PSE has said to comply with the clean energy laws, it will need to shift away from natural gas and coal, which made up nearly half of its electricity generation in 2023, and acquire an unprecedented amount of renewable power by 2030. In a brief, PSE also argued that the company is in a “risky financial condition” and has struggled with cash flow, a poor credit rating and has been unable to earn its authorized profit.

The attorney general representing commission staff, whose members operate independently from the commissioners who decide cases, conversely accused the company of seeking higher rates to both “enable the transition to clean energy and significantly increase benefits to investors.”

In the final order released Wednesday afternoon, the commission authorized PSE’s “return on equity” — the figure that determines how much profit the utility is permitted to generate — at 9.8% for 2025 and 9.9% for 2026, an increase from past settlements when the rate was closer to 9.4%, said Lauren McCloy, the policy director of the NW Energy Coalition. The organization filed as an intervener in the case with environmental groups Front and Centered and the Sierra Club….