Exhibit 12.2

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

	12 Months Ending			Years Ended December 31,
	September 30, 2003			2002			2001			2000			1999			1998
EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
Income from continuing operations	$	127,078		$	108,948		$	119,130		$	193,831		$	185,567		$	169,612
Income taxes		60,341			52,836			76,915			129,823			109,164			105,814
Income taxes charged to other income - net		2,957			2,082			4,590			1,411			2,909			3,986
Capitalized interest		(1,955	)		(1,397	)		(883	)		(1,264	)		(3,692	)		(1,782	)
Undistributed (earnings) or losses
of less-than-fifty-percent-owned entities		--			--			--			--			--			--
Total	$	188,421		$	162,469		$	199,752		$	323,801		$	293,948		$	277,630
Fixed charges:
Interest expense	$	185,556		$	192,829		$	190,849		$	184,405		$	160,966		$	146,248
Other interest		1,955			1,397			883			1,264			3,692			1,782
Portion of rentals representative of
the interest factor		4,821			5,394			5,633			5,002			4,575			2,878
Total	$	192,332		$	199,620		$	197,365		$	190,671		$	169,233		$	150,908
Earnings available for combined fixed charges	$	380,753		$	362,089		$	397,117		$	514,472		$	463,181		$	428,538
RATIO OF EARNINGS TO FIXED CHARGES		1.98	x		1.81	x		2.01	x		2.69	x		2.74	x		2.84	x

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			Years Ended December 31,
	September 30, 2003			2002			2001			2000			1999			1998
EARNINGS AVAILABLE FOR COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS
Pre-tax income:
Income from continuing operations	$	127,078		$	108,948		$	119,130		$	193,831		$	185,567		$	169,612
Income taxes		60,341			52,836			76,915			129,823			109,164			105,814
Income taxes charged to
other income - net		2,957			2,082			4,590			1,411			2,909			3,986
Subtotal		190,376			163,866			200,635			325,065			297,640			279,412
Capitalized interest		(1,955	)		(1,397	)		(883	)		(1,264	)		(3,692	)		(1,782	)
Undistributed (earnings) or losses
of less-than-fifty-percent-owned entities		--			--			--			--			--			--
Total	$	188,421		$	162,469		$	199,752		$	323,801		$	293,948		$	277,630
Fixed charges:
Interest expense	$	185,556		$	192,829		$	190,849		$	184,405		$	160,966		$	146,248
Other interest		1,955			1,397			883			1,264			3,692			1,782
Portion of rentals representative of
the interest factor		4,821			5,394			5,633			5,002			4,575			2,878
Total	$	192,332		$	199,620		$	197,365		$	190,671		$	169,233		$	150,908
Earnings available for combined fixed charges
and preferred dividend requirements	$	380,753		$	362,089		$	397,117		$	514,472		$	463,181		$	428,538
DIVIDEND REQUIREMENT
Fixed charges above		192,332			199,620			197,365			190,671			169,233			150,908
Preferred dividend requirements below		10,064			11,779			14,169			15,084			17,747			21,421
Total	$	202,396		$	211,399		$	211,534		$	205,755		$	186,980		$	172,329

	12 Months Ending		Years Ended December 31,
	September 30, 2003		2002		2001		2000		1999		1998
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS		1.88x		1.71x		1.88x		2.50x		2.48x		2.49x
COMPUTATION OF PREFERRED DIVIDEND
REQUIREMENTS:
(a) Pre-tax income	$	190,376	$	163,866	$	200,635	$	325,065	$	297,640	$	279,412
(b) Income from continuing operations	$	127,078	$	108,948	$	119,130	$	193,831	$	185,567	$	169,612
(c) Ratio of (a) to (b)		1.4981		1.5041		1.6842		1.6771		1.6039		1.6474
(d) Preferred dividends	$	6,718	$	7,831	$	8,413	$	8,994	$	11,065	$	13,003
Preferred dividend requirements
[(d) multiplied by (c)]	$	10,064	$	11,779	$	14,169	$	15,084	$	17,747	$	21,421