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			Years Ended
	September 30,				December 31,				December 31,					February 5,			December 31,
		2011				2010				2009				2009			2008			2007			2006
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes		$	223,074			$	32,792			$	256,056			$	21,753		$	214,835		$	257,258		$	259,710
AFUDC - equity			(26,165	)			(12,677	)			(4,108	)			(69	)		(2,627	)		(1,351	)		(7,978	)
AFUDC - debt			(25,090	)			(14,157	)			(8,864	)			(350	)		(8,610	)		(12,614	)		(15,874	)
Total		$	171,819			$	5,958			$	243,084			$	21,334		$	203,598		$	243,293		$	235,858
Fixed charges:
Interest expense		$	362,614			$	321,167			$	265,675			$	17,291		$	202,582		$	217,823		$	184,013
Other interest			26,165				12,677				4,108				69			2,627			1,351			7,978
Portion of rentals representative of the interest factor			7,478				5,391				9,131				1,081			11,775			9,199			9,151
Total		$	396,257			$	339,235			$	278,914			$	18,441		$	216,984		$	228,373		$	201,142
Earnings available for combined fixed charges		$	568,076			$	345,193			$	521,998			$	39,775		$	420,582		$	471,666		$	437,000
Ratio of Earnings to Fixed Charges			1.43	x			1.02	x			1.87	x			2.16	x		1.94	x		2.07	x		2.17	x