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
	12 Months												February 6, 2009			January 1, 2009
	Ended			Years Ended									through			through			Years Ended
	March 31,			December 31,									December 31,			February 5,			December 31,
	2013			2012			2011			2010			2009			2009			2008
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes	$	495,784		$	378,546		$	157,050		$	32,792		$	256,056		$	21,753		$	214,835
AFUDC - equity	(22,687		)	(25,469		)	(32,430		)	(12,677		)	(4,108		)	(69		)	(2,627		)
AFUDC - debt	(19,568		)	(22,216		)	(29,949		)	(14,157		)	(8,864		)	(350		)	(8,610		)
Total	$	453,529		$	330,861		$	94,671		$	5,958		$	243,084		$	21,334		$	203,598
Fixed charges:
Interest expense	$	380,832		$	392,216		$	371,910		$	321,167		$	265,675		$	17,291		$	202,582
Other interest	22,687			25,469			32,430			12,677			4,108			69			2,627
Portion of rentals representative of the interest factor	10,424			10,251			8,767			5,391			9,131			1,081			11,775
Total	$	413,943		$	427,936		$	413,107		$	339,235		$	278,914		$	18,441		$	216,984
Earnings available for combined fixed charges	$	867,472		$	758,797		$	507,778		$	345,193		$	521,998		$	39,775		$	420,582
Ratio of Earnings to Fixed Charges	2.10x			1.77x			1.23x			1.02x			1.87x			2.16x			1.94x