SEC Form 5
FORM 5

[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b).

[ ]Form 3 Holdings Reported
[ ]Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
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OMB Number: 3235-0362
Expires: December 31, 2001
Estimated average burden
hours per response. . . . . 0.5
1. Name and Address of Reporting Person*
Eldredge, James     W
(Last)                      (First)                      (Middle)
411 108th Avenue NE, 15th Floor

(Street)
Bellevue, WA     98004-5515
(City)                      (State)                      (Zip)

 2. Issuer Name and Ticker
    or Trading Symbol

Puget Energy, Inc.   PSD
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
 4. Statement for
    (Month/Year)

    December 2001

5. If Amendment,
    Date of Original
    (Month/Year)
 6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

                        Director                           10% Owner
           X          Officer                             Other

Officer/Other
Description           Secretary and Chief Accounting Officer
7. Individual or Joint/Group
    Filing (Check Applicable Line)

X   Individual Filing
      Joint/Group Filing
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
    (Instr. 3)

 2. Transaction Date
    (Month/Day/Year) 		3. Transaction
    Code
    (Instr. 8) 		4. Securities Acquired (A) or Disposed (D) Of
    (Instr. 3, 4, and 5)





        Amount      |         A/D         |         Price          
5. Amount of
    Securities
    Beneficially
    Owned at
    End of
    Issuer's Fiscal
    Year

    (Instr. 3 and 4) 		6. Owner-
    ship
    Form:
    Direct(D)
    or
    Indirect (I)

    (Instr. 4) 		7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)
Common


761.398
D
Common


6,289.740
I
 By 401(k)







If the form is filed by more than one reporting person, see instruction 4(b)(v).

(over)
SEC 2270 (3-99)

Eldredge, James W - December 2001
Form 5 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
    (Instr. 3) 		2. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security 		3. Transaction
    Date

    (Month/
    Day/
    Year) 		4. Transaction
    Code
 5. Number of Derivative
    Securities Acquired (A)
    or Disposed (D) Of

    (Instr. 3,4 and 5) 		6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)








  (DE)     |     (ED)  
 7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4) 		8. Price
    of
    Derivative
    Security
    (Instr.5) 		9. Number of
    Derivative
    Securities
    Beneficially
    Owned
    at End of
    Year
    (Instr.4) 		10.
Owner-
ship
Form of
Deriv-
ative
Security:
Direct
(D)
or
Indirect
(I) 		11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)
LTIP
 $0.000 (1) 02/21/2001
A
     (A) 4,364.000
12/31/2004 | 12/31/2004
 Common - 4,364.000
4,364.000
D
LTIP
 (1)
 12/31/2001
J (2)
     (D) 1,600.000
12/31/2001 | 12/31/2001
 Common - 1,600.000
0.000
D
PSE Deferred Compensation Plan (3)
 $0.000 (4) 12/31/2001
I (5)
     (A) 147.000
Common - 147.000
2,579.161
D
Restricted Stock Units
 $0.000 (4) 12/31/2001
I (6)
     (D) 158.800
12/31/2001 | 12/31/2001
 Common - 158.800
0.000
D
LTIP
 $0.000 (1)


12/31/2003 | 12/31/2003
 Common - 5,015.000
5,015.000
D
LTIP
 $0.000 (1)


12/31/2002 | 12/31/2002
 Common - 3,490.000
3,490.000
D











Explanation of Responses :


** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. 		________________________________         __________________
** Signature of Reporting Person                         Date


James W Eldredge


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SEC 2270 (3-99)
Eldredge, James W - December 2001
Form 5 (continued)
FOOTNOTE Descriptions for Puget Energy, Inc. PSD

Form 5 - December 2001

James W Eldredge
411 108th Avenue NE, 15th Floor

Bellevue, WA 98004-5515
Explanation of responses:

 (1)   LTIP Share Grants under the Puget Sound Energy Long-Term Incentive Plan for Officers and Key Employees of the Company and its subsidiaries. LTIP Shares are paid in Puget Energy stock when vested in an amount ranging from zero to 175% of LTIP Share Grants.
(2)   0 shares were awarded for the 1998-2001 LTIP cycle grants. Outstanding share grants were forfeited.
(3)   Phantom share units deferred in the Puget Sound Energy Deferred Compensation Plan.
(4)   One common share will be received for each stock unit.
(5)   This transaction reflects the vesting of phantom share units in the Deferred Compensation Plan.
(6)   1996-99 LTIP share award that was restricted until 12/31/01. The original award was vested in the Deferred Compensation Plan and dividend equivalents for 2000 and 2001 were paid in cash.
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