|                                                                       |   |      |    |                     |   |   |    |   |   |   |    |   |   |   |   Exhibit 12.2 |
|----------------------------------------------------------------------------|--------|-----------|---------|--------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|--------------------------|
| PUGET SOUND ENERGY                                                         |
| STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF                          |
| EARNINGS TO FIXED CHARGES                                                  |
| (Dollars in Thousands)                                                     |
|                                                                       |   |      |    |                     |   |   |    |   |   |   |    |   |   |   |                     |   |   |   |
|                                                                       |   |      |    |                     |   |   |    |   |   |   |    |   |   |   |                     |   |   |   |
|                                                                       |   | 12 Months |    |                     |   |   |    |   |   |   |    |   |   |   |                     |   |   |   |
|                                                                       |   | Ended     |    |                     |   |   |    |   |   |   |    |   |   |   |                     |   |   |   |
|                                                                       |   | March 31, |    | Years Ended December 31, |
|                                                                       |   | 2011      |    |                     | 2010   |   |    | 2009   |   |   | 2008    |   |   | 2007   |                     |   | 2006 |   |
| Earnings Available For Fixed Charges:                                      |   |      |    |                     |   |   |    |   |   |   |    |   |   |   |                     |   |   |   |
| Pre-tax income:                                                            |   |      |    |                     |   |   |    |   |   |   |    |   |   |   |                     |   |   |   |
|    Income from continuing operations before income taxes    |   | $         | 228,875 |                     |   | $      | 26,217  |   |   | $      | 226,896 |   |   | $      | 223,618                  |   |   | $ | 265,308 |   |   | $ | 275,339 |   |
|    AFUDC - equity                                           |   |      | (14,493 | )                        |   |   | (12,677 | )      |   |   | (4,177  | )      |   |   | (2,627                   | ) |   |   | (1,351 | ) |   |   | (7,978 | ) |
|    AFUDC - debt                                             |   |      | (15,811 | )                        |   |   | (14,157 | )      |   |   | (9,215  | )      |   |   | (8,610                   | ) |   |   | (12,614 | ) |   |   | (15,874 | ) |
| Total                                                                      |   | $         | 198,571 |                     |   | $      | (617    | )      |   | $      | 213,504 |   |   | $      | 212,381                  |   |   | $ | 251,342 |   |   | $ | 251,487 |   |
| Fixed charges:                                                             |   |      |    |                     |   |   |    |   |   |   |    |   |   |   |                     |   |   |   |   |   |   |   |   |   |
|    Interest expense                                         |   | $         | 229,997 |                     |   | $      | 235,011 |   |   | $      | 211,742 |   |   | $      | 203,402                  |   |   | $ | 219,120 |   |   | $ | 184,859 |   |
|    Other interest                                           |   |      | 14,493  |                     |   |   | 12,677  |   |   |   | 4,177   |   |   |   | 2,627                    |   |   |   | 1,351 |   |   |   | 7,978 |   |
|    Portion of rentals representative of the interest factor |   |      | 5,618   |                     |   |   | 5,391   |   |   |   | 10,212  |   |   |   | 11,775                   |   |   |   | 9,199 |   |   |   | 9,151 |   |
| Total                                                                      |   | $         | 250,108 |                     |   | $      | 253,079 |   |   | $      | 226,131 |   |   | $      | 217,804                  |   |   | $ | 229,670 |   |   | $ | 201,988 |   |
| Earnings available for combined fixed charges                              |   | $         | 448,679 |                     |   | $      | 252,462 |   |   | $      | 439,635 |   |   | $      | 430,185                  |   |   | $ | 481,012 |   |   | $ | 453,475 |   |
|                                                                       |   |      |    |                     |   |   |    |   |   |   |    |   |   |   |                     |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                                         |   |      | 1.79    | x                        |   |   | 1.00    | x      |   |   | 1.94    | x      |   |   | 1.98                     | x |   |   | 2.09 | x |   |   | 2.25 | x |