|                                                                             |                                                                                                                                                                                                                                                                                                        |                                                       |                     |                                             |         |                                           |                           |                                      |                                      |                                      |                                      |                                      |    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             |                                      |                                      |                                      |                                      |                                      |                                      |   |   |   |
|                                                                             |                                                                                                                                                                                                                                                                                                        |                                                       |                     |                                             | February 6,  |                                           | January 1,                     |                                      |                                      |                                      |                                      |                                      |                                      |   |   |   |
|                                                                             |                                                                                                                                                                                                                                                                                                        |                                                       |  12 Months          |                                             |  2009   |                                           | 2009                      |                                      |                                      |                                      |                                      |                                      |                                      |   |   |
|                                                                             |                                                                                                                                                                                                                                                                                                        |                                                       | Ended                    |                                             | through      |                                           | through                        |                                      |                                      |                                      |                                      |                                      |                                      |   |   |
|                                                                             |                                                                                                                                                                                                                                                                                                        |                                                       | September 30,            |                                             | December 31, |                                           | February 5,                    |                                      | Years Ended December 31,                  |
|                                                                             |                                                                                                                                                                                                                                                                                                        |                                                       | 2010                     |                                             | 2009         |                                           |  2009                     |                                      | 2008                                      |                                      | 2007                                      |                                      | 2006                                      |   | 2005 |   |
|  Earnings Available For Fixed Charges:                                      |                                                                                                                                                                                                                                                                                                        |                                                       |                     |                                             |         |                                           |                           |                                      |                                      |                                      |                                      |                                      |                                      |   |   |
|  Pre-tax income:                                                            |                                                                                                                                                                                                                                                                                                        |                                                       |                     |                                             |         |                                           |                           |                                      |                                      |                                      |                                      |                                      |                                      |   |   |
|     Income from continuing operations before income taxes    | $                                                                                                                                                                                                                                                                                                           |    (9,795)                                       | $                        | 256,056                                          | $            | 21,753                                         | $                              |   214,835                       | $                                         |   257,258                       | $                                         |   259,710                       | $                                         |   232,323 |   |
|     AFUDC - equity                                           |                                                                                                                                                                                                                                                                                                        |   (10,213)                                            |                     |     (4,108)                       |         |        (69) |                           |     (2,627)           |                                      |     (1,351)           |                                      |     (7,978)           |                                      |     (3,800) |   |
|     AFUDC - debt                                             |                                                                                                                                                                                                                                                                                                        |   (12,485)                                            |                     |     (8,864)                       |         |      (350)                 |                           |     (8,610)           |                                      |   (12,614)                      |                                      |   (15,874)                      |                                      |     (9,493) |   |
|  Total                                                                      | $                                                                                                                                                                                                                                                                                                           |   (32,493)                                            | $                        | 243,084                                          | $            | 21,334                                         | $                              |   203,598                       | $                                         |   243,293                       | $                                         |   235,858                       | $                                         |   219,030 |   |
|  Fixed charges:                                                             |                                                                                                                                                                                                                                                                                                        |                                                       |                     |                                             |         |                                           |                           |                                      |                                      |                                      |                                      |                                      |                                      |   |   |
|     Interest expense                                         | $                                                                                                                                                                                                                                                                                                           | 321,056                                                    | $                        | 265,675                                          | $            | 17,291                                         | $                              |   202,582                       | $                                         |   217,823                       | $                                         |   184,013                       | $                                         |   174,682 |   |
|     Other interest                                           |                                                                                                                                                                                                                                                                                                        |   10,213                                         |                     |     4,108                         |         |       69              |                           |       2,627 |                                      |       1,351 |                                      |       7,978 |                                      |       3,800 |   |
|     Portion of rentals representative of the interest factor |     7,238                                                                                                                                                                                                                                                                                         |                                                       |     9,131 |                                             |   1,081 |                                           |     11,775 |                                      |       9,199 |                                      |       9,151 |                                      |       5,234 |   |
|  Total                                                                      | $                                                                                                                                                                                                                                                                                                           | 338,507                                                    | $                        | 278,914                                          | $            | 18,441                                         | $                              |   216,984                       | $                                         |   228,373                       | $                                         |   201,142                       | $                                         |   183,716 |   |
|  Earnings available for combined fixed charges                              | $                                                                                                                                                                                                                                                                                                           | 306,014                                                    | $                        | 521,998                                          | $            | 39,775                                         | $                              |   420,582                       | $                                         |   471,666                       | $                                         |   437,000                       | $                                         |   402,746 |   |
|                                                                             |                                                                                                                                                                                                                                                                                                        |                                                       |                     |                                             |         |                                           |                           |                                      |                                      |                                      |                                      |                                      |                                      |   |   |   |
|  Ratio of Earnings to Fixed Charges                                         |                                                                                                                                                                                                                                                                                                        |           --1 |                     |         1.87x |         |      2.16x                 |                           | 1.94x                                     |                                      | 2.07x                                     |                                      | 2.17x                                     |                                      | 2.19x |   |
|                                                                             |                                                                                                                                                                                                                                                                                                        |                                                       |                     |                                             |         |                                           |                           |                                      |                                      |                                      |                                      |                                      |                                      |   |   |   |
|  1)                                                                    | The ratio of earnings to fixed charges was less than 1:1 for the twelve months ended September 30, 2010 due to the unrealized loss on derivative instruments of $77.7 million during the same period.  Additional earnings of $32.5 million would have been needed to achieve a coverage ratio of 1:1. |