****
    
    **Exhibit
      12.2****PUGET
      SOUND ENERGY****STATEMENT
      SETTING FORTH COMPUTATIONS OF RATIOS OF****EARNINGS
      TO FIXED CHARGES****(Dollars
      in Thousands)****12
      Months****Ended****December
      31,**
    
    **Years
      Ended December 31,****2004**
    
    **2003**
    
    **2002**
    
    **2001**
    
    **2000**
    
    **1999**Earnings
      Available For Fixed Charges:Pre-tax
      income:Income
      from continuing operations
    $
    126,192
    
    $
    120,055
    
    $
    108,948
    
    $
    119,130
    
    $
    193,831
    
    $
    185,567Income
      taxes
    
    77,176
    
    
    70,939
    
    
    52,836
    
    
    76,915
    
    
    129,823
    
    
    109,164Income
      taxes charged to other income - net
    
    (17
    )
    
    (162
    )
    
    2,082
    
    
    4,590
    
    
    1,411
    
    
    2,909Capitalized
      interest
    
    (2,796
    )
    
    (2,272
    )
    
    (1,397
    )
    
    (883
    )
    
    (1,264
    )
    
    (3,692
    )Total
    $
    200,555
    
    $
    188,560
    
    $
    162,469
    
    $
    199,752
    
    $
    323,801
    
    $
    293,948Fixed
      charges:Interest
      expense
    $
    171,831
    
    $
    182,779
    
    $
    192,829
    
    $
    190,849
    
    $
    184,405
    
    $
    160,966Other
      interest
    
    2,796
    
    
    2,272
    
    
    1,397
    
    
    883
    
    
    1,264
    
    
    3,692Portion
      of rentals representative of the interest factor
    
    5,424
    
    
    4,669
    
    
    5,394
    
    
    5,633
    
    
    5,002
    
    
    4,575Total
    $
    180,051
    
    $
    189,720
    
    $
    199,620
    
    $
    197,365
    
    $
    190,671
    
    $
    169,233Earnings
      available for combined fixed charges
    $
    380,606
    
    $
    378,280
    
    $
    362,089
    
    $
    397,117
    
    $
    514,472
    
    $
    463,181Ratio
      of Earnings to Fixed Charges
    
    2.11x
    
    
    1.99x
    
    
    1.81x
    
    
    2.01x
    
    
    2.69x
    
    
    2.74x
   **PUGET
      SOUND ENERGY****STATEMENT
      SETTING FORTH COMPUTATIONS OF RATIOS OF****EARNINGS
      TO COMBINED FIXED CHARGES AND PREFERRED STOCK
      DIVIDENDS****(Dollars
      in Thousands)****12
      Months****Ended****December
      31,**
    
    **Years
      Ended December 31,****2004**
    
    **2003**
    
    **2002**
    
    **2001**
    
    **2000**
    
    **1999**Earnings
      Available for Combined Fixed Charges andPreferred
      Dividend Requirements:Pre-tax
      income:Income
      from continuing operations
    $
    126,192
    
    $
    120,055
    
    $
    108,948
    
    $
    119,130
    
    $
    193,831
    
    $
    185,567Income
      taxes
    
    77,176
    
    
    70,939
    
    
    52,836
    
    
    76,915
    
    
    129,823
    
    
    109,164Income
      taxes charged to other income - net
    
    (17
    )
    
    (162
    )
    
    2,082
    
    
    4,590
    
    
    1,411
    
    
    2,909Subtotal
    
    203,351
    
    
    190,832
    
    
    163,866
    
    
    200,635
    
    
    325,065
    
    
    297,640Capitalized
      interest
    
    (2,796
    )
    
    (2,272
    )
    
    (1,397
    )
    
    (883
    )
    
    (1,264
    )
    
    (3,692
    )Total
    $
    200,555
    
    $
    188,560
    
    $
    162,469
    
    $
    199,752
    
    $
    323,801
    
    $
    293,948Fixed
      charges:Interest
      expense
    $
    171,831
    
    $
    182,779
    
    $
    192,829
    
    $
    190,849
    
    $
    184,405
    
    $
    160,966Other
      interest
    
    2,796
    
    
    2,272
    
    
    1,397
    
    
    883
    
    
    1,264
    
    
    3,692Portion
      of rentals representative of the interest factor
    
    5,424
    
    
    4,669
    
    
    5,394
    
    
    5,633
    
    
    5,002
    
    
    4,575Total
    $
    180,051
    
    $
    189,720
    
    $
    199,620
    
    $
    197,365
    
    $
    190,671
    
    $
    169,233Earnings
      Available for Combined Fixed Charges andPreferred
      Dividend Requirements
    $
    380,606
    
    $
    378,280
    
    $
    362,089
    
    $
    397,117
    
    $
    514,472
    
    $
    463,181Dividend
      Requirement:Fixed
      charges above
    $
    180,051
    
    $
    189,720
    
    $
    199,620
    
    $
    197,365
    
    $
    190,671
    
    $
    169,233Preferred
      dividend requirements below
    
    -
    
    
    8,188
    
    
    11,779
    
    
    14,169
    
    
    15,084
    
    
    17,747Total
    $
    180,051
    
    $
    197,908
    
    $
    211,399
    
    $
    211,534
    
    $
    205,755
    
    $
    186,980Ratio
      of Earnings to Combined Fixed Charges andPreferred
      Dividends Requirement
    
    2.11x
    
    
    1.91x
    
    
    1.71x
    
    
    1.88x
    
    
    2.50x
    
    
    2.48xComputation
      of Preferred Dividend Requirements:(a)
      Pre-tax income
    $
    203,351
    
    $
    190,832
    
    $
    163,866
    
    $
    200,635
    
    $
    325,065
    
    $
    297,640(b)
      Income from continuing operations
    $
    126,192
    
    $
    120,055
    
    $
    108,948
    
    $
    119,130
    
    $
    193,831
    
    $
    185,567(c)
      Ratio of (a) to (b)
    
    1.6114
    
    
    1.5895
    
    
    1.5041
    
    
    1.6842
    
    
    1.6771
    
    
    1.6039(d)
      Preferred dividends
    $
    -
    
    $
    5,151
    
    $
    7,831
    
    $
    8,413
    
    $
    8,994
    
    $
    11,065Preferred
      dividend requirements [(d) multiplied by (c)]
    $
    -
    
    $
    8,188
    
    $
    11,779
    
    $
    14,169
    
    $
    15,084
    
    $
    17,747