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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Inputs, Liabilities, Quantitative Information
The fair value of the long-term notes was estimated using the discounted cash flow method with the U.S. Treasury yields and the Company's credit spreads as inputs, interpolating to the maturity date of each issue. The carrying values and estimated fair values were as follows:
Puget EnergyMarch 31, 2023December 31, 2022
(Dollars in Thousands)LevelCarrying
Value		Fair
Value		Carrying
Value		Fair
Value
Liabilities:
Long-term debt (fixed-rate), net of discount1
2$6,632,116 $6,377,432 $6,629,073 $6,149,797 
Long-term debt (variable-rate)234,300 34,300 34,300 34,300 
Total liabilities$6,666,416 $6,411,732 $6,663,373 $6,184,097 

Puget Sound EnergyMarch 31, 2023December 31, 2022
(Dollars in Thousands)LevelCarrying
Value		Fair
Value		Carrying
Value		Fair
Value
Liabilities:
Long-term debt (fixed-rate), net of discount2
2$4,787,241 $4,547,348 $4,786,765 $4,379,010 
Total liabilities$4,787,241 $4,547,348 $4,786,765 $4,379,010 
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1 The carrying value includes debt issuances costs of $21.1 million and $21.5 million for March 31, 2023 and December 31, 2022, respectively, which are not included in fair value.
2 The carrying value includes debt issuances costs of $21.0 million and $21.4 million for March 31, 2023 and December 31, 2022, respectively, which are not included in fair value.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the Company's financial assets and liabilities by level, within the fair value hierarchy, that were accounted for at fair value on a recurring basis:
Puget Energy and
Puget Sound Energy		Fair Value
At March 31, 2023		Fair Value
At December 31, 2022
(Dollars in Thousands)Level 2Level 3TotalLevel 2Level 3Total
Assets:      
Electric derivative instruments$53,252 $82,391 $135,643 $218,610 $119,093 $337,703 
Natural gas derivative instruments53,322 910 54,232 342,988 959 343,947 
Total assets$106,574 $83,301 $189,875 $561,598 $120,052 $681,650 
Liabilities:      
Electric derivative instruments$64,525 $12,657 $77,182 $84,105 $3,015 $87,120 
Natural gas derivative instruments49,233 695 49,928 55,136 1,086 56,222 
Compliance obligations79,203 — 79,203 — — — 
Total liabilities$192,961 $13,352 $206,313 $139,241 $4,101 $143,342 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present the Company's reconciliation of the changes in the fair value of Level 3 derivatives in the fair value hierarchy:
Puget Energy and
Puget Sound Energy		Three Months Ended March 31,
(Dollars in Thousands)20232022
Level 3 Roll-Forward Net Asset/(Liability)ElectricNatural GasTotalElectricNatural GasTotal
Balance at beginning of period$116,078 $(127)$115,951 $(42,752)$(2,120)$(44,872)
Changes during period:
Realized and unrealized energy derivatives:
Included in earnings1
(18,766)— (18,766)38,820 — 38,820 
Included in regulatory assets / liabilities— (91)(91)— 415 415 
Settlements(27,795)263 (27,532)(2,254)324 (1,930)
Transferred into Level 3— — — — — — 
Transferred out of Level 3217 170 387 176 169 345 
Balance at end of period$69,734 $215 $69,949 $(6,010)$(1,212)$(7,222)
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1 Income Statement locations: Unrealized gain (loss) on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $(9.1) million and $38.6 million for three months ended March 31, 2023 and 2022, respectively.
Fair Value Inputs, Assets and Liabilities, Quantitative Information
The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of March 31, 2023:
Puget Energy and
Puget Sound Energy		Fair ValueRange
(Dollars in Thousands)
Assets1
Liabilities1
Valuation TechniqueUnobservable InputLowHighWeighted Average
Electric
$82,391 $12,657 Discounted cash flowPower prices (per MWh)$50.46 $232.35 $118.08 
Natural gas
$910 $695 Discounted cash flowNatural gas prices (per MMBtu)$1.33 $7.58 $3.91 
_______________
1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions.

The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of December 31, 2022:
Puget Energy and
Puget Sound Energy		Fair ValueRange
(Dollars in Thousands)
Assets1
Liabilities1
Valuation TechniqueUnobservable InputLowHighWeighted Average
Electric
$119,093 $3,015 Discounted cash flowPower prices (per MWh)$55.79 $291.03 $131.51 
Natural gas
$959 $1,086 Discounted cash flowNatural gas prices (per MMBtu)$3.84 $7.00 $4.87 
___________
1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions.