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EXHIBIT 12.3

PG&E CORPORATION

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2012			2011			2010			2009			2008
Earnings:
Income from continuing operations	$	830		$	858		$	1,113		$	1,234		$	1,198
Income taxes provision		237			440			547			460			425
Fixed charges		931			919			850			877			907
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		(15	)		(17	)		(16	)		(16	)		(16	)
Total Earnings	$	1,983		$	2,200		$	2,494		$	2,555		$	2,514
Fixed Charges:
Interest and amortization of premiums, discounts and capitalized expenses related to short-term borrowings and long-term debt, net	$	859		$	846		$	766		$	798		$	825
Interest on capital leases		9			16			18			19			22
AFUDC debt		48			40			50			44			44
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		15			17			16			16			16
Total Fixed Charges	$	931		$	919		$	850		$	877		$	907
Ratios of Earnings to Fixed Charges	$	2.13		$	2.39			2.93			2.91			2.77

Note:

For the purpose of computing PG&E Corporation's ratios of earnings to fixed charges, “earnings” represent income from continuing operations adjusted for income taxes, fixed charges (excluding capitalized interest), and pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries.   “Fixed charges” include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover preferred stock dividends of consolidated subsidiaries.  Fixed charges exclude interest on tax liabilities.

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