Exhibit 12.2
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Years Ended December 31,	2007			2006			2005			2004			2003
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes	$	265,308		$	275,340		$	233,900		$	200,533		$	185,894
Capitalized interest		(1,351	)		(7,978	)		(3,800	)		(2,796	)		(2,272	)
AFUDC - debt		(12,614	)		(15,874	)		(9,493	)		(5,420	)		(3,343	)
Total	$	251,342		$	251,488		$	220,607		$	192,317		$	180,279
Fixed charges:
Interest expense	$	219,120		$	184,859		$	174,458		$	171,831		$	182,779
Other interest		1,351			7,978			3,800			2,796			2,272
Portion of rentals representative of the interest factor		9,199			9,151			5,234			5,424			4,669
Total	$	229,670		$	201,988		$	183,492		$	180,051		$	189,721
Earnings available for combined fixed charges	$	481,012		$	453,476		$	404,099		$	372,368		$	370,000
Ratio of Earnings to Fixed Charges		2.09	x		2.25	x		2.20	x		2.07	x		1.95	x

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,	2007			2006			2005			2004			2003
Earnings Available for Combined Fixed Charges and
Preferred Dividend Requirements:
Pre-tax income:
Income from continuing operations before income taxes	$	265,308		$	275,340		$	233,900		$	200,533		$	185,894
Capitalized interest		(1,351	)		(7,978	)		(3,800	)		(2,796	)		(2,272	)
AFUDC - debt		(12,614	)		(15,874	)		(9,493	)		(5,420	)		(3,343	)
Total	$	251,342		$	251,488		$	220,607		$	192,317		$	180,279
Fixed charges:
Interest expense	$	219,120		$	184,859		$	174,458		$	171,831		$	182,779
Other interest		1,351			7,978			3,800			2,796			2,272
Portion of rentals representative of the interest factor		9,199			9,151			5,234			5,424			4,669
Total	$	229,670		$	201,988		$	183,492		$	180,051		$	189,721
Earnings Available for Combined Fixed Charges and
Preferred Dividend Requirements	$	481,012		$	453,476		$	404,099		$	372,368		$	370,000
Dividend Requirement:
Fixed charges above	$	229,670		$	201,988		$	183,492		$	180,051		$	189,722
Preferred dividend requirements below		-			-			-			-			8,333
Total	$	229,670		$	201,988		$	183,492		$	180,051		$	198,055
Ratio of Earnings to Combined Fixed Charges and
Preferred Dividends Requirement		2.09	x		2.25	x		2.20	x		2.07	x		1.95	x
Computation of Preferred Dividend Requirements:
(a) Income from continuing operations before income taxes	$	265,308		$	275,340		$	233,900		$	200,533		$	185,894
(b) Net income before extraordinary items	$	191,127		$	176,650		$	146,840		$	126,192		$	114,903
(c) Ratio of (a) to (b)		1.3881			1.5587			1.5929			1.5891			1.6178
(d) Preferred dividends(1)	$	-		$	-		$	-		$	-		$	5,151
Preferred dividend requirements [(d) multiplied by (c)]	$	-		$	-		$	-		$	-		$	8,333

(1) PSE does not have preferred dividends since 2003
(2) PSE does not have any interest expense accrued on uncertain tax positions at December 31, 2007.	1.5587