|                                                                                               |   |                         |    |   |                                        |   |    | **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,** |   |
|                                                                                               |   | **2007**                     |    |   | **2006**                                    |   |    | **2005**                                                                                    |   |   | **2004** |   |   | **2003** |   |   | **2002** |   |
| Earnings                Available For Fixed Charges:                                               |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Pre-tax                income:                                                                     |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |
|    Income                from continuing operations                                 |   | $                            | 189,935 |   |                                        | $      | 176,739 |                                                                                        |   | $ | 146,769 |   |   | $ | 126,192 |   |   | $ | 120,055 |   |   | $ | 108,948 |   |
|    Income                taxes                                                      |   |                         | 94,694  |   |                                        |   | 97,227  |                                                                                        |   |   | 89,628 |   |   |   | 77,176 |   |   |   | 70,939 |   |   |   | 52,836 |   |
|    Income                taxes charged to other income - net                        |   |                         | 1,131   |   |                                        |   | 1,462   |                                                                                        |   |   | 2,141 |   |   |   | (17 | ) |   |   | (162 | ) |   |   | 2,082 |   |
|    Capitalized                interest                                              |   |                         | (5,746  | )      |                                        |   | (7,978  | )                                                                                           |   |   | (3,800 | ) |   |   | (2,796 | ) |   |   | (2,272 | ) |   |   | (1,397 | ) |
| Total                                                                                              |   | $                            | 280,014 |   |                                        | $      | 267,450 |                                                                                        |   | $ | 234,738 |   |   | $ | 200,555 |   |   | $ | 188,560 |   |   |   | 162,469 |   |
| Fixed                charges:                                                                      |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest                expense                                                  |   | $                            | 200,591 |   |                                        | $      | 184,859 |                                                                                        |   | $ | 174,458 |   |   | $ | 171,831 |   |   | $ | 182,779 |   |   |   | 192,829 |   |
|    Other                interest                                                    |   |                         | 5,746   |   |                                        |   | 7,978   |                                                                                        |   |   | 3,800 |   |   |   | 2,796 |   |   |   | 2,272 |   |   |   | 1,397 |   |
|    Portion                of rentals representative of the interest factor          |   |                         | 9,027   |   |                                        |   | 9,151   |                                                                                        |   |   | 5,234 |   |   |   | 5,424 |   |   |   | 4,669 |   |   |   | 5,394 |   |
| Total                                                                                              |   | $                            | 215,364 |   |                                        | $      | 201,988 |                                                                                        |   | $ | 183,492 |   |   | $ | 180,051 |   |   | $ | 189,720 |   |   |   | 199,620 |   |
| Earnings                available for combined fixed charges                                       |   | $                            | 495,378 |   |                                        | $      | 469,438 |                                                                                        |   | $ | 418,230 |   |   | $ | 380,606 |   |   | $ | 378,280 |   |   |   | 362,089 |   |
| Ratio                of Earnings to Fixed Charges                                                  |   |                         | 2.30x   |   |                                        |   | 2.32x   |                                                                                        |   |   | 2.28x |   |   |   | 2.11x |   |   |   | 1.99x |   |   |   | 1.81x |   |
|                                                                                               |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **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,** |   |
|                                                                                               |   | **2007**                     |    |   | **2006**                                    |   |    | **2005**                                                                                    |   |   | **2004** |   |   | **2003** |   |   | **2002** |   |
| Earnings                Available for Combined Fixed Charges and                                   |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred                Dividend Requirements:                                  |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax                income:                                                                     |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Income                from continuing operations                                 |   | $                            | 189,935 |   |                                        | $      | 176,739 |                                                                                        |   | $ | 146,769 |   |   | $ | 126,192 |   |   | $ | 120,055 |   |   | $ | 108,948 |   |
|    Income                taxes                                                      |   |                         | 94,694  |   |                                        |   | 97,227  |                                                                                        |   |   | 89,628 |   |   |   | 77,176 |   |   |   | 70,939 |   |   |   | 52,836 |   |
|    Income                taxes charged to other income - net                        |   |                         | 1,131   |   |                                        |   | 1,462   |                                                                                        |   |   | 2,141 |   |   |   | (17 | ) |   |   | (162 | ) |   |   | 2,082 |   |
| Subtotal                                                                                           |   |                         | 285,760 |   |                                        |   | 275,428 |                                                                                        |   |   | 238,538 |   |   |   | 203,351 |   |   |   | 190,832 |   |   |   | 163,866 |   |
|    Capitalized                interest                                              |   |                         | (5,746  | )      |                                        |   | (7,978  | )                                                                                           |   |   | (3,800 | ) |   |   | (2,796 | ) |   |   | (2,272 | ) |   |   | (1,397 | ) |
| Total                                                                                              |   | $                            | 280,014 |   |                                        | $      | 267,450 |                                                                                        |   | $ | 234,738 |   |   | $ | 200,555 |   |   | $ | 188,560 |   |   | $ | 162,469 |   |
| Fixed                charges:                                                                      |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest                expense                                                  |   | $                            | 200,591 |   |                                        | $      | 184,859 |                                                                                        |   | $ | 174,458 |   |   | $ | 171,831 |   |   | $ | 182,779 |   |   | $ | 192,829 |   |
|    Other                interest                                                    |   |                         | 5,746   |   |                                        |   | 7,978   |                                                                                        |   |   | 3,800 |   |   |   | 2,796 |   |   |   | 2,272 |   |   |   | 1,397 |   |
|    Portion                of rentals representative of the interest factor          |   |                         | 9,027   |   |                                        |   | 9,151   |                                                                                        |   |   | 5,234 |   |   |   | 5,424 |   |   |   | 4,669 |   |   |   | 5,394 |   |
| Total                                                                                              |   | $                            | 215,364 |   |                                        | $      | 201,988 |                                                                                        |   | $ | 183,492 |   |   | $ | 180,051 |   |   | $ | 189,720 |   |   | $ | 199,620 |   |
| Earnings                Available for Combined Fixed Charges and                                   |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred                Dividend Requirements                                   |   | $                            | 495,378 |   |                                        | $      | 469,438 |                                                                                        |   | $ | 418,230 |   |   | $ | 380,606 |   |   | $ | 378,280 |   |   | $ | 362,089 |   |
| Dividend                Requirement:                                                               |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Fixed                charges above                                               |   | $                            | 215,364 |   |                                        | $      | 201,988 |                                                                                        |   | $ | 183,492 |   |   | $ | 180,051 |   |   | $ | 189,720 |   |   | $ | 199,620 |   |
|    Preferred                dividend requirements below                             |   |                         | -       |   |                                        |   | -       |                                                                                        |   |   | - |   |   |   | - |   |   |   | 8,188 |   |   |   | 11,779 |   |
| Total                                                                                              |   | $                            | 215,364 |   |                                        | $      | 201,988 |                                                                                        |   | $ | 183,492 |   |   | $ | 180,051 |   |   | $ | 197,908 |   |   | $ | 211,399 |   |
| Ratio                of Earnings to Combined Fixed Charges and                                     |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred                Dividends Requirement                                   |   |                         | 2.30x   |   |                                        |   | 2.32x   |                                                                                        |   |   | 2.28x |   |   |   | 2.11x |   |   |   | 1.91x |   |   |   | 1.71x |   |
| Computation                of Preferred Dividend Requirements:                                     |   |                         |    |   |                                        |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    (a)                Pre-tax income                                                |   | $                            | 285,759 |   |                                        | $      | 275,428 |                                                                                        |   | $ | 238,538 |   |   | $ | 203,351 |   |   | $ | 190,832 |   |   | $ | 163,866 |   |
|    (b)                Income from continuing operations                             |   | $                            | 189,935 |   |                                        | $      | 176,739 |                                                                                        |   | $ | 146,769 |   |   | $ | 126,192 |   |   | $ | 120,055 |   |   | $ | 108,948 |   |
|    (c)                Ratio of (a) to (b)                                           |   |                         | 1.5045  |   |                                        |   | 1.5584  |                                                                                        |   |   | 1.6253 |   |   |   | 1.6114 |   |   |   | 1.5895 |   |   |   | 1.5041 |   |
|    (d)                Preferred dividends                                           |   | $                            | -       |   |                                        | $      | -       |                                                                                        |   | $ | - |   |   | $ | - |   |   | $ | 5,151 |   |   | $ | 7,831 |   |
|    Preferred                dividend requirements [(d) multiplied by (c)]           |   | $                            | -       |   |                                        | $      | -       |                                                                                        |   | $ | - |   |   | $ | - |   |   | $ | 8,188 |   |   | $ | 11,779 |   |