|                                                                                                                                         |   |     |     |     |   |     |   |  **Exhibit                  12.2** |     |     |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|----------|--------|-----------------------------------------|----------|----------|--------|
| **PUGET                SOUND ENERGY**                                                                                                        |   |
| **            STATEMENT                SETTING FORTH COMPUTATIONS OF RATIOS OF** |   |     |     |
| **EARNINGS                TO FIXED CHARGES**                                                                                                 |   |
| **(Dollars                in Thousands)**                                                                                                    |   |
|                                                                                                                                         |   |     |     |     |   |     |   |                                    |     |     |   |
| **Years                Ended December 31,**                                                                                                  |   | **2005** |     | **2004** |   | **2003** |   | **2002**                                |     | **2001** |   |
| Earnings                Available For Fixed Charges:                                                                                         |   |     |     |     |   |     |   |                                    |     |     |   |
| Pre-tax                income:                                                                                                               |   |     |     |     |   |     |   |                                    |     |     |   |
| Income                from continuing operations                                                                                             |   | $        | 146,769  |     | $      | 126,192  |   | $                                       | 120,055  |     | $      | 108,948 |   | $ | 119,130 |   |
| Income                taxes                                                                                                                  |   |     | 89,628   |     |   | 77,176   |   |                                    | 70,939   |     |   | 52,836 |   |   | 76,915 |   |
| Income                taxes charged to other income - net                                                                                    |   |     | 2,141    |     |   | (17      | )      |                                    | (162     | )        |   | 2,082 |   |   | 4,590 |   |
| Capitalized                interest                                                                                                          |   |     | (3,800   | )        |   | (2,796   | )      |                                    | (2,272   | )        |   | (1,397 | ) |   | (883 | ) |
| Total                                                                                                                                        |   | $        | 234,738  |     | $      | 200,555  |   | $                                       | 188,560  |     | $      | 162,469 |   | $ | 199,752 |   |
| Fixed                charges:                                                                                                                |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| Interest                expense                                                                                                              |   | $        | 174,458  |     | $      | 171,831  |   | $                                       | 182,779  |     | $      | 192,829 |   | $ | 190,849 |   |
| Other                interest                                                                                                                |   |     | 3,800    |     |   | 2,796    |   |                                    | 2,272    |     |   | 1,397 |   |   | 883 |   |
| Portion                of rentals representative of the interest factor                                                                      |   |     | 5,234    |     |   | 5,424    |   |                                    | 4,669    |     |   | 5,394 |   |   | 5,633 |   |
| Total                                                                                                                                        |   | $        | 183,492  |     | $      | 180,051  |   | $                                       | 189,720  |     | $      | 199,620 |   | $ | 197,365 |   |
| Earnings                available for combined fixed charges                                                                                 |   | $        | 418,230  |     | $      | 380,606  |   | $                                       | 378,280  |     | $      | 362,089 |   | $ | 397,117 |   |
| Ratio                of Earnings to Fixed Charges                                                                                            |   |     | 2.28x    |     |   | 2.11x    |   |                                    | 1.99x    |     |   | 1.81x |   |   | 2.01x |   |
|                                                                                                                                         |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| **        PUGET                SOUND ENERGY**                                                        |   |     |
| **    STATEMENT                SETTING FORTH COMPUTATIONS OF RATIOS OF**                                                 |   |     |
| **    EARNINGS                TO                COMBINED FIXED CHARGES AND PREFERRED STOCK                DIVIDENDS**    |   |     |
| **        (Dollars                in                Thousands)**                                     |   |     |
|                                                                                                                                         |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| **Years                Ended December 31,**                                                                                                  |   |     | **2005** |     |   | **2004** |   |                                    | **2003** |     |   | **2002** |   |   | **2001** |   |
| Earnings                Available for Combined Fixed Charges and                                                                             |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| Preferred                Dividend Requirements:                                                                                              |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| Pre-tax                income:                                                                                                               |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| Income                from continuing operations                                                                                             |   | $        | 146,769  |     | $      | 126,192  |   | $                                       | 120,055  |     | $      | 108,948 |   | $ | 119,130 |   |
| Income                taxes                                                                                                                  |   |     | 89,628   |     |   | 77,176   |   |                                    | 70,939   |     |   | 52,836 |   |   | 76,915 |   |
| Income                taxes charged to other income - net                                                                                    |   |     | 2,141    |     |   | (17      | )      |                                    | (162     | )        |   | 2,082 |   |   | 4,590 |   |
| Subtotal                                                                                                                                     |   |     | 238,538  |     |   | 203,351  |   |                                    | 190,832  |     |   | 163,866 |   |   | 200,635 |   |
| Capitalized                interest                                                                                                          |   |     | (3,800   | )        |   | (2,796   | )      |                                    | (2,272   | )        |   | (1,397 | ) |   | (883 | ) |
| Total                                                                                                                                        |   | $        | 234,738  |     | $      | 200,555  |   | $                                       | 188,560  |     | $      | 162,469 |   | $ | 199,752 |   |
| Fixed                charges:                                                                                                                |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| Interest                expense                                                                                                              |   | $        | 174,458  |     | $      | 171,831  |   | $                                       | 182,779  |     | $      | 192,829 |   | $ | 190,849 |   |
| Other                interest                                                                                                                |   |     | 3,800    |     |   | 2,796    |   |                                    | 2,272    |     |   | 1,397 |   |   | 883 |   |
| Portion                of rentals representative of the interest factor                                                                      |   |     | 5,234    |     |   | 5,424    |   |                                    | 4,669    |     |   | 5,394 |   |   | 5,633 |   |
| Total                                                                                                                                        |   | $        | 183,492  |     | $      | 180,051  |   | $                                       | 189,720  |     | $      | 199,620 |   | $ | 197,365 |   |
| Earnings                Available for Combined Fixed Charges and                                                                             |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| Preferred                Dividend Requirements                                                                                               |   | $        | 418,230  |     | $      | 380,606  |   | $                                       | 378,280  |     | $      | 362,089 |   | $ | 397,117 |   |
| Dividend                Requirement:                                                                                                         |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| Fixed                charges above                                                                                                           |   | $        | 183,492  |     | $      | 180,051  |   | $                                       | 189,720  |     | $      | 199,620 |   | $ | 197,365 |   |
| Preferred                dividend requirements below                                                                                         |   |     | -        |     |   | -        |   |                                    | 8,188    |     |   | 11,779 |   |   | 14,169 |   |
| Total                                                                                                                                        |   | $        | 183,492  |     | $      | 180,051  |   | $                                       | 197,908  |     | $      | 211,399 |   | $ | 211,534 |   |
| Ratio                of Earnings to Combined Fixed Charges and                                                                               |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| Preferred                Dividends Requirement                                                                                               |   |     | 2.28x    |     |   | 2.11x    |   |                                    | 1.91x    |     |   | 1.71x |   |   | 1.88x |   |
| Computation                of Preferred Dividend Requirements:                                                                               |   |     |     |     |   |     |   |                                    |     |     |   |   |   |   |   |   |
| (a)                Pre-tax income                                                                                                            |   | $        | 238,538  |     | $      | 203,351  |   | $                                       | 190,832  |     | $      | 163,866 |   | $ | 200,635 |   |
| (b)                Income from continuing operations                                                                                         |   | $        | 146,769  |     | $      | 126,192  |   | $                                       | 120,055  |     | $      | 108,948 |   | $ | 119,130 |   |
| (c)                Ratio of (a) to (b)                                                                                                       |   |     | 1.6253   |     |   | 1.6114   |   |                                    | 1.5895   |     |   | 1.5041 |   |   | 1.6842 |   |
| (d)                Preferred dividends                                                                                                       |   | $        | -        |     | $      | -        |   | $                                       | 5,151    |     | $      | 7,831 |   | $ | 8,413 |   |
| Preferred                dividend requirements [(d) multiplied by (c)]                                                                       |   | $        | -        |     | $      | -        |   | $                                       | 8,188    |     | $      | 11,779 |   | $ | 14,169 |   |
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