|   Exhibit 12.1                                                        |   |
|----------------------------------------------------------------------------|--------|
| PUGET SOUND ENERGY                                                         |   |
| STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF                          |   |
| EARNINGS TO FIXED CHARGES                                                  |   |
| (Dollars in Thousands)                                                     |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   | 12 MonthsEndedJune 30, |   |   | Years Ended December 31, |   |
|                                                                       |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
| Earnings Available For Fixed Charges:                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax income:                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Income from continuing operations before income taxes    |   | $ | 230,363 |   |   | $ | 223,618 |   |   | $ | 265,308 |   |   | $ | 275,339 |   |   | $ | 233,900 |   |   | $ | 200,533 |   |
|    AFUDC - equity                                           |   |   | (2,721 | ) |   |   | (2,627 | ) |   |   | (1,351 | ) |   |   | (7,978 | ) |   |   | (3,800 | ) |   |   | (2,796 | ) |
|    AFUDC - debt                                             |   |   | (8,298 | ) |   |   | (8,610 | ) |   |   | (12,614 | ) |   |   | (15,874 | ) |   |   | (9,493 | ) |   |   | (5,420 | ) |
| Total                                                                      |   | $ | 219,344 |   |   | $ | 212,381 |   |   | $ | 251,342 |   |   | $ | 251,487 |   |   | $ | 220,607 |   |   | $ | 192,317 |   |
| Fixed charges:                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest expense                                         |   | $ | 206,511 |   |   | $ | 203,402 |   |   | $ | 219,120 |   |   | $ | 184,859 |   |   | $ | 174,458 |   |   | $ | 171,831 |   |
|    Other interest                                           |   |   | 2,721 |   |   |   | 2,627 |   |   |   | 1,351 |   |   |   | 7,978 |   |   |   | 3,800 |   |   |   | 2,796 |   |
|    Portion of rentals representative of the interest factor |   |   | 10,908 |   |   |   | 11,775 |   |   |   | 9,199 |   |   |   | 9,151 |   |   |   | 5,234 |   |   |   | 5,424 |   |
| Total                                                                      |   | $ | 220,140 |   |   | $ | 217,804 |   |   | $ | 229,670 |   |   | $ | 201,988 |   |   | $ | 183,492 |   |   | $ | 180,051 |   |
| Earnings available for combined fixed charges                              |   | $ | 439,484 |   |   | $ | 430,185 |   |   | $ | 481,012 |   |   | $ | 453,475 |   |   | $ | 404,099 |   |   | $ | 372,368 |   |
| Ratio of Earnings to Fixed Charges                                         |   |   | 2.00 | x |   |   | 1.98 | x |   |   | 2.09 | x |   |   | 2.25 | x |   |   | 2.20 | x |   |   | 2.07 | x |