|                                                                                             |   |           |    |   |                          |   |    | 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, |   |
|                                                                                             |   | 2008           |    |   | 2007                          |   |    | 2006              |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
| Earnings      Available For Fixed Charges:                                                       |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |
| Pre-tax      income:                                                                             |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |
|    Income      from continuing operations before income taxes                     |   | $              | 269,101 |   |                          | $      | 265,308 |              |   | $ | 275,339 |   |   | $ | 233,900 |   |   | $ | 200,533 |   |   |  $ | 185,894 |   |
|         AFUDC - equity                                                                 |   |           | (1,700  | )      |                          |   | (1,351  | )                 |   |   | (7,978 | ) |   |   | (3,800 | ) |   |   | (2,796 | ) |   |   | (2,272 | ) |
|    AFUDC      - debt                                                              |   |           | (12,626 | )      |                          |   | (12,614 | )                 |   |   | (15,874 | ) |   |   | (9,493 | ) |   |   | (5,420 | ) |   |   | (3,343 | ) |
| Total                                                                                            |   | $              | 254,775 |   |                          | $      | 251,342 |              |   | $ | 251,487 |   |   | $ | 220,607 |   |   | $ | 192,317 |   |   |  $ | 180,279 |   |
| Fixed      charges:                                                                              |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest      expense                                                          |   | $              | 218,808 |   |                          | $      | 219,120 |              |   | $ | 184,859 |   |   | $ | 174,458 |   |   | $ | 171,831 |   |   |  $ | 182,779 |   |
|    Other      interest                                                            |   |           | 1,700   |   |                          |   | 1,351   |              |   |   | 7,978 |   |   |   | 3,800 |   |   |   | 2,796 |   |   |   | 2,272 |   |
|    Portion      of rentals representative of the interest factor                  |   |           | 9,340   |   |                          |   | 9,199   |              |   |   | 9,151 |   |   |   | 5,234 |   |   |   | 5,424 |   |   |   | 4,669 |   |
| Total                                                                                            |   | $              | 229,848 |   |                          | $      | 229,670 |              |   | $ | 201,988 |   |   | $ | 183,492 |   |   | $ | 180,051 |   |   |  $ | 189,721 |   |
| Earnings      available for combined fixed charges                                               |   | $              | 484,623 |   |                          | $      | 481,012 |              |   | $ | 453,475 |   |   | $ | 404,099 |   |   | $ | 372,368 |   |   |  $ | 370,000 |   |
|                                                                                             |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges                                                          |   |           | 2.11    | x      |                          |   | 2.09    | x                 |   |   | 2.25 | x |   |   | 2.20 | x |   |   | 2.07 | x |   |   | 1.95 | 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          |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   | March      31, |    |   | Years      Ended December 31, |   |
|                                                                                             |   | 2008           |    |   | 2007                          |   |    | 2006              |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
| Earnings      Available for Combined Fixed Charges and                                           |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred      Dividend Requirements:                                          |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax      income:                                                                             |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Income      from continuing operations before income taxes                     |   | $              | 269,101 |   |                          | $      | 265,308 |              |   | $ | 275,339 |   |   | $ | 233,900 |   |   | $ | 200,533 |   |   |  $ | 185,894 |   |
|         AFUDC - equity                                                                 |   |           | (1,700  | )      |                          |   | (1,351  | )                 |   |   | (7,978 | ) |   |   | (3,800 | ) |   |   | (2,796 | ) |   |   | (2,272 | ) |
|    AFUDC      - debt                                                              |   |           | (12,626 | )      |                          |   | (12,614 | )                 |   |   | (15,874 | ) |   |   | (9,493 | ) |   |   | (5,420 | ) |   |   | (3,343 | ) |
| Total                                                                                            |   | $              | 254,775 |   |                          | $      | 251,342 |              |   | $ | 251,487 |   |   | $ | 220,607 |   |   | $ | 192,317 |   |   |  $ | 180,279 |   |
| Fixed      charges:                                                                              |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest      expense                                                          |   | $              | 218,808 |   |                          | $      | 219,120 |              |   | $ | 184,859 |   |   | $ | 174,458 |   |   | $ | 171,831 |   |   |  $ | 182,779 |   |
|    Other      interest                                                            |   |           | 1,700   |   |                          |   | 1,351   |              |   |   | 7,978 |   |   |   | 3,800 |   |   |   | 2,796 |   |   |   | 2,272 |   |
|    Portion      of rentals representative of the interest factor                  |   |           | 9,340   |   |                          |   | 9,199   |              |   |   | 9,151 |   |   |   | 5,234 |   |   |   | 5,424 |   |   |   | 4,669 |   |
| Total                                                                                            |   | $              | 229,848 |   |                          | $      | 229,670 |              |   | $ | 201,988 |   |   | $ | 183,492 |   |   | $ | 180,051 |   |   |  $ | 189,721 |   |
| Earnings      Available for Combined Fixed Charges and                                           |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred      Dividend Requirements                                           |   | $              | 484,623 |   |                          | $      | 481,012 |              |   | $ | 453,475 |   |   | $ | 404,099 |   |   | $ | 372,368 |   |   |  $ | 370,000 |   |
| Dividend      Requirement:                                                                       |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Fixed      charges above                                                       |   | $              | 229,848 |   |                          | $      | 229,670 |              |   | $ | 201,988 |   |   | $ | 183,492 |   |   | $ | 180,051 |   |   |  $ | 189,722 |   |
|    Preferred      dividend requirements below                                     |   |           | --      |   |                          |   | --      |              |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | 8,333 |   |
| Total                                                                                            |   | $              | 229,848 |   |                          | $      | 229,670 |              |   | $ | 201,988 |   |   | $ | 183,492 |   |   | $ | 180,051 |   |   |  $ | 198,055 |   |
|                                                                                             |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Combined Fixed Charges and                                             |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Preferred Dividends Requirement                                                      |   |           | 2.11    | x      |                          |   | 2.09    | x                 |   |   | 2.25 | x |   |   | 2.20 | x |   |   | 2.07 | x |   |   | 1.87 | x |
|                                                                                             |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Computation      of Preferred Dividend Requirements:                                             |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |           |    |   |                          |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     (a)      Income from continuing operations before income taxes           |   | $              | 269,101 |   |                          | $      | 265,308 |              |   | $ | 275,339 |   |   | $ | 233,900 |   |   | $ | 200,533 |   |   |  $ | 185,894 |   |
|     (b)      Net income before extraordinary items                           |   | $              | 193,254 |   |                          | $      | 191,127 |              |   | $ | 176,650 |   |   | $ | 146,840 |   |   | $ | 126,192 |   |   |  $ | 114,903 |   |
|     (c)      Ratio of (a) to (b)                                             |   |           | 1.3925  |   |                          |   | 1.3881  |              |   |   | 1.5587 |   |   |   | 1.5929 |   |   |   | 1.5891 |   |   |   | 1.6178 |   |
|     (d)      Preferred dividends                                             |   | $              | --      |   |                          | $      | --      |              |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   |  $ | 5,151 |   |
|   Preferred      dividend requirements          [(d) multiplied by (c)] |   | $              | --      |   |                          | $      | --      |              |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   |  $ | 8,333 |   |