| PUGET ENERGY                                                               |                    |
|----------------------------------------------------------------------------|-------------------------|
| STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF                          |                    |
| EARNINGS TO FIXED CHARGES                                                  |                    |
| (Dollars in Thousands)                                                     |                    |
|                                                                       |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       | Successor               |   |   | Predecessor |   |
|                                                                       | 12 MonthsEndedMarch 31, |   | Period fromFebruary 6, 2009through |   |   | Period fromJanuary 1, 2009through |   | Years Ended December 31, |   |   |   |
|                                                                       | 2010                    |   | December 31, 2009 |   |   | February 5, 2009 | 2008 |   | 2007 |   |   | 2006 |   | 2005 |   |
| Earnings Available For Fixed Charges:                                      |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax income:                                                            |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Income from continuing operations before income taxes    | $                       | 158,476 |   | $ | 256,056 |   |   | $ | 21,753 |   | $ | 214,835 |   | $ | 257,258 |   |   | $ | 259,710 |   | $ | 232,323 |   |
|    AFUDC - equity                                           |                    | (5,596 | ) |   | (4,108 | ) |   |   | (69 | ) |   | (2,627 | ) |   | (1,351 | ) |   |   | (7,978 | ) |   | (3,800 | ) |
|    AFUDC - debt                                             |                    | (10,283 | ) |   | (8,864 | ) |   |   | (350 | ) |   | (8,610 | ) |   | (12,614 | ) |   |   | (15,874 | ) |   | (9,493 | ) |
| Total                                                                      | $                       | 142,597 |   | $ | 243,084 |   |   | $ | 21,334 |   | $ | 203,598 |   | $ | 243,293 |   |   | $ | 235,858 |   | $ | 219,030 |   |
| Fixed charges:                                                             |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest expense                                         | $                       | 305,237 |   | $ | 265,675 |   |   | $ | 17,291 |   | $ | 202,582 |   | $ | 217,823 |   |   | $ | 184,013 |   | $ | 174,682 |   |
|    Other interest                                           |                    | 5,596 |   |   | 4,108 |   |   |   | 69 |   |   | 2,627 |   |   | 1,351 |   |   |   | 7,978 |   |   | 3,800 |   |
|    Portion of rentals representative of the interest factor |                    | 9,450 |   |   | 9,131 |   |   |   | 1,081 |   |   | 11,775 |   |   | 9,199 |   |   |   | 9,151 |   |   | 5,234 |   |
| Total                                                                      | $                       | 320,283 |   | $ | 278,914 |   |   | $ | 18,441 |   | $ | 216,984 |   | $ | 228,373 |   |   | $ | 201,142 |   | $ | 183,716 |   |
| Earnings available for combined fixed charges                              | $                       | 462,880 |   | $ | 521,998 |   |   | $ | 39,775 |   | $ | 420,582 |   | $ | 471,666 |   |   | $ | 437,000 |   | $ | 402,746 |   |
| Ratio of Earnings to Fixed Charges                                         |                    | 1.45 | x |   | 1.87 | x |   |   | 2.16 | x |   | 1.94 | x |   | 2.07 | x |   |   | 2.17 | x |   | 2.19 | x |