EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
						Six months
						ended
	2001	2002	2003	2004	2005	June 30, 2006
Fixed charges and preferred stock dividends:
Interest	$ 358	$ 350	$ 345	$ 332	$ 342	$ 206
Interest portion of annual rentals	6	4	4	4	5	3
Preferred dividends of subsidiaries (1)	16	14	11	12	10	7
Total fixed charges	380	368	360	348	357	216
Preferred dividends for purpose of ratio	-	-	-	-	-	-
Total fixed charges and preferred
dividends for purpose of ratio	$ 380	$ 368	$ 360	$ 348	$ 357	$ 216
Earnings:
Pretax income from continuing operations	$ 730	$ 738	$ 816	$ 1,106	$ 948	$ 623
Total fixed charges (from above)	380	368	360	348	357	216
Less:
Interest capitalized	11	29	26	8	28	21
Equity in income (loss) of unconsolidated
subsidiaries and joint ventures	12	(55)	5	36	66	6
Total earnings for purpose of ratio	$ 1,087	$ 1,132	$ 1,145	$ 1,410	$ 1,211	$ 812
Ratio of earnings to combined fixed charges
and preferred stock dividends	2.86	3.08	3.18	4.05	3.39	3.76
Ratio of earnings to fixed charges	2.86	3.08	3.18	4.05	3.39	3.76
(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.