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			12 Months			February 6, 2009			January 1, 2009
		Ended			Ended			through			through
		March 31,			December 31,			December 31,			February 5,			Years Ended December 31,
		2011			2010			2009			2009			2008			2007			2006
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes		$	209,378		$	32,792		$	256,056		$	21,753		$	214,835		$	257,258		$	259,710
AFUDC - equity			(14,492	)		(12,677	)		(4,108	)		(69	)		(2,627	)		(1,351	)		(7,978	)
AFUDC - debt			(15,811	)		(14,157	)		(8,864	)		(350	)		(8,610	)		(12,614	)		(15,874	)
Total		$	179,075		$	5,958		$	243,084		$	21,334		$	203,598		$	243,293		$	235,858
Fixed charges:
Interest expense		$	319,501		$	321,167		$	265,675		$	17,291		$	202,582		$	217,823		$	184,013
Other interest			14,492			12,677			4,108			69			2,627			1,351			7,978
Portion of rentals representative of the interest factor			5,618			5,391			9,131			1,081			11,775			9,199			9,151
Total		$	339,611		$	339,235		$	278,914		$	18,441		$	216,984		$	228,373		$	201,142
Earnings available for combined fixed charges		$	518,686		$	345,193		$	521,998		$	39,775		$	420,582		$	471,666		$	437,000
Ratio of Earnings to Fixed Charges			1.53	x		1.02	x		1.87	x		2.16	x		1.94	x		2.07	x		2.17	x