Hunton Andrews Kurth LLP acted as counsel to the underwriters in connection with Puget Sound Energy, Inc.’s (“PSE”) SEC-registered offerings of (i) $400 million aggregate principal amount of its 5.330% Senior Notes due 2034 (the “2034 Senior Notes”) and (ii) $400 million aggregate principal amount of its 5.685% Senior Notes due 2054 (the “2054 Senior Notes” and, together with the 2034 Senior Notes, the “Senior Notes”). The Senior Notes are secured by a security interest in a series of PSE’s first mortgage bonds issued pursuant to its electric utility mortgage. An amount equal to the net proceeds from the 2054 Senior Notes will be allocated by PSE to certain eligible projects, which are expenditures incurred and investments made related to development and acquisition of some or all of the following types of projects: (i) renewable energy, (ii) energy efficiency, (iii) clean transportation, (iv) climate change adaptation, (v) biodiversity conservation, (vi) water and wastewater management, (vii) pollution prevention and control, and (viii) green innovation.

PSE is a public utility incorporated in the State of Washington primarily engaged in the business of electric transmission, distribution and generation and natural gas distribution. PSE is the largest electric and gas utility in the state of Washington, serving a territory covering approximately 6,000 square miles, principally in the Puget Sound region. At March 31, 2024, PSE had approximately 1,234,000 electric customers, of which approximately 88.1% were residential customers, 11.0% were commercial customers and 0.9% were industrial, transportation and other customers. At March 31, 2024, PSE had approximately 878,820 gas customers, of which approximately 93.3% were residential customers, 6.5% were commercial customers and 0.3% were industrial and transportation customers.

The Hunton Andrews Kurth team included Peter K. O’Brien, Brendan P. Harney, Reuben H. Pearlman and Gabrielle Kraushaar, Robert J. McNamara, William Freeman and Caitlin Scipioni provided tax advice.