|                                                                                   |                                                                                                                                                                                                                                                                                                          |                                                                    |      |                                                                    |                     |                                                                    |   |                                                                    |   |                                                                    |    Exhibit 12.2 |
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|   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, |
|                                                                                   |                                                                                                                                                                                                                                                                                                          |                                                                    | 2010      |                                                                    | 2009                     |                                                                    | 2008   |                                                                    | 2007   |                                                                    | 2006                           |   | 2005 |
| Earnings Available For Fixed Charges:                                             |                                                                                                                                                                                                                                                                                                          |                                                                    |      |                                                                    |                     |                                                                    |   |                                                                    |   |                                                                    |                           |   |
| Pre-tax income:                                                                        |                                                                                                                                                                                                                                                                                                          |                                                                    |      |                                                                    |                     |                                                                    |   |                                                                    |   |                                                                    |                           |   |
|    Income from continuing operations   before income taxes    | $                                                                                                                                                                                                                                                                                                             |            2,821 | $         |        226,896                       | $                        |        223,618                       | $      |        265,308                       | $      |        275,339                       | $                              |        233,900 |
|    AFUDC - equity                                                       |                                                                                                                                                                                                                                                                                                          |          (7,050)           |      |          (4,177)           |                     |          (2,627)           |   |          (1,351)           |   |          (7,978)           |                           |          (3,800) |
|    AFUDC - debt                                                         |                                                                                                                                                                                                                                                                                                          |         (11,222)                |      |          (9,214)           |                     |          (8,610)           |   |         (12,614)                |   |         (15,874)                |                           |          (9,493) |
| Total                                                                                  | $                                                                                                                                                                                                                                                                                                             |         (15,451)                | $         |        213,505                       | $                        |        212,381                       | $      |        251,342                       | $      |        251,487                       | $                              |        220,607 |
| Fixed charges:                                                                         |                                                                                                                                                                                                                                                                                                          |                                                                    |      |                                                                    |                     |                                                                    |   |                                                                    |   |                                                                    |                           |   |
|    Interest expense                                                     | $                                                                                                                                                                                                                                                                                                             |        225,409                       | $         |        211,742                       | $                        |        203,402                       | $      |        219,120                       | $      |        184,859                       | $                              |        174,458 |
|    Other interest                                                       |                                                                                                                                                                                                                                                                                                          |            7,050 |      |            4,177 |                     |            2,627 |   |            1,351 |   |            7,978 |                           |            3,800 |
|    Portion of rentals representative of   the interest factor |                                                                                                                                                                                                                                                                                                          |            8,350 |      |          10,212            |                     |          11,775            |   |            9,199 |   |            9,151 |                           |            5,234 |
| Total                                                                                  | $                                                                                                                                                                                                                                                                                                             |        240,809                       | $         |        226,131                       | $                        |        217,804                       | $      |        229,670                       | $      |        201,988                       | $                              |        183,492 |
| Earnings available for combined fixed    charges                             | $                                                                                                                                                                                                                                                                                                             |        225,358                       | $         |        439,636                       | $                        |        430,185                       | $      |        481,012                       | $      |        453,475                       | $                              |        404,099 |
|                                                                                   |                                                                                                                                                                                                                                                                                                          |                                                                    |      |                                                                    |                     |                                                                    |   |                                                                    |   |                                                                    |                           |   |   |
| Ratio of Earnings to Fixed Charges                                                     |                                                                                                                                                                                                                                                                                                          |     --1                                                  |      | 1.94x                                                                   |                     | 1.98x                                                                   |   | 2.09x                                                                   |   | 2.25x                                                                   |                           | 2.20x |
| _______________                                                                        |                                                                                                                                                                                                                                                                                                          |                                                                    |      |                                                                    |                     |                                                                    |   |                                                                    |   |                                                                    |                           |   |
| 1                                                                                 | The ratio of earnings to fixed charges was less than 1:1 for the twelve months ended June 30, 2010 due to the unrealized loss on derivative instruments of $128.5 million during this same period.  Additional earnings of $15.5 million would have been needed to achieve a coverage ratio of 1:1. |