Exhibit
      12.1PUGET
      ENERGYSTATEMENT
      SETTING FORTH COMPUTATIONS OF RATIOS OFEARNINGS
      TO FIXED CHARGES(Dollars
      in Thousands)Years
      Ended December 31,2008
              
              
              2007
              
              
              2006
              
              
              2005
              
              
              2004Earnings
      Available For Fixed Charges:Pre-tax
      income:Income
      from continuing operations before income taxes
              
              $
              214,835
              
              
              $
              257,258
              
              
              $
              259,710
              
              
              $
              232,323
              
              
              $
              199,331AFUDC
      - equity
              
              
              (2,627
              )
              
              
              (1,351
              )
              
              
              (7,978
              )
              
              
              (3,800
              )
              
              
              (2,796
              )AFUDC
      - debt
              
              
              (8,610
              )
              
              
              (12,614
              )
              
              
              (15,874
              )
              
              
              (9,493
              )
              
              
              (5,420
              )Total
              
              $
              203,598
              
              
              $
              243,293
              
              
              $
              235,858
              
              
              $
              219,030
              
              
              $
              191,115Fixed
      charges:Interest
      expense
              
              $
              202,582
              
              
              $
              217,823
              
              
              $
              184,013
              
              
              $
              174,682
              
              
              $
              172,050Other
      interest
              
              
              2,627
              
              
              
              1,351
              
              
              
              7,978
              
              
              
              3,800
              
              
              
              2,796Portion
      of rentals representative of the interest factor
              
              
              11,775
              
              
              
              9,199
              
              
              
              9,151
              
              
              
              5,234
              
              
              
              5,424Total
              
              $
              216,984
              
              
              $
              228,373
              
              
              $
              201,142
              
              
              $
              183,716
              
              
              $
              180,270Earnings
      available for combined fixed charges
              
              $
              420,582
              
              
              $
              471,666
              
              
              $
              437,000
              
              
              $
              402,746
              
              
              $
              371,385Ratio
      of Earnings to Fixed Charges
              
              
              1.94
              x
              
              
              2.07
              x
              
              
              2.17
              x
              
              
              2.19
              x
              
              
              2.06
              x











PUGET
      ENERGYSTATEMENT
      SETTING FORTH COMPUTATIONS OF RATIOS OFEARNINGS
      TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(Dollars
      in Thousands)Years
      Ended December 31,2008
                                              
                                              
                                              2007
                                              
                                              
                                              2006
                                              
                                              
                                              2005
                                              
                                              
                                              2004Earnings
      Available for Combined Fixed Charges andPreferred
      Dividend Requirements:Pre-tax
      income:Income
      from continuing operations before income taxes
                                              
                                              $
                                              214,835
                                              
                                              
                                              $
                                              257,258
                                              
                                              
                                              $
                                              259,710
                                              
                                              
                                              $
                                              232,323
                                              
                                              
                                              $
                                              199,331AFUDC
      - equity
                                              
                                              
                                              (2,627
                                              )
                                              
                                              
                                              (1,351
                                              )
                                              
                                              
                                              (7,978
                                              )
                                              
                                              
                                              (3,800
                                              )
                                              
                                              
                                              (2,796
                                              )AFUDC
      - debt
                                              
                                              
                                              (8,610
                                              )
                                              
                                              
                                              (12,614
                                              )
                                              
                                              
                                              (15,874
                                              )
                                              
                                              
                                              (9,493
                                              )
                                              
                                              
                                              (5,420
                                              )Total
                                              
                                              $
                                              203,598
                                              
                                              
                                              $
                                              243,293
                                              
                                              
                                              $
                                              235,858
                                              
                                              
                                              $
                                              219,030
                                              
                                              
                                              $
                                              191,115Fixed
      charges:Interest
      expense
                                              
                                              $
                                              202,582
                                              
                                              
                                              $
                                              217,823
                                              
                                              
                                              $
                                              184,013
                                              
                                              
                                              $
                                              174,682
                                              
                                              
                                              $
                                              172,050Other
      interest
                                              
                                              
                                              2,627
                                              
                                              
                                              
                                              1,351
                                              
                                              
                                              
                                              7,978
                                              
                                              
                                              
                                              3,800
                                              
                                              
                                              
                                              2,796Portion
      of rentals representative of the interest factor
                                              
                                              
                                              11,775
                                              
                                              
                                              
                                              9,199
                                              
                                              
                                              
                                              9,151
                                              
                                              
                                              
                                              5,234
                                              
                                              
                                              
                                              5,424Total
                                              
                                              $
                                              216,984
                                              
                                              
                                              $
                                              228,373
                                              
                                              
                                              $
                                              201,142
                                              
                                              
                                              $
                                              183,716
                                              
                                              
                                              $
                                              180,270Earnings
      Available for Combined Fixed Charges andPreferred
      Dividend Requirements
                                              
                                              $
                                              420,582
                                              
                                              
                                              $
                                              471,666
                                              
                                              
                                              $
                                              437,000
                                              
                                              
                                              $
                                              402,746
                                              
                                              
                                              $
                                              371,385Dividend
      Requirement:Fixed
      charges above
                                              
                                              $
                                              216,984
                                              
                                              
                                              $
                                              228,373
                                              
                                              
                                              $
                                              201,142
                                              
                                              
                                              $
                                              183,716
                                              
                                              
                                              $
                                              180,270Preferred
      dividend requirements below
                                              
                                              
                                              -
                                              
                                              
                                              
                                              -
                                              
                                              
                                              
                                              -
                                              
                                              
                                              
                                              -
                                              
                                              
                                              
                                              -Total
                                              
                                              $
                                              216,984
                                              
                                              
                                              $
                                              228,373
                                              
                                              
                                              $
                                              201,142
                                              
                                              
                                              $
                                              183,716
                                              
                                              
                                              $
                                              180,270Ratio
      of Earnings to Combined Fixed Charges andPreferred Dividends Requirement
                                              
                                              
                                              1.94
                                              x
                                              
                                              
                                              2.07
                                              x
                                              
                                              
                                              2.17
                                              x
                                              
                                              
                                              2.19
                                              x
                                              
                                              
                                              2.06
                                              xComputation
      of Preferred Dividend Requirements:(a)
      Income from continuing operations before income taxes
                                              
                                              $
                                              214,835
                                              
                                              
                                              $
                                              257,258
                                              
                                              
                                              $
                                              259,710
                                              
                                              
                                              $
                                              232,323
                                              
                                              
                                              $
                                              199,331(b)
      Net income before extraordinary items
                                              
                                              $
                                              154,929
                                              
                                              
                                              $
                                              184,676
                                              
                                              
                                              $
                                              167,224
                                              
                                              
                                              $
                                              146,282
                                              
                                              
                                              $
                                              125,411(c)
      Ratio of (a) to (b)
                                              
                                              
                                              1.3867
                                              
                                              
                                              
                                              1.3930
                                              
                                              
                                              
                                              1.5531
                                              
                                              
                                              
                                              1.5882
                                              
                                              
                                              
                                              1.5894(d)
      Preferred dividends
                                              
                                              $
                                              -
                                              
                                              
                                              $
                                              -
                                              
                                              
                                              $
                                              -
                                              
                                              
                                              $
                                              -
                                              
                                              
                                              $
                                              -Preferred
      dividend requirements [(d) multiplied by (c)]
                                              
                                              $
                                              -
                                              
                                              
                                              $
                                              -
                                              
                                              
                                              $
                                              -
                                              
                                              
                                              $
                                              -
                                              
                                              
                                              $
                                              -