|                                                                                               |   |                                    |    |                                        |                                        |     |   |     |    |  **Exhibit                12.2** |     |
|----------------------------------------------------------------------------------------------------|--------|-----------------------------------------|---------|---------------------------------------------|---------------------------------------------|----------|--------|----------|---------|---------------------------------------|----------|
| **PUGET                SOUND ENERGY**                                                              |   |
| **STATEMENT                SETTING FORTH COMPUTATIONS OF RATIOS OF**                               |   |
| **EARNINGS                TO FIXED CHARGES**                                                       |   |
| **(Dollars                in Thousands)**                                                          |   |
|                                                                                               |   | **12                Months**            |    |                                        |                                        |     |   |     |    |                                  |     |   |   |
|                                                                                               |   | **Ended**                               |    |                                        |                                        |     |   |     |    |                                  |     |   |   |
|                                                                                               |   | **June                30,**             |    | **Years                Ended December 31,** |                                        |
|                                                                                               |   | **2006**                                |    | **2005**                                    |                                        | **2004** |   | **2003** |    | **2002**                              |     | **2001** |   |
| Earnings                Available For Fixed Charges:                                               |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |
| Pre-tax                income:                                                                     |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |
|    Income                from continuing operations                                 |   | $                                       | 166,360 |                                        | $                                           | 146,769  |   | $        | 126,192 |                                  | $        | 120,055 |   | $ | 108,948 |   | $ | 119,130 |   |
|    Income                taxes                                                      |   |                                    | 93,037  |                                        |                                        | 89,628   |   |     | 77,176  |                                  |     | 70,939 |   |   | 52,836 |   |   | 76,915 |   |
|    Income                taxes charged to other income - net                        |   |                                    | 1,880   |                                        |                                        | 2,141    |   |     | (17     | )                                     |     | (162 | ) |   | 2,082 |   |   | 4,590 |   |
|    Capitalized                interest                                              |   |                                    | (5,065  | )                                           |                                        | (3,800   | )      |     | (2,796  | )                                     |     | (2,272 | ) |   | (1,397 | ) |   | (883 | ) |
| Total                                                                                              |   | $                                       | 256,212 |                                        | $                                           | 234,738  |   | $        | 200,555 |                                  | $        | 188,560 |   | $ | 162,469 |   |  $ | 199,752 |   |
| Fixed                charges:                                                                      |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
|    Interest                expense                                                  |   | $                                       | 178,339 |                                        | $                                           | 174,458  |   | $        | 171,831 |                                  | $        | 182,779 |   | $ | 192,829 |   |  $ | 190,849 |   |
|    Other                interest                                                    |   |                                    | 5,065   |                                        |                                        | 3,800    |   |     | 2,796   |                                  |     | 2,272 |   |   | 1,397 |   |   | 883 |   |
| Portion                of rentals representative of the interest factor                            |   |                                    | 7,615   |                                        |                                        | 5,234    |   |     | 5,424   |                                  |     | 4,669 |   |   | 5,394 |   |   | 5,633 |   |
| Total                                                                                              |   | $                                       | 191,019 |                                        | $                                           | 183,492  |   | $        | 180,051 |                                  | $        | 189,720 |   | $ | 199,620 |   | $ | 197,365 |   |
| Earnings                available for combined fixed charges                                       |   | $                                       | 447,231 |                                        | $                                           | 418,230  |   | $        | 380,606 |                                  | $        | 378,280 |   | $ | 362,089 |   | $ | 397,117 |   |
|                                                                                               |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
| Ratio                of Earnings to Fixed Charges                                                  |   |                                    | 2.34    | x                                           |                                        | 2.28     | x      |     | 2.11    | x                                     |     | 1.99 | x |   | 1.81 | x |   | 2.01 | x |
|                                                                                               |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
| **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**                          |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |
|                                                                                                    |   | ** June                30,**  |    |                                        | **Years                Ended December 31,** |     |
|                                                                                               |   |  **2006**                          |    |                                        | **2005**                                    |     |   | **2004** |    |                                  | **2003** |   |   | **2002** |   |   | **2001** |   |
| Earnings                Available for Combined Fixed Charges and                                   |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
|    Preferred                Dividend Requirements:                                  |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
| Pre-tax                income:                                                                     |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
|    Income                from continuing operations                                 |   | $                                       | 166,360 |                                        | $                                           | 146,769  |   | $        | 126,192 |                                  | $        | 120,055 |   | $ | 108,948 |   | $ | 119,130 |   |
|    Income                taxes                                                      |   |                                    | 93,037  |                                        |                                        | 89,628   |   |     | 77,176  |                                  |     | 70,939 |   |   | 52,836 |   |   | 76,915 |   |
|    Income                taxes charged to other income - net                        |   |                                    | 1,880   |                                        |                                        | 2,141    |   |     | (17     | )                                     |     | (162 | ) |   | 2,082 |   |   | 4,590 |   |
| Subtotal                                                                                           |   |                                    | 261,277 |                                        |                                        | 238,538  |   |     | 203,351 |                                  |     | 190,832 |   |   | 163,866 |   |   | 200,635 |   |
|    Capitalized                interest                                              |   |                                    | (5,065  | )                                           |                                        | (3,800   | )      |     | (2,796  | )                                     |     | (2,272 | ) |   | (1,397 | ) |   | (883 | ) |
| Total                                                                                              |   | $                                       | 256,212 |                                        | $                                           | 234,738  |   | $        | 200,555 |                                  | $        | 188,560 |   | $ | 162,469 |   | $ | 199,752 |   |
| Fixed                charges:                                                                      |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
|    Interest                expense                                                  |   | $                                       | 178,339 |                                        | $                                           | 174,458  |   | $        | 171,831 |                                  | $        | 182,779 |   | $ | 192,829 |   | $ | 190,849 |   |
|    Other                interest                                                    |   |                                    | 5,065   |                                        |                                        | 3,800    |   |     | 2,796   |                                  |     | 2,272 |   |   | 1,397 |   |   | 883 |   |
| Portion                of rentals representative of the interest factor                            |   |                                    | 7,615   |                                        |                                        | 5,234    |   |     | 5,424   |                                  |     | 4,669 |   |   | 5,394 |   |   | 5,633 |   |
| Total                                                                                              |   | $                                       | 191,019 |                                        | $                                           | 183,492  |   | $        | 180,051 |                                  | $        | 189,720 |   | $ | 199,620 |   | $ | 197,365 |   |
| Earnings                Available for Combined Fixed Charges and                                   |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
|    Preferred                Dividend Requirements                                   |   | $                                       | 447,231 |                                        | $                                           | 418,230  |   | $        | 380,606 |                                  | $        | 378,280 |   | $ | 362,089 |   | $ | 397,117 |   |
| Dividend                Requirement:                                                               |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
|    Fixed                charges above                                               |   | $                                       | 191,019 |                                        | $                                           | 183,492  |   | $        | 180,051 |                                  | $        | 189,720 |   | $ | 199,620 |   | $ | 197,365 |   |
|    Preferred                dividend requirements below                             |   |                                    | --      |                                        |                                        | --       |   |     | --      |                                  |     | 8,188 |   |   | 11,779 |   |   | 14,169 |   |
| Total                                                                                              |   | $                                       | 191,019 |                                        | $                                           | 183,492  |   | $        | 180,051 |                                  | $        | 197,908 |   | $ | 211,399 |   | $ | 211,534 |   |
|                                                                                               |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
| Ratio                of Earnings to Combined Fixed Charges and                                     |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
| Preferred                Dividends Requirement                                                     |   |                                    | 2.34    | x                                           |                                        | 2.28     | x      |     | 2.11    | x                                     |     | 1.91 | x |   | 1.71 | x |   | 1.88 | x |
|                                                                                               |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
| Computation                of Preferred Dividend Requirements:                                     |   |                                    |    |                                        |                                        |     |   |     |    |                                  |     |   |   |   |   |   |   |   |   |
|     (a)                Pre-tax income                                          |   | $                                       | 261,277 |                                        | $                                           | 238,538  |   | $        | 203,351 |                                  | $        | 190,832 |   | $ | 163,866 |   | $ | 200,635 |   |
|     (b)                Income from continuing operations                       |   | $                                       | 166,360 |                                        | $                                           | 146,769  |   | $        | 126,192 |                                  | $        | 120,055 |   | $ | 108,948 |   | $ | 119,130 |   |
|     (c)                Ratio of (a) to (b)                                     |   |                                    | 1.5706  |                                        |                                        | 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 |   |