# Exhibit 12.1

# PUGET ENERGY
 STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED
CHARGES
(Dollars in Thousands)

|                                                         | 12 Months
Ending | Years Ended December 31,
|-------------------------------------------------------- | ---------------- | ------------------------
|
|                                                        
|EARNINGS AVAILABLE FOR                                   |                  |                         
|FIXED CHARGES                                            |                  |                         
|Pre-tax income:                                          |                  |                         
|Income from continuing operations                        |                  |                         
|Income taxes                                             |                  |                         
|Income taxes charged to other income - net               |                  |                         
|Capitalized interest                                     |                  |                         
|Undistributed (earnings) or losses                       |                  |                         
|of less-than-fifty-percent-owned entities                |                  |                         
|                                                        
|Total                                                    |                  |                         
|                                                        
|Fixed charges:                                           |                  |                         
|Interest expense                                         |                  |                         
|Other interest                                           |                  |                         
|Portion of rentals representative of the interest factor |                  |                         
|                                                        
|Total                                                    |                  |                         
|                                                        
|Earnings available for combined fixed charges            |                  |                         
|                                                        
|RATIO OF EARNINGS TO FIXED CHARGES                       |                  |                         
|                                                        

# PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF 
EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 (Dollars in Thousands)

|                                                         | 12 Months
Ending | Years Ended December 31,
|-------------------------------------------------------- | ---------------- | ------------------------
|
|                                                        
|EARNINGS AVAILABLE FOR COMBINED FIXED CHARGES            |                  |                         
|AND PREFERRED DIVIDEND REQUIREMENTS                      |                  |                         
|Pre-tax income:                                          |                  |                         
|Income from continuing operations                        |                  |                         
|Income taxes                                             |                  |                         
|Income taxes charged to other income - net               |                  |                         
|                                                        
|Subtotal                                                 |                  |                         
|Capitalized interest                                     |                  |                         
|Undistributed (earnings) or losses of                    |                  |                         
|less-than-fifty-percent-owned entities                   |                  |                         
|                                                        
|Total                                                    |                  |                         
|                                                        
|Fixed charges:                                           |                  |                         
|Interest expense                                         |                  |                         
|Other interest                                           |                  |                         
|Portion of rentals representative of the interest factor |                  |                         
|                                                        
|Total                                                    |                  |                         
|                                                        
|Earnings available for combined fixed charges and        |                  |                         
|preferred dividend requirements                          |                  |                         
|                                                        
|DIVIDEND REQUIREMENT                                     |                  |                         
|Fixed charges above                                      |                  |                         
|Preferred dividend requirements below                    |                  |                         
|                                                        
|Total                                                    |                  |                         
|                                                        

|                                                | 12 Months
Ending | Years Ended December 31,
|----------------------------------------------- | ---------------- | ------------------------
|
|                                               
|RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND |                  |                         
|PREFERRED DIVIDEND REQUIREMENTS                 |                  |                         
|                                               
|COMPUTATION OF PREFERRED DIVIDEND REQUIREMENTS: |                  |                         
|(a) Pre-tax income                              |                  |                         
|(b) Income from continuing operations           |                  |                         
|(c) Ratio of (a) to (b)                         |                  |                         
|(d) Preferred dividends                         |                  |                         
|Preferred dividend requirements                 |                  |                         
|[(d) multiplied by (c)]                         |                  |                         
|