Exhibit 12.1

PUGET SOUND ENERGY

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF

EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

	12 Months Ended December 31, 2004
				Years Ended December 31,
				2003			2002			2001			2000			1999
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations	$	126,192		$	120,055		$	108,948		$	119,130		$	193,831		$	185,567
Income taxes		77,176			70,939			52,836			76,915			129,823			109,164
Income taxes charged to other income - net		(17	)		(162	)		2,082			4,590			1,411			2,909
Capitalized interest		(2,796	)		(2,272	)		(1,397	)		(883	)		(1,264	)		(3,692	)
Total	$	200,555		$	188,560		$	162,469		$	199,752		$	323,801		$	293,948
Fixed charges:
Interest expense	$	171,831		$	182,779		$	192,829		$	190,849		$	184,405		$	160,966
Other interest		2,796			2,272			1,397			883			1,264			3,692
Portion of rentals representative of the interest factor		5,424			4,669			5,394			5,633			5,002			4,575
Total	$	180,051		$	189,720		$	199,620		$	197,365		$	190,671		$	169,233
Earnings available for combined fixed charges	$	380,606		$	378,280		$	362,089		$	397,117		$	514,472		$	463,181
Ratio of Earnings to Fixed Charges		2.11x			1.99x			1.81x			2.01x			2.69x			2.74x

PUGET SOUND ENERGY

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollars in Thousands)

	12 Months Ended December 31, 2004
				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	$	126,192		$	120,055		$	108,948		$	119,130		$	193,831		$	185,567
Income taxes		77,176			70,939			52,836			76,915			129,823			109,164
Income taxes charged to other income - net		(17	)		(162	)		2,082			4,590			1,411			2,909
Subtotal		203,351			190,832			163,866			200,635			325,065			297,640
Capitalized interest		(2,796	)		(2,272	)		(1,397	)		(883	)		(1,264	)		(3,692	)
Total	$	200,555		$	188,560		$	162,469		$	199,752		$	323,801		$	293,948
Fixed charges:
Interest expense	$	171,831		$	182,779		$	192,829		$	190,849		$	184,405		$	160,966
Other interest		2,796			2,272			1,397			883			1,264			3,692
Portion of rentals representative of the interest factor		5,424			4,669			5,394			5,633			5,002			4,575
Total	$	180,051		$	189,720		$	199,620		$	197,365		$	190,671		$	169,233
Earnings Available for Combined Fixed Charges and
Preferred Dividend Requirements	$	380,606		$	378,280		$	362,089		$	397,117		$	514,472		$	463,181
Dividend Requirement:
Fixed charges above	$	180,051		$	189,720		$	199,620		$	197,365		$	190,671		$	169,233
Preferred dividend requirements below		—			8,188			11,779			14,169			15,084			17,747
Total	$	180,051		$	197,908		$	211,399		$	211,534		$	205,755		$	186,980
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends Requirement		2.11x			1.91x			1.71x			1.88x			2.50x			2.48x
Computation of Preferred Dividend Requirements:
(a) Pre-tax income	$	203,351		$	190,832		$	163,866		$	200,635		$	325,065		$	297,640
(b) Income from continuing operations	$	126,192		$	120,055		$	108,948		$	119,130		$	193,831		$	185,567
(c) Ratio of (a) to (b)		1.6114			1.5895			1.5041			1.6842			1.6771			1.6039
(d) Preferred dividends	$	—		$	5,151		$	7,831		$	8,413		$	8,994		$	11,065
Preferred dividend requirements [(d) multiplied by (c)]	$	—		$	8,188		$	11,779		$	14,169		$	15,084		$	17,747