Puget Sound Energy: Enron bankruptcy poses no liability

BELLEVUE, Wash., Dec. 26, 2001 – Puget Sound Energy, the utility subsidiary of Puget Energy, reported today that the collapse of Enron Corp. is not expected to have negative financial consequences for the company.

“Based on our existing contracts and estimates of forward energy prices, we are in a net payable position to Enron,” said PSE Vice President and Chief Financial Officer Richard Hawley.

The utility issued the statement in response to recent Wall Street speculation over which utilities across the nation might be left holding uncollectable debts in the wake of Enron’s Dec. 2 bankruptcy filing.

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