|                                                                                             |   |                                   |    |                          |   |   |    | Exhibit      12.1 |   |
|--------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|-------------------------------|--------|--------|---------|-------------------|--------|
| PUGET      ENERGY                                                                                |   |
| STATEMENT      SETTING FORTH COMPUTATIONS OF RATIOS OF                                           |   |
| EARNINGS      TO FIXED CHARGES                                                                   |   |
| (Dollars      in Thousands)                                                                      |   |
|                                                                                             |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |  12      Months    |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |
|                                                                                             |   | Ended                                  |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   | March      31,               |    | Years      Ended December 31, |   |
|                                                                                             |   | 2008                                   |    |                          | 2007   |   |    | 2006              |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
| Earnings      Available For Fixed Charges:                                                       |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |
| Pre-tax      income:                                                                             |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |
|    Income      from continuing operations before income taxes                     |   | $                                      | 259,427 |                          |   | $      | 257,258 |              |   | $ | 259,710 |   |   | $ | 232,323 |   |   | $ | 199,331 |   |   |  $ | 185,427 |   |
|         AFUDC - equity                                                                 |   |                                   | (1,700  | )                             |   |   | (1,351  | )                 |   |   | (7,978 | ) |   |   | (3,800 | ) |   |   | (2,796 | ) |   |   | (2,272 | ) |
|    AFUDC      - debt                                                              |   |                                   | (12,626 | )                             |   |   | (12,614 | )                 |   |   | (15,874 | ) |   |   | (9,493 | ) |   |   | (5,420 | ) |   |   | (3,343 | ) |
| Total                                                                                            |   | $                                      | 245,101 |                          |   | $      | 243,293 |              |   | $ | 235,858 |   |   | $ | 219,030 |   |   | $ | 191,115 |   |   |  $ | 179,812 |   |
| Fixed      charges:                                                                              |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest      expense                                                          |   | $                                      | 217,611 |                          |   | $      | 217,823 |              |   | $ | 184,013 |   |   | $ | 174,682 |   |   | $ | 172,050 |   |   |  $ | 182,902 |   |
|    Other      interest                                                            |   |                                   | 1,700   |                          |   |   | 1,351   |              |   |   | 7,978 |   |   |   | 3,800 |   |   |   | 2,796 |   |   |   | 2,272 |   |
|    Portion      of rentals representative of the interest factor                  |   |                                   | 9,340   |                          |   |   | 9,199   |              |   |   | 9,151 |   |   |   | 5,234 |   |   |   | 5,424 |   |   |   | 4,669 |   |
| Total                                                                                            |   | $                                      | 228,651 |                          |   | $      | 228,373 |              |   | $ | 201,142 |   |   | $ | 183,716 |   |   | $ | 180,270 |   |   |  $ | 189,843 |   |
| Earnings      available for combined fixed charges                                               |   | $                                      | 473,752 |                          |   | $      | 471,666 |              |   | $ | 437,000 |   |   | $ | 402,746 |   |   | $ | 371,385 |   |   |  $ | 369,655 |   |
|                                                                                             |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges                                                          |   |                                   | 2.07    | x                             |   |   | 2.07    | x                 |   |   | 2.17 | x |   |   | 2.19 | x |   |   | 2.06 | x |   |   | 1.95 | x |
|                                                                                             |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |
|                                                                                             |   |
| PUGET      ENERGY                                                                                |   |
| EARNINGS      TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS                            |   |
| (Dollars      in Thousands)                                                                      |   |
|                                                                                             |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   | 12      Months                         |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   | Ended                                  |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   | March      31,          |    | Years      Ended December 31, |   |
|                                                                                             |   | 2008                                   |    |                          | 2007   |   |    | 2006              |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
| Earnings      Available for Combined Fixed Charges and                                           |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred      Dividend Requirements:                                          |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax      income:                                                                             |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Income      from continuing operations before income taxes                     |   | $                                      | 259,427 |                          |   | $      | 257,258 |              |   | $ | 259,710 |   |   | $ | 232,323 |   |   | $ | 199,331 |   |   |  $ | 185,427 |   |
|         AFUDC - equity                                                                 |   |                                   | (1,700  | )                             |   |   | (1,351  | )                 |   |   | (7,978 | ) |   |   | (3,800 | ) |   |   | (2,796 | ) |   |   | (2,272 | ) |
|    AFUDC      - debt                                                              |   |                                   | (12,626 | )                             |   |   | (12,614 | )                 |   |   | (15,874 | ) |   |   | (9,493 | ) |   |   | (5,420 | ) |   |   | (3,343 | ) |
| Total                                                                                            |   | $                                      | 245,101 |                          |   | $      | 243,293 |              |   | $ | 235,858 |   |   | $ | 219,030 |   |   | $ | 191,115 |   |   |  $ | 179,812 |   |
| Fixed      charges:                                                                              |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest      expense                                                          |   | $                                      | 217,611 |                          |   | $      | 217,823 |              |   | $ | 184,013 |   |   | $ | 174,682 |   |   | $ | 172,050 |   |   |  $ | 182,902 |   |
|    Other      interest                                                            |   |                                   | 1,700   |                          |   |   | 1,351   |              |   |   | 7,978 |   |   |   | 3,800 |   |   |   | 2,796 |   |   |   | 2,272 |   |
|    Portion      of rentals representative of the interest factor                  |   |                                   | 9,340   |                          |   |   | 9,199   |              |   |   | 9,151 |   |   |   | 5,234 |   |   |   | 5,424 |   |   |   | 4,669 |   |
| Total                                                                                            |   | $                                      | 228,651 |                          |   | $      | 228,373 |              |   | $ | 201,142 |   |   | $ | 183,716 |   |   | $ | 180,270 |   |   |  $ | 189,843 |   |
| Earnings      Available for Combined Fixed Charges and                                           |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred      Dividend Requirements                                           |   | $                                      | 473,752 |                          |   | $      | 471,666 |              |   | $ | 437,000 |   |   | $ | 402,746 |   |   | $ | 371,385 |   |   |  $ | 369,655 |   |
| Dividend      Requirement:                                                                       |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Fixed      charges above                                                       |   | $                                      | 228,651 |                          |   | $      | 228,373 |              |   | $ | 201,142 |   |   | $ | 183,716 |   |   | $ | 180,270 |   |   |  $ | 189,843 |   |
|    Preferred      dividend requirements below                                     |   |                                   | --      |                          |   |   | --      |              |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | 8,335 |   |
| Total                                                                                            |   | $                                      | 228,651 |                          |   | $      | 228,373 |              |   | $ | 201,142 |   |   | $ | 183,716 |   |   | $ | 180,270 |   |   |  $ | 198,178 |   |
|                                                                                             |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Combined Fixed Charges and                                             |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Preferred Dividends Requirement                                                      |   |                                   | 2.07    | x                             |   |   | 2.07    | x                 |   |   | 2.17 | x |   |   | 2.19 | x |   |   | 2.06 | x |   |   | 1.87 | x |
|                                                                                             |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Computation      of Preferred Dividend Requirements:                                             |   |                                   |    |                          |   |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     (a)      Income from continuing operations before income taxes           |   | $                                      | 259,427 |                          |   | $      | 257,258 |              |   | $ | 259,710 |   |   | $ | 232,323 |   |   | $ | 199,331 |   |   |  $ | 185,427 |   |
|     (b)      Net income before extraordinary items                           |   | $                                      | 185,216 |                          |   | $      | 184,676 |              |   | $ | 167,224 |   |   | $ | 146,282 |   |   | $ | 125,411 |   |   |  $ | 114,599 |   |
|     (c)      Ratio of (a) to (b)                                             |   |                                   | 1.4007  |                          |   |   | 1.3930  |              |   |   | 1.5531 |   |   |   | 1.5882 |   |   |   | 1.5894 |   |   |   | 1.6181 |   |
|     (d)      Preferred dividends                                             |   | $                                      | --      |                          |   | $      | --      |              |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   |  $ | 5,151 |   |
|   Preferred      dividend requirements          [(d) multiplied by (c)] |   | $                                      | --      |                          |   | $      | --      |              |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   |  $ | 8,335 |   |