|                                                                                               |   |                               |     |                                        |                                        | **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,** |                                        |
|                                                                                               |   | **2007**                           |     | **2006**                                    |                                        | **2005**                        |   | **2004** |   | **2003** |   | **2002** |   |
| Earnings                Available For Fixed Charges:                                               |   |                               |     |                                        |                                        |                            |   |   |   |   |   |   |   |
| Pre-tax                income:                                                                     |   |                               |     |                                        |                                        |                            |   |   |   |   |   |   |   |
|    Income                from continuing operations                                 |   | $                                  | 181,677  |                                        | $                                           | 176,739                         |   | $ | 146,769 |   | $ | 126,192 |   | $ | 120,055 |   | $ | 108,948 |   |
|    Income                taxes                                                      |   |                               | 92,644   |                                        |                                        | 97,227                          |   |   | 89,628 |   |   | 77,176 |   |   | 70,939 |   |   | 52,836 |   |
|    Income                taxes charged to other income - net                        |   |                               | 502      |                                        |                                        | 1,462                           |   |   | 2,141 |   |   | (17 | ) |   | (162 | ) |   | 2,082 |   |
|    Capitalized                interest                                              |   |                               | (6,637   | )                                           |                                        | (7,978                          | ) |   | (3,800 | ) |   | (2,796 | ) |   | (2,272 | ) |   | (1,397 | ) |
| Total                                                                                              |   | $                                  | 268,186  |                                        | $                                           | 267,450                         |   | $ | 234,738 |   | $ | 200,555 |   | $ | 188,560 |   |   | 162,469 |   |
| Fixed                charges:                                                                      |   |                               |     |                                        |                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest                expense                                                  |   | $                                  | 192,743  |                                        | $                                           | 184,859                         |   | $ | 174,458 |   | $ | 171,831 |   | $ | 182,779 |   |   | 192,829 |   |
|    Other                interest                                                    |   |                               | 6,637    |                                        |                                        | 7,978                           |   |   | 3,800 |   |   | 2,796 |   |   | 2,272 |   |   | 1,397 |   |
|    Portion                of rentals representative of the interest factor          |   |                               | 9,017    |                                        |                                        | 9,151                           |   |   | 5,234 |   |   | 5,424 |   |   | 4,669 |   |   | 5,394 |   |
| Total                                                                                              |   | $                                  | 208,397  |                                        | $                                           | 201,988                         |   | $ | 183,492 |   | $ | 180,051 |   | $ | 189,720 |   |   | 199,620 |   |
| Earnings                available for combined fixed charges                                       |   | $                                  | 476,583  |                                        | $                                           | 469,438                         |   | $ | 418,230 |   | $ | 380,606 |   | $ | 378,280 |   |   | 362,089 |   |
| Ratio                of Earnings to Fixed Charges                                                  |   |                               | 2.29x    |                                        |                                        | 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**                    |     |                                        |                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |  **March                31,** |     |                                        | **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                                 |   | $                                  | 181,677  |                                        | $                                           | 176,739                         |   | $ | 146,769 |   | $ | 126,192 |   | $ | 120,055 |   | $ | 108,948 |   |
|    Income                taxes                                                      |   |                               | 92,644   |                                        |                                        | 97,227                          |   |   | 89,628 |   |   | 77,176 |   |   | 70,939 |   |   | 52,836 |   |
|    Income                taxes charged to other income - net                        |   |                               | 502      |                                        |                                        | 1,462                           |   |   | 2,141 |   |   | (17 | ) |   | (162 | ) |   | 2,082 |   |
| Subtotal                                                                                           |   |                               | 274,823  |                                        |                                        | 275,428                         |   |   | 238,538 |   |   | 203,351 |   |   | 190,832 |   |   | 163,866 |   |
|    Capitalized                interest                                              |   |                               | (6,637   | )                                           |                                        | (7,978                          | ) |   | (3,800 | ) |   | (2,796 | ) |   | (2,272 | ) |   | (1,397 | ) |
| Total                                                                                              |   | $                                  | 268,186  |                                        | $                                           | 267,450                         |   | $ | 234,738 |   | $ | 200,555 |   | $ | 188,560 |   | $ | 162,469 |   |
| Fixed                charges:                                                                      |   |                               |     |                                        |                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest                expense                                                  |   | $                                  | 192,743  |                                        | $                                           | 184,859                         |   | $ | 174,458 |   | $ | 171,831 |   | $ | 182,779 |   | $ | 192,829 |   |
|    Other                interest                                                    |   |                               | 6,637    |                                        |                                        | 7,978                           |   |   | 3,800 |   |   | 2,796 |   |   | 2,272 |   |   | 1,397 |   |
|                   Portion of rentals representative of the interest factor               |   |                               | 9,017    |                                        |                                        | 9,151                           |   |   | 5,234 |   |   | 5,424 |   |   | 4,669 |   |   | 5,394 |   |
| Total                                                                                              |   | $                                  | 208,397  |                                        | $                                           | 201,988                         |   | $ | 183,492 |   | $ | 180,051 |   | $ | 189,720 |   | $ | 199,620 |   |
| Earnings                Available for Combined Fixed Charges and                                   |   |                               |     |                                        |                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred                Dividend Requirements                                   |   | $                                  | 476,583  |                                        | $                                           | 469,438                         |   | $ | 418,230 |   | $ | 380,606 |   | $ | 378,280 |   | $ | 362,089 |   |
| Dividend                Requirement:                                                               |   |                               |     |                                        |                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Fixed                charges above                                               |   | $                                  | 208,397  |                                        | $                                           | 201,988                         |   | $ | 183,492 |   | $ | 180,051 |   | $ | 189,720 |   | $ | 199,620 |   |
|    Preferred                dividend requirements below                             |   |                               | --       |                                        |                                        | --                              |   |   | -- |   |   | -- |   |   | 8,188 |   |   | 11,779 |   |
| Total                                                                                              |   | $                                  | 208,397  |                                        | $                                           | 201,988                         |   | $ | 183,492 |   | $ | 180,051 |   | $ | 197,908 |   | $ | 211,399 |   |
| Ratio                of Earnings to Combined Fixed Charges and                                     |   |                               |     |                                        |                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred                Dividends Requirement                                                     |   |                               | 2.29x    |                                        |                                        | 2.32x                           |   |   | 2.28x |   |   | 2.11x |   |   | 1.91x |   |   | 1.71x |   |
|                                                                                               |   |                               |     |                                        |                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Computation                of Preferred Dividend Requirements:                                     |   |                               |     |                                        |                                        |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     (a)                Pre-tax income                                          |   | $                                  | 274,823  |                                        | $                                           | 275,428                         |   | $ | 238,538 |   | $ | 203,351 |   | $ | 190,832 |   | $ | 163,866 |   |
|     (b)                Income from continuing operations                       |   | $                                  | 181,677  |                                        | $                                           | 176,739                         |   | $ | 146,769 |   | $ | 126,192 |   | $ | 120,055 |   | $ | 108,948 |   |
|     (c)                Ratio of (a) to (b)                                     |   |                               | 1.5127   |                                        |                                        | 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 |   |