Invested 2009 - 2019
Location United States
MIRA 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 MIRA’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 MIRA’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.
Putting customers at the centre
Despite this significant investment, average monthly customer bills remained broadly flat – increasing by just $US1 over the decade MIRA 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. MIRA 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.
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. MIRA and its co-shareholders also ensured that the Board included independent directors who were also local residents.
MIRA 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 MIRA’s period of investment and employee safety ranked in the first quartile each year since 20124.
Focused on communities
Karl Kuchel, Senior Managing Director
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All information current as at December 2018, unless otherwise specified.
2018 Annual Report of Energy Conservation Accomplishments, Puget Sound Energy