Puget Energy (PSD) 10-Q2015 Q1 Quarterly report

Filed: 29 Apr 15, 12:00am

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New words: argued, assigned, complaint, complexity, concept, disclose, duration, earlier, ensure, Fitting, GRC, half, hired, IAS, impaired, impairment, Imputation, individual, installed, leaving, methodology, moratorium, Pipe, Removing, reserve, reset, shown, Simplifying, Source, specific, statutory, steering, substitute, Subtopic, surcharge, Suspending, team, threshold, timeline, Topic, unhedged, violated

Removed: account, alleged, alleging, approving, attract, back, Baker, beneficial, built, Centralia, Chelan, computer, couple, crack, damage, denied, discovered, disposition, efficiently, eligible, engineering, expect, expiration, expire, expired, farm, feet, flat, foot, foreseeable, grant, granted, Incentive, inch, injunctive, Intent, Island, JPUD, legality, located, lowered, motion, multiple, offer, originally, overrecovery, party, passed, pier, positively, prevention, proportional, proposal, PSD, PUD, ratebase, reached, received, reconsider, reconsideration, reduced, Regulation, rejected, relate, remain, remediate, requesting, reservoir, resolve, resolving, responded, response, retain, Rock, safely, skilled, small, Snoqualmie, soft, software, spillway, Sue, technical, transalta, transferred, transition, unchanged, underrecovery, upstream, Wanapum, wide

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														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,
		2015			2014			2013			2012			2011			2010
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes	$	335,813		$	325,955		$	517,015		$	505,478		$	282,237		$	26,217
AFUDC - equity		(7,280	)		(7,002	)		(15,930	)		(25,469	)		(32,430	)		(12,677	)
AFUDC - debt		(5,890	)		(5,611	)		(11,261	)		(22,216	)		(29,949	)		(14,157	)
Total	$	322,643		$	313,342		$	489,824		$	457,793		$	219,858		$	(617	)
Fixed charges:
Interest expense	$	263,991		$	264,926		$	261,377		$	247,013		$	231,416		$	235,011
Other interest		7,280			7,002			15,930			25,469			32,430			12,677
Portion of rentals representative of the interest factor		10,601			10,732			10,257			10,251			8,767			5,391
Total	$	281,872		$	282,660		$	287,564		$	282,733		$	272,613		$	253,079
Earnings available for combined fixed charges	$	604,515		$	596,002		$	777,388		$	740,526		$	492,471		$	252,462

Ratio of Earnings to Fixed Charges		2.14x			2.11x			2.70x			2.62x			1.81x			1.00x