Exhibit 12.1

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

|                                              |  |  |   |         |  
|--------------------------------------------- |  |  | - | ------- | -
|
|
|                                              |  |  |   |         |  
|EARNINGS AVAILABLE FOR                        |  |  |   |         |  
|FIXED CHARGES                                 |  | 
|Pre-tax income:                               |  | 
|Income from continuing operations             |  |  | $ | 118,750 |  
|Income taxes                                  |  |  |   | 59,260  |  
|Income taxes charged to other income - net    |  |  |   | 2,212   |  
|Capitalized interest                          |  |  |   | (1,397  | )
|Undistributed (earnings) or losses of         |  | 
|less-than-fifty-percent-owned entities        |  |  |   | --      |  
|                                              |  |  |   |         |  
|Total                                         |  |  | $ | 178,825 |  
|                                              |  |  |   |         |  
|Fixed charges:                                |  | 
|Interest expense                              |  |  | $ | 198,346 |  
|Other interest                                |  |  |   | 1,397   |  
|Portion of rentals representative of          |  | 
|the interest factor                           |  |  |   | 7,458   |  
|                                              |  |  |   |         |  
|Total                                         |  |  | $ | 207,201 |  
|                                              |  |  |   |         |  
|Earnings available for combined fixed charges |  |  | $ | 386,026 |  
|                                              |  | 
|RATIO OF EARNINGS TO FIXED CHARGES            |  |  |   | 1.86x   |  

---

PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)

|                                              |  |  |   |         |  
|--------------------------------------------- |  |  | - | ------- | -
|
|
|                                              |  |  |   |         |  
|EARNINGS AVAILABLE FOR COMBINED               |  |  |   |         |  
|FIXED CHARGES AND PREFERRED                   |  | 
|DIVIDEND REQUIREMENTS                         |  | 
|Pretax income:                                |  | 
|Income from continuing operations             |  |  | $ | 118,750 |  
|Income taxes                                  |  |  |   | 59,260  |  
|Income taxes charged                          |  | 
|to other income - net                         |  |  |   | 2,212   |  
|                                              |  |  |   |         |  
|Subtotal                                      |  |  |   | 180,222 |  
|Capitalized interest                          |  |  |   | (1,397  | )
|Undistributed (earnings) or losses            |  | 
|of less-than-fifty-percent-owned entities     |  |  |   | --      |  
|                                              |  |  |   |         |  
|Total                                         |  |  | $ | 178,825 |  
|                                              |  |  |   |         |  
|Fixed charges:                                |  | 
|Interest expense                              |  |  | $ | 198,346 |  
|Other interest                                |  |  |   | 1,397   |  
|Portion of rentals representative of          |  | 
|the interest factor                           |  |  |   | 7,458   |  
|                                              |  |  |   |         |  
|Total                                         |  |  | $ | 207,201 |  
|                                              |  |  |   |         |  
|Earnings available for combined fixed charges |  | 
|and preferred dividend requirements           |  |  | $ | 386,026 |  
|                                             
|DIVIDEND REQUIREMENT:                         |  | 
|Fixed charges above                           |  |  |   | 207,201 |  
|Preferred dividend requirements below         |  |  |   | 11,885  |  
|                                              |  |  |   |         |  
|Total                                         |  |  | $ | 219,086 |  
|                                              |  |  |   |         |  

---

|                                            |  |  |   |         | 
|------------------------------------------- |  |  | - | ------- | 
|
|
|                                            |  |  |   |         | 
|RATIO OF EARNINGS TO COMBINED FIXED CHARGES |  |  |   |         | 
|AND PREFERRED DIVIDEND REQUIREMENTS         |  |  |   | 1.76x   | 
|                                            |  | 
|COMPUTATION OF PREFERRED                    |  | 
|DIVIDEND REQUIREMENTS:                      |  | 
|(a) Pre-tax income                          |  |  | $ | 180,222 | 
|(b) Income from continuing operations       |  |  | $ | 118,750 | 
|(c) Ratio of (a) to (b)                     |  |  |   | 1.5177  | 
|(d) Preferred dividends                     |  |  | $ | 7,831   | 
|Preferred dividend requirements             |  | 
|[(d) multiplied by (c)]                     |  |  | $ | 11,885  | 
|                                            |  |  |   |         |