Electric bills are set to jump more than 16% for 1.25 million Washington state residents — even as Microsoft gets a rate cut under a special deal, according to a report.
Puget Sound Energy, a utility company that is owned by a consortium of Canadian and Dutch pension funds, is seeking state government approval for rate hikes of 16.75% next year, 3.76% in 2028, and 8.81% in 2029.
The request, which is subject to approval by Washington’s state regulators at Utilities and Transportation Commission, also includes a proposed rate cut for Microsoft, according to the local news site Zoned Out PNW.
If PSE gets its way, the Redmond, Wash.-based software giant, which as of Wednesday boasted a market capitalization of $2.76 trillion, will see its rates slashed by 12.49% next year; 2.04% in 2028; and 3.06% in 2029.
The UTC board is chaired by Brian Rybarik, who held various roles at Microsoft before he was appointed to his current position by Gov. Bob Ferguson, a Dem.
Microsoft reportedly qualifies for the rate cuts because the tech giant falls under the category of a “special contracts” customer.
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