|                                                                       |      |             |        |             |   |            |   |             |    |                    |   |  Exhibit 12.1 |   |
|----------------------------------------------------------------------------|-----------|------------------|-------------|------------------|--------|-----------------|--------|------------------|---------|-------------------------|--------|--------------------|--------|
| PUGET ENERGY                                                               |      |
| STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF                          |      |
| EARNINGS TO FIXED CHARGES                                                  |      |
| (Dollars in Thousands)                                                     |      |
|                                                                       |      |             |        |             |   |            |   |             |    |                    |   |               |   |   |   |
|                                                                       |      |             |        |             |   |            |   |             |    |                    |   |               |   |   |   |
|                                                                       | Successor |             | Predecessor |             |
|                                                                       |      |             |        |             |   | Period from     |   | Period from |    |                    |   |               |   |   |   |
|                                                                       |      |   12 Months |        |   12 Months |   | February 6,2009 |   | January 1, 2009  |    |                    |   |               |   |   |   |
|                                                                       |      | Ended            |        | Ended            |   | through         |   | through          |    |                    |   |
|                                                                       |      | March 31,        |        | December 31,     |   | December 31,    |   | February 5,      |    | Years EndedDecember 31, |   |
|                                                                       |      | 2011             |        | 2010             |   | 2009            |   | 2009             |    | 2008                    |   | 2007               |   | 2006 |   |
| Earnings Available For Fixed Charges:                                      |      |             |        |             |   |            |   |             |    |                    |   |               |   |   |   |
| Pre-tax income:                                                            |      |             |        |             |   |            |   |             |    |                    |   |               |   |   |   |
|    Income from continuing operations before income taxes    |      | $                | 209,378     |             | $      | 32,792          |   | $                | 256,056 |                    | $      | 21,753             |   | $ | 214,835 |   | $ | 257,258 |   | $ | 259,710 |   |
|    AFUDC - equity                                           |      |             | (14,492     | )                |   | (12,677         | )      |             | (4,108  | )                       |   | (69                | )      |   | (2,627 | ) |   | (1,351 | ) |   | (7,978 | ) |
|    AFUDC - debt                                             |      |             | (15,811     | )                |   | (14,157         | )      |             | (8,864  | )                       |   | (350               | )      |   | (8,610 | ) |   | (12,614 | ) |   | (15,874 | ) |
| Total                                                                      |      | $                | 179,075     |             | $      | 5,958           |   | $                | 243,084 |                    | $      | 21,334             |   | $ | 203,598 |   | $ | 243,293 |   | $ | 235,858 |   |
| Fixed charges:                                                             |      |             |        |             |   |            |   |             |    |                    |   |               |   |   |   |   |   |   |   |   |   |   |
|    Interest expense                                         |      | $                | 319,501     |             | $      | 321,167         |   | $                | 265,675 |                    | $      | 17,291             |   | $ | 202,582 |   | $ | 217,823 |   | $ | 184,013 |   |
|    Other interest                                           |      |             | 14,492      |             |   | 12,677          |   |             | 4,108   |                    |   | 69                 |   |   | 2,627 |   |   | 1,351 |   |   | 7,978 |   |
|    Portion of rentals representative of the interest factor |      |             | 5,618       |             |   | 5,391           |   |             | 9,131   |                    |   | 1,081              |   |   | 11,775 |   |   | 9,199 |   |   | 9,151 |   |
| Total                                                                      |      | $                | 339,611     |             | $      | 339,235         |   | $                | 278,914 |                    | $      | 18,441             |   | $ | 216,984 |   | $ | 228,373 |   | $ | 201,142 |   |
| Earnings available for combined fixed charges                              |      | $                | 518,686     |             | $      | 345,193         |   | $                | 521,998 |                    | $      | 39,775             |   | $ | 420,582 |   | $ | 471,666 |   | $ | 437,000 |   |
|                                                                       |      |             |        |             |   |            |   |             |    |                    |   |               |   |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                                         |      |             | 1.53        | x                |   | 1.02            | x      |             | 1.87    | x                       |   | 2.16               | x      |   | 1.94 | x |   | 2.07 | x |   | 2.17 | x |