|                                                                                                                                                  |   |     |     |     |   |     |   |    |     |                **Exhibit                12.1** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|----------|--------|--------------|----------|-----------------------------------------------------|--------|
| **PUGET                ENERGY**                                                                                                                       |   |
| **    STATEMENT                SETTING FORTH COMPUTATIONS OF RATIOS OF**                                                          |   |
| **            EARNINGS                TO                FIXED CHARGES**                   |   |     |     |
| **            (Dollars                in                Thousands)**                      |   |     |     |
|                                                                                                                                                  |   |     |     |     |   |     |   |         |     |                                                |   |
| **Years                Ended December 31,**                                                                                                           |   | **2005** |     | **2004** |   | **2003** |   | **2002**     |     | **2001**                                            |   |
| Earnings                Available For Fixed Charges:                                                                                                  |   |     |     |     |   |     |   |         |     |                                                |   |
| Pre-tax                income:                                                                                                                        |   |     |     |     |   |     |   |         |     |                                                |   |
| Income                from continuing operations                                                                                                      |   | $        | 146,282  |     | $      | 125,411  |   | $            | 119,750  |                                                | $      | 108,429 |   | $ | 119,069 |   |
| Income                taxes                                                                                                                           |   |     | 88,608   |     |   | 76,756   |   |         | 70,775   |                                                |   | 52,557 |   |   | 76,882 |   |
| Income                taxes charged to other income - net                                                                                             |   |     | 2,142    |     |   | (17      | )      |         | (162     | )                                                   |   | 2,082 |   |   | 4,590 |   |
| Capitalized                interest                                                                                                                   |   |     | (3,800   | )        |   | (2,796   | )      |         | (2,272   | )                                                   |   | (1,397 | ) |   | (883 | ) |
| Total                                                                                                                                                 |   | $        | 233,232  |     | $      | 199,354  |   | $            | 188,091  |                                                | $      | 161,671 |   | $ | 199,658 |   |
| Fixed                charges:                                                                                                                         |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| Interest                expense                                                                                                                       |   | $        | 174,682  |     | $      | 172,050  |   | $            | 182,902  |                                                | $      | 192,830 |   | $ | 190,849 |   |
| Other                interest                                                                                                                         |   |     | 3,800    |     |   | 2,796    |   |         | 2,272    |                                                |   | 1,397 |   |   | 883 |   |
| Portion                of rentals representative of the interest factor                                                                               |   |     | 5,234    |     |   | 5,424    |   |         | 4,669    |                                                |   | 5,394 |   |   | 5,633 |   |
| Total                                                                                                                                                 |   | $        | 183,716  |     | $      | 180,270  |   | $            | 189,843  |                                                | $      | 199,621 |   | $ | 197,365 |   |
| Earnings                available for combined fixed charges                                                                                          |   | $        | 416,948  |     | $      | 379,624  |   | $            | 377,934  |                                                | $      | 361,292 |   | $ | 397,023 |   |
| Ratio                of Earnings to Fixed Charges                                                                                                     |   |     | 2.27x    |     |   | 2.11x    |   |         | 1.99x    |                                                |   | 1.81x |   |   | 2.01x |   |
|                                                                                                                                                  |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| **        PUGET                ENERGY**                                                                       |   |     |
| **        STATEMENT                SETTING FORTH COMPUTATIONS OF RATIOS OF**                                  |   |     |
| **      EARNINGS                TO                COMBINED FIXED CHARGES AND PREFERRED STOCK                DIVIDENDS** |   |     |
| **        (Dollars                in                Thousands)**                                              |   |     |
|                                                                                                                                                  |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| **Years                Ended December 31,**                                                                                                           |   |     | **2005** |     |   | **2004** |   |         | **2003** |                                                |   | **2002** |   |   | **2001** |   |
| Earnings                Available for Combined Fixed Charges and                                                                                      |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| Preferred                Dividend Requirements:                                                                                                       |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| Pre-tax                income:                                                                                                                        |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| Income                from continuing operations                                                                                                      |   | $        | 146,282  |     | $      | 125,411  |   | $            | 119,750  |                                                | $      | 108,429 |   | $ | 119,069 |   |
| Income                taxes                                                                                                                           |   |     | 88,608   |     |   | 76,756   |   |         | 70,775   |                                                |   | 52,557 |   |   | 76,882 |   |
| Income                taxes charged to other income - net                                                                                             |   |     | 2,142    |     |   | (17      | )      |         | (162     | )                                                   |   | 2,082 |   |   | 4,590 |   |
| Subtotal                                                                                                                                              |   |     | 237,032  |     |   | 202,150  |   |         | 190,363  |                                                |   | 163,068 |   |   | 200,541 |   |
| Capitalized                interest                                                                                                                   |   |     | (3,800   | )        |   | (2,796   | )      |         | (2,272   | )                                                   |   | (1,397 | ) |   | (883 | ) |
| Total                                                                                                                                                 |   | $        | 233,232  |     | $      | 199,354  |   | $            | 188,091  |                                                | $      | 161,671 |   | $ | 199,658 |   |
| Fixed                charges:                                                                                                                         |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| Interest                expense                                                                                                                       |   | $        | 174,682  |     | $      | 172,050  |   | $            | 182,902  |                                                | $      | 192,830 |   | $ | 190,849 |   |
| Other                interest                                                                                                                         |   |     | 3,800    |     |   | 2,796    |   |         | 2,272    |                                                |   | 1,397 |   |   | 883 |   |
| Portion                of rentals representative of the interest factor                                                                               |   |     | 5,234    |     |   | 5,424    |   |         | 4,669    |                                                |   | 5,394 |   |   | 5,633 |   |
| Total                                                                                                                                                 |   | $        | 183,716  |     | $      | 180,270  |   | $            | 189,843  |                                                | $      | 199,621 |   | $ | 197,365 |   |
| Earnings                Available for Combined Fixed Charges and                                                                                      |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| Preferred                Dividend Requirements                                                                                                        |   | $        | 416,948  |     | $      | 379,624  |   | $            | 377,934  |                                                | $      | 361,292 |   | $ | 397,023 |   |
| Dividend                Requirement:                                                                                                                  |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| Fixed                charges above                                                                                                                    |   | $        | 183,716  |     | $      | 180,270  |   | $            | 189,843  |                                                | $      | 199,621 |   | $ | 197,365 |   |
| Preferred                dividend requirements below                                                                                                  |   |     | -        |     |   | -        |   |         | 8,189    |                                                |   | 11,777 |   |   | 14,169 |   |
| Total                                                                                                                                                 |   | $        | 183,716  |     | $      | 180,270  |   | $            | 198,032  |                                                | $      | 211,398 |   | $ | 211,534 |   |
| Ratio                of Earnings to Combined Fixed Charges and                                                                                        |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| Preferred                Dividends Requirement                                                                                                        |   |     | 2.27x    |     |   | 2.11x    |   |         | 1.91x    |                                                |   | 1.71x |   |   | 1.88x |   |
| Computation                of Preferred Dividend Requirements:                                                                                        |   |     |     |     |   |     |   |         |     |                                                |   |   |   |   |   |   |
| (a)                Pre-tax income                                                                                                                     |   | $        | 237,032  |     | $      | 202,150  |   | $            | 190,363  |                                                | $      | 163,068 |   | $ | 200,541 |   |
| (b)                Income from continuing operations                                                                                                  |   | $        | 146,282  |     | $      | 125,411  |   | $            | 119,750  |                                                | $      | 108,429 |   | $ | 119,069 |   |
| (c)                Ratio of (a) to (b)                                                                                                                |   |     | 1.6204   |     |   | 1.6119   |   |         | 1.5897   |                                                |   | 1.5039 |   |   | 1.6842 |   |
| (d)                Preferred dividends                                                                                                                |   | $        | -        |     | $      | -        |   | $            | 5,151    |                                                | $      | 7,831 |   | $ | 8,413 |   |
| Preferred                dividend requirements [(d) multiplied by (c)]                                                                                |   | $        | -        |     | $      | -        |   | $            | 8,189    |                                                | $      | 11,777 |   | $ | 14,169 |   |
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