EXHIBIT 12.3

PG&E CORPORATION

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Three Months
	Ended
	March 31,			Year Ended December 31,
	2012			2011			2010			2009			2008			2007
Earnings:
Incoming from continuing operations		$ 236			$ 858			$ 1,113			$ 1,234			$ 1,198			$ 1,020
Income taxes provision		104			440			547			460			425			539
Fixed charges		221			919			850			877			907			937
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		(3	)		(17	)		(16	)		(16	)		(16	)		(17)
Total earnings		$ 558			$ 2,200			$ 2,494			$ 2,555			$ 2,514			$ 2,479
Fixed charges:
Interest and amortization of premiums, discounts and capitalized expenses related to short-term borrowings and long-term debt, net		$ 202			$ 846			$ 766			$ 798			$ 825			$ 865
Interest on capital leases		4			16			18			19			22			23
AFUDC debt		12			40			50			44			44			32
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		3			17			16			16			16			17
Total fixed charges		$ 221			$ 919			$ 850			$ 877			$ 907			$ 937
Ratios of earnings to fixed charges		2.52			2.39			2.93			2.91			2.77			2.65

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.