EXHIBIT 12.2

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

12 MONTHS
Ending	Year Ended December 31,

December 31, 2001 2000 1999 1998 1997

EARNINGS AVAILABLE FOR
FIXED CHARGES
  Pre-tax income:
    Income from continuing
      operations per statement
      of income
    Federal income taxes
    Federal income taxes charged
      to other income - net
    Capital interest
    Undistributed (earnings) or
      losses of less-than-
      fifty-percent-owned
      entities
Total
 
  Fixed charges:
    Interest expense
    Other interest
    Portion of rentals
      representative of the
      interest factor
Total
  Earnings available for
    combined fixed charges
RATIO OF EARNINGS TO
  FIXED CHARGES
 
 
 
 
 
$119,130 
75,683 
 
4,590 
(883)



-- 
$198,520 
 
 
$190,849 
883 


5,633 
$197,365 
 
$395,885 

2.01x
 
 
 
 
 
$193,831 
128,973 
 
1,411 
(1,264)



-- 
$322,951 
 
 
$184,405 
1,264 


5,002 
$190,671 
 
$513,622 

2.69x
 
 
 
 
 
$185,567 
109,164 
 
2,909 
(3,692)



-- 
$293,948 
 
 
$160,966 
3,692 


4,575 
$169,233 
 
$463,181 

2.74x
 
 
 
 
 
$169,612 
105,814 
 
3,986 
(1,782)



-- 
$277,630 
 
 
$146,248 
1,782 


2,878 
$150,908 
 
$428,538 

2.84x
 
 
 
 
 
$125,698 
44,916 
 
14,807 
(360)



(608)
$184,453 
 
 
$123,543 
360 


3,143 
$127,046 
 
$311,499 

2.45x

PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)

12 MONTHS
Ending	Year Ended December 31,

December 31, 2001 2000 1999 1998 1997

EARNINGS AVAILABLE FOR COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS
  Pre-tax income:
    Income from continuing
      operations per statement
      of income
    Federal income taxes
    Federal income taxes charged
      to other income - net
  Subtotal
    Capital interest
    Undistributed (earnings) or
      losses of less-than-
      fifty-percent-owned entities
Total
 
  Fixed charges:
    Interest expense
    Other interest
    Portion of rentals
      representative of the
      interest factor
Total
  Earnings available for
    combined fixed charges
    and preferred dividend
    requirements

DIVIDEND REQUIREMENT:
  Fixed charges above
  Presferred Dividend
    requirements below
Total







$119,130 
75,683 

4,590
199,403 
(883)


-- 
$198,520 


$190,849
883


5,633 
$197,365 



$395,885


$197,365 

14,082 
$211,447







$193,831 
128,973 

1,411
324,215 
(1,264)


-- 
$322,951 


$184,405 
1,264 


5,002 
$190,671 



$513,622


$190,671 

15,044 
$205,715 







$185,567 
109,164 

2,909
297,640 
(3,692)


-- 
$293,948 


$160,966 
3,692 


4,575 
$169,233 



$463,181


$169,233 

17,747 
$186,980 







$169,612 
105,814 

3,986
279,412 
(1,782)


-- 
$277,630 


$146,248 
1,782 


2,878 
$150,908 



$428,538


$150,908 

21,421 
$172,329 







$125,698 
44,916 

14,807
185,421 
(360)


(608) 
$184,453 


$123,543 
360 


3,143 
$127,046 



$311,499


$127,046 

26,266 
$153,312 

12 MONTHS
Ending	Year Ended December 31,

December 31, 2001 2000 1999 1998 1997

RATIO OF EARNINGS TO
COMBINED
  FIXED CHARGES AND PREFERRED
  DIVIDEND REQUIREMENTS

COMPUTATION OF PREFERRED
  DIVEDEND REQUIREMENTS:
  (a) Pre-tax income
  (b) Income from continuing
   operations
  (c) Ratio of (a) to (b)
  (d) Preferred dividends
Preferred dividend
  requirements
    [(d) multiplied by (c)]




1.87



$199,403


$119,130
1.6738
$8,413


$14,082




2.50



$324,215


$193,831
1.6727
$8,994


$15,044




2.48



$297,640


$185,567
1,6039
$11,065


$17,747




2.49



$279,412


$169,612
1.6474
$13,003


$21,421




2.03



$185,421


$125,698
1.4751
$17,806


$26,266