EXHIBIT 12.1
                               SEMPRA ENERGY
         COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                       AND PREFERRED STOCK DIVIDENDS
                           (Dollars in millions)


                                                                                For the three
                                                                                Months ended
                                                                                March 31,
                                1996      1997      1998      1999      2000      2001
                              --------  --------  --------  --------  --------  --------
                                                               
Fixed Charges and Preferred
Stock Dividends:

Interest                        $ 205    $ 209     $ 210     $ 233     $ 305     $  96
Interest Portion of
 Annual Rentals                    28       25        20        10         8         2
Preferred dividends
 of subsidiaries (1)               37       31        18        16        18         5
                               -------- --------  --------  --------  --------  --------
Total Fixed Charges
 and Preferred Stock
 Dividends For Purpose
 of Ratio                       $ 270    $ 265     $ 248     $ 259     $ 331     $ 103
                               ======== ========  ========  ========  ========  ========

Earnings:

Pretax income from
  continuing operations         $ 727    $ 733     $ 432     $ 573     $ 699     $ 310
Add:
 Fixed charges
  (from above)                    270      265       248       259       331       103
 Less:
  Fixed charges
  capitalized                       5        3         3         5         5         2

  Equity income (loss) of
  unconsolidated subsidiaries
  and joint ventures                -        -         -         -        62        (2)
                               -------- -------- --------  --------  --------  --------
 Total Earnings for
  Purpose of Ratio              $ 992    $ 995     $ 677     $ 827     $ 963     $ 413
                               ======== ======== ========  ========  ========  ========
Ratio of Earnings
 to Combined Fixed Charges
 and Preferred Stock
 Dividends                       3.67     3.75      2.73      3.19      2.91      4.01
                               ======== ======== ========  ========  ========  ========

(1) In computing this ratio, "Preferred dividends of subsidiaries" represents the
before-tax earnings necessary to pay such dividends, computed at the effective tax
rates for the applicable periods.