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,
	2011				2010			2009			2008			2007			2006
Earnings Available For Fixed Charges:
Pre-tax income:
Income from continuing operations before income taxes	$	228,875			$	26,217		$	226,896		$	223,618		$	265,308		$	275,339
AFUDC - equity		(14,493	)			(12,677	)		(4,177	)		(2,627	)		(1,351	)		(7,978	)
AFUDC - debt		(15,811	)			(14,157	)		(9,215	)		(8,610	)		(12,614	)		(15,874	)
Total	$	198,571			$	(617	)	$	213,504		$	212,381		$	251,342		$	251,487
Fixed charges:
Interest expense	$	229,997			$	235,011		$	211,742		$	203,402		$	219,120		$	184,859
Other interest		14,493				12,677			4,177			2,627			1,351			7,978
Portion of rentals representative of the interest factor		5,618				5,391			10,212			11,775			9,199			9,151
Total	$	250,108			$	253,079		$	226,131		$	217,804		$	229,670		$	201,988
Earnings available for combined fixed charges	$	448,679			$	252,462		$	439,635		$	430,185		$	481,012		$	453,475
Ratio of Earnings to Fixed Charges		1.79	x			1.00	x		1.94	x		1.98	x		2.09	x		2.25	x