Code of Ethics for Senior Financial Officers

Corporate Ethics & Compliance Program

Code of Ethics for Senior Financial Officers

January 6, 2004

The Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, and Vice President Finance and Treasurer (together the "Senior Financial Officers") of Puget Energy, Inc. and Puget Sound Energy, Inc. (together the "Company") hold important and elevated roles in corporate governance in that they are uniquely capable and empowered to ensure that all stakeholders' interests are appropriately balanced, protected, and preserved. This Code of Ethics for Senior Financial Officers ("Code of Ethics") provides specific principles these officers are expected to follow and promote.

The undersigned have read the foregoing and certify their compliance with this Code of Ethics.