| PUGET SOUND ENERGY                                                         |      |
|----------------------------------------------------------------------------|-----------|
| STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF                          |      |
| EARNINGS TO FIXED CHARGES                                                  |      |
| (Dollars in Thousands)                                                     |      |
|                                                                       |      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       | 12 Months |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       | Ended     |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       | March 31, |   | Years Ended December 31, |   |
|                                                                       | 2010      |   | 2009 |   | 2008 |   | 2007 |   | 2006 |   | 2005 |   |
| Earnings Available For Fixed Charges:                                      |      |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax income:                                                            |      |   |   |   |   |   |   |   |   |   |   |   |
|    Income from continuing operations before income taxes    | $         | 55,574 |   | $ | 226,896 |   | $ | 223,618 |   | $ | 265,308 |   | $ | 275,339 |   | $ | 233,900 |   |
|    AFUDC - equity                                           |      | (5,596 | ) |   | (4,177 | ) |   | (2,627 | ) |   | (1,351 | ) |   | (7,978 | ) |   | (3,800 | ) |
|    AFUDC - debt                                             |      | (10,283 | ) |   | (9,214 | ) |   | (8,610 | ) |   | (12,614 | ) |   | (15,874 | ) |   | (9,493 | ) |
| Total                                                                      | $         | 39,695 |   | $ | 213,505 |   | $ | 212,381 |   | $ | 251,342 |   | $ | 251,487 |   | $ | 220,607 |   |
| Fixed charges:                                                             |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest expense                                         | $         | 220,776 |   | $ | 211,742 |   | $ | 203,402 |   | $ | 219,120 |   | $ | 184,859 |   | $ | 174,458 |   |
|    Other interest                                           |      | 5,596 |   |   | 4,177 |   |   | 2,627 |   |   | 1,351 |   |   | 7,978 |   |   | 3,800 |   |
|    Portion of rentals representative of the interest factor |      | 9,450 |   |   | 10,212 |   |   | 11,775 |   |   | 9,199 |   |   | 9,151 |   |   | 5,234 |   |
| Total                                                                      | $         | 235,822 |   | $ | 226,131 |   | $ | 217,804 |   | $ | 229,670 |   | $ | 201,988 |   | $ | 183,492 |   |
| Earnings available for combined fixed charges                              | $         | 275,517 |   | $ | 439,636 |   | $ | 430,185 |   | $ | 481,012 |   | $ | 453,475 |   | $ | 404,099 |   |
|                                                                       |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                                         |      | 1.17 | x |   | 1.94 | x |   | 1.98 | x |   | 2.09 | x |   | 2.25 | x |   | 2.20 | x |