|                                                                            |   |                   |    |   |                        |   |   |                          |   |   |    |   |   |  Exhibit      12.1 |    |
|---------------------------------------------------------------------------------|--------|------------------------|---------|--------|-----------------------------|--------|--------|-------------------------------|--------|--------|---------|--------|--------|-------------------------|---------|
| PUGET      ENERGY                                                               |   |
| STATEMENT      SETTING FORTH COMPUTATIONS OF RATIOS OF                          |   |
| EARNINGS      TO FIXED CHARGES                                                  |   |
| (Dollars      in Thousands)                                                     |   |
|                                                                            |   |                   |    |   |                        |   |   |                          |   |   |    |   |   |                    |    |   |   |   |
|                                                                            |   | Successor              |    |   | Predecessor                 |   |
|                                                                            |   | Period      from       |    |   | Period      from            |   |   |                          |   |   |    |   |   |                    |    |   |   |   |
|                                                                            |   | February      6, 2009  |    |   | January      1, 2009        |   |   |                          |   |   |    |   |   |                    |    |   |   |
|                                                                            |   | through                |    |   | through                     |   |   | Years      Ended December 31, |   |
|                                                                            |   | December      31, 2009 |    |   | February      5, 2009  |   | 2008   |                          |   | 2007   |    |   | 2006   |                    |    | 2005 |   |
| Earnings      Available For Fixed Charges:                                      |   |                   |    |   |                        |   |   |                          |   |   |    |   |   |                    |    |   |   |   |
| Pre-tax      income:                                                            |   |                   |    |   |                        |   |   |                          |   |   |    |   |   |                    |    |   |   |   |
|    Income      from continuing operations before income taxes    |   | $                      | 256,056 |   |                        | $      | 21,753 |                          |   | $      | 214,835 |   |   | $                       | 257,258 |   |   | $ | 259,710 |   |   | $ | 232,323 |   |
|    AFUDC      - equity                                           |   |                   | (4,108  | )      |                        |   | (69    | )                             |   |   | (2,627  | )      |   |                    | (1,351  | ) |   |   | (7,978 | ) |   |   | (3,800 | ) |
|    AFUDC      - debt                                             |   |                   | (8,864  | )      |                        |   | (350   | )                             |   |   | (8,610  | )      |   |                    | (12,614 | ) |   |   | (15,874 | ) |   |   | (9,493 | ) |
|                                                                            |   |                   |    |   |                        |   |   |                          |   |   |    |   |   |                    |    |   |   |   |   |   |   |   |   |   |
| Total                                                                           |   | $                      | 243,084 |   |                        | $      | 21,334 |                          |   | $      | 203,598 |   |   | $                       | 243,293 |   |   | $ | 235,858 |   |   | $ | 219,030 |   |
| Fixed      charges:                                                             |   |                   |    |   |                        |   |   |                          |   |   |    |   |   |                    |    |   |   |   |   |   |   |   |   |   |
|    Interest      expense                                         |   | $                      | 265,675 |   |                        | $      | 17,291 |                          |   | $      | 202,582 |   |   | $                       | 217,823 |   |   | $ | 184,013 |   |   | $ | 174,682 |   |
|    Other      interest                                           |   |                   | 4,108   |   |                        |   | 69     |                          |   |   | 2,627   |   |   |                    | 1,351   |   |   |   | 7,978 |   |   |   | 3,800 |   |
|    Portion      of rentals representative of the interest factor |   |                   | 9,131   |   |                        |   | 1,081  |                          |   |   | 11,775  |   |   |                    | 9,199   |   |   |   | 9,151 |   |   |   | 5,234 |   |
| Total                                                                           |   | $                      | 278,914 |   |                        | $      | 18,441 |                          |   | $      | 216,984 |   |   | $                       | 228,373 |   |   | $ | 201,142 |   |   | $ | 183,716 |   |
| Earnings      available for combined fixed charges                              |   | $                      | 521,998 |   |                        | $      | 39,775 |                          |   | $      | 420,582 |   |   | $                       | 471,666 |   |   | $ | 437,000 |   |   | $ | 402,746 |   |
|                                                                            |   |                   |    |   |                        |   |   |                          |   |   |    |   |   |                    |    |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges                                         |   |                   | 1.87    | x      |                        |   | 2.16   | x                             |   |   | 1.94    | x      |   |                    | 2.07    | x |   |   | 2.17 | x |   |   | 2.19 | x |