<PAGE>

                                                                    EXHIBIT 12.2

                     PUBLIC SERVICE ELECTRIC AND GAS COMPANY
               COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                 PLUS PREFERRED SECURITIES DIVIDEND REQUIREMENTS

<TABLE>
<CAPTION>

                                                  For the Three
                                                   Months Ended        For the Years Ended
                                                     March 31,             December 31,
                                                  ------------------------------------------------------
                                                  2006   2005    2005   2004    2003     2002    2001
                                                  ------------------------------------------------------
                                                                (Millions, except ratios)
<S>                                               <C>    <C>     <C>    <C>     <C>      <C>     <C>
Earnings as Defined in Regulation S-K (A):

Pre-tax Income from Continuing Operations         $143   $204    $583   $592     $376    $320    $324
Fixed Charges                                       87     86     349    369      397     415     469
Preferred Securities Pre-tax                        (2)    (2)     (7)    (7)      (7)     (7)     (8)
                                                  ------------------------------------------------------
Earnings                                          $228   $288    $925   $954     $766    $728    $785
                                                  ======================================================

Fixed Charges as Defined in Regulation S-K (B)


Interest Expense                                   $85    $84    $342   $362    $390     $406    $458
Interest Factor in Rentals                          --      --     --     --      --        2       3
Preferred Securities Dividends                       1      1       4      4       4        4       5
Adjustment to state Preferred Securities
Dividends on a pre-income tax basis                  1      1       3      3       3        3       3
                                                  ------------------------------------------------------
Total Fixed Charges                                $87    $86    $349   $369    $397     $415    $469
                                                  ======================================================

Ratio of Earnings to Fixed Charges                2.62   3.35    2.65   2.59    1.93     1.75    1.67
                                                  ======================================================
</TABLE>


(A)   The term "earnings" shall be defined as pretax income from continuing
      operations. Add to pretax income the amount of fixed charges adjusted to
      exclude (a) the amount of any interest capitalized during the period (b)
      the actual amount of any preferred securities dividend requirements of
      majority owned subsidiaries (c) preferred stock dividends which were
      included in such fixed charges amount but not deducted in the
      determination of pre-tax income.

(B)   Fixed Charges represent (a) interest, whether expensed or capitalized, (b)
      amortization of debt discount and premium expense (c) an estimate of
      interest implicit in rentals and (d) preferred securities dividend
      requirements of majority owned subsidiaries and preferred stock dividends,
      increased to reflect the pre-tax earnings requirement for PSE&G.