The Washington Utilities and Transportation Commission (UTC), in a case of first impression, has approved a request by Puget Sound Power & Light Co. to finance the full amount of its unamortized conservation investment through a new Conservation Asset Transaction and a Pooling Service Agreement. Estimated savings to the company associated with the financing arrangement total $22.7 million, with $19.9 million passed through to ratepayers and the rest allocated to the benefit of shareholders. The transaction also establishes a conservation trust that will purchase conservation investments assets arising from utility expenditures for demand-side management and issue up to

$207.8 million in certificates representing interests in the conservation investments. Re Puget Sound Power & Light Co., Dkt. No. UE950195, May 1, 1995 (Wash.U.T.C.).

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