Puget Energy (PSD) S-3 Shelf registration

Exhibit 12.1

PUGET SOUND ENERGY

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF

EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

	12 Months Ending September 30, 2003			12 Months Ending September 30, 2002			Years Ended December 31,
							2002			2001			2000			1999			1998
EARNINGS AVAILABLE FOR FIXED CHARGES
Pre-tax income:
Income from continuing operations	$	127,078		$	67,994		$	108,948		$	119,130		$	193,831		$	185,567		$	169,612
Income taxes		60,341			33,076			52,836			76,915			129,823			109,164			105,814
Income taxes charged to other income—net		2,957			121			2,082			4,590			1,411			2,909			3,986
Capitalized interest		(1,955	)		(1,379	)		(1,397	)		(883	)		(1,264	)		(3,692	)		(1,782	)
Undistributed (earnings) or losses of less-than-fifty-percent-owned entities		—			—			—			—			—			—			—
Total	$	188,421		$	99,812		$	162,469		$	199,752		$	323,801		$	293,948		$	277,630
Fixed charges:
Interest expense	$	185,556		$	194,059		$	192,829		$	190,849		$	184,405		$	160,966		$	146,248
Other interest		1,955			1,379			1,397			883			1,264			3,692			1,782
Portion of rentals representative of the interest factor		4,821			6,013			5,394			5,633			5,002			4,575			2,878
Total	$	192,332		$	201,451		$	199,620		$	197,365		$	190,671		$	169,233		$	150,908
Earnings available for combined fixed charges	$	380,753		$	301,263		$	362,089		$	397,117		$	514,472		$	463,181		$	428,538
RATIO OF EARNINGS TO FIXED CHARGES		1.98	x		1.50	x		1.81	x		2.01	x		2.69	x		2.74	x		2.84	x

PUGET SOUND ENERGY

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollars in Thousands)

	12 Months Ending September 30, 2003			12 Months Ending September 30, 2002			Years Ended December 31,
							2002			2001			2000			1999			1998
EARNINGS AVAILABLE FOR COMBINED FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS
Pre-tax income:
Income from continuing operations	$	127,078		$	67,994		$	108,948		$	119,130		$	193,831		$	185,567		$	169,612
Income taxes		60,341			33,076			52,836			76,915			129,823			109,164			105,814
Income taxes charged to other income—net		2,957			121			2,082			4,590			1,411			2,909			3,986
Subtotal		190,376			101,191			163,866			200,635			325,065			297,640			279,412
Capitalized interest		(1,955	)		(1,379	)		(1,397	)		(883	)		(1,264	)		(3,692	)		(1,782	)
Undistributed (earnings) or losses of less-than-fifty-percent-owned entities		—			—			—			—			—			—			—
Total	$	188,421		$	99,812		$	162,469		$	199,752		$	323,801		$	293,948		$	277,630
Fixed charges:
Interest expense	$	185,556		$	194,059		$	192,829		$	190,849		$	184,405		$	160,966		$	146,248
Other interest		1,955			1,379			1,397			883			1,264			3,692			1,782	��
Portion of rentals representative of the interest factor		4,821			6,013			5,394			5,633			5,002			4,575			2,878
Total	$	192,332		$	201,451		$	199,620		$	197,365		$	190,671		$	169,233		$	150,908
Earnings available for combined fixed charges and preferred dividend requirements	$	380,753		$	301,263		$	362,089		$	397,117		$	514,472		$	463,181		$	428,538
DIVIDEND REQUIREMENT
Fixed charges above		192,332			201,451			199,620			197,365			190,671			169,233			150,908
Preferred dividend requirements below		10,064			11,871			11,779			14,169			15,084			17,747			21,421
Total	$	202,396		$	213,322		$	211,399		$	211,534		$	205,755		$	186,980		$	172,329

	12 Months Ending September 30, 2003		12 Months Ending September 30, 2002		Years Ended December 31,
					2002		2001		2000		1999		1998
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS		1.88x		1.41x		1.71x		1.88x		2.50x		2.48x		2.49x
COMPUTATION OF PREFERRED DIVIDEND REQUIREMENTS:
(a) Pre-tax income	$	190,376	$	101,191	$	163,866	$	200,635	$	325,065	$	297,640	$	279,412
(b) Income from continuing operations	$	127,078	$	67,994	$	108,948	$	119,130	$	193,831	$	185,567	$	169,612
(c) Ratio of (a) to (b)		1.4981		1.4882		1.5041		1.6842		1.6771		1.6039		1.6474
(d) Preferred dividends	$	6,718	$	7,977	$	7,831	$	8,413	$	8,994	$	11,065	$	13,003
Preferred dividend requirements
[(d) multiplied by (c)]	$	10,064	$	11,871	$	11,779	$	14,169	$	15,084	$	17,747	$	21,421