Puget Sound Energy 10-Q 2018 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,
	2018			2017			2016			2015			2014
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes	$	315,185		$	430,337		$	453,103		$	332,954		$	228,820
AFUDC - equity	(16,720		)	(15,027		)	(12,576		)	(9,325		)	(7,002		)
AFUDC - debt	(13,085		)	(10,826		)	(9,304		)	(7,575		)	(5,611		)
Total	$	285,380		$	404,484		$	431,223		$	316,054		$	216,207
Fixed charges:
Interest expense (a)	$	351,019		$	354,802		$	355,139		$	356,696		$	367,308
Other interest	16,720			15,027			12,576			9,325			7,002
Portion of rentals representative of the interest factor (b)	8,071			8,062			8,061			8,980			10,732
Total	$	375,810		$	377,891		$	375,776		$	375,001		$	385,042
Earnings available for combined fixed charges	$	661,190		$	782,375		$	806,999		$	691,055		$	601,249
Ratio of Earnings to Fixed Charges	1.76x			2.07x			2.15x			1.84x			1.56x

(a) Interest expense for the year ended December 31, 2017 has been restated from the previously reported $343.9M.

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