Local Election Results Impacting Puget Energy
As I mentioned in the Special Situations Real Money Portfolio update, some of the counties in Washington served by Puget Energy (PSD) put the issue of forming independent Public Utility Districts on their election ballots. This issue has gained importance in these counties because of concern regarding the buyout of Puget Sound Energy by an international consortium headed by Macquarie Infrastructure Partners of Australia.
Here are the preliminary election results for counties in Washington pushing for the formation of Public Utility Districts (PUDs):
Island County: Should the Public Utility District No.1 of Island County, Washington be formed?
Yes 7,554
No 15,045
Skagit County: Public Utility District No. 1 Proposition No. 1
Yes 17,055
No 18,287
Jefferson County: Local Power Authorization Shall PUD construct or acquire electric facilities
Yes 8,092
No 6,903
It looks like only Jefferson County will seek to break away from PSD with a potential Public Utility District. Given these election results, and the progress on getting final approval by Washington Utilities and Transportation Commission, it appears likely that shareholders of PSD will indeed see $30 in cash per share when the buyout is completed. The big question remaining is how much longer it will take for this deal to be completed.
Disclosure: I own shares of Puget Energy (PSD).
Thanks for this update. I was just about to look into it myself but it seems like you’ve already done the hard work.
I’m glad you found this post helpful. It looks like things are lining up nicely for the PSD buyout.