PUGET SOUND 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                            $57,202    $119,130     $193,831     $185,567    $169,612     $125,698
    Federal income taxes                    40,916      75,683      128,973      109,164     105,814       44,916
    Federal income taxes charged
      to other income - net                  5,793       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                                     $102,811    $198,520     $322,951     $293,948    $277,630     $184,453
--------------------------------------------------- ----------- ------------ ------------ ----------- ------------

  Fixed charges:
    Interest expense                      $193,572    $190,849     $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                        4,943       5,633        5,002        4,575       2,878        3,143
--------------------------------------------------- ----------- ------------ ------------ ----------- ------------
Total                                     $199,615    $197,365     $190,671     $169,233    $150,908     $127,046
--------------------------------------------------- ----------- ------------ ------------ ----------- ------------

  Earnings available for
    combined fixed charges                $302,426    $395,885     $513,622     $463,181    $428,538     $311,499
RATIO OF EARNINGS TO
  FIXED CHARGES                              1.52x       2.01x        2.69x        2.74x       2.84x        2.45x`

PUGET SOUND 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                               $57,202      $119,130     $193,831    $185,567     $169,612     $125,698
    Federal income taxes                       40,916        75,683      128,973     109,164      105,814       44,916
    Federal income taxes charged
      to other income - net                     5,793         4,590        1,411       2,909        3,986       14,807
------------------------------------------------------ ------------- ------------ ----------- ------------ ------------
Subtotal                                      103,911       199,403      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                                        $102,811      $198,520     $322,951    $293,948     $277,630     $184,453
------------------------------------------------------ ------------- ------------ ----------- ------------ ------------

  Fixed charges:
    Interest expense                         $193,572      $190,849     $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                           4,943         5,633        5,002       4,575        2,878        3,143
------------------------------------------------------ ------------- ------------ ----------- ------------ ------------
Total                                        $199,615      $197,365     $190,671    $169,233     $150,908     $127,046
------------------------------------------------------ ------------- ------------ ----------- ------------ ------------

Earnings available for
  combined fixed charges
  and preferred dividend
  requirements                               $302,426      $395,885     $513,622    $463,181     $428,538     $311,499

DIVIDEND REQUIREMENT:
  Fixed charges above                        $199,615      $197,365     $190,671    $169,233     $150,908     $127,046
  Preferred dividend
    requirements below                         15,018        14,082       15,044      17,747       21,421       26,266
------------------------------------------------------ ------------- ------------ ----------- ------------ ------------
Total                                        $214,633      $211,447     $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                          1.41x       1.87x        2.50x        2.48x       2.49x        2.03x

COMPUTATION OF PREFERRED
  DIVIDEND REQUIREMENTS:
  (a) Pre-tax income                          $103,911    $199,403     $324,215     $297,640    $279,412     $185,421
  (b) Income from continuing
        operations                             $57,202    $119,130     $193,831     $185,567    $169,612     $125,698
  (c) Ratio of (a) to (b)                       1.8166      1.6738       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)]                  $15,018     $14,082     $ 15,044     $ 17,747    $ 21,421     $ 26,266`