Puget Sound Energy

Delivering resilient energy for Washington State.


Washington State is focused on resilient, reliable and sustainable energy to support its growing population and economy. Puget Sound Energy, as the largest electric and gas utility in the region1, is a key partner.

In 2009, Macquarie led a consortium of investors in the take-private of Puget Sound Energy and partnered with the business over 10 years to improve energy delivery for its 1.5 million customers.

Sector                                Infrastructure

Sub-sector                         Utilities

Invested                              2009 - 2019

Ownership                          44%


Location                   United States

More resilient and sustainable energy

MAM supported Puget Sound Energy’s investment of more than $US8 billion to maintain and grow its natural gas and electric systems.

More than 400MW of hydro, wind and solar generation capacity was added during the period of MAM’s involvement with the business. During this period, Puget Sound Energy become the largest producer of wind energy in the state and the third-largest utility owner of wind power in the country2.

The expansion of renewable generation capacity also enabled the business to announce the retirement of three coal fired power plants by 2025 without jeopardising security of supply. During MAM’s ownership, the Board of Puget Sound Energy also committed to halve its carbon footprint by 2040, in addition to meeting Washington State’s existing renewable energy requirements. 

Maintenance at Snoqualmie Falls Hydroelectric Plant

Putting customers at the centre

Despite this significant investment, average monthly customer bills remained broadly flat – increasing by just $US1 over the decade MAM was invested in the business. Puget Sound Energy also improved its JD Power customer satisfaction ranking, moving from fourth quartile in its peer group to second quartile.

Customers also benefited from initiatives designed to help them reduce their energy consumption. MAM supported management as they invested in energy efficiency initiatives that saw electricity consumption fall a cumulative 18TWh over 10 years, representing 10 months of energy sales3.



Maintenance at Snoqualmie Falls Hydroelectric Plant

Hopkins Ridge Wind Farm

Supporting local jobs and leadership

Puget Sound Energy has a strong legacy of drawing on local understanding and expertise to drive its operations and decision making. This model has been successful and has ensured that the business is positioned to meet the long-term energy needs of Washington State.

Puget Sound Energy’s Executive Team remained based at the company’s headquarters in Bellevue, Washington State. MAM and its co-shareholders also ensured that the Board included independent directors who were also local residents.

MAM worked closely with management to increase employment opportunities in the region, as well as training and safety outcomes for Puget Sound Energy’s 3,140 employees. More than 300 new jobs were created at the business during MAM’s period of investment and employee safety ranked in the first quartile each year since 20124.

Frederickson 1 Generating Station
Swipe for more
$US8 billion of capital expenditure in core regulated assets
400MW of new hydro, wind, and solar generation capacity
Significant reduction in Lost Time Injury Frequency Rate (LTIFR)
Improved regulatory outcomes and relationships with key stakeholders

Focused on communities

“Puget Sound Energy is an important component of Washington State’s energy landscape. Throughout our investment, we ensured that the business remained firmly focused on the evolving needs of the customers and communities it serves.”


Karl Kuchel, Senior Managing Director


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All information current as at December 2018, unless otherwise specified.


1 By retail market share, 2016 Benchmarking Utility Clean Energy Deployment, Ceres

2 2017 Annual Market Report, American Wind Energy Association

3 2013 Annual Report of Energy Conservation Accomplishments, Puget Sound Energy

2018 Annual Report of Energy Conservation Accomplishments, Puget Sound Energy

4 2018 National Utility Electric Rankings, Edison Electric Institute