State Agency Opposes Puget Sound Energy Buyout

Law360, New York (June 20, 2008, 12:00 AM EDT) -- The state attorney general’s Public Counsel office on Wednesday urged the Washington Utilities and Transportation Commission not to approve the $7.4 billion acquisition of Puget Sound Energy Inc. by a consortium of private equity investors, saying the deal “exposes customers to an undue level of financial risk.”

The Public Counsel, which represents residential and small-business customers in utility rate cases, said that the sale would saddle consumers with the company’s inordinate debt and increase risk without providing any service-quality guarantees.

“Based upon our review, this sale,...
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