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)]                                   |                  |                         
|