Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following tables present disaggregated revenue from contracts with customers, and other revenue by major source for the three months ended March 31, 2022 and March 31, 2021:

Puget Energy and Puget Sound Energy
(Dollars in Thousands)	Three Months Ended March 31, 2022
Revenue from contracts with customers:	Electric		Natural Gas		Other1		Total
Retail
Residential	$	416,260	$	292,596	$	—	$	708,856
Commercial	257,019		120,979		—		377,998
Industrial	30,073		8,085		—		38,158
Other	4,761		—		—		4,761
Wholesale	13,147		—		—		13,147
Transmission and transportation	11,222		5,446		—		16,668
Miscellaneous	1,150		309		10,712		12,171
Total revenue from contracts with customers	$	733,632	$	427,415	$	10,712	$	1,171,759
Total other revenue2	22,745		(1,067)		—		21,678
Total operating revenue	$	756,377	$	426,348	$	10,712	$	1,193,437

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1 Other includes $0.1 million of Puget LNG revenues recorded at Puget Energy.

2 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers.

Puget Energy and Puget Sound Energy
(Dollars in Thousands)	Three Months Ended March 31, 2021
Revenue from contracts with customers:	Electric		Natural Gas		Other		Total
Retail
Residential	$	401,510	$	276,687	$	—	$	678,197
Commercial	229,639		103,387		—		333,026
Industrial	27,533		7,535		—		35,068
Other	5,420		254		—		5,674
Wholesale	23,676		—		—		23,676
Transmission and transportation	9,226		5,161		—		14,387
Miscellaneous	8,401		1,077		8,588		18,066
Total revenue from contracts with customers	$	705,405	$	394,101	$	8,588	$	1,108,094
Total other revenue1	53,187		(1,195)		—		51,992
Total operating revenue	$	758,592	$	392,906	$	8,588	$	1,160,086

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1 Total other revenue includes revenues from derivatives, PTC deferral revenue and alternative revenue programs that are not considered revenues from contracts with customers.

Transaction Price Allocated to Remaining Performance Obligations

In December 2020, Puget LNG entered into a contract with one customer where Puget LNG is selling LNG over a 10-year delivery period beginning no later than 2024. The contract requires the customer to purchase a minimum annual quantity even if the customer does not take delivery. The price of the LNG includes a fixed charge, a fuel charge that includes both a market index and fixed margin component and other variable consideration. The fixed transaction price is allocated to the remaining performance obligations which is determined by the fixed charge components multiplied by the outstanding minimum annual quantity. Based on management’s best estimate of commencement, the Company expects to recognize this revenue over the following time periods:

Puget Energy
(Dollars in Thousands)	2024		2025		2026		2027		2028		Thereafter		Total
Remaining Performance Obligations	$	15,359	$	19,710	$	19,454	$	19,454	$	19,454	$	102,135	$	195,566

The Company has elected the optional exemption in ASC 606, under which the Company does not disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. The primary sources of variability are (a) fluctuations in market index prices of natural gas used to determine aspects of variable pricing and (b) variation in volumes that may be delivered to the customer. Both sources of variability are expected to be resolved at or shortly before delivery of each unit of LNG or natural gas. As each unit of LNG or natural gas represents a separate performance obligation, future volumes are wholly unsatisfied.