Puget Sound Energy 10-Q 2000 Q2 Quarterly report

Exhibit 12a

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)

	12 Months Ending June 30,		Year Ended December 31,
	2000		1999		1998		1997		1996		1995
EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
Income from continuing
operations per statement
of income	$ 190,308		$ 185,567		$ 169,612		$ 125,698		$ 167,351		$ 128,382
Federal income taxes	112,564		109,164		105,814		44,916		106,876		91,519
Federal income taxes charged
to other income - net	2,592		2,909		3,986		14,807		(784	)	(11,967	)
Capitalized interest	(2,283	)	(3,692	)	(1,782	)	(360	)	(600	)	(660	)
Undistributed (earnings) or
losses of less-than-
fifty-percent-owned
entities	—		—		—		(608	)	460		8,325
Total	$ 303,181		$ 293,948		$ 277,630		$ 184,453		$ 273,303		$ 215,599
Fixed charges:
Interest expense	$ 173,811		$ 160,966		$ 146,248		$ 123,543		$ 122,635		$ 131,346
Other interest	2,283		3,692		1,782		360		600		660
Portion of rentals
representative of the
interest factor	4,827		4,575		2,878		3,143		4,187		5,150
Total	$ 180,921		$ 169,233		$ 150,908		$ 127,046		$ 127,422		$ 137,156
Earnings available for
combined fixed charges	$ 484,102		$ 463,181		$ 428,538		$ 311,499		$ 400,725		$ 352,755
RATIO OF EARNINGS TO
FIXED CHARGES	2.68x		2.74x		2.84x		2.45x		3.14x		2.57x