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
	March 31,			December 31,												December 31,			February 5,
	2014			2013			2012			2011			2010			2009			2009
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes	$	319,182		$	408,136		$	378,546		$	157,050		$	32,792		$	256,056		$	21,753
AFUDC - equity	(10,842		)	(15,930		)	(25,469		)	(32,430		)	(12,677		)	(4,108		)	(69		)
AFUDC - debt	(7,766		)	(11,261		)	(22,216		)	(29,949		)	(14,157		)	(8,864		)	(350		)
Total	$	300,574		$	380,945		$	330,861		$	94,671		$	5,958		$	243,084		$	21,334
Fixed charges:
Interest expense	$	386,702		$	392,264		$	392,216		$	371,910		$	321,167		$	265,675		$	17,291
Other interest	10,842			15,930			25,469			32,430			12,677			4,108			69
Portion of rentals representative of the interest factor	10,153			10,257			10,251			8,767			5,391			9,131			1,081
Total	$	407,697		$	418,451		$	427,936		$	413,107		$	339,235		$	278,914		$	18,441
Earnings available for combined fixed charges	$	708,271		$	799,396		$	758,797		$	507,778		$	345,193		$	521,998		$	39,775
Ratio of Earnings to Fixed Charges	1.74x			1.91x			1.77x			1.23x			1.02x			1.87x			2.16x