PUGET SOUND ENERGY INC
10-Q, EX-12.B, 2000-08-14
ELECTRIC SERVICES
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Exhibit 12b

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


12 Months
Ending
June 30, 		Year Ended December 31,
2000 1999 1998 1997 1996 1995
EARNINGS AVAILABLE FOR              
 COMBINED FIXED CHARGES AND 
 PREFERRED DIVIDEND 
 REQUIREMENTS 
  Pretax income: 
    Income from continuing 
      operations per statement 
      of income  $ 190,308   $ 185,567   $ 169,612   $ 125,698   $ 167,351   $ 128,382  
    Federal income taxes  112,564   109,164   105,814   44,916   106,876   91,519  
    Federal income taxes charged 
      to other income - net  2,592   2,909   3,986   14,807   (784 ) (11,967 )
Subtotal  305,464   297,640   279,412   185,421   273,443   207,934  
  Capitalized interest  (2,283 ) (3,692 ) (1,782 ) (360 ) (600 ) (660 )
  Undistributed (earnings) or 
    losses of less-than-fifty- 
    percent-owned entities  —   —   —   (608 ) 460   8,325  
Total  $ 303,181   $ 293,948   $ 277,630   $ 184,453   $ 273,303   $ 215,599  
  Fixed charges: 
    Interest expense  $ 173,811   $ 160,966   $ 146,248   $ 123,543   $ 122,635   $ 131,346  
    Other interest  2,283   3,692   1,782   360   600   660  
    Portion of rentals 
      representative of the 
      interest factor  4,827   4,575   2,878   3,143   4,187   5,150  
Total  $ 180,921   $ 169,233   $ 150,908   $ 127,046   $ 127,422   $ 137,156  
Earnings available for 
  combined fixed charges 
  and preferred dividend 
  requirements  $ 484,102   $ 463,181   $ 428,538   $ 311,499   $ 400,725   $ 352,755  
DIVIDEND REQUIREMENT: 
  Fixed charges above  $ 180,921   $ 169,233   $ 150,908   $ 127,046   $ 127,422   $ 137,156  
  Preferred dividend 
    requirements below  15,582   17,747   21,421   26,266   36,242   36,693  
Total  $ 196,503   $ 186,980   $ 172,329   $ 153,312   $ 163,664   $ 173,849  

12 Months
Ending
June 30, 		Year Ended December 31,
2000 1999 1998 1997 1996 1995
RATIO OF EARNINGS TO              
  COMBINED FIXED CHARGES 
  AND PREFERRED DIVIDEND 
  REQUIREMENTS  2.46   2.48   2.49   2.03   2.45   2.03  
COMPUTATION OF PREFERRED 
  DIVIDEND REQUIREMENTS: 
  (a) Pre-tax income  $305,464   $297,640   $279,412   $  185,42 1 $273,443   $207,934  
  (b) Income from continuing 
        operations  $190,308   $185,567   $169,612   $125,698   $167,351   $128,382  
  (c) Ratio of (a) to (b)  1.6051   1.6039   1.6474   1.4751   1.6339   1.6197  
  (d) Preferred dividends  $    9,708   $  11,065   $  13,003   $  17,806   $  22,181   $  22,654  
  Preferred dividend 
    requirements 
      [(d) multiplied by (c)]  $  15,582   $  17,747   $  21,421   $  26,266   $  36,242   $  36,693  


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