X0202 4 2007-12-21 0001085392 PUGET ENERGY INC /WA PSD 0001165752 REYNOLDS STEPHEN P 10885 NE 4TH STREET, PSE-12 BELLEVUE WA 98004-5591 1 1 Chairman, President and CEO Common 104096 D Common 45995 I By Brokerage Account Common 950 I By spouse through brokerage account PSE Deferred Compensation Plan 0 2007-12-21 4 A 0 83 28.05 A Common 83 70415 D LTIP 2007-12-31 2007-12-31 Common 71369 71369 D LTIP 2008-12-31 2008-12-31 Common 50282 50282 D LTIP 2009-12-31 2009-12-31 Common 45355 45355 D LTIP - Stock Options 22.51 2003-01-07 2012-01-07 Common 40000 40000 D Restricted Stock Units Common 8000 8000 D Stock Options - A 22.51 2003-01-07 2012-01-07 Common 110000 110000 D Stock Options - B 22.51 2003-01-07 2012-01-07 Common 150000 150000 D One common share will be received for each stock unit. Phantom share units deferred in the Puget Sound Energy Deferred Compensation Plan. LTIP share grants under the Puget Energy Long-Term Incentive Plan for Officers and Key Employees. LTIP Shares are paid in stock (or up to 50% in cash) when vested in an amount ranging from zero to 155.5% of LTIP Share Grants. Performance shares grants under the Puget Energy Long Term Incentive Plan (LTIP) for Officers and Key Employees. LTIP performance shares are paid in stock (or cash) when vested from zero to 175% of LTIP performance shares granted. Non-qualified stock option grant to purchase 40,000 shares of common stock with a term of ten years, under the Puget Energy Long-Term Incentive Plan for Officers and Key Employees. Share grants vest over a period of four years from January 1, 2002 at twenty-five percent per year. Cash settlement of performance based restricted stock units on vesting date. January 8, 2004 grant of 10,000 shares of restricted stock units to be settled in cash, with dividend equivalent rights. The restrictions on the shares will lapse over a period of five years from January 8, 2004, with 0% vesting after the first year, 0% vesting after the second year, 20% vesting after the third year, an additional 30% vesting after the fourth year and an additional 50% vesting after the date of the 2008 Annual Shareholders Meeting. Nonqualified stock option grant to purchase 110,000 shares of common stock with a term of ten years. Share grants vest over a period of four years from January 1, 2002 at twenty-five percent per year. Nonqualified stock option grant to purchase 150,000 shares of common stock with a term of ten years. Share grants vest over a period of five years from January 1, 2002 at twenty percent per year. /s/ James W. Eldredge, Attorney-in-Fact 2007-12-26