Puget Energy (PSD) 10-Q 2014 Q3 Quarterly report

														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,
		2014			2013			2012			2011			2010			2009
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before        income taxes	$	436,038		$	517,015		$	505,478		$	282,237		$	26,217		$	226,896
AFUDC - equity		(6,638	)		(15,930	)		(25,469	)		(32,430	)		(12,677	)		(4,177	)
AFUDC - debt		(5,302	)		(11,261	)		(22,216	)		(29,949	)		(14,157	)		(9,215	)
Total	$	424,098		$	489,824		$	457,793		$	219,858		$	(617	)	$	213,504
Fixed charges:
Interest expense	$	263,677		$	261,377		$	247,013		$	231,416		$	235,011		$	211,742
Other interest		6,638			15,930			25,469			32,430			12,677			4,177
Portion of rentals representative of the interest factor		10,382			10,257			10,251			8,767			5,391			10,212
Total	$	280,697		$	287,564		$	282,733		$	272,613		$	253,079		$	226,131
Earnings available for combined fixed charges	$	704,795		$	777,388		$	740,526		$	492,471		$	252,462		$	439,635
Ratio of Earnings to Fixed Charges		2.51x			2.70x			2.62x			1.81x			1.00x			1.94x