Exhibit 12.1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
	Successor			Predecessor
	Period from			Period from
	February 6, 2009			January 1, 2009
	through			through			Years Ended December 31,
	June 30, 2009			February 5, 2009			2008			2007			2006			2005			2004
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes	$	131,192		$	18,098		$	214,835		$	257,258		$	259,710		$	232,323		$	199,331
AFUDC - equity		(1,409	)		(69	)		(2,627	)		(1,351	)		(7,978	)		(3,800	)		(2,796	)
AFUDC - debt		(3,549	)		(350	)		(8,610	)		(12,614	)		(15,874	)		(9,493	)		(5,420	)
Total	$	126,234		$	17,679		$	203,598		$	243,293		$	235,858		$	219,030		$	191,115
Fixed charges:
Interest expense	$	116,529		$	17,291		$	202,582		$	217,823		$	184,013		$	174,682		$	172,050
Other interest		1,409			69			2,627			1,351			7,978			3,800			2,796
Portion of rentals representative of the interest factor		4,181			1,219			11,775			9,199			9,151			5,234			5,424
Total	$	122,119		$	18,579		$	216,984		$	228,373		$	201,142		$	183,716		$	180,270
Earnings available for combined fixed charges	$	248,353		$	36,258		$	420,582		$	471,666		$	437,000		$	402,746		$	371,385
Ratio of Earnings to Fixed Charges		2.03	x		1.95	x		1.94	x		2.07	x		2.17	x		2.19	x		2.06	x