EXHIBIT 12.1
		SEMPRA ENERGY
	COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
	AND PREFERRED STOCK DIVIDENDS
			(Dollars in millions)
	1999		2000	2001	2002		2003
Fixed Charges and Preferred Stock Dividends:
Interest	$ 233		$ 308	$ 358	$ 350		$ 351
Interest portion of annual rentals	10		8	6	6		5
Preferred dividends of subsidiaries (1)	16		18	16	15		11
Combined fixed charges and preferred stock
dividends for purpose of ratio	$ 259		$ 334	$ 380	$ 371		$ 367
Earnings:
Pretax income from continuing operations	$ 573		$ 699	$ 731	$ 721		$ 742
Total fixed charges (from above)	259		334	380	371		367
Less:
Interest capitalized	1		3	11	29		26
Equity in income (loss) of unconsolidated
subsidiaries and joint ventures	--		62	12	(55	)	8
Total earnings for purpose of ratio	$ 831		$ 968	$ 1,088	$ 1,118		$ 1,075
Ratio of earnings to combined fixed charges
and preferred stock dividends	3.21		2.90	2.86	3.01		2.93
(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.