Critics agree to terms for Puget Energy takeover

Critics of a takeover of Puget Energy by a group of Australian and Canadian investors reached a proposed settlement with the utility and the potential buyers that resolves all their issues with the $7.8 billion merger, the company said in a news release Monday.

The statement from the holding company for Puget Sound Energy, the state's largest utility, said details of the agreement will be filed Tuesday or Wednesday with the Washington Utilities and Transportation Commission, which has the final word on the deal.

The commission's staff, which had strongly opposed the deal because it would increase the utility's debt burden, has agreed to the settlement. So have the Industrial Customers of Northwest Utilities, which represents companies such as Boeing and Microsoft; the Energy Project, which represents low-income ratepayers, and other parties.

The parties will ask the commission to change the current schedule for the approval process, which currently includes evidentiary hearings starting on July 28.

The parties intend to request a prehearing conference as soon as possible, a Puget Energy statement said.

Ángel González: 206-515-5644 or agonzalez@seattletimes.com