EX-12.2 4 exhibit122.htm STATEMENT SETTING FORTH COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES OF PU exhibit122.htm
                       Exhibit 12.2  
                               
PUGET SOUND ENERGY
  
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
  
EARNINGS TO FIXED CHARGES
  
(Dollars in Thousands)
  
                               
                               
                               
                               
   
Years Ended December 31,
   
2011
    
2010
    
2009
    
2008
    
2007
  
Earnings Available For Fixed Charges:
                              
Pre-tax income:
                              
   Income from continuing operations before income taxes
   $ 282,237     $ 26,217     $ 226,896     $ 223,618     $ 265,308  
   AFUDC - equity
     (32,430 )     (12,677 )     (4,177 )     (2,627 )     (1,351 )
   AFUDC - debt
     (29,949 )     (14,157 )     (9,215 )     (8,610 )     (12,614 )
Total
   $ 219,858     $ (617 )   $ 213,504     $ 212,381     $ 251,342  
Fixed charges:
                                        
   Interest expense
   $ 231,416     $ 235,011     $ 211,742     $ 203,402     $ 219,120  
   Other interest
     32,430       12,677       4,177       2,627       1,351  
   Portion of rentals representative of the interest factor
     8,767       5,391       10,212       11,775       9,199  
Total
   $ 272,613     $ 253,079     $ 226,131     $ 217,804     $ 229,670  
Earnings available for combined fixed charges
   $ 492,471     $ 252,462     $ 439,635     $ 430,185     $ 481,012  
                                         
Ratio of Earnings to Fixed Charges
     1.81 x     1.00 x     1.94 x     1.98 x     2.09 x