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
	Years Ended						through			through			Years Ended
	December 31,						December 31,			February 5,			December 31,
	2011			2010			2009			2009			2008			2007
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes	$	157,050		$	32,792		$	256,056		$	21,753		$	214,835		$	257,258
AFUDC - equity		(32,430	)		(12,677	)		(4,108	)		(69	)		(2,627	)		(1,351	)
AFUDC - debt		(29,949	)		(14,157	)		(8,864	)		(350	)		(8,610	)		(12,614	)
Total	$	94,671		$	5,958		$	243,084		$	21,334		$	203,598		$	243,293
Fixed charges:
Interest expense	$	371,910		$	321,167		$	265,675		$	17,291		$	202,582		$	217,823
Other interest		32,430			12,677			4,108			69			2,627			1,351
Portion of rentals representative of the interest factor		8,767			5,391			9,131			1,081			11,775			9,199
Total	$	413,107		$	339,235		$	278,914		$	18,441		$	216,984		$	228,373
Earnings available for combined fixed charges	$	507,778		$	345,193		$	521,998		$	39,775		$	420,582		$	471,666
Ratio of Earnings to Fixed Charges		1.23	x		1.02	x		1.87	x		2.16	x		1.94	x		2.07	x