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,
	December 31, 2009			February 5, 2009			2008			2007			2006			2005
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes	$	256,056		$	21,753		$	214,835		$	257,258		$	259,710		$	232,323
AFUDC - equity		(4,108	)		(69	)		(2,627	)		(1,351	)		(7,978	)		(3,800	)
AFUDC - debt		(8,864	)		(350	)		(8,610	)		(12,614	)		(15,874	)		(9,493	)
Total	$	243,084		$	21,334		$	203,598		$	243,293		$	235,858		$	219,030
Fixed charges:
Interest expense	$	265,675		$	17,291		$	202,582		$	217,823		$	184,013		$	174,682
Other interest		4,108			69			2,627			1,351			7,978			3,800
Portion of rentals representative of the interest factor		9,131			1,081			11,775			9,199			9,151			5,234
Total	$	278,914		$	18,441		$	216,984		$	228,373		$	201,142		$	183,716
Earnings available for combined fixed charges	$	521,998		$	39,775		$	420,582		$	471,666		$	437,000		$	402,746
Ratio of Earnings to Fixed Charges		1.87	x		2.16	x		1.94	x		2.07	x		2.17	x		2.19	x