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,
	September 30, 2003			2002			2001			2000			1999			1998
EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
Income from continuing operations	$	129,971		$	118,750		$	121,588		$	193,831		$	185,567		$	169,612
Income taxes		62,460			59,260			79,838			129,823			109,164			105,814
Income taxes charged to other income - net		3,042			2,212			4,590			1,411			2,909			3,986
Capitalized interest		(1,955	)		(1,397	)		(833	)		(1,264	)		(3,692	)		(1,782	)
Undistributed (earnings) or losses
of less-than-fifty-percent-owned entities		--			--			--			--			--			--
Total	$	193,518		$	178,825		$	205,133		$	323,801		$	293,948		$	277,630
Fixed charges:
Interest expense	$	191,302		$	198,346		$	194,505		$	184,405		$	160,966		$	146,248
Other interest		1,955			1,397			883			1,264			3,692			1,782
Portion of rentals representative of
the interest factor		7,194			7,458			7,379			5,002			4,575			2,878
Total	$	200,451		$	207,201		$	202,767		$	190,671		$	169,233		$	150,908
Earnings available for combined fixed charges	$	393,969		$	386,026		$	407,900		$	514,472		$	463,181		$	428,538
RATIO OF EARNINGS TO FIXED CHARGES		1.97	x		1.86	x		2.01	x		2.69	x		2.74	x		2.84	x

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,
	September 30, 2003			2002			2001			2000			1999			1998
EARNINGS AVAILABLE FOR COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS
Pre-tax income:
Income from continuing operations	$	129,971		$	118,750		$	121,588		$	193,831		$	185,567		$	169,612
Income taxes		62,460			59,260			79,838			129,823			109,164			105,814
Income taxes charged to
other income - net		3,042			2,212			4,590			1,411			2,909			3,986
Subtotal		195,473			180,222			206,016			325,065			297,640			279,412
Capitalized interest		(1,955	)		(1,397	)		(883	)		(1,264	)		(3,692	)		(1,782	)
Undistributed (earnings) or losses
of less-than-fifty-percent-owned entities		--			--			--			--			--			--
Total	$	193,518		$	178,825		$	205,133		$	323,801		$	293,948		$	277,630
Fixed charges:
Interest expense	$	191,302		$	198,346		$	194,505		$	184,405		$	160,966		$	146,248
Other interest		1,955			1,397			883			1,264			3,692			1,782
Portion of rentals representative of
the interest factor		7,194			7,458			7,379			5,002			4,575			2,878
Total	$	200,451		$	207,201		$	202,767		$	190,671		$	169,233		$	150,908
Earnings available for combined fixed charges
and preferred dividend requirements	$	393,969		$	386,026		$	407,900		$	514,472		$	463,181		$	428,538
DIVIDEND REQUIREMENT
Fixed charges above		200,451			207,201			202,767			190,671			169,233			150,908
Preferred dividend requirements below		10,104			11,885			14,255			15,084			17,747			21,421
Total	$	210,555		$	219,086		$	217,022		$	205,755		$	186,980		$	172,329

	12 Months Ending			Years Ended December 31,
	September 30, 2003			2002			2001			2000			1999			1998
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS		1.87	x		1.76	x		1.88	x		2.50	x		2.48	x		2.49	x
COMPUTATION OF PREFERRED DIVIDEND
REQUIREMENTS:
(a) Pre-tax income	$	195,473		$	180,222		$	206,016		$	325,065		$	297,640		$	279,412
(b) Income from continuing operations	$	129,971		$	118,750		$	121,588		$	193,831		$	185,567		$	169,612
(c) Ratio of (a) to (b)		1.5040			1.5177			1.6944			1.6771			1.6039			1.6474
(d) Preferred dividends	$	6,718		$	7,831		$	8,413		$	8,994		$	11,065		$	13,003
Preferred dividend requirements
[(d) multiplied by (c)]	$	10,104		$	11,885		$	14,255		$	15,084		$	17,747		$	21,421