Exhibit 12.1

PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)

Years ended December 31,	2003			2002			2001			2000			1999
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations	$	121,694		$	118,750		$	121,588		$	193,831		$	185,567
Income taxes		72,369			59,260			79,838			129,823			109,164
Income taxes charged to other income - net		(150	)		2,212			4,590			1,411			2,909
Capitalized interest		(2,272	)		(1,397	)		(833	)		(1,264	)		(3,692	)
Total	$	191,641		$	178,825		$	205,133		$	323,801		$	293,948
Fixed charges:
Interest expense	$	188,387		$	198,346		$	194,505		$	184,405		$	160,966
Other interest		2,272			1,397			883			1,264			3,692
Portion of rentals representative of the interest factor		7,183			7,458			7,379			5,002			4,575
Total	$	197,842		$	207,201		$	202,767		$	190,671		$	169,233
Earnings available for combined fixed charges	$	389,483		$	386,026		$	407,900		$	514,472		$	463,181
Ratio of Earnings to Fixed Charges		1.97x			1.86x			2.01x			2.70x			2.74x

PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)

Years ended December 31,	2003			2002			2001			2000			1999
Earnings Available for Combined Fixed Charges and
Preferred Dividend Requirements:
Pre-tax income:
Income from continuing operations	$	121,694		$	118,750		$	121,588		$	193,831		$	185,567
Income taxes		72,369			59,260			79,838			129,823			109,164
Income taxes charged to other income - net		(150	)		2,212			4,590			1,411			2,909
Subtotal		193,913			180,222			206,016			325,065			297,640
Capitalized interest		(2,272	)		(1,397	)		(883	)		(1,264	)		(3,692	)
Total	$	191,641		$	178,825		$	205,133		$	323,801		$	293,948
Fixed charges:
Interest expense	$	188,387		$	198,346		$	194,505		$	184,405		$	160,966
Other interest		2,272			1,397			883			1,264			3,692
Portion of rentals representative of the interest factor		7,183			7,458			7,379			5,002			4,575
Total	$	197,842		$	207,201		$	202,767		$	190,671		$	169,233
Earnings Available for Combined Fixed Charges and
Preferred Dividend Requirements	$	389,483		$	386,026		$	407,900		$	514,472		$	463,181
Dividend Requirement:
Fixed charges above	$	197,842		$	207,201		$	202,767		$	190,671		$	169,233
Preferred dividend requirements below		8,208			11,885			14,255			15,084			17,747
Total	$	206,050		$	219,086		$	217,022		$	205,755		$	186,980
Ratio of Earnings to Combined Fixed Charges and
Preferred Dividends Requirement		1.89x			1.76x			1.88x			2.50x			2.48x
Computation of Preferred Dividend Requirements:
(a) Pre-tax income	$	193,913		$	180,222		$	206,016		$	325,065		$	297,640
(b) Income from continuing operations	$	121,694		$	118,750		$	121,588		$	193,831		$	185,567
(c) Ratio of (a) to (b)		1.5934			1.5177			1.694			1.677			1.603
(d) Preferred dividends	$	5,151		$	7,831		$	8,413		$	8,994		$	11,065
Preferred dividend requirements [(d) multiplied by (c)]	$	8,208		$	11,885		$	14,255		$	15,084		$	17,747