Puget Energy (PSD) 10-Q 2005 Q4 Quarterly report

																Exhibit 12.1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
	12 Months
	Ended
	September 30,			Years Ended December 31,
	2005			2004			2003			2002			2001			2000
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations	$	148,912		$	125,411		$	119,750		$	108,429		$	119,069		$	194,374
Income taxes		90,783			76,756			70,775			52,557			76,882			129,407
Income taxes charged to other income - net		1,577			(17	)		(162	)		2,082			4,590			1,411
Capitalized interest		(3,039	)		(2,796	)		(2,272	)		(1,397	)		(883	)		(1,264	)
Total	$	238,233		$	199,354		$	188,091		$	161,671		$	199,658		$	323,928
Fixed charges:
Interest expense	$	173,561		$	172,050		$	182,902		$	192,830		$	190,849		$	184,217
Other interest		3,039			2,796			2,272			1,397			883			1,264
Portion of rentals representative of the interest factor		5,924			5,424			4,669			5,394			5,633			5,002
Total	$	182,524		$	180,270		$	189,843		$	199,621		$	197,365		$	190,483
Earnings available for combined fixed charges	$	420,757		$	379,624		$	377,934		$	361,292		$	397,023		$	514,411
Ratio of Earnings to Fixed Charges		2.31x			2.11x			1.99x			1.81x			2.01x			2.70x
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
		12 Months
		Ended
		September 30,			Years Ended December 31,
		2005			2004			2003			2002			2001			2000
Earnings Available for Combined Fixed Charges and
Preferred Dividend Requirements:
Pre-tax income:
Income from continuing operations	$	148,912		$	125,411		$	119,750		$	108,429		$	119,069		$	194,374
Income taxes		90,783			76,756			70,775			52,557			76,882			129,407
Income taxes charged to other income - net		1,577			(17	)		(162	)		2,082			4,590			1,411
Subtotal		241,272			202,150			190,363			163,068			200,541			325,192
Capitalized interest		(3,039	)		(2,796	)		(2,272	)		(1,397	)		(883	)		(1,264	)
Total	$	238,233		$	199,354		$	188,091		$	161,671		$	199,658		$	323,928
Fixed charges:
Interest expense	$	173,561		$	172,050		$	182,902		$	192,830		$	190,849		$	184,217
Other interest		3,039			2,796			2,272			1,397			883			1,264
Portion of rentals representative of the interest factor		5,924			5,424			4,669			5,394			5,633			5,002
Total	$	182,524		$	180,270		$	189,843		$	199,621		$	197,365		$	190,483
Earnings Available for Combined Fixed Charges and
Preferred Dividend Requirements	$	420,757		$	379,624		$	377,934		$	361,292		$	397,023		$	514,411
Dividend Requirement:
Fixed charges above	$	182,524		$	180,270		$	189,843		$	199,621		$	197,365		$	190,483
Preferred dividend requirements below		--			--			8,189			11,777			14,169			15,047
Total	$	182,524		$	180,270		$	198,032		$	211,398		$	211,534		$	205,530
Ratio of Earnings to Combined Fixed Charges and
Preferred Dividends Requirement		2.31x			2.11x			1.91x			1.71x			1.88x			2.50x
Computation of Preferred Dividend Requirements:
(a) Pre-tax income	$	241,272		$	202,150		$	190,363		$	163,068		$	200,541		$	325,192
(b) Income from continuing operations	$	148,912		$	125,411		$	119,750		$	108,429		$	119,069		$	194,374
(c) Ratio of (a) to (b)		1.6202			1.6119			1.5897			1.5039			1.6842			1.6730
(d) Preferred dividends	$	--		$	--		$	5,151		$	7,831		$	8,413		$	8,994
Preferred dividend requirements [(d) multiplied by (c)]	$	--		$	--		$	8,189		$	11,777		$	14,169		$	15,047