EXHIBIT 12.1 SEMPRA ENERGY COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in millions)
							Six months ended
	2000	2001	2002		2003	2004	June 30, 2005
Fixed Charges and Preferred Stock Dividends:
Interest	$ 308	$ 358	$ 350		$ 351	$ 334	$ 157
Interest portion of annual rentals	8	6	4		4	4	3
Preferred dividends of subsidiaries (1)	18	16	14		11	12	6
Combined fixed charges and preferred stock dividends for purpose of ratio	$ 334	$ 380	$ 368		$ 366	$ 350	$ 166
Earnings:
Pretax income from continuing operations	$ 699	$ 731	$ 721		$ 742	$ 1,113	$ 390
Total fixed charges (from above)	334	380	368		366	350	166
Less:
Interest capitalized	3	11	29		26	8	9
Equity in income (loss) of unconsolidated subsidiaries and joint ventures	62	12	(55	)	8	36	16
Total earnings for purpose of ratio	$ 968	$ 1,088	$ 1,115		$ 1,074	$ 1,419	$ 531
Ratio of earnings to combined fixed charges and preferred stock dividends	2.90	2.86	3.03		2.93	4.05	3.20
(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.