ii) all of the outstanding shares of Puget Sound Energy, Inc. (?PSE?) common

stock were held by Puget Energy.

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Explanatory Note

The purpose of this Form 10-Q/A is to correct for the inadvertent filing of Exhibit 12-1 and 12-2 - Earnings to Fixed

Charges for Puget Energy and Puget Sound Energy for the twelve months ending June 30, 2001, respectively, in the

September 30, 2001 Form 10-Q. Therefore, filed with this Form 10-Q/A are Exhibits 12-1 and 12-2, Earnings to Fixed

Charges for the twelve months ending September 30, 2001.

Item 6.

Exhibits and Reports on Form 8-K

(a)

See Exhibit Index for list of exhibits.

(b)

Reports on Form 8-K

Filed by Puget Energy:

Form 8-K dated July 19, 2001, Item 5 ? Other Events, related to the release of second quarter

earnings.

Filed by Puget Energy and Puget Sound Energy:

Form 8-K dated August 30, 2001, Item 5 ? Other Events, related to a strategic partnership with

Alliance Data Systems.

Form 8-K dated August 30, 2001, Item 5 ? Other Events, related to Puget Sound Energy filing a rate

design proposal with the Washington Utilities And Transportation Commission for recovering net

power costs.

Form 8-K dated September 19, 2001, Item 5 ? Other Events, related to the Washington Utilities and

Transportation Commission Order establishing a procedural hearing on the rate design proposal filed

August 21, 2001.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused their report to be

signed on its behalf by the undersigned thereunto duly authorized.

PUGET ENERGY, INC.

PUGET SOUND ENERGY, INC.

James W. Eldredge

James W. Eldredge

Corporate Secretary and Chief Accounting Officer

Date: December 26, 2001

Chief accounting officer and officer duly authorized to sign

this report on behalf of each registrant

EXHIBIT INDEX

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The following exhibits are filed herewith:

12-1

Statement setting forth computation of ratios of earnings to fixed charges (1996 through 2000 and 12

months ended September 30, 2001) for Puget Energy.

12-2

Statement setting forth computation of ratios of earnings to fixed charges (1996 through 2000 and 12

months ended September 30, 2001) for PSE.

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Exhibit 12-1

PUGET ENERGY

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF

EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

12 Months

Ending

Year Ended December 31,

September 30, 2001

2000

1999

1998

1997

1996

------------------------------------- ---------------------- ----------- ------------ ------------ ----------- -----------EARNINGS AVAILABLE FOR

FIXED CHARGES

Pre-tax income:

Income from continuing

operations per statement

of income

$182,596

$193,831

$185,567

$169,612

$125,698

$167,351

Federal income taxes

125,911

128,973

109,164

105,814

44,916

106,876

Federal income taxes charged

to other income - net

9,891

1,411

2,909

3,986

14,807

(784)

Capitalized interest

(612)

(1,264)

(3,692)

(1,782)

(360)

(600)

Undistributed (earnings) or

losses of less-thanfifty-percent-owned

entities

----(608)

460

------------------------------------- ---------------------- ----------- ------------ ------------ ----------- -----------Total

$317,786

$322,951

$293,948

$277,630

$184,453

$273,303

------------------------------------- ---------------------- ----------- ------------ ------------ ----------- -----------Fixed charges:

Interest expense

$191,977

$184,405

$160,966

$146,248

$123,543

$122,635

Other interest

612

1,264

3,692

1,782

360

600

Portion of rentals

representative of the

interest factor

6,578

5,002

4,575

2,878

3,143

4,187

------------------------------------- ---------------------- ----------- ------------ ------------ ----------- -----------Total

$199,167

$190,671

$169,233

$150,908

$127,046

$127,422

------------------------------------- ---------------------- ----------- ------------ ------------ ----------- -----------Earnings available for

combined fixed charges

RATIO OF EARNINGS TO

FIXED CHARGES

$516,953

$513,622

$463,181

$428,538

$311,499

$400,725

2.60x

2.69x

2.74x

2.84x

2.45x

3.14x

PUGET ENERGY

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF

(Dollars in Thousands)

12 Months

Ending

Year Ended December 31,

September 30, 2001

2000

1999

1998

1997

1996

---------------------------------------------------------- ------------ ------------ ------------ ------------ -----------EARNINGS AVAILABLE FOR COMBINED

FIXED CHARGES AND PREFERRED

DIVIDEND REQUIREMENTS

Pretax income:

Income from continuing

operations per statement

of income

$182,596

$193,831

$185,567

$169,612

$125,698

$167,351

Federal income taxes

125,911

128,973

109,164

105,814

44,916

106,876

Federal income taxes charged

to other income - net

9,891

1,411

2,909

3,986

14,807

(784)

---------------------------------------------------------- ------------ ------------ ------------ ------------ -----------Subtotal

318,398

324,215

297,640

279,412

185,421

273,443

Capitalized interest

(612)

(1,264)

(3,692)

(1,782)

(360)

(600)

Undistributed (earnings) or

losses of less-than-fifty-

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