Exhibit 21.2

Puget Sound Energy, Inc.

SUBSIDIARIES

1.   Hydro Energy Development Corporation (HEDC)

10885 N.E. Fourth Street, Suite 1200

Bellevue, Washington 98004-5515

2.   Puget Western, Inc.

19515 North Creek Parkway

Suite 310

Bothell, Washington 98011

3.   WNG CAP I, Inc.

c/o James W. Eldredge

10885 N.E. Fourth Street, Suite 1200

Bellevue, Washington 98004-5515

4.   Rainier Receivables, Inc.

c/o James W. Eldredge

10885 N.E. Fourth Street, Suite 1200

Bellevue, Washington 98004-5515

5.   PSE Funding, Inc.

c/o James W. Eldredge

10885 N.E. Fourth Street, Suite 1200

Bellevue, Washington 98004-5515