|                                                                            |                                         |                                        |                          |   |   |   |   |    |        |   | Exhibit      12.1 |   |
|---------------------------------------------------------------------------------|----------------------------------------------|---------------------------------------------|-------------------------------|--------|--------|--------|--------|---------|--------|--------|-------------------|--------|
| PUGET      ENERGY                                                               |                                         |
| STATEMENT      SETTING FORTH COMPUTATIONS OF RATIOS OF                          |                                         |
| EARNINGS      TO FIXED CHARGES                                                  |                                         |
| (Dollars      in Thousands)                                                     |                                         |
|                                                                            | Successor                                    |                                        | Predecessor                   |   |
|                                                                            | Period      fromFebruary 6,      2009through | Period      fromJanuary 1,      2009through | Years      Ended December 31, |   |
|                                                                            | September      30, 2009                      | February      5, 2009                       | 2008                          |   | 2007   |   | 2006   |    | 2005   |   | 2004              |   |
| Earnings      Available For Fixed Charges:                                      |                                         |                                        |                          |   |   |   |   |    |   |   |              |   |   |   |
| Pre-tax      income:                                                            |                                         |                                        |                          |   |   |   |   |    |   |   |              |   |   |   |
|    Income      from continuing operations before income taxes    | $                                            | 174,528                                     |                          | $      | 18,098 |   | $      | 214,835 |   | $      | 257,258           |   | $ | 259,710 |   | $ | 232,323 |   | $ | 199,331 |   |
|    AFUDC      - equity                                           |                                         | (2,424                                      | )                             |   | (69    | )      |   | (2,627  | )      |   | (1,351            | )      |   | (7,978 | ) |   | (3,800 | ) |   | (2,796 | ) |
|    AFUDC      - debt                                             |                                         | (6,210                                      | )                             |   | (350   | )      |   | (8,610  | )      |   | (12,614           | )      |   | (15,874 | ) |   | (9,493 | ) |   | (5,420 | ) |
| Total                                                                           | $                                            | 165,894                                     |                          | $      | 17,679 |   | $      | 203,598 |   | $      | 243,293           |   | $ | 235,858 |   | $ | 219,030 |   | $ | 191,115 |   |
| Fixed      charges:                                                             |                                         |                                        |                          |   |   |   |   |    |   |   |              |   |   |   |   |   |   |   |   |   |   |
|    Interest      expense                                         | $                                            | 189,458                                     |                          | $      | 17,291 |   | $      | 202,582 |   | $      | 217,823           |   | $ | 184,013 |   | $ | 174,682 |   | $ | 172,050 |   |
|    Other      interest                                           |                                         | 2,424                                       |                          |   | 69     |   |   | 2,627   |   |   | 1,351             |   |   | 7,978 |   |   | 3,800 |   |   | 2,796 |   |
|    Portion      of rentals representative of the interest factor |                                         | 5,003                                       |                          |   | 1,219  |   |   | 11,775  |   |   | 9,199             |   |   | 9,151 |   |   | 5,234 |   |   | 5,424 |   |
| Total                                                                           | $                                            | 196,885                                     |                          | $      | 18,579 |   | $      | 216,984 |   | $      | 228,373           |   | $ | 201,142 |   | $ | 183,716 |   | $ | 180,270 |   |
| Earnings      available for combined fixed charges                              | $                                            | 362,779                                     |                          | $      | 36,258 |   | $      | 420,582 |   | $      | 471,666           |   | $ | 437,000 |   | $ | 402,746 |   | $ | 371,385 |   |
| Ratio      of Earnings to Fixed Charges                                         |                                         | 1.84                                        | x                             |   | 1.95   | x      |   | 1.94    | x      |   | 2.07              | x      |   | 2.17 | x |   | 2.19 | x |   | 2.06 | x |