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
OMB APPROVAL


OMB Number: 3235-0362
Expires: December 31, 2001
Estimated average burden
hours per response. . . . . 0.5
1. Name and Address of Reporting Person*
Campbell, Phyllis     J.
(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)

           X          Director                           10% Owner
                        Officer                             Other

Officer/Other
Description                              
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


1,000.000
D







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

(over)
SEC 2270 (3-99)

Campbell, Phyllis J. - 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)
Director Stock Plan (1)
 $0.000



Common - 2,705.520
2,705.520
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


Phyllis J. Campbell


Page 2
SEC 2270 (3-99)
Campbell, Phyllis J. - December 2001
Form 5 (continued)
FOOTNOTE Descriptions for Puget Energy, Inc. PSD

Form 5 - December 2001

Phyllis J. Campbell
411 108th Avenue NE, 15th Floor

Bellevue, WA 98004-5515
Explanation of responses:

 (1)   Phantom share units deferred in the Puget Sound Energy Director Stock Plan. Balance includes payments received on March 31, June 30, September 30 and December 31 and includes quarterly dividend accruals.
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