Exhibit
12.2

PUGET SOUND ENERGYSTATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OFEARNINGS TO FIXED CHARGES(Dollars in Thousands)

|                                                                                          |   |        
|----------------------------------------------------------------------------------------- | - | -------
|
|
|Years Ended December 31,                                                                  |   | 2002   
|                                                                                          |   |        
|EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
   Income from continuing operations | $ | 108,948
|Income taxes                                                                              |   | 52,836 
|Income taxes charged to other income - net                                                |   | 2,082  
|Capitalized interest                                                                      |   | (1,397 
|Undistributed (earnings) or losses                                                        |  
|of less-than-fifty-percent-owned entities                                                 |   | --     
|                                                                                          |   |        
|Total                                                                                     | $ | 162,469
|                                                                                          |   |        
|Fixed charges:                                                                            |  
|Interest expense                                                                          | $ | 192,829
|Other interest                                                                            |   | 1,397  
|Portion of rentals representative of                                                      |  
|the interest factor                                                                       |   | 5,394  
|                                                                                          |   |        
|Total                                                                                     | $ | 199,620
|                                                                                          |   |        
|Earnings available for combined fixed charges                                             | $ | 362,089
|                                                                                         
|RATIO OF EARNINGS TO FIXED CHARGES                                                        |   | 1.81x  

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PUGET SOUND ENERGYSTATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OFEARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(Dollars in Thousands)

|                                                                                        |   |        
|--------------------------------------------------------------------------------------- | - | -------
|Years Ended December 31,                                                                |   | 2002   
|                                                                                        |   |        
|EARNINGS AVAILABLE FOR COMBINED
   FIXED CHARGES AND PREFERRED
   DIVIDEND REQUIREMENTS |  
|Pre-tax income:                                                                         |  
|Income from continuing operations                                                       | $ | 108,948
|Income taxes                                                                            |   | 52,836 
|Income taxes charged to                                                                 |  
|other income - net                                                                      |   | 2,082  
|                                                                                        |   |        
|Subtotal                                                                                |   | 163,866
|Capitalized interest                                                                    |   | (1,397 
|Undistributed (earnings) or losses                                                      |  
|of less-than-fifty-percent-owned entities                                               |   | --     
|                                                                                        |   |        
|Total                                                                                   | $ | 162,469
|                                                                                        |   |        
|Fixed charges:                                                                          |  
|Interest expense                                                                        | $ | 192,829
|Other interest                                                                          |   | 1,397  
|Portion of rentals representative of                                                    |  
|the interest factor                                                                     |   | 5,394  
|                                                                                        |   |        
|Total                                                                                   | $ | 199,620
|                                                                                        |   |        
|Earnings available for combined fixed charges                                           |  
|and preferred dividend requirements                                                     | $ | 362,089
|                                                                                        |   |        
|DIVIDEND REQUIREMENT                                                                    |  
|Fixed charges above                                                                     |   | 199,620
|Preferred dividend requirements below                                                   |   | 11,779 
|                                                                                        |   |        
|Total                                                                                   | $ | 211,399
|                                                                                        |   |        

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|                                            |   |         |  
|------------------------------------------- | - | ------- | -
|Years Ended December 31,                    |   | 2002    |  
|                                            |   |         |  
|RATIO OF EARNINGS TO COMBINED FIXED CHARGES |  
|AND PREFERRED DIVIDEND REQUIREMENTS         |   | 1.71x   |  
|                                            |  
|COMPUTATION OF PREFERRED DIVIDEND           |  
|REQUIREMENTS:                               |  
|(a) Pre-tax income                          | $ | 163,866 | $
|(b) Income from continuing operations       | $ | 108,948 | $
|(c) Ratio of (a) to (b)                     |   | 1.5041  |  
|(d) Preferred dividends                     | $ | 7,831   | $
|Preferred dividend requirements             |  
|[(d) multiplied by (c)]                     | $ | 11,779  | $
|                                            |   |         |