Puget Energy (PSD) 10-Q 2017 Q3 Quarterly report

													Exhibit 12.1
PUGET ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
	12 Months
	Ended			Years Ended
	September 30,			December 31,
	2017			2016			2015			2014			2013			2012
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes	$	409,801		$	453,103		$	332,954		$	228,820		$	408,136		$	378,546
AFUDC - equity	(13,073		)	(12,576		)	(9,325		)	(7,002		)	(15,930		)	(25,469		)
AFUDC - debt	(9,494		)	(9,304		)	(7,575		)	(5,611		)	(11,261		)	(22,216		)
Total	$	387,234		$	431,223		$	316,054		$	216,207		$	380,945		$	330,861
Fixed charges:
Interest expense	$	344,630		$	355,139		$	356,696		$	367,308		$	392,264		$	392,216
Other interest	13,073			12,576			9,325			7,002			15,930			25,469
Portion of rentals representative of the interest factor (a)	7,986			8,061			8,980			10,732			10,257			10,251
Total	$	365,689		$	375,776		$	375,001		$	385,042		$	418,451		$	427,936
Earnings available for combined fixed charges	$	752,923		$	806,999		$	691,055		$	601,249		$	799,396		$	758,797
Ratio of Earnings to Fixed Charges	2.06x			2.15x			1.84x			1.56x			1.91x			1.77x

(a) Represents interest portion of rents estimated at 33 1/3 percent.