|                                                                                      |                         |    |                                        |   |     |   | **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,** |
|                                                                                      | **2005**                     |    | **2004**                                    |   | **2003** |   | **2002**                        |   | **2001** |   | **2000** |   |
| Earnings                Available For Fixed Charges:                                      |                         |    |                                        |   |     |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax                income:                                                            |                         |    |                                        |   |     |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|    Income                from continuing operations                        | $                            | 153,181 |                                        | $      | 126,192  |   | $                               | 120,055 |   | $ | 108,948 |   | $ | 119,130 |   | $ | 194,374 |   |
|    Income                taxes                                             |                         | 96,163  |                                        |   | 77,176   |   |                            | 70,939 |   |   | 52,836 |   |   | 76,915 |   |   | 129,407 |   |
|    Income                taxes charged to other income - net               |                         | 1,074   |                                        |   | (17      | )      |                            | (162 | ) |   | 2,082 |   |   | 4,590 |   |   | 1,411 |   |
|    Capitalized                interest                                     |                         | (3,337  | )                                           |   | (2,796   | )      |                            | (2,272 | ) |   | (1,397 | ) |   | (883 | ) |   | (1,264 | ) |
| Total                                                                                     | $                            | 247,081 |                                        | $      | 200,555  |   | $                               | 188,560 |   | $ | 162,469 |   | $ | 199,752 |   | $ | 323,928 |   |
| Fixed                charges:                                                             |                         |    |                                        |   |     |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|    Interest                expense                                         | $                            | 170,032 |                                        | $      | 171,831  |   | $                               | 182,779 |   | $ | 192,829 |   | $ | 190,849 |   | $ | 184,217 |   |
|    Other                interest                                           |                         | 3,337   |                                        |   | 2,796    |   |                            | 2,272 |   |   | 1,397 |   |   | 883 |   |   | 1,264 |   |
|    Portion                of rentals representative of the interest factor |                         | 5,824   |                                        |   | 5,424    |   |                            | 4,669 |   |   | 5,394 |   |   | 5,633 |   |   | 5,002 |   |
| Total                                                                                     | $                            | 179,193 |                                        | $      | 180,051  |   | $                               | 189,720 |   | $ | 199,620 |   | $ | 197,365 |   | $ | 190,483 |   |
| Earnings                available for combined fixed charges                              | $                            | 426,274 |                                        | $      | 380,606  |   | $                               | 378,280 |   | $ | 362,089 |   | $ | 397,117 |   | $ | 514,411 |   |
|                                                                                      |                         |    |                                        |   |     |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Ratio                of Earnings to Fixed Charges                                         |                         | 2.38x   |                                        |   | 2.11x    |   |                            | 1.99x |   |   | 1.81x |   |   | 2.01x |   |   | 2.70x |   |

| **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 in December 31,** |
|                                                                                               | **2005** |   | **2004** |   | **2003** |   | **2002** |   | **2001** |   | **2000** |   |
| Earnings                Available for Combined Fixed Charges and                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred                Dividend Requirements:                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax                income:                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Income                from continuing operations                                 | $ | 153,181 |   | $ | 126,192 |   | $ | 120,055 |   | $ | 108,948 |   | $ | 119,130 |   | $ | 194,374 |   |
|    Income                taxes                                                      |   | 96,163 |   |   | 77,176 |   |   | 70,939 |   |   | 52,836 |   |   | 76,915 |   |   | 129,407 |   |
|    Income                taxes charged to other income - net                        |   | 1,074 |   |   | (17 | ) |   | (162 | ) |   | 2,082 |   |   | 4,590 |   |   | 1,411 |   |
| Subtotal                                                                                           |   | 250,418 |   |   | 203,351 |   |   | 190,832 |   |   | 163,866 |   |   | 200,635 |   |   | 325,192 |   |
|    Capitalized                interest                                              |   | (3,337 | ) |   | (2,796 | ) |   | (2,272 | ) |   | (1,397 | ) |   | (883 | ) |   | (1,264 | ) |
| Total                                                                                              | $ | 247,081 |   | $ | 200,555 |   | $ | 188,560 |   | $ | 162,469 |   | $ | 199,752 |   | $ | 323,928 |   |
| Fixed                charges:                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest                expense                                                  | $ | 170,032 |   | $ | 171,831 |   | $ | 182,779 |   | $ | 192,829 |   | $ | 190,849 |   | $ | 184,217 |   |
|    Other                interest                                                    |   | 3,337 |   |   | 2,796 |   |   | 2,272 |   |   | 1,397 |   |   | 883 |   |   | 1,264 |   |
| Portion                of rentals representative of the interest factor                            |   | 5,824 |   |   | 5,424 |   |   | 4,669 |   |   | 5,394 |   |   | 5,633 |   |   | 5,002 |   |
| Total                                                                                              | $ | 179,193 |   | $ | 180,051 |   | $ | 189,720 |   | $ | 199,620 |   | $ | 197,365 |   | $ | 190,483 |   |
| Earnings                Available for Combined Fixed Charges and                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred                Dividend Requirements                                   | $ | 426,274 |   | $ | 380,606 |   | $ | 378,280 |   | $ | 362,089 |   | $ | 397,117 |   | $ | 514,411 |   |
| Dividend                Requirement:                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Fixed                charges above                                               | $ | 179,193 |   | $ | 180,051 |   | $ | 189,720 |   | $ | 199,620 |   | $ | 197,365 |   | $ | 190,483 |   |
|    Preferred                dividend requirements below                             |   | - |   |   | - |   |   | 8,188 |   |   | 11,779 |   |   | 14,169 |   |   | 15,047 |   |
| Total                                                                                              | $ | 179,193 |   | $ | 180,051 |   | $ | 197,908 |   | $ | 211,399 |   | $ | 211,534 |   | $ | 205,530 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio                of Earnings to Combined Fixed Charges and                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred                Dividends Requirement                                                     |   | 2.38x |   |   | 2.11x |   |   | 1.91x |   |   | 1.71x |   |   | 1.88x |   |   | 2.50x |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Computation                of Preferred Dividend Requirements:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     (a)                Pre-tax income                                          | $ | 250,418 |   | $ | 203,351 |   | $ | 190,832 |   | $ | 163,866 |   | $ | 200,635 |   | $ | 325,192 |   |
|     (b)                Income from continuing operations                       | $ | 153,181 |   | $ | 126,192 |   | $ | 120,055 |   | $ | 108,948 |   | $ | 119,130 |   | $ | 194,374 |   |
|     (c)                Ratio of (a) to (b)                                     |   | 1.6348 |   |   | 1.6114 |   |   | 1.5895 |   |   | 1.5041 |   |   | 1.6842 |   |   | 1.6730 |   |
|     (d)                Preferred dividends                                     | $ | - |   | $ | - |   | $ | 5,151 |   | $ | 7,831 |   | $ | 8,413 |   | $ | 8,994 |   |
|   Preferred                dividend requirements [(d) multiplied by (c)]                 | $ | - |   | $ | - |   | $ | 8,188 |   | $ | 11,779 |   | $ | 14,169 |   | $ | 15,047 |   |