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

`12 Months
                                            Ending                    Year Ended December 31,
                                    March 31, 2002         2001         2000         1999        1998         1997
--------------------------------------------------- ----------- ------------ ------------ ----------- ------------
EARNINGS AVAILABLE FOR
 FIXED CHARGES
  Pre-tax income:
    Income from continuing
      operations per statement
      of income                            $61,018    $121,587     $193,831     $185,567    $169,612     $125,698
    Federal income taxes                    44,236      78,006      128,973      109,164     105,814       44,916
    Federal income taxes charged
      to other income - net                  5,868       4,590        1,411        2,909       3,986       14,807
    Capitalized interest                    (1,100)       (883)      (1,264)      (3,692)     (1,782)        (360)
    Undistributed (earnings) or
      losses of less-than-
      fifty-percent-owned
      entities                                  --          --           --           --           --        (608)
--------------------------------------------------- ----------- ------------ ------------ ----------- ------------
Total                                     $110,022    $203,300     $322,951     $293,948    $277,630     $184,453
--------------------------------------------------- ----------- ------------ ------------ ----------- ------------

  Fixed charges:
    Interest expense                      $198,175    $194,505     $184,405     $160,966    $146,248     $123,543
    Other interest                           1,100         883        1,264        3,692       1,782          360
    Portion of rentals
      representative of the
      interest factor                        6,823       7,379        5,002        4,575       2,878        3,143
--------------------------------------------------- ----------- ------------ ------------ ----------- ------------
Total                                     $206,098    $202,767     $190,671     $169,233    $150,908     $127,046
--------------------------------------------------- ----------- ------------ ------------ ----------- ------------

  Earnings available for
    combined fixed charges                $316,120    $406,067     $513,622     $463,181    $428,538     $311,499
RATIO OF EARNINGS TO
  FIXED CHARGES                              1.53x       2.00x        2.69x        2.74x       2.84x        2.45x`

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

`12 Months
                                                 Ending                     Year Ended December 31,
                                         March 31, 2002          2001         2000         1999        1998         1997
-------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
EARNINGS AVAILABLE FOR COMBINED
 FIXED CHARGES AND PREFERRED
 DIVIDEND REQUIREMENTS

  Pretax income:
    Income from continuing
      operations per statement
      of income                                 $61,018     $121,587     $193,831     $185,567    $169,612     $125,698
    Federal income taxes                         44,236       78,006      128,973      109,164     105,814       44,916
    Federal income taxes charged
      to other income - net                       5,868        4,590        1,411        2,909       3,986       14,807
-------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
Subtotal                                        111,122      204,183      324,215      297,640     279,412      185,421
  Capitalized interest                           (1,100)        (883)      (1,264)      (3,692)     (1,782)        (360)
  Undistributed (earnings) or
    losses of less-than-fifty-
    percent-owned entities                           --           --           --           --          --         (608)
-------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
Total                                          $110,022     $203,300     $322,951     $293,948    $277,630     $184,453
-------------------------------------------------------- ------------ ------------ ------------ ----------- ------------

  Fixed charges:
    Interest expense                           $198,175     $194,505     $184,405     $160,966    $146,248     $123,543
    Other interest                                1,100          883        1,264        3,692       1,782          360
    Portion of rentals
      representative of the
      interest factor                             6,823        7,379        5,002        4,575       2,878        3,143
-------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
Total                                          $206,098     $202,767     $190,671     $169,233    $150,908     $127,046
-------------------------------------------------------- ------------ ------------ ------------ ----------- ------------

Earnings available for
  combined fixed charges
  and preferred dividend
  requirements                                 $316,120     $406,067     $513,622     $463,181    $428,538     $311,499

DIVIDEND REQUIREMENT:
  Fixed charges above                          $206,098     $202,767     $190,671     $169,233    $150,908     $127,046
  Preferred dividend
    requirements below                           15,055       14,128       15,044       17,747      21,421       26,266
-------------------------------------------------------- ------------ ------------ ------------ ----------- ------------
Total                                          $221,153     $216,895     $205,715     $186,980    $172,329     $153,312
-------------------------------------------------------- ------------ ------------ ------------ ----------- ------------`

`12 Months
                                                 Ending                    Year Ended December 31,
                                         March 31, 2002         2001         2000         1999        1998         1997
-------------------------------------------------------- ----------- ------------ ------------ ----------- ------------
RATIO OF EARNINGS TO COMBINED
  FIXED CHARGES AND PREFERRED
  DIVIDEND REQUIREMENTS                           1.43x       1.87x        2.50x        2.48x       2.49x        2.03x

COMPUTATION OF PREFERRED
  DIVIDEND REQUIREMENTS:
  (a) Pre-tax income                           $111,122    $204,183     $324,215     $297,640    $279,412    $185, 421
  (b) Income from continuing
        operations                              $61,018    $121,587     $193,831     $185,567    $169,612     $125,698
  (c) Ratio of (a) to (b)                        1.8211      1.6793       1.6727       1.6039      1.6474       1.4751
  (d) Preferred dividends                        $8,267      $8,413      $ 8,994     $ 11,065    $ 13,003     $ 17,806
  Preferred dividend
    requirements
      [(d) multiplied by (c)]                   $15,055     $14,128     $ 15,044     $ 17,747    $ 21,421     $ 26,266`