EXHIBIT 12.1

PUGET ENERGY
                                           STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
                                                       EARNINGS TO FIXED CHARGES
                                                         (Dollars in Thousands)

| | 12 MONTHS |                        
| | --------- | -----------------------
| | Ending    | Year Ended December 31,

| | December 31, 2001 | 2000 | 1999 | 1998 | 1997
| | ----------------- | ---- | ---- | ---- | ----

|EARNINGS AVAILABLE FOR
        FIXED CHARGES
          Pre-tax income:
            Income from continuing
              operations per statement
              of income
            Federal income taxes
            Federal income taxes charged
              to other income - net
            Capital interest
            Undistributed (earnings) or
              losses of less-than-
              fifty-percent-owned
              entities
        Total
         
          Fixed charges:
            Interest expense
            Other interest
            Portion of rentals
              representative of the
              interest factor
        Total
          Earnings available for
            combined fixed charges
        RATIO OF EARNINGS TO
          FIXED CHARGES | $121,587 
        78,006 
         
        4,590 
        (883)
        -- 
        $203,300 
         
         
        $194,505 
        883 
        7,379 
        $202,767 
         
        $406,067 
        2.00x | $193,831 
        128,973 
         
        1,411 
        (1,264)
        -- 
        $322,951 
         
         
        $184,405 
        1,264 
        5,002 
        $190,671 
         
        $513,622 
        2.69x | $185,567 
        109,164 
         
        2,909 
        (3,692)
        -- 
        $293,948 
         
         
        $160,966 
        3,692 
        4,575 
        $169,233 
         
        $463,181 
        2.74x | $169,612 
        105,814 
         
        3,986 
        (1,782)
        -- 
        $277,630 
         
         
        $146,248 
        1,782 
        2,878 
        $150,908 
         
        $428,538 
        2.84x | $125,698 
        44,916 
         
        14,807 
        (360)
        (608)
        $184,4531 
         
         
        $123,543 
        360 
        3,143 
        $127,046 
         
        $311,499 
        2.45x
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PUGET ENERGY
                                           STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
                                                       EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                                                         (Dollars in Thousands)

| | 12 MONTHS |                        
| | --------- | -----------------------
| | Ending    | Year Ended December 31,

| | December 31, 2001 | 2000 | 1999 | 1998 | 1997
| | ----------------- | ---- | ---- | ---- | ----

|EARNINGS AVAILABLE FOR COMBINED
        FIXED CHARGES AND PREFERRED
        DIVIDEND REQUIREMENTS
          Pre-tax income:
            Income from continuing
              operations per statement
              of income
            Federal income taxes
            Federal income taxes charged
              to other income - net
          Subtotal
            Capital interest
            Undistributed (earnings) or
              losses of less-than-
              fifty-percent-owned entities
        Total
         
          Fixed charges:
            Interest expense
            Other interest
            Portion of rentals
              representative of the
              interest factor
        Total
          Earnings available for
            combined fixed charges
            and preferred dividend
            requirements
        DIVIDEND REQUIREMENT:
          Fixed charges above
          Presferred Dividend
            requirements below
        Total | $121,587 
        78,006 
        4,590
        204,183 
        (883)
        -- 
        $203,300 
        $194,505 
        883
        7,379 
        $202,767 
        $406,067
        $202,767 
        14,128 
        $216,895 | $193,831 
        128,973 
        1,411
        324,215 
        (1,264)
        -- 
        $322,951 
        $184,405 
        1,264 
        5,002 
        $190,671 
        $513,622
        $190,671 
        15,044 
        $205,715 | $185,567 
        109,164 
        2,909
        297,640 
        (3,692)
        -- 
        $293,948 
        $160,966 
        3,692 
        4,575 
        $169,233 
        $463,181
        $169,233 
        17,747     $186,980 | $169,612 
        105,814 
        3,986
        279,412 
        (1,782)
        -- 
        $277,630 
        $146,248 
        1,782 
        2,878 
        $150,908 
        $428,538
        $150,908 
        21,421     $172,329 | $125,698 
        44,916 
        14,807
        185,421 
        (360)
        (608) 
        $184,453 
        $123,543 
        360 
        3,143 
        $127,046 
        $311,499
        $127,046 
        26,266     $153,312
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12 MONTHS |                        
| | --------- | -----------------------
| | Ending    | Year Ended December 31,

| | December 31, 2001 | 2000 | 1999 | 1998 | 1997
| | ----------------- | ---- | ---- | ---- | ----

|RATIO OF EARNINGS TO
        COMBINED
          FIXED CHARGES AND PREFERRED
          DIVIDEND REQUIREMENTS
        COMPUTATION OF PREFERRED
          DIVEDEND REQUIREMENTS:
          (a) Pre-tax income
          (b) Income from continuing
           operations
          (c) Ratio of (a) to (b)
          (d) Preferred dividends
        Preferred dividend
          requirements
            [(d) multiplied by (c)] | 1.87
        $204,183
        $121,587
        1.6793
        $8,413
        $14,128 | 2.50
        $324,215
        $193,831
        1.6727
        $8,994
        $15,044 | 2.48
        $297,640
        $185,567
        1,6039
        $11,065
        $17,747 | 2.49
        $279,412
        $169,612
        1.6474
        $13,003
        $21,421 | 2.03
        $185,421
        $125,698
        1.4751
        $17,806
        $26,266
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