Puget Sound Energy, Inc.; Notice of Initiation of Proceeding and Refund Effective Date

On December 20, 2004, the Commission issued an order in the above-docketed proceeding. The Commission's order institutes a proceeding in Docket No. EL05-37-000 under section 206 of the Federal Power Act with respect to the justness and reasonableness of Puget Sound Energy, Inc.'s market-based rates.

The refund effective date in Docket No. EL05-37-000, established pursuant to section 206(b) of the Federal Power Act will be 60 days following publication of this notice in the Federal Register.