|                                                                                                   |   |                                       |     |                                                                        |                                                                 |           |   |           |     | **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,** |                                                                 |
|                                                                                                   |   |  **2006**                             |     |  **2005**                                                              |                                                                 |  **2004** |   |  **2003** |     |  **2002**                    |   |  **2001** |   |
| Earnings                  Available For Fixed Charges:                                                 |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |
| Pre-tax                  income:                                                                       |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |
|    Income                  from continuing operations                                   |   | $                                          | 148,426  |                                                                        | $                                                                    | 146,769        |   | $              | 126,192  |                              | $      | 120,055 |   | $ | 108,948 |   | $ | 119,130 |   |
|    Income                  taxes                                                        |   |                                       | 83,732   |                                                                        |                                                                 | 89,628         |   |           | 77,176   |                              |   | 70,939 |   |   | 52,836 |   |   | 76,915 |   |
|    Income                  taxes charged to other income - net                          |   |                                       | 1,458    |                                                                        |                                                                 | 2,141          |   |           | (17      | )                                 |   | (162 | ) |   | 2,082 |   |   | 4,590 |   |
|    Capitalized                  interest                                                |   |                                       | (4,768   | )                                                                           |                                                                 | (3,800         | )      |           | (2,796   | )                                 |   | (2,272 | ) |   | (1,397 | ) |   | (883 | ) |
| Total                                                                                                  |   | $                                          | 228,848  |                                                                        | $                                                                    | 234,738        |   | $              | 200,555  |                              | $      | 188,560 |   | $ | 162,469 |   |  $ | 199,752 |   |
| Fixed                  charges:                                                                        |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |   |   |   |   |   |   |
|    Interest                  expense                                                    |   | $                                          | 177,172  |                                                                        | $                                                                    | 174,458        |   | $              | 171,831  |                              | $      | 182,779 |   | $ | 192,829 |   |   | 190,849 |   |
|    Other                  interest                                                      |   |                                       | 4,768    |                                                                        |                                                                 | 3,800          |   |           | 2,796    |                              |   | 2,272 |   |   | 1,397 |   |   | 883 |   |
|    Portion                  of rentals representative of the interest factor            |   |                                       | 6,219    |                                                                        |                                                                 | 5,234          |   |           | 5,424    |                              |   | 4,669 |   |   | 5,394 |   |   | 5,633 |   |
| Total                                                                                                  |   | $                                          | 188,159  |                                                                        | $                                                                    | 183,492        |   | $              | 180,051  |                              | $      | 189,720 |   | $ | 199,620 |   |  $ | 197,365 |   |
| Earnings                  available for combined fixed charges                                         |   | $                                          | 417,007  |                                                                        | $                                                                    | 418,230        |   | $              | 380,606  |                              | $      | 378,280 |   | $ | 362,089 |   |  $ | 397,117 |   |
| Ratio                  of Earnings to Fixed Charges                                                    |   |                                       | 2.22x    |                                                                        |                                                                 | 2.28x          |   |           | 2.11x    |                              |   | 1.99x |   |   | 1.81x |   |   | 2.01x |   |
|                                                                                                   |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |   |   |   |   |   |   |
| **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,**  |           |
|                                                                                                   |   |                                       | **2006** |                                                                        |                                                                 | **2005**       |   |           | **2004** |                              |   | **2003** |   |   | **2002** |   |   | **2001** |   |
| Earnings                  Available for Combined Fixed Charges and                                     |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |   |   |   |   |   |   |
|    Preferred                  Dividend Requirements:                                    |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |   |   |   |   |   |   |
| Pre-tax                  income:                                                                       |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |   |   |   |   |   |   |
|    Income                  from continuing operations                                   |   | $                                          | 148,426  |                                                                        | $                                                                    | 146,769        |   | $              | 126,192  |                              | $      | 120,055 |   | $ | 108,948 |   | $ | 119,130 |   |
|    Income                  taxes                                                        |   |                                       | 83,732   |                                                                        |                                                                 | 89,628         |   |           | 77,176   |                              |   | 70,939 |   |   | 52,836 |   |   | 76,915 |   |
|    Income                  taxes charged to other income - net                          |   |                                       | 1,458    |                                                                        |                                                                 | 2,141          |   |           | (17      | )                                 |   | (162 | ) |   | 2,082 |   |   | 4,590 |   |
| Subtotal                                                                                               |   |                                       | 233,616  |                                                                        |                                                                 | 238,538        |   |           | 203,351  |                              |   | 190,832 |   |   | 163,866 |   |   | 200,635 |   |
|    Capitalized                  interest                                                |   |                                       | (4,768   | )                                                                           |                                                                 | (3,800         | )      |           | (2,796   | )                                 |   | (2,272 | ) |   | (1,397 | ) |   | (883 | ) |
| Total                                                                                                  |   | $                                          | 228,848  |                                                                        | $                                                                    | 234,738        |   | $              | 200,555  |                              | $      | 188,560 |   | $ | 162,469 |   | $ | 199,752 |   |
| Fixed                  charges:                                                                        |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |   |   |   |   |   |   |
|    Interest                  expense                                                    |   | $                                          | 177,172  |                                                                        | $                                                                    | 174,458        |   | $              | 171,831  |                              | $      | 182,779 |   | $ | 192,829 |   | $ | 190,849 |   |
|    Other                  interest                                                      |   |                                       | 4,768    |                                                                        |                                                                 | 3,800          |   |           | 2,796    |                              |   | 2,272 |   |   | 1,397 |   |   | 883 |   |
| Portion                  of rentals representative of the interest factor                              |   |                                       | 6,219    |                                                                        |                                                                 | 5,234          |   |           | 5,424    |                              |   | 4,669 |   |   | 5,394 |   |   | 5,633 |   |
| Total                                                                                                  |   | $                                          | 188,159  |                                                                        | $                                                                    | 183,492        |   | $              | 180,051  |                              | $      | 189,720 |   | $ | 199,620 |   | $ | 197,365 |   |
| Earnings                  Available for Combined Fixed Charges and                                     |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |   |   |   |   |   |   |
|    Preferred                  Dividend Requirements                                     |   | $                                          | 417,007  |                                                                        | $                                                                    | 418,230        |   | $              | 380,606  |                              | $      | 378,280 |   | $ | 362,089 |   | $ | 397,117 |   |
| Dividend                  Requirement:                                                                 |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |   |   |   |   |   |   |
|    Fixed                  charges above                                                 |   | $                                          | 188,159  |                                                                        | $                                                                    | 183,492        |   | $              | 180,051  |                              | $      | 189,720 |   | $ | 199,620 |   | $ | 197,365 |   |
|    Preferred                  dividend requirements below                               |   |                                       | -        |                                                                        |                                                                 | -              |   |           | -        |                              |   | 8,188 |   |   | 11,779 |   |   | 14,169 |   |
| Total                                                                                                  |   | $                                          | 188,159  |                                                                        | $                                                                    | 183,492        |   | $              | 180,051  |                              | $      | 197,908 |   | $ | 211,399 |   | $ | 211,534 |   |
| Ratio                  of Earnings to Combined Fixed Charges and                                       |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |   |   |   |   |   |   |
| Preferred                  Dividends Requirement                                                       |   |                                       | 2.22x    |                                                                        |                                                                 | 2.28x          |   |           | 2.11x    |                              |   | 1.91x |   |   | 1.71x |   |   | 1.88x |   |
| Computation                  of Preferred Dividend Requirements:                                       |   |                                       |     |                                                                        |                                                                 |           |   |           |     |                              |   |   |   |   |   |   |   |   |   |
|     (a)                  Pre-tax income                                            |   | $                                          | 233,616  |                                                                        | $                                                                    | 238,538        |   | $              | 203,351  |                              | $      | 190,832 |   | $ | 163,866 |   | $ | 200,635 |   |
|     (b)                  Income from continuing operations                         |   | $                                          | 148,426  |                                                                        | $                                                                    | 146,769        |   | $              | 126,192  |                              | $      | 120,055 |   | $ | 108,948 |   | $ | 119,130 |   |
|     (c)                  Ratio of (a) to (b)                                       |   |                                       | 1.5740   |                                                                        |                                                                 | 1.6253         |   |           | 1.6114   |                              |   | 1.5895 |   |   | 1.5041 |   |   | 1.6842 |   |
|     (d)                  Preferred dividends                                       |   | $                                          | -        |                                                                        | $                                                                    | -              |   | $              | -        |                              | $      | 5,151 |   | $ | 7,831 |   | $ | 8,413 |   |
|   Preferred                  dividend requirements [(d) multiplied by (c)]                   |   | $                                          | -        |                                                                        | $                                                                    | -              |   | $              | -        |                              | $      | 8,188 |   | $ | 11,779 |   | $ | 14,169 |   |