Exhibit 12.1

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

|                                              | 12 MonthsEnding | 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 COMPUTATIONSOF RATIOS OF
EARNINGS TO FIXED CHARGES 
(Dollars in Thousands)

|                                                                                  | 12 MonthsEnding | 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 MonthsEnding | 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)]                         |                 |                         
|