EX-12.2 4 exhibit122.htm PUGET SOUND ENERGY COMPUTATION OF RATIOS Puget Sound Energy Computation of Ratios

           
 
      
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,
  
   
 2006
  
 2005
  
 2004
  
 2003
  
 2002
  
 2001
  
Earnings Available For Fixed Charges:
                          
Pre-tax income:
                          
   Income from continuing operations
  
$
148,426
  
$
146,769
  
$
126,192
  
$
120,055
  
$
108,948
  
$
119,130
  
   Income taxes
    
83,732
   
89,628
   
77,176
   
70,939
   
52,836
   
76,915
 
   Income taxes charged to other income - net
    
1,458
   
2,141
   
(17
)
  
(162
)
  
2,082
   
4,590
 
   Capitalized interest
    
(4,768
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
Total
  
$
228,848
  
$
234,738
  
$
200,555
  
$
188,560
  
$
162,469
    $
199,752
 
Fixed charges:
                                      
   Interest expense
  
$
177,172
  
$
174,458
  
$
171,831
  
$
182,779
  
$
192,829
    
190,849
 
   Other interest
    
4,768
   
3,800
   
2,796
   
2,272
   
1,397
   
883
 
   Portion of rentals representative of the interest factor
    
6,219
   
5,234
   
5,424
   
4,669
   
5,394
   
5,633
 
Total
  
$
188,159
  
$
183,492
  
$
180,051
  
$
189,720
  
$
199,620
    $
197,365
 
Earnings available for combined fixed charges
  
$
417,007
  
$
418,230
  
$
380,606
  
$
378,280
  
$
362,089
    $
397,117
 
Ratio of Earnings to Fixed Charges
    
2.22x
    
2.28x
    
2.11x
    
1.99x
    
1.81x
    
2.01x
  
                                       
PUGET SOUND ENERGY
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
  
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
  
                                       
   
 12 Months 
                                
   
 Ended 
                                
   
 March 31,
    
Years Ended December 31, 
  
     
2006
 
 
2005
 
 
2004
 
 
2003
 
 
2002
 
 
2001
  
Earnings Available for Combined Fixed Charges and
                                      
   Preferred Dividend Requirements:
                                      
Pre-tax income:
                                      
   Income from continuing operations
  
$
148,426
  
$
146,769
  
$
126,192
  
$
120,055
  
$
108,948
  
$
119,130
  
   Income taxes
    
83,732
   
89,628
   
77,176
   
70,939
   
52,836
   
76,915
 
   Income taxes charged to other income - net
    
1,458
   
2,141
   
(17
)
  
(162
)
  
2,082
   
4,590
 
Subtotal
    
233,616
   
238,538
   
203,351
   
190,832
   
163,866
   
200,635
 
   Capitalized interest
    
(4,768
)
  
(3,800
)
  
(2,796
)
  
(2,272
)
  
(1,397
)
  
(883
)
Total
  
$
228,848
  
$
234,738
  
$
200,555
  
$
188,560
  
$
162,469
  
$
199,752
  
Fixed charges:
                                      
   Interest expense
  
$
177,172
  
$
174,458
  
$
171,831
  
$
182,779
  
$
192,829
  
$
190,849
  
   Other interest
    
4,768
   
3,800
   
2,796
   
2,272
   
1,397
   
883
 
Portion of rentals representative of the interest factor
    
6,219
   
5,234
   
5,424
   
4,669
   
5,394
   
5,633
 
Total
  
$
188,159
  
$
183,492
  
$
180,051
  
$
189,720
  
$
199,620
  
$
197,365
  
Earnings Available for Combined Fixed Charges and
                                      
   Preferred Dividend Requirements
  
$
417,007
  
$
418,230
  
$
380,606
  
$
378,280
  
$
362,089
  
$
397,117
  
Dividend Requirement:
                                      
   Fixed charges above
  
$
188,159
  
$
183,492
  
$
180,051
  
$
189,720
  
$
199,620
  
$
197,365
  
   Preferred dividend requirements below
    
-
   
-
   
-
   
8,188
   
11,779
   
14,169
 
Total
  
$
188,159
  
$
183,492
  
$
180,051
  
$
197,908
  
$
211,399
  
$
211,534
  
Ratio of Earnings to Combined Fixed Charges and
                                      
Preferred Dividends Requirement
   
2.22x
    
2.28x
    
2.11x
    
1.91x
    
1.71x
    
1.88x
  
Computation of Preferred Dividend Requirements:
                                     
    (a) Pre-tax income
  
$
233,616
  
$
238,538
  
$
203,351
  
$
190,832
  
$
163,866
  
$
200,635
  
    (b) Income from continuing operations
  
$
148,426
  
$
146,769
  
$
126,192
  
$
120,055
  
$
108,948
  
$
119,130
  
    (c) Ratio of (a) to (b)
    
1.5740
   
1.6253
   
1.6114
   
1.5895
   
1.5041
   
1.6842
 
    (d) Preferred dividends
  
$
-
  
$
-
  
$
-
  
$
5,151
  
$
7,831
  
$
8,413
  
  Preferred dividend requirements [(d) multiplied by (c)]
  
$
-
  
$
-
  
$
-
  
$
8,188
  
$
11,779
  
$
14,169