|                                                                                               |   |     |     |     |   |     |   |     |     | **Exhibit                12.2** |   |
|----------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|----------|--------|----------|----------|---------------------------------|--------|
| **PUGET                SOUND ENERGY**                                                              |
| **STATEMENT                SETTING FORTH COMPUTATIONS OF RATIOS OF**                               |
| **EARNINGS                TO FIXED CHARGES**                                                       |
| **(Dollars                in Thousands)**                                                          |
|                                                                                               |   |     |     |     |   |     |   |     |     |                            |   |
| **Years                Ended December 31,**                                                        |   | **2006** |     | **2005** |   | **2004** |   | **2003** |     | **2002**                        |   |
| Earnings                Available For Fixed Charges:                                               |   |     |     |     |   |     |   |     |     |                            |   |
| Pre-tax                income:                                                                     |   |     |     |     |   |     |   |     |     |                            |   |
|    Income                from continuing operations                                 |   | $        | 176,739  |     | $      | 146,769  |   | $        | 126,192  |                            | $      | 120,055 |   | $ | 108,948 |   |
|    Income                taxes                                                      |   |     | 97,227   |     |   | 89,628   |   |     | 77,176   |                            |   | 70,939 |   |   | 52,836 |   |
|    Income                taxes charged to other income - net                        |   |     | 1,462    |     |   | 2,141    |   |     | (17      | )                               |   | (162 | ) |   | 2,082 |   |
|    Capitalized                interest                                              |   |     | (7,978   | )        |   | (3,800   | )      |     | (2,796   | )                               |   | (2,272 | ) |   | (1,397 | ) |
| Total                                                                                              |   | $        | 267,450  |     | $      | 234,738  |   | $        | 200,555  |                            | $      | 188,560 |   | $ | 162,469 |   |
| Fixed                charges:                                                                      |   |     |     |     |   |     |   |     |     |                            |   |   |   |   |   |   |
|    Interest                expense                                                  |   | $        | 184,859  |     | $      | 174,458  |   | $        | 171,831  |                            | $      | 182,779 |   | $ | 192,829 |   |
|    Other                interest                                                    |   |     | 7,978    |     |   | 3,800    |   |     | 2,796    |                            |   | 2,272 |   |   | 1,397 |   |
|    Portion                of rentals representative of the interest factor          |   |     | 9,151    |     |   | 5,234    |   |     | 5,424    |                            |   | 4,669 |   |   | 5,394 |   |
| Total                                                                                              |   | $        | 201,988  |     | $      | 183,492  |   | $        | 180,051  |                            | $      | 189,720 |   | $ | 199,620 |   |
| Earnings                available for combined fixed charges                                       |   | $        | 469,438  |     | $      | 418,230  |   | $        | 380,606  |                            | $      | 378,280 |   | $ | 362,089 |   |
| Ratio                of Earnings to Fixed Charges                                                  |   |     | 2.32x    |     |   | 2.28x    |   |     | 2.11x    |                            |   | 1.99x |   |   | 1.81x |   |
|                                                                                               |   |     |     |     |   |     |   |     |     |                            |   |   |   |   |   |   |
| **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,**                                                        |   |     | **2006** |     |   | **2005** |   |     | **2004** |                            |   | **2003** |   |   | **2002** |   |
| Earnings                Available for Combined Fixed Charges and                                   |   |     |     |     |   |     |   |     |     |                            |   |   |   |   |   |   |
|    Preferred                Dividend Requirements:                                  |   |     |     |     |   |     |   |     |     |                            |   |   |   |   |   |   |
| Pre-tax                income:                                                                     |   |     |     |     |   |     |   |     |     |                            |   |   |   |   |   |   |
|    Income                from continuing operations                                 |   | $        | 176,739  |     | $      | 146,769  |   | $        | 126,192  |                            | $      | 120,055 |   | $ | 108,948 |   |
|    Income                taxes                                                      |   |     | 97,227   |     |   | 89,628   |   |     | 77,176   |                            |   | 70,939 |   |   | 52,836 |   |
|    Income                taxes charged to other income - net                        |   |     | 1,462    |     |   | 2,141    |   |     | (17      | )                               |   | (162 | ) |   | 2,082 |   |
| Subtotal                                                                                           |   |     | 275,428  |     |   | 238,538  |   |     | 203,351  |                            |   | 190,832 |   |   | 163,866 |   |
|    Capitalized                interest                                              |   |     | (7,978   | )        |   | (3,800   | )      |     | (2,796   | )                               |   | (2,272 | ) |   | (1,397 | ) |
| Total                                                                                              |   | $        | 267,450  |     | $      | 234,738  |   | $        | 200,555  |                            | $      | 188,560 |   | $ | 162,469 |   |
| Fixed                charges:                                                                      |   |     |     |     |   |     |   |     |     |                            |   |   |   |   |   |   |
|    Interest                expense                                                  |   | $        | 184,859  |     | $      | 174,458  |   | $        | 171,831  |                            | $      | 182,779 |   | $ | 192,829 |   |
|    Other                interest                                                    |   |     | 7,978    |     |   | 3,800    |   |     | 2,796    |                            |   | 2,272 |   |   | 1,397 |   |
|                   Portion of rentals representative of the interest factor               |   |     | 9,151    |     |   | 5,234    |   |     | 5,424    |                            |   | 4,669 |   |   | 5,394 |   |
| Total                                                                                              |   | $        | 201,988  |     | $      | 183,492  |   | $        | 180,051  |                            | $      | 189,720 |   | $ | 199,620 |   |
| Earnings                Available for Combined Fixed Charges and                                   |   |     |     |     |   |     |   |     |     |                            |   |   |   |   |   |   |
|    Preferred                Dividend Requirements                                   |   | $        | 469,438  |     | $      | 418,230  |   | $        | 380,606  |                            | $      | 378,280 |   | $ | 362,089 |   |
| Dividend                Requirement:                                                               |   |     |     |     |   |     |   |     |     |                            |   |   |   |   |   |   |
|    Fixed                charges above                                               |   | $        | 201,988  |     | $      | 183,492  |   | $        | 180,051  |                            | $      | 189,720 |   | $ | 199,620 |   |
|    Preferred                dividend requirements below                             |   |     |     |     |   | -        |   |     | -        |                            |   | 8,188 |   |   | 11,779 |   |
| Total                                                                                              |   | $        | 201,988  |     | $      | 183,492  |   | $        | 180,051  |                            | $      | 197,908 |   | $ | 211,399 |   |
| Ratio                of Earnings to Combined Fixed Charges and                                     |   |     |     |     |   |     |   |     |     |                            |   |   |   |   |   |   |
| Preferred                Dividends Requirement                                                     |   |     | 2.32x    |     |   | 2.28x    |   |     | 2.11x    |                            |   | 1.91x |   |   | 1.71x |   |
| Computation                of Preferred Dividend Requirements:                                     |   |     |     |     |   |     |   |     |     |                            |   |   |   |   |   |   |
|     (a)                Pre-tax income                                          |   | $        | 275,428  |     | $      | 238,538  |   | $        | 203,351  |                            | $      | 190,832 |   | $ | 163,866 |   |
|     (b)                Income from continuing operations                       |   | $        | 176,739  |     | $      | 146,769  |   | $        | 126,192  |                            | $      | 120,055 |   | $ | 108,948 |   |
|     (c)                Ratio of (a) to (b)                                     |   |     | 1.5584   |     |   | 1.6253   |   |     | 1.6114   |                            |   | 1.5895 |   |   | 1.5041 |   |
|     (d)                Preferred dividends                                     |   | $        | -        |     | $      | -        |   | $        | -        |                            | $      | 5,151 |   | $ | 7,831 |   |
|   Preferred                dividend requirements [(d) multiplied by (c)]                 |   | $        | -        |     | $      | -        |   | $        | -        |                            | $      | 8,188 |   | $ | 11,779 |   |