EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
	2001	2002	2003	2004	2005
Fixed Charges and Preferred Stock Dividends:
Interest	$ 358	$ 350	$ 351	$ 334	$ 344
Interest portion of annual rentals	6	4	4	4	5
Preferred dividends of subsidiaries (1)	16	14	11	12	10
Combined fixed charges and preferred stock
dividends for purpose of ratio	$ 380	$ 368	$ 366	$ 350	$ 359
Earnings:
Pretax income from continuing operations	$ 731	$ 721	$ 742	$ 1,113	$ 971
Total fixed charges (from above)	380	368	366	350	359
Less:
Interest capitalized	11	29	26	8	28
Equity in income (loss) of unconsolidated
subsidiaries and joint ventures	12	(55)	5	36	66
Total earnings for purpose of ratio	$ 1,088	$ 1,115	$ 1,077	$ 1,419	$ 1,236
Ratio of earnings to combined fixed charges
and preferred stock dividends	2.86	3.03	2.94	4.05	3.44
(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.