Puget Sound Energy 10-K 2006 FY Annual report

										Exhibit 12.2
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Years Ended December 31,	2005			2004			2003			2002			2001
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations	$	146,769		$	126,192		$	120,055		$	108,948		$	119,130
Income taxes		89,628			77,176			70,939			52,836			76,915
Income taxes charged to other income - net		2,141			(17	)		(162	)		2,082			4,590
Capitalized interest		(3,800	)		(2,796	)		(2,272	)		(1,397	)		(883	)
Total	$	234,738		$	200,555		$	188,560		$	162,469		$	199,752
Fixed charges:
Interest expense	$	174,458		$	171,831		$	182,779		$	192,829		$	190,849
Other interest		3,800			2,796			2,272			1,397			883
Portion of rentals representative of the interest factor		5,234			5,424			4,669			5,394			5,633
Total	$	183,492		$	180,051		$	189,720		$	199,620		$	197,365
Earnings available for combined fixed charges	$	418,230		$	380,606		$	378,280		$	362,089		$	397,117
Ratio of Earnings to Fixed Charges		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)
Years Ended December 31,		2005			2004			2003			2002			2001
Earnings Available for Combined Fixed Charges and
Preferred Dividend Requirements:
Pre-tax income:
Income from continuing operations	$	146,769		$	126,192		$	120,055		$	108,948		$	119,130
Income taxes		89,628			77,176			70,939			52,836			76,915
Income taxes charged to other income - net		2,141			(17	)		(162	)		2,082			4,590
Subtotal		238,538			203,351			190,832			163,866			200,635
Capitalized interest		(3,800	)		(2,796	)		(2,272	)		(1,397	)		(883	)
Total	$	234,738		$	200,555		$	188,560		$	162,469		$	199,752
Fixed charges:
Interest expense	$	174,458		$	171,831		$	182,779		$	192,829		$	190,849
Other interest		3,800			2,796			2,272			1,397			883
Portion of rentals representative of the interest factor		5,234			5,424			4,669			5,394			5,633
Total	$	183,492		$	180,051		$	189,720		$	199,620		$	197,365
Earnings Available for Combined Fixed Charges and
Preferred Dividend Requirements	$	418,230		$	380,606		$	378,280		$	362,089		$	397,117
Dividend Requirement:
Fixed charges above	$	183,492		$	180,051		$	189,720		$	199,620		$	197,365
Preferred dividend requirements below		-			-			8,188			11,779			14,169
Total	$	183,492		$	180,051		$	197,908		$	211,399		$	211,534
Ratio of Earnings to Combined Fixed Charges and
Preferred Dividends Requirement		2.28x			2.11x			1.91x			1.71x			1.88x
Computation of Preferred Dividend Requirements:
(a) Pre-tax income	$	238,538		$	203,351		$	190,832		$	163,866		$	200,635
(b) Income from continuing operations	$	146,769		$	126,192		$	120,055		$	108,948		$	119,130
(c) Ratio of (a) to (b)		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