Exhibit 12.1

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

|Years ended December 31,                                 | 2003 | 2002 | 2001 | 2000    | 1999
|-------------------------------------------------------- | ---- | ---- | ---- | ------- | ----
|                                                        
|Earnings Available For Fixed Charges:                    |      |      |      |         |     
|Pre-tax income:                                          |      |     
|Income from continuing operations                        |      |      | $    | 121,694 |     
|Income taxes                                             |      |      |      | 72,369  |     
|Income taxes charged to other income - net               |      |      |      | (150    | )   
|Capitalized interest                                     |      |      |      | (2,272  | )   
|                                                        
|Total                                                    |      |      | $    | 191,641 |     
|                                                        
|Fixed charges:                                           |      |     
|Interest expense                                         |      |      | $    | 188,387 |     
|Other interest                                           |      |      |      | 2,272   |     
|Portion of rentals representative of the interest factor |      |      |      | 7,183   |     
|                                                        
|Total                                                    |      |      | $    | 197,842 |     
|                                                        
|Earnings available for combined fixed charges            |      |      | $    | 389,483 |     
|                                                        
|Ratio of Earnings to Fixed Charges                       |      |      |      | 1.97x   |     
|                                                        

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

|Years ended December 31,                                 | 2003 | 2002 | 2001 | 2000    | 1999
|-------------------------------------------------------- | ---- | ---- | ---- | ------- | ----
|                                                        
|Earnings Available for Combined Fixed Charges and        |      |      |      |         |     
|Preferred Dividend Requirements:                         |      |     
|Pre-tax income:                                          |      |     
|Income from continuing operations                        |      |      | $    | 121,694 |     
|Income taxes                                             |      |      |      | 72,369  |     
|Income taxes charged to other income - net               |      |      |      | (150    | )   
|                                                        
|Subtotal                                                 |      |      |      | 193,913 |     
|Capitalized interest                                     |      |      |      | (2,272  | )   
|                                                        
|Total                                                    |      |      | $    | 191,641 |     
|                                                        
|Fixed charges:                                           |      |     
|Interest expense                                         |      |      | $    | 188,387 |     
|Other interest                                           |      |      |      | 2,272   |     
|Portion of rentals representative of the interest factor |      |      |      | 7,183   |     
|                                                        
|Total                                                    |      |      | $    | 197,842 |     
|                                                        
|Earnings Available for Combined Fixed Charges and        |      |     
|Preferred Dividend Requirements                          |      |      | $    | 389,483 |     
|                                                        
|Dividend Requirement:                                    |      |     
|Fixed charges above                                      |      |      | $    | 197,842 |     
|Preferred dividend requirements below                    |      |      |      | 8,208   |     
|                                                        
|Total                                                    |      |      | $    | 206,050 |     
|                                                        
|Ratio of Earnings to Combined Fixed Charges and          |      |     
|Preferred Dividends Requirement                          |      |      |      | 1.89x   |     
|                                                        
|Computation of Preferred Dividend Requirements:          |      |     
|(a) Pre-tax income                                       |      |      | $    | 193,913 |     
|(b) Income from continuing operations                    |      |      | $    | 121,694 |     
|(c) Ratio of (a) to (b)                                  |      |      |      | 1.5934  |     
|(d) Preferred dividends                                  |      |      | $    | 5,151   |     
|Preferred dividend requirements [(d) multiplied by (c)]  |      |      | $    | 8,208   |     
|