Exhibit
      12.1PUGET
      SOUND ENERGYSTATEMENT
      SETTING FORTH COMPUTATIONS OF RATIOS OFEARNINGS
      TO FIXED CHARGES(Dollars
      in Thousands)12
      MonthsEndedMarch
      31,
                      
                      
                      Years
      Ended December 31,2009
                      
                      
                      2008
                      
                      2007
                      
                      2006
                      
                      2005
                      
                      2004Earnings
      Available For Fixed Charges:Pre-tax
      income:Income
      from continuing operations before income taxes
                      $
                      225,464
                      
                      
                      $
                      223,618
                      
                      $
                      265,308
                      
                      $
                      275,339
                      
                      $
                      233,900
                      
                      $
                      200,533AFUDC
      - equity
                      
                      (2,519
                      )
                      
                      
                      (2,627
                      )
                      
                      (1,351
                      )
                      
                      (7,978
                      )
                      
                      (3,800
                      )
                      
                      (2,796
                      )AFUDC
      - debt
                      
                      (7,862
                      )
                      
                      
                      (8,610
                      )
                      
                      (12,614
                      )
                      
                      (15,874
                      )
                      
                      (9,493
                      )
                      
                      (5,420
                      )Total
                      $
                      215,083
                      
                      
                      $
                      212,381
                      
                      $
                      251,342
                      
                      $
                      251,487
                      
                      $
                      220,607
                      
                      $
                      192,317Fixed
      charges:Interest
      expense
                      $
                      204,768
                      
                      
                      $
                      203,402
                      
                      $
                      219,120
                      
                      $
                      184,859
                      
                      $
                      174,458
                      
                      $
                      171,831Other
      interest
                      
                      2,519
                      
                      
                      
                      2,627
                      
                      
                      1,351
                      
                      
                      7,978
                      
                      
                      3,800
                      
                      
                      2,796Portion
      of rentals representative of the interest factor
                      
                      11,834
                      
                      
                      
                      11,775
                      
                      
                      9,199
                      
                      
                      9,151
                      
                      
                      5,234
                      
                      
                      5,424Total
                      $
                      219,121
                      
                      
                      $
                      217,804
                      
                      $
                      229,670
                      
                      $
                      201,988
                      
                      $
                      183,492
                      
                      $
                      180,051Earnings
      available for combined fixed charges
                      $
                      434,204
                      
                      
                      $
                      430,185
                      
                      $
                      481,012
                      
                      $
                      453,475
                      
                      $
                      404,099
                      
                      $
                      372,368Ratio
      of Earnings to Fixed Charges
                      
                      1.98
                      x
                      
                      
                      1.98
                      x
                      
                      2.09
                      x
                      
                      2.25
                      x
                      
                      2.20
                      x
                      
                      2.07
                      x







PUGET
      SOUND ENERGYSTATEMENT
      SETTING FORTH COMPUTATIONS OF RATIOS OFEARNINGS
      TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(Dollars
      in Thousands)12
      MonthsEndedMarch
      31,
                                                            
                                                            
                                                            Years
      Ended December 31,2009
                                                            
                                                            
                                                            2008
                                                            
                                                            2007
                                                            
                                                            2006
                                                            
                                                            2005
                                                            
                                                            2004Earnings
      Available for Combined Fixed Charges andPreferred
      Dividend Requirements:Pre-tax
      income:Income
      from continuing operations before income taxes
                                                            $
                                                            225,464
                                                            
                                                            
                                                            $
                                                            223,618
                                                            
                                                            $
                                                            265,308
                                                            
                                                            $
                                                            275,339
                                                            
                                                            $
                                                            233,900
                                                            
                                                            $
                                                            200,533AFUDC
      - equity
                                                            
                                                            (2,519
                                                            )
                                                            
                                                            
                                                            (2,627
                                                            )
                                                            
                                                            (1,351
                                                            )
                                                            
                                                            (7,978
                                                            )
                                                            
                                                            (3,800
                                                            )
                                                            
                                                            (2,796
                                                            )AFUDC
      - debt
                                                            
                                                            (7,862
                                                            )
                                                            
                                                            
                                                            (8,610
                                                            )
                                                            
                                                            (12,614
                                                            )
                                                            
                                                            (15,874
                                                            )
                                                            
                                                            (9,493
                                                            )
                                                            
                                                            (5,420
                                                            )Total
                                                            $
                                                            215,083
                                                            
                                                            
                                                            $
                                                            212,381
                                                            
                                                            $
                                                            251,342
                                                            
                                                            $
                                                            251,487
                                                            
                                                            $
                                                            220,607
                                                            
                                                            $
                                                            192,317Fixed
      charges:Interest
      expense
                                                            $
                                                            204,768
                                                            
                                                            
                                                            $
                                                            203,402
                                                            
                                                            $
                                                            219,120
                                                            
                                                            $
                                                            184,859
                                                            
                                                            $
                                                            174,458
                                                            
                                                            $
                                                            171,831Other
      interest
                                                            
                                                            2,519
                                                            
                                                            
                                                            
                                                            2,627
                                                            
                                                            
                                                            1,351
                                                            
                                                            
                                                            7,978
                                                            
                                                            
                                                            3,800
                                                            
                                                            
                                                            2,796Portion
      of rentals representative of the interest factor
                                                            
                                                            11,834
                                                            
                                                            
                                                            
                                                            11,775
                                                            
                                                            
                                                            9,199
                                                            
                                                            
                                                            9,151
                                                            
                                                            
                                                            5,234
                                                            
                                                            
                                                            5,424Total
                                                            $
                                                            219,121
                                                            
                                                            
                                                            $
                                                            217,804
                                                            
                                                            $
                                                            229,670
                                                            
                                                            $
                                                            201,988
                                                            
                                                            $
                                                            183,492
                                                            
                                                            $
                                                            180,051Earnings
      Available for Combined Fixed Charges andPreferred Dividend
      Requirements
                                                            $
                                                            434,204
                                                            
                                                            
                                                            $
                                                            430,185
                                                            
                                                            $
                                                            481,012
                                                            
                                                            $
                                                            453,475
                                                            
                                                            $
                                                            404,099
                                                            
                                                            $
                                                            372,368Dividend
      Requirement:Fixed
      charges above
                                                            $
                                                            219,121
                                                            
                                                            
                                                            $
                                                            217,804
                                                            
                                                            $
                                                            229,670
                                                            
                                                            $
                                                            201,988
                                                            
                                                            $
                                                            183,492
                                                            
                                                            $
                                                            180,051Preferred
      dividend requirements below
                                                            
                                                            --
                                                            
                                                            
                                                            
                                                            --
                                                            
                                                            
                                                            --
                                                            
                                                            
                                                            --
                                                            
                                                            
                                                            --
                                                            
                                                            
                                                            --Total
                                                            $
                                                            219,121
                                                            
                                                            
                                                            $
                                                            217,804
                                                            
                                                            $
                                                            229,670
                                                            
                                                            $
                                                            201,988
                                                            
                                                            $
                                                            183,492
                                                            
                                                            $
                                                            180,051Ratio
      of Earnings to Combined Fixed Charges andPreferred Dividends
      Requirement
                                                            
                                                            1.98
                                                            x
                                                            
                                                            
                                                            1.98
                                                            x
                                                            
                                                            2.09
                                                            x
                                                            
                                                            2.25
                                                            x
                                                            
                                                            2.20
                                                            x
                                                            
                                                            2.07
                                                            xComputation
      of Preferred Dividend Requirements:(a)
      Income from continuing operations before income taxes
                                                            $
                                                            225,464
                                                            
                                                            
                                                            $
                                                            223,618
                                                            
                                                            $
                                                            265,308
                                                            
                                                            $
                                                            275,339
                                                            
                                                            $
                                                            233,900
                                                            
                                                            $
                                                            200,533(b)
      Net income before extraordinary items
                                                            $
                                                            166,809
                                                            
                                                            
                                                            $
                                                            162,736
                                                            
                                                            $
                                                            191,127
                                                            
                                                            $
                                                            176,650
                                                            
                                                            $
                                                            146,840
                                                            
                                                            $
                                                            126,192(c)
      Ratio of (a) to (b)
                                                            
                                                            1.3516
                                                            
                                                            
                                                            
                                                            1.3741
                                                            
                                                            
                                                            1.3881
                                                            
                                                            
                                                            1.5587
                                                            
                                                            
                                                            1.5929
                                                            
                                                            
                                                            1.5891(d)
      Preferred dividends(1)
                                                            $
                                                            --
                                                            
                                                            
                                                            $
                                                            --
                                                            
                                                            $
                                                            --
                                                            
                                                            $
                                                            --
                                                            
                                                            $
                                                            --
                                                            
                                                            $
                                                            --Preferred
      dividend requirements [(d) multiplied by (c)]
                                                            $
                                                            --
                                                            
                                                            
                                                            $
                                                            --
                                                            
                                                            $
                                                            --
                                                            
                                                            $
                                                            --
                                                            
                                                            $
                                                            --
                                                            
                                                            $
                                                            --
  (1)
      PSE does not have preferred dividends since 2003(2)
      PSE does not have any interest expense accrued on uncertain tax positions
      at March 31,
2009.