To the editor:

Puget Sound Energy is being taken over by a foreign Australian investment bank, Macquarrie. Puget Sound Energy’s top executives will rake in over $50 million for the takeover. Puget Sound Energy’s credit rating is barely above “junk” grade. Macquarrie’s stock has tanked and lost about 75 percent of its value in the last year.

After the takeover, Puget Sound Energy’s debt will total about $4.2 billion that the ratepayers (that’s us) will have to pay off.

Since Whidbey’s ratepayers are about 3.3 percent of Puget Sound Energy’s “customers,” we’ll be on the hook for about $138 million of this debt.

Yet, Puget Sound Energy claims its Whidbey infrastructure is only worth $130 million and only values it at $41 million when paying state taxes.

Puget Sound Energy has had seven rate increases approved by the toothless state Utilities Commission in the past six years. Documents filed by Puget Sound Energy admit to intending to seek a new rate increase every single year for at least the next 10 years.

More people in Washington get electric power from public utility districts than from private corporations like Puget Sound Energy.

There are 28 public power agencies in Washington. All except one have lower electric rates than Puget Sound Energy.

Except for Orcas Power and Light, Puget Sound Energy’s electric rates are the highest in Washington, Oregon, Idaho and western Montana.

Public utility district commissioners are elected and get salaries of only about $30,000 per year. Puget Sound Energy’s CEO “compensation” has been increasing steadily and is now over $5 million per year.

PUD commissioners must make decisions in open public meetings and the PUD’s financial books are always available for public copying and inspection. Puget Sound Energy’s executives meet in secret and only share the financial information that the utility commission forces them to disclose.

Do the right thing for your wallet and your kids. Vote yes for the public utility district.

Steve Erickson

Clinton