Exhibit 12.1
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND DIVIDEND REQUIREMENTS
(Dollars in Thousands)
12 Months 12 Months
Ending Ending
EARNINGS AVAILABLE FOR COMBINED FIXED Sep Sep Year Ended December 31
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CHARGES AND PREFERRED DIVIDEND
REQUIREMENTS 2001 2000 2000 1999 1998 1997 1996
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Pre-tax Income:
Net income per statement of income 179,651 184,390 193,831 185,567 169,612 125,698 167,351
Federal income taxes 124,045 113,749 128,973 109,164 105,814 44,916 106,876
Federal income taxes charged to
other income - net 9,714 5,980 1,411 2,909 3,986 14,807 (784)
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Subtotal 313,410 304,119 324,215 297,640 279,412 185,421 273,443
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Capitalized Interest (612) (1,588) (1,264) (3,692) (1,782) (360) (600)
Undistributed (earnings) or losses
of less-than-fifty-percent-owned
entities -- -- -- -- -- (608) 460
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Total 312,798 302,531 322,951 293,948 277,630 184,453 273,303
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Fixed Charges:
Interest on long-term debt 189,464 180,999 184,405 160,966 146,248 123,543 122,635
Other interest 612 1,588 1,264 3,692 1,782 360 600
Portion of rentals representative of
the interest factor 5,195 4,948 5,002 4,575 2,878 3,143 4,187
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Total 195,271 187,535 190,671 169,233 150,908 127,046 127,422
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Earnings Available for combined Fixed Charges ----------------------------------------------------------------------------
and Preferred Dividend requirements 508,069 490,066 513,622 463,181 428,538 311,499 400,725
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Ratio of earnings to fixed charges 2.60 2.61 2.69 2.74 2.84 2.45 3.14
COMBINED FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS:
Fixed charges above 195,271 187,535 190,671 169,233 150,908 127,046 127,422
Preferred dividend requirements below 14,929 15,070 15,044 17,747 21,421 26,266 36,242
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Total 210,200 202,605 205,715 186,980 172,329 153,312 163,664
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Ratio of earnings to combined fixed charges
and preferred dividend requirements 2.42 2.42 2.50 2.48 2.49 2.03 2.45
COMPUTATION OF PREFERRED DIVIDEND
REQUIREMENTS:
(a) Pre-tax income 313,410 304,119 324,215 297,640 279,412 185,421 273,443
(b) Net income 179,651 184,390 193,831 185,567 169,612 125,698 167,351
(c) Ratio of (a) to (b) 1.7445 1.6493 1.6727 1.6039 1.6474 1.4751 1.6339
(d) Preferred dividends 8,558 9,137 8,994 11,065 13,003 17,806 22,181
Preferred dividend requirements
[(d) multiplied by (c)] 14,929 15,070 15,044 17,747 21,421 26,266 36,242
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