Puget Sound Energy sold to foreign investors.

[PSE Lineman]

PSE was sold to a group of foreign investors from Canada and Australia. The utilities commission voted 2 to 1 for the approval of the sale. The company is calling itself Puget Holdings LLC based in New York and held by foreign investors. There will be no more stock traded and all outstanding shares will be bought up for 30 dollars a share. Couple this with the demise of all the line crews in april of 2002 when they went to a service provider (Potelco) and do an article on that. Hows customer service? What effect will this sale have on the workings of the company when they have no more share holders? Who will answer for what?

Here is a link to several articles:

http://pd.bellinghamherald.com/sp?aff=1100&keywords=pse+sale&submit.x=39&submit.y=7

[Stick-it]

This is truly an interesting senario to watch. A contractor (Potelco) literally takes over 90% of a utility, everything but substation work and first response. Then the utility is sold to foreigeners. No doubt Potelco has brought the customer service to an ALL TIME LOW!! What is the average outage time? How long to get a new line or service engineered and installed?

My prediction is that PSE will either be selling different pieces of its system over the years area by area, or we will have several new contractors taking over the property.