v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
PSE has operating leases for buildings, real estate for operating facilities and the Puget LNG facility, land, and vehicles. Finance leases primarily represent buildings and equipment. PSE also has certain power purchase agreements that qualify as leases. The leases have remaining lease terms of less than a year to 43.2 years. PSE's ROU assets and lease liabilities include options to extend leases when it is reasonably certain that PSE will exercise that option.
On June 26, 2026, PSE executed an extension option on its tolling agreement to purchase the energy and capacity associated with a 650.0 MW natural gas combined cycle facility, which extends the term from January 1, 2028 through and including March 31, 2028. The tolling agreement represents an operating lease to PSE and as of June 30, 2026, PSE recorded $122.6 million in right-of-use assets and $122.1 million in lease liabilities, included in the Company's consolidated balance sheets.
Supplemental balance sheet information related to leases was as follows:
Puget Energy and
Puget Sound Energy
(Dollars in Thousands)At June 30,At December 31,
Operating Leases20262025
Operating lease right-of-use assets - other
$240,217$244,055
Operating lease right-of-use assets - purchased power
192,977216,935
Total operating lease right-of-use assets
$433,194$460,990
Operating lease liabilities - other, current
$22,570$21,830
Operating lease liabilities - purchased power, current
84,06182,410
Operating lease liabilities - other, long-term
225,950230,686
Operating lease liabilities - purchased power, long-term
108,812134,673
Total operating lease liabilities$441,393$469,599
Finance Leases
Common plant$120,783$124,343
Natural gas plant
119209
Electric plant33,81534,924
Total finance lease assets$154,717$159,476
Other current liabilities$5,623$5,586
Finance lease liabilities164,681—167,426
Total finance lease liabilities$170,304$173,012
Leases Leases
PSE has operating leases for buildings, real estate for operating facilities and the Puget LNG facility, land, and vehicles. Finance leases primarily represent buildings and equipment. PSE also has certain power purchase agreements that qualify as leases. The leases have remaining lease terms of less than a year to 43.2 years. PSE's ROU assets and lease liabilities include options to extend leases when it is reasonably certain that PSE will exercise that option.
On June 26, 2026, PSE executed an extension option on its tolling agreement to purchase the energy and capacity associated with a 650.0 MW natural gas combined cycle facility, which extends the term from January 1, 2028 through and including March 31, 2028. The tolling agreement represents an operating lease to PSE and as of June 30, 2026, PSE recorded $122.6 million in right-of-use assets and $122.1 million in lease liabilities, included in the Company's consolidated balance sheets.
Supplemental balance sheet information related to leases was as follows:
Puget Energy and
Puget Sound Energy
(Dollars in Thousands)At June 30,At December 31,
Operating Leases20262025
Operating lease right-of-use assets - other
$240,217$244,055
Operating lease right-of-use assets - purchased power
192,977216,935
Total operating lease right-of-use assets
$433,194$460,990
Operating lease liabilities - other, current
$22,570$21,830
Operating lease liabilities - purchased power, current
84,06182,410
Operating lease liabilities - other, long-term
225,950230,686
Operating lease liabilities - purchased power, long-term
108,812134,673
Total operating lease liabilities$441,393$469,599
Finance Leases
Common plant$120,783$124,343
Natural gas plant
119209
Electric plant33,81534,924
Total finance lease assets$154,717$159,476
Other current liabilities$5,623$5,586
Finance lease liabilities164,681—167,426
Total finance lease liabilities$170,304$173,012