Settlement reached on sale of Puget Sound Energy

Settlement reached on sale of Puget Sound Energy

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Story Published: Jul 22, 2008 at 11:56 AM PDT

Story Updated: Nov 20, 2008 at 11:32 PM PDT

By Associated Press

BELLEVUE, Wash. (AP) - A settlement to clear the way for the takeover of Puget Sound Energy by Canadian and Australian investors was announced Tuesday.

The agreement includes major utility customers, critics of the $7.4 billion merger and the staff of the Washington Utilities and Transportation Commission, which has the final word on approval.

According to a statement issued by the utility, details of the agreement will be filed with the commission no later than Wednesday.

The commission staff previously opposed the takeover, saying it would increase the utility's debt burden.

Puget Sound Energy is the largest private utility in Washington state with 1 million electricity and 725,000 natural gas customers.

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