|                                                                            |   |                          |    |   |   |   |    |   |   |   | Exhibit      12.2 |   |
|---------------------------------------------------------------------------------|--------|-------------------------------|---------|--------|--------|--------|---------|--------|--------|--------|-------------------|--------|
| PUGET      SOUND ENERGY                                                         |   |
| STATEMENT      SETTING FORTH COMPUTATIONS OF RATIOS OF                          |   |
| EARNINGS      TO FIXED CHARGES                                                  |   |
| (Dollars      in Thousands)                                                     |   |
|                                                                            |   |                          |    |   |   |   |    |   |   |   |              |   |   |   |   |
|                                                                            |   |                          |    |   |   |   |    |   |   |   |              |   |   |   |   |
|                                                                            |   |                          |    |   |   |   |    |   |   |   |              |   |   |   |   |
|                                                                            |   | Years      Ended December 31, |    |
|                                                                            |   | 2009                          |    |   | 2008   |   |    | 2007   |   |   | 2006              |   |   | 2005 |   |
| Earnings      Available For Fixed Charges:                                      |   |                          |    |   |   |   |    |   |   |   |              |   |   |   |   |
| Pre-tax      income:                                                            |   |                          |    |   |   |   |    |   |   |   |              |   |   |   |   |
|    Income      from continuing operations before income taxes    |   | $                             | 226,888 |   |   | $      | 223,618 |   |   | $      | 265,308           |   |   | $ | 275,339 |   |   | $ | 233,900 |   |
|    AFUDC      - equity                                           |   |                          | (4,177  | )      |   |   | (2,627  | )      |   |   | (1,351            | )      |   |   | (7,978 | ) |   |   | (3,800 | ) |
|    AFUDC      - debt                                             |   |                          | (9,214  | )      |   |   | (8,610  | )      |   |   | (12,614           | )      |   |   | (15,874 | ) |   |   | (9,493 | ) |
| Total                                                                           |   | $                             | 213,497 |   |   | $      | 212,381 |   |   | $      | 251,342           |   |   | $ | 251,487 |   |   | $ | 220,607 |   |
| Fixed      charges:                                                             |   |                          |    |   |   |   |    |   |   |   |              |   |   |   |   |   |   |   |   |   |
|    Interest      expense                                         |   | $                             | 211,742 |   |   | $      | 203,402 |   |   | $      | 219,120           |   |   | $ | 184,859 |   |   | $ | 174,458 |   |
|    Other      interest                                           |   |                          | 4,177   |   |   |   | 2,627   |   |   |   | 1,351             |   |   |   | 7,978 |   |   |   | 3,800 |   |
|    Portion      of rentals representative of the interest factor |   |                          | 8,444   |   |   |   | 11,775  |   |   |   | 9,199             |   |   |   | 9,151 |   |   |   | 5,234 |   |
| Total                                                                           |   | $                             | 224,363 |   |   | $      | 217,804 |   |   | $      | 229,670           |   |   | $ | 201,988 |   |   | $ | 183,492 |   |
| Earnings      available for combined fixed charges                              |   | $                             | 437,860 |   |   | $      | 430,185 |   |   | $      | 481,012           |   |   | $ | 453,475 |   |   | $ | 404,099 |   |
|                                                                            |   |                          |    |   |   |   |    |   |   |   |              |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges                                         |   |                          | 1.95    | x      |   |   | 1.98    | x      |   |   | 2.09              | x      |   |   | 2.25 | x |   |   | 2.20 | x |