|   PUGET ENERGYSTATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OFEARNINGS TO FIXED CHARGES(Dollars in Thousands)  |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                      |   | Successor |   |   |   Predecessor |   |
|                                                                                                                      |   | YearEndedDecember 31, |   | Period fromFebruary 6, 2009throughDecember 31, |   |   | Period fromJanuary 1, 2009through |   |   | Years Ended December 31, |   |
|                                                                                                                      |   | 2010 |   |   | 2009 |   |   | February 5, 2009 |   | 2008 |   |   | 2007 |   |   | 2006 |   |
| Earnings Available For Fixed Charges:                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax income:                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Income from continuing operations before income taxes                                                   |   | $ | 32,792 |   |   | $ | 256,056 |   |   | $ | 21,753 |   |   | $ | 214,835 |   |   | $ | 257,258 |   |   | $ | 259,710 |   |
|    AFUDC - equity                                                                                          |   |   | (12,677 | ) |   |   | (4,108 | ) |   |   | (69 | ) |   |   | (2,627 | ) |   |   | (1,351 | ) |   |   | (7,978 | ) |
|    AFUDC - debt                                                                                            |   |   | (14,157 | ) |   |   | (8,864 | ) |   |   | (350 | ) |   |   | (8,610 | ) |   |   | (12,614 | ) |   |   | (15,874 | ) |
| Total                                                                                                                     |   | $ | 5,958 |   |   | $ | 243,084 |   |   | $ | 21,334 |   |   | $ | 203,598 |   |   | $ | 243,293 |   |   | $ | 235,858 |   |
| Fixed charges:                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest expense                                                                                        |   | $ | 321,167 |   |   | $ | 265,675 |   |   | $ | 17,291 |   |   | $ | 202,582 |   |   | $ | 217,823 |   |   | $ | 184,013 |   |
|    Other interest                                                                                          |   |   | 12,677 |   |   |   | 4,108 |   |   |   | 69 |   |   |   | 2,627 |   |   |   | 1,351 |   |   |   | 7,978 |   |
|    Portion of rentals representative of the interest factor                                                |   |   | 5,391 |   |   |   | 9,131 |   |   |   | 1,081 |   |   |   | 11,775 |   |   |   | 9,199 |   |   |   | 9,151 |   |
| Total                                                                                                                     |   | $ | 339,235 |   |   | $ | 278,914 |   |   | $ | 18,441 |   |   | $ | 216,984 |   |   | $ | 228,373 |   |   | $ | 201,142 |   |
| Earnings available for combined fixed charges                                                                             |   | $ | 345,193 |   |   | $ | 521,998 |   |   | $ | 39,775 |   |   | $ | 420,582 |   |   | $ | 471,666 |   |   | $ | 437,000 |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                                                                                        |   |   | 1.02 | x |   |   | 1.87 | x |   |   | 2.16 | x |   |   | 1.94 | x |   |   | 2.07 | x |   |   | 2.17 | x |