|                                                                       |                     |    |                                              |        |    |                                           |   |                     |   |   |   |    |   | Exhibit 12.1 |    |
|----------------------------------------------------------------------------|--------------------------|---------|---------------------------------------------------|-------------|---------|------------------------------------------------|--------|--------------------------|--------|--------|--------|---------|--------|--------------|---------|
| PUGET ENERGY                                                               |                     |
| STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF                          |                     |
| EARNINGS TO FIXED CHARGES                                                  |                     |
| (Dollars in Thousands)                                                     |                     |
|                                                                       |                     |    |                                              |        |    |                                           |   |                     |   |   |   |    |   |         |    |
|                                                                       |                     |    |                                              |        |    |                                           |   |                     |   |   |   |    |   |         |    |
|                                                                       | Successor                |    |                                              | Predecessor |    |
|                                                                       | 12 Months Ended June 30, |    | Period from February 6, 2009 through December 31, |        |    | Period from January 1, 2009 throughFebruary 5, |   | Years Ended December 31, |   |
|                                                                       | 2010                     |    | 2009                                              |        |    | 2009                                           | 2008   |                     | 2007   |   | 2006   |    | 2005   |         |
| Earnings Available For Fixed Charges:                                      |                     |    |                                              |        |    |                                           |   |                     |   |   |   |    |   |         |    |
| Pre-tax income:                                                            |                     |    |                                              |        |    |                                           |   |                     |   |   |   |    |   |         |    |
|    Income from continuing operations before income taxes    | $                        | 106,277 |                                              | $           | 256,056 |                                           |   | $                        | 21,753 |   | $      | 214,835 |   | $            | 257,258 |   | $ | 259,710 |   | $ | 232,323 |   |
|    AFUDC - equity                                           |                     | (7,050  | )                                                 |        | (4,108  | )                                              |   |                     | (69    | )      |   | (2,627  | )      |         | (1,351  | ) |   | (7,978 | ) |   | (3,800 | ) |
|    AFUDC - debt                                             |                     | (11,222 | )                                                 |        | (8,864  | )                                              |   |                     | (350   | )      |   | (8,610  | )      |         | (12,614 | ) |   | (15,874 | ) |   | (9,493 | ) |
| Total                                                                      | $                        | 88,005  |                                              | $           | 243,084 |                                           |   | $                        | 21,334 |   | $      | 203,598 |   | $            | 243,293 |   | $ | 235,858 |   | $ | 219,030 |   |
| Fixed charges:                                                             |                     |    |                                              |        |    |                                           |   |                     |   |   |   |    |   |         |    |   |   |   |   |   |   |   |
|    Interest expense                                         | $                        | 309,512 |                                              | $           | 265,675 |                                           |   | $                        | 17,291 |   | $      | 202,582 |   | $            | 217,823 |   | $ | 184,013 |   | $ | 174,682 |   |
|    Other interest                                           |                     | 7,050   |                                              |        | 4,108   |                                           |   |                     | 69     |   |   | 2,627   |   |         | 1,351   |   |   | 7,978 |   |   | 3,800 |   |
|    Portion of rentals representative of the interest factor |                     | 8,350   |                                              |        | 9,131   |                                           |   |                     | 1,081  |   |   | 11,775  |   |         | 9,199   |   |   | 9,151 |   |   | 5,234 |   |
| Total                                                                      | $                        | 324,912 |                                              | $           | 278,914 |                                           |   | $                        | 18,441 |   | $      | 216,984 |   | $            | 228,373 |   | $ | 201,142 |   | $ | 183,716 |   |
| Earnings available for combined fixed charges                              | $                        | 412,917 |                                              | $           | 521,998 |                                           |   | $                        | 39,775 |   | $      | 420,582 |   | $            | 471,666 |   | $ | 437,000 |   | $ | 402,746 |   |
|                                                                       |                     |    |                                              |        |    |                                           |   |                     |   |   |   |    |   |         |    |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                                         |                     | 1.27    | x                                                 |        | 1.87    | x                                              |   |                     | 2.16   | x      |   | 1.94    | x      |         | 2.07    | x |   | 2.17 | x |   | 2.19 | x |