|                                                                                                   |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |  **Exhibit                  12.1**  |   |
|--------------------------------------------------------------------------------------------------------|--------|------------------------------------|------------------------------------------|-----------------------------------------------|--------|-----------------------------------------------|--------|----------|----------|----------|--------|-----------------------------------------------|--------|
| **PUGET                  ENERGY**                                                                      |
| **STATEMENT                  SETTING FORTH COMPUTATIONS OF RATIOS OF**                                 |
| **EARNINGS                  TO FIXED CHARGES**                                                         |
| **(Dollars                  in Thousands)**                                                            |
|                                                                                                   |   | **12                  Months**     |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |
|                                                                                                   |   | **Ended**                          |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |
|                                                                                                   |   | **September                  30,** |                                     | **Years                  Ended December 31,** |
|                                                                                                   |   | **2005**                           |                                     | **2004**                                      |   | **2003**                                      |   | **2002** |     | **2001** |   | **2000**                                      |   |
| Earnings                  Available For Fixed Charges:                                                 |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
| Pre-tax                  income:                                                                       |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Income                  from continuing operations                                   |   | $                                  | 148,912                                  |                                          | $      | 125,411                                       |   | $        | 119,750  |     | $      | 108,429                                       |   | $ | 119,069 |   | $ | 194,374 |   |
|    Income                  taxes                                                        |   |                               | 90,783                                   |                                          |   | 76,756                                        |   |     | 70,775   |     |   | 52,557                                        |   |   | 76,882 |   |   | 129,407 |   |
|    Income                  taxes charged to other income - net                          |   |                               | 1,577                                    |                                          |   | (17                                           | )      |     | (162     | )        |   | 2,082                                         |   |   | 4,590 |   |   | 1,411 |   |
|    Capitalized                  interest                                                |   |                               | (3,039                                   | )                                             |   | (2,796                                        | )      |     | (2,272   | )        |   | (1,397                                        | )      |   | (883 | ) |   | (1,264 | ) |
| Total                                                                                                  |   | $                                  | 238,233                                  |                                          | $      | 199,354                                       |   | $        | 188,091  |     | $      | 161,671                                       |   | $ | 199,658 |   | $ | 323,928 |   |
| Fixed                  charges:                                                                        |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Interest                  expense                                                    |   | $                                  | 173,561                                  |                                          | $      | 172,050                                       |   | $        | 182,902  |     | $      | 192,830                                       |   | $ | 190,849 |   | $ | 184,217 |   |
|    Other                  interest                                                      |   |                               | 3,039                                    |                                          |   | 2,796                                         |   |     | 2,272    |     |   | 1,397                                         |   |   | 883 |   |   | 1,264 |   |
|    Portion                  of rentals representative of the interest factor            |   |                               | 5,924                                    |                                          |   | 5,424                                         |   |     | 4,669    |     |   | 5,394                                         |   |   | 5,633 |   |   | 5,002 |   |
| Total                                                                                                  |   | $                                  | 182,524                                  |                                          | $      | 180,270                                       |   | $        | 189,843  |     | $      | 199,621                                       |   | $ | 197,365 |   | $ | 190,483 |   |
| Earnings                  available for combined fixed charges                                         |   | $                                  | 420,757                                  |                                          | $      | 379,624                                       |   | $        | 377,934  |     | $      | 361,292                                       |   | $ | 397,023 |   | $ | 514,411 |   |
| Ratio                  of Earnings to Fixed Charges                                                    |   |                               | 2.31x                                    |                                          |   | 2.11x                                         |   |     | 1.99x    |     |   | 1.81x                                         |   |   | 2.01x |   |   | 2.70x |   |
|                                                                                                   |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
| **PUGET                  ENERGY**                                                                      |
| **STATEMENT                  SETTING FORTH COMPUTATIONS OF RATIOS OF**                                 |
| **EARNINGS                  TO COMBINED FIXED CHARGES AND PREFERRED STOCK                  DIVIDENDS** |
| **(Dollars                  in Thousands)**                                                            |
|                                                                                                   |   |                               | **12                  Months**      |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|                                                                                                        |   |                               | **Ended**                           |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|                                                                                                        |   |                               | **September                  30,**  |                                          |   | **Years                  Ended December 31,** |
|                                                                                                   |   |                               | **2005**                                 |                                          |   | **2004**                                      |   |     | **2003** |     |   | **2002**                                      |   |   | **2001** |   |   | **2000** |   |
| Earnings                  Available for Combined Fixed Charges and                                     |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Preferred                  Dividend Requirements:                                    |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
| Pre-tax                  income:                                                                       |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Income                  from continuing operations                                   |   | $                                  | 148,912                                  |                                          | $      | 125,411                                       |   | $        | 119,750  |     | $      | 108,429                                       |   | $ | 119,069 |   | $ | 194,374 |   |
|    Income                  taxes                                                        |   |                               | 90,783                                   |                                          |   | 76,756                                        |   |     | 70,775   |     |   | 52,557                                        |   |   | 76,882 |   |   | 129,407 |   |
|    Income                  taxes charged to other income - net                          |   |                               | 1,577                                    |                                          |   | (17                                           | )      |     | (162     | )        |   | 2,082                                         |   |   | 4,590 |   |   | 1,411 |   |
| Subtotal                                                                                               |   |                               | 241,272                                  |                                          |   | 202,150                                       |   |     | 190,363  |     |   | 163,068                                       |   |   | 200,541 |   |   | 325,192 |   |
|    Capitalized                  interest                                                |   |                               | (3,039                                   | )                                             |   | (2,796                                        | )      |     | (2,272   | )        |   | (1,397                                        | )      |   | (883 | ) |   | (1,264 | ) |
| Total                                                                                                  |   | $                                  | 238,233                                  |                                          | $      | 199,354                                       |   | $        | 188,091  |     | $      | 161,671                                       |   | $ | 199,658 |   | $ | 323,928 |   |
| Fixed                  charges:                                                                        |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Interest                  expense                                                    |   | $                                  | 173,561                                  |                                          | $      | 172,050                                       |   | $        | 182,902  |     | $      | 192,830                                       |   | $ | 190,849 |   | $ | 184,217 |   |
|    Other                  interest                                                      |   |                               | 3,039                                    |                                          |   | 2,796                                         |   |     | 2,272    |     |   | 1,397                                         |   |   | 883 |   |   | 1,264 |   |
|    Portion                  of rentals representative of the interest factor            |   |                               | 5,924                                    |                                          |   | 5,424                                         |   |     | 4,669    |     |   | 5,394                                         |   |   | 5,633 |   |   | 5,002 |   |
| Total                                                                                                  |   | $                                  | 182,524                                  |                                          | $      | 180,270                                       |   | $        | 189,843  |     | $      | 199,621                                       |   | $ | 197,365 |   | $ | 190,483 |   |
| Earnings                  Available for Combined Fixed Charges and                                     |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Preferred                  Dividend Requirements                                     |   | $                                  | 420,757                                  |                                          | $      | 379,624                                       |   | $        | 377,934  |     | $      | 361,292                                       |   | $ | 397,023 |   | $ | 514,411 |   |
| Dividend                  Requirement:                                                                 |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Fixed                  charges above                                                 |   | $                                  | 182,524                                  |                                          | $      | 180,270                                       |   | $        | 189,843  |     | $      | 199,621                                       |   | $ | 197,365 |   | $ | 190,483 |   |
|    Preferred                  dividend requirements below                               |   |                               | --                                       |                                          |   | --                                            |   |     | 8,189    |     |   | 11,777                                        |   |   | 14,169 |   |   | 15,047 |   |
| Total                                                                                                  |   | $                                  | 182,524                                  |                                          | $      | 180,270                                       |   | $        | 198,032  |     | $      | 211,398                                       |   | $ | 211,534 |   | $ | 205,530 |   |
|                                                                                                   |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
| Ratio                  of Earnings to Combined Fixed Charges and                                       |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
| Preferred                  Dividends Requirement                                                       |   |                               | 2.31x                                    |                                          |   | 2.11x                                         |   |     | 1.91x    |     |   | 1.71x                                         |   |   | 1.88x |   |   | 2.50x |   |
|                                                                                                   |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
| Computation                  of Preferred Dividend Requirements:                                       |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|     (a)                  Pre-tax income                                            |   | $                                  | 241,272                                  |                                          | $      | 202,150                                       |   | $        | 190,363  |     | $      | 163,068                                       |   | $ | 200,541 |   | $ | 325,192 |   |
|     (b)                  Income from continuing operations                         |   | $                                  | 148,912                                  |                                          | $      | 125,411                                       |   | $        | 119,750  |     | $      | 108,429                                       |   | $ | 119,069 |   | $ | 194,374 |   |
|     (c)                  Ratio of (a) to (b)                                       |   |                               | 1.6202                                   |                                          |   | 1.6119                                        |   |     | 1.5897   |     |   | 1.5039                                        |   |   | 1.6842 |   |   | 1.6730 |   |
|     (d)                  Preferred dividends                                       |   | $                                  | --                                       |                                          | $      | --                                            |   | $        | 5,151    |     | $      | 7,831                                         |   | $ | 8,413 |   | $ | 8,994 |   |
|   Preferred                  dividend requirements [(d) multiplied by (c)]                   |   | $                                  | --                                       |                                          | $      | --                                            |   | $        | 8,189    |     | $      | 11,777                                        |   | $ | 14,169 |   | $ | 15,047 |   |