|                                                                                                   |   |                               |                                     |                                          |   |                                          |   |          |     |     |   |  **Exhibit                  12.2**  |   |
|--------------------------------------------------------------------------------------------------------|--------|------------------------------------|------------------------------------------|-----------------------------------------------|--------|-----------------------------------------------|--------|----------|----------|----------|--------|-----------------------------------------------|--------|
| **PUGET                  SOUND ENERGY**                                                                |
| **STATEMENT                  SETTING FORTH COMPUTATIONS OF RATIOS OF**                                 |
| **EARNINGS                  TO FIXED CHARGES**                                                         |
| **(Dollars                  in Thousands)**                                                            |
|                                                                                                   |   | **12                  Months**     |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |
|                                                                                                   |   | **Ended**                          |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |
|                                                                                                   |   | **September                  30,** |                                     | **Years                  Ended December 31,** |
|                                                                                                   |   | **2005**                           |                                     | **2004**                                      |   | **2003**                                      |   | **2002** |     | **2001** |   | **2000**                                      |   |
| Earnings                  Available For Fixed Charges:                                                 |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |
| Pre-tax                  income:                                                                       |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |
|    Income                  from continuing operations                                   |   | $                                  | 149,704                                  |                                          | $      | 126,192                                       |   | $        | 120,055  |     | $      | 108,948                                       |   | $ | 119,130 |   | $ | 194,374 |   |
|    Income                  taxes                                                        |   |                               | 91,717                                   |                                          |   | 77,176                                        |   |     | 70,939   |     |   | 52,836                                        |   |   | 76,915 |   |   | 129,407 |   |
|    Income                  taxes charged to other income - net                          |   |                               | 1,576                                    |                                          |   | (17                                           | )      |     | (162     | )        |   | 2,082                                         |   |   | 4,590 |   |   | 1,411 |   |
|    Capitalized                  interest                                                |   |                               | (3,039                                   | )                                             |   | (2,796                                        | )      |     | (2,272   | )        |   | (1,397                                        | )      |   | (883 | ) |   | (1,264 | ) |
| Total                                                                                                  |   | $                                  | 239,958                                  |                                          | $      | 200,555                                       |   | $        | 188,560  |     | $      | 162,469                                       |   | $ | 199,752 |   | $ | 323,928 |   |
| Fixed                  charges:                                                                        |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Interest                  expense                                                    |   | $                                  | 173,275                                  |                                          | $      | 171,831                                       |   | $        | 182,779  |     | $      | 192,829                                       |   | $ | 190,849 |   | $ | 184,217 |   |
|    Other                  interest                                                      |   |                               | 3,039                                    |                                          |   | 2,796                                         |   |     | 2,272    |     |   | 1,397                                         |   |   | 883 |   |   | 1,264 |   |
|    Portion                  of rentals representative of the interest factor            |   |                               | 5,924                                    |                                          |   | 5,424                                         |   |     | 4,669    |     |   | 5,394                                         |   |   | 5,633 |   |   | 5,002 |   |
| Total                                                                                                  |   | $                                  | 182,238                                  |                                          | $      | 180,051                                       |   | $        | 189,720  |     | $      | 199,620                                       |   | $ | 197,365 |   | $ | 190,483 |   |
| Earnings                  available for combined fixed charges                                         |   | $                                  | 422,196                                  |                                          | $      | 380,606                                       |   | $        | 378,280  |     | $      | 362,089                                       |   | $ | 397,117 |   | $ | 514,411 |   |
| Ratio                  of Earnings to Fixed Charges                                                    |   |                               | 2.32x                                    |                                          |   | 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**                           |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|                                                                                                        |   |                               | **September                  30,**  |                                          |   | **Years                  Ended 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                                   |   | $                                  | 149,704                                  |                                          | $      | 126,192                                       |   | $        | 120,055  |     | $      | 108,948                                       |   | $ | 119,130 |   | $ | 194,374 |   |
|    Income                  taxes                                                        |   |                               | 91,717                                   |                                          |   | 77,176                                        |   |     | 70,939   |     |   | 52,836                                        |   |   | 76,915 |   |   | 129,407 |   |
|    Income                  taxes charged to other income - net                          |   |                               | 1,576                                    |                                          |   | (17                                           | )      |     | (162     | )        |   | 2,082                                         |   |   | 4,590 |   |   | 1,411 |   |
| Subtotal                                                                                               |   |                               | 242,997                                  |                                          |   | 203,351                                       |   |     | 190,832  |     |   | 163,866                                       |   |   | 200,635 |   |   | 325,192 |   |
|    Capitalized                  interest                                                |   |                               | (3,039                                   | )                                             |   | (2,796                                        | )      |     | (2,272   | )        |   | (1,397                                        | )      |   | (883 | ) |   | (1,264 | ) |
| Total                                                                                                  |   | $                                  | 239,958                                  |                                          | $      | 200,555                                       |   | $        | 188,560  |     | $      | 162,469                                       |   | $ | 199,752 |   | $ | 323,928 |   |
| Fixed                  charges:                                                                        |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Interest                  expense                                                    |   | $                                  | 173,275                                  |                                          | $      | 171,831                                       |   | $        | 182,779  |     | $      | 192,829                                       |   | $ | 190,849 |   | $ | 184,217 |   |
|    Other                  interest                                                      |   |                               | 3,039                                    |                                          |   | 2,796                                         |   |     | 2,272    |     |   | 1,397                                         |   |   | 883 |   |   | 1,264 |   |
| Portion                  of rentals representative of the interest factor                              |   |                               | 5,924                                    |                                          |   | 5,424                                         |   |     | 4,669    |     |   | 5,394                                         |   |   | 5,633 |   |   | 5,002 |   |
| Total                                                                                                  |   | $                                  | 182,238                                  |                                          | $      | 180,051                                       |   | $        | 189,720  |     | $      | 199,620                                       |   | $ | 197,365 |   | $ | 190,483 |   |
| Earnings                  Available for Combined Fixed Charges and                                     |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Preferred                  Dividend Requirements                                     |   | $                                  | 422,196                                  |                                          | $      | 380,606                                       |   | $        | 378,280  |     | $      | 362,089                                       |   | $ | 397,117 |   | $ | 514,411 |   |
| Dividend                  Requirement:                                                                 |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|    Fixed                  charges above                                                 |   | $                                  | 182,238                                  |                                          | $      | 180,051                                       |   | $        | 189,720  |     | $      | 199,620                                       |   | $ | 197,365 |   | $ | 190,483 |   |
|    Preferred                  dividend requirements below                               |   |                               | --                                       |                                          |   | --                                            |   |     | 8,188    |     |   | 11,779                                        |   |   | 14,169 |   |   | 15,047 |   |
| Total                                                                                                  |   | $                                  | 182,238                                  |                                          | $      | 180,051                                       |   | $        | 197,908  |     | $      | 211,399                                       |   | $ | 211,534 |   | $ | 205,530 |   |
|                                                                                                   |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
| Ratio                  of Earnings to Combined Fixed Charges and                                       |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
| Preferred                  Dividends Requirement                                                       |   |                               | 2.32x                                    |                                          |   | 2.11x                                         |   |     | 1.91x    |     |   | 1.71x                                         |   |   | 1.88x |   |   | 2.50x |   |
|                                                                                                   |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
| Computation                  of Preferred Dividend Requirements:                                       |   |                               |                                     |                                          |   |                                          |   |     |     |     |   |                                          |   |   |   |   |   |   |   |
|     (a)                  Pre-tax income                                            |   | $                                  | 242,997                                  |                                          | $      | 203,351                                       |   | $        | 190,832  |     | $      | 163,866                                       |   | $ | 200,635 |   | $ | 325,192 |   |
|     (b)                  Income from continuing operations                         |   | $                                  | 149,704                                  |                                          | $      | 126,192                                       |   | $        | 120,055  |     | $      | 108,948                                       |   | $ | 119,130 |   | $ | 194,374 |   |
|     (c)                  Ratio of (a) to (b)                                       |   |                               | 1.6232                                   |                                          |   | 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 |   |