Puget Energy / Puget Sound Energy

Macquarie-led consortium took Washington State's largest utility private for $7.4B ($3.2B equity + $1.6B new debt + $2.6B existing debt). Approved 2009 after contentious regulatory battle. 1.2M customers. Public Counsel opposed the deal. PE ownership of utilities raises fundamental questions: should essential services generate PE-level returns? Ratepayers fund the leveraged buyout through higher bills.