Exhibit 12.1

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

|                                                         | 12 Months
Ended | Years Ended December 31,
|-------------------------------------------------------- | --------------- | ------------------------
|
|                                                        
|Earnings Available For Fixed Charges:                    |                 |                         
|Pre-tax income                                           |                 |                         
|Income from continuing operations                        |                 |                         
|Income taxes                                             |                 |                         
|Income taxes charged to other income - net               |                 |                         
|Capitalized interest                                     |                 |                         
|                                                        
|Total                                                    |                 |                         
|                                                        
|Fixed charges:                                           |                 |                         
|Interest expense                                         |                 |                         
|Other interest                                           |                 |                         
|Portion of rentals representative of the interest factor |                 |                         
|                                                        
|Total                                                    |                 |                         
|                                                        
|Earnings available for combined fixed charges            |                 |                         
|                                                        
|Ratio of Earnings to Fixed Charges                       |                 |                         
|                                                        

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

|                                                         | 12 Months
Ended | Years Ended December 31,
|-------------------------------------------------------- | --------------- | ------------------------
|
|                                                        
|Earnings Available for Combined Fixed Charges and        |                 |                         
|Preferred Dividend Requirements:                         |                 |                         
|Pre-tax income:                                          |                 |                         
|Income from continuing operations                        |                 |                         
|Income taxes                                             |                 |                         
|Income taxes charged to other income - net               |                 |                         
|                                                        
|Subtotal                                                 |                 |                         
|Capitalized interest                                     |                 |                         
|                                                        
|Total                                                    |                 |                         
|                                                        
|Fixed charges:                                           |                 |                         
|Interest expense                                         |                 |                         
|Other interest                                           |                 |                         
|Portion of rentals representative of the interest factor |                 |                         
|                                                        
|Total                                                    |                 |                         
|                                                        
|Earnings Available for Combined Fixed Charges and        |                 |                         
|Preferred Dividend Requirements                          |                 |                         
|                                                        
|Dividend Requirement:                                    |                 |                         
|Fixed charges above                                      |                 |                         
|Preferred dividend requirements below                    |                 |                         
|                                                        
|Total                                                    |                 |                         
|                                                        
|Ratio of Earnings to Combined Fixed Charges and          |                 |                         
|Preferred Dividends Requirement                          |                 |                         
|                                                        
|Computation of Preferred Dividend Requirements:          |                 |                         
|(a) Pre-tax income                                       |                 |                         
|(b) Income from continuing operations                    |                 |                         
|(c) Ratio of (a) to (b)                                  |                 |                         
|(d) Preferred dividends                                  |                 |                         
|Preferred dividend requirements [(d) multiplied by (c)]  |                 |