|                                                                            |   |               |    |                          |   |    |   | 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, |   |
|                                                                            |   | 2009               |    | 2008                          |   | 2007    |   | 2006              |    | 2005 |   | 2004 |   |
| Earnings      Available For Fixed Charges:                                      |   |               |    |                          |   |    |   |              |    |   |   |   |   |
| Pre-tax      income:                                                            |   |               |    |                          |   |    |   |              |    |   |   |   |   |
|    Income      from continuing operations before income taxes    |   | $                  | 257,442 |                          | $      | 223,618 |   | $                 | 265,308 |   | $ | 275,339 |   | $ | 233,900 |   | $ | 200,533 |   |
|    AFUDC      - equity                                           |   |               | (3,212  | )                             |   | (2,627  | )      |              | (1,351  | ) |   | (7,978 | ) |   | (3,800 | ) |   | (2,796 | ) |
|    AFUDC      - debt                                             |   |               | (8,792  | )                             |   | (8,610  | )      |              | (12,614 | ) |   | (15,874 | ) |   | (9,493 | ) |   | (5,420 | ) |
| Total                                                                           |   | $                  | 245,438 |                          | $      | 212,381 |   | $                 | 251,342 |   | $ | 251,487 |   | $ | 220,607 |   | $ | 192,317 |   |
| Fixed      charges:                                                             |   |               |    |                          |   |    |   |              |    |   |   |   |   |   |   |   |   |   |   |
|    Interest      expense                                         |   | $                  | 208,559 |                          | $      | 203,402 |   | $                 | 219,120 |   | $ | 184,859 |   | $ | 174,458 |   | $ | 171,831 |   |
|    Other      interest                                           |   |               | 3,212   |                          |   | 2,627   |   |              | 1,351   |   |   | 7,978 |   |   | 3,800 |   |   | 2,796 |   |
|    Portion      of rentals representative of the interest factor |   |               | 8,163   |                          |   | 11,775  |   |              | 9,199   |   |   | 9,151 |   |   | 5,234 |   |   | 5,424 |   |
| Total                                                                           |   | $                  | 219,934 |                          | $      | 217,804 |   | $                 | 229,670 |   | $ | 201,988 |   | $ | 183,492 |   | $ | 180,051 |   |
| Earnings      available for combined fixed charges                              |   | $                  | 465,372 |                          | $      | 430,185 |   | $                 | 481,012 |   | $ | 453,475 |   | $ | 404,099 |   | $ | 372,368 |   |
| Ratio      of Earnings to Fixed Charges                                         |   |               | 2.12    | x                             |   | 1.98    | x      |              | 2.09    | x |   | 2.25 | x |   | 2.20 | x |   | 2.07 | x |