|                                                                            |   |                                   |    |   |                          |   |    | Exhibit      12.1 |
|---------------------------------------------------------------------------------|--------|----------------------------------------|---------|--------|-------------------------------|--------|---------|-------------------|
| PUGET      ENERGY                                                               |
| STATEMENT      SETTING FORTH COMPUTATIONS OF RATIOS OF                          |
| EARNINGS      TO FIXED CHARGES                                                  |
| (Dollars      in Thousands)                                                     |
|                                                                            |   |                                   |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   | 12      Months     |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |
|                                                                            |   | Ended                                  |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   | June      30,                          |    |   | 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    |   | $                                      | 250,181 |   |                          | $      | 257,258 |              |   | $ | 259,710 |   |   | $ | 232,323 |   |   | $ | 199,331 |   |   | $ | 185,427 |   |
|    AFUDC      - equity                                           |   |                                   | (2,290  | )      |                          |   | (1,351  | )                 |   |   | (7,978 | ) |   |   | (3,800 | ) |   |   | (2,796 | ) |   |   | (2,272 | ) |
|    AFUDC      - debt                                             |   |                                   | (11,465 | )      |                          |   | (12,614 | )                 |   |   | (15,874 | ) |   |   | (9,493 | ) |   |   | (5,420 | ) |   |   | (3,343 | ) |
| Total                                                                           |   | $                                      | 236,426 |   |                          | $      | 243,293 |              |   | $ | 235,858 |   |   | $ | 219,030 |   |   | $ | 191,115 |   |   | $ | 179,812 |   |
| Fixed      charges:                                                             |   |                                   |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest      expense                                         |   | $                                      | 213,962 |   |                          | $      | 217,823 |              |   | $ | 184,013 |   |   | $ | 174,682 |   |   | $ | 172,050 |   |   | $ | 182,902 |   |
|    Other      interest                                           |   |                                   | 2,290   |   |                          |   | 1,351   |              |   |   | 7,978 |   |   |   | 3,800 |   |   |   | 2,796 |   |   |   | 2,272 |   |
|    Portion      of rentals representative of the interest factor |   |                                   | 9,678   |   |                          |   | 9,199   |              |   |   | 9,151 |   |   |   | 5,234 |   |   |   | 5,424 |   |   |   | 4,669 |   |
| Total                                                                           |   | $                                      | 225,930 |   |                          | $      | 228,373 |              |   | $ | 201,142 |   |   | $ | 183,716 |   |   | $ | 180,270 |   |   | $ | 189,843 |   |
| Earnings      available for combined fixed charges                              |   | $                                      | 462,356 |   |                          | $      | 471,666 |              |   | $ | 437,000 |   |   | $ | 402,746 |   |   | $ | 371,385 |   |   | $ | 369,655 |   |
|                                                                            |   |                                   |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges                                         |   |                                   | 2.05    | 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 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                              |   | June      30, |   |   | 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 |   | $ | 250,181 |   |   | $ | 257,258 |   |   | $ | 259,710 |   |   | $ | 232,323 |   |   | $ | 199,331 |   |   | $ | 185,427 |   |
|    AFUDC      - equity                                             |   |   | (2,290 | ) |   |   | (1,351 | ) |   |   | (7,978 | ) |   |   | (3,800 | ) |   |   | (2,796 | ) |   |   | (2,272 | ) |
|    AFUDC      - debt                                               |   |   | (11,465 | ) |   |   | (12,614 | ) |   |   | (15,874 | ) |   |   | (9,493 | ) |   |   | (5,420 | ) |   |   | (3,343 | ) |
| Total                                                                             |   | $ | 236,426 |   |   | $ | 243,293 |   |   | $ | 235,858 |   |   | $ | 219,030 |   |   | $ | 191,115 |   |   | $ | 179,812 |   |
| Fixed      charges:                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest      expense                                           |   | $ | 213,962 |   |   | $ | 217,823 |   |   | $ | 184,013 |   |   | $ | 174,682 |   |   | $ | 172,050 |   |   | $ | 182,902 |   |
|    Other      interest                                             |   |   | 2,290 |   |   |   | 1,351 |   |   |   | 7,978 |   |   |   | 3,800 |   |   |   | 2,796 |   |   |   | 2,272 |   |
|    Portion      of rentals representative of the interest factor   |   |   | 9,678 |   |   |   | 9,199 |   |   |   | 9,151 |   |   |   | 5,234 |   |   |   | 5,424 |   |   |   | 4,669 |   |
| Total                                                                             |   | $ | 225,930 |   |   | $ | 228,373 |   |   | $ | 201,142 |   |   | $ | 183,716 |   |   | $ | 180,270 |   |   | $ | 189,843 |   |
| Earnings      Available for Combined Fixed Charges and                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred      Dividend Requirements                            |   | $ | 462,356 |   |   | $ | 471,666 |   |   | $ | 437,000 |   |   | $ | 402,746 |   |   | $ | 371,385 |   |   | $ | 369,655 |   |
| Dividend      Requirement:                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Fixed      charges above                                        |   | $ | 225,930 |   |   | $ | 228,373 |   |   | $ | 201,142 |   |   | $ | 183,716 |   |   | $ | 180,270 |   |   | $ | 189,843 |   |
|    Preferred      dividend requirements below                      |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | 8,335 |   |
| Total                                                                             |   | $ | 225,930 |   |   | $ | 228,373 |   |   | $ | 201,142 |   |   | $ | 183,716 |   |   | $ | 180,270 |   |   | $ | 198,178 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Combined Fixed Charges and                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Preferred Dividends Requirement                                 |   |   | 2.05 | 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                 |   | $ | 250,181 |   |   | $ | 257,258 |   |   | $ | 259,710 |   |   | $ | 232,323 |   |   | $ | 199,331 |   |   | $ | 185,427 |   |
|     (b)      Net income before extraordinary items            |   | $ | 180,259 |   |   | $ | 184,676 |   |   | $ | 167,224 |   |   | $ | 146,282 |   |   | $ | 125,411 |   |   | $ | 114,599 |   |
|     (c)      Ratio of (a) to (b)                              |   |   | 1.3879 |   |   |   | 1.3930 |   |   |   | 1.5531 |   |   |   | 1.5882 |   |   |   | 1.5894 |   |   |   | 1.6181 |   |
|     (d)      Preferred dividends                              |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | 5,151 |   |
|         Preferred dividend requirements [(d) multiplied by (c)]         |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | 8,335 |   |