EXHIBIT 12.1

SEMPRA ENERGY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

	2003		2004		2005		2006		2007		Six months ended June 30, 2008
Fixed charges and preferred stock dividends:
Interest	$	345	$	332	$	342	$	413	$	379	$	152
Interest portion of annual rentals		4		4		5		6		6		2
Preferred dividends of subsidiaries (1)		11		12		10		15		14		8
Total fixed charges		360		348		357		434		399		162
Preferred dividends for purpose of ratio		—		—		—		—		—		—
Total fixed charges and preferred dividends for purpose of ratio	$	360	$	348	$	357	$	434	$	399	$	162
Earnings:
Pretax income from continuing operations	$	814	$	1,105	$	947	$	1,732	$	1,649	$	815
Add:
Total fixed charges (from above)		360		348		357		434		399		162
Distributed income of equity investees		72		59		73		431		19		8
Less:
Interest capitalized		26		8		28		58		100		52
Equity in income (loss) of unconsolidated subsidiaries and joint ventures		5		36		66		156		90		200
Minority interest in income of consolidated subsidiaries		—		—		—		7		31		(8	)
Total earnings for purpose of ratio	$	1,215	$	1,468	$	1,283	$	2,376	$	1,846	$	741
Ratio of earnings to combined fixed charges and preferred stock dividends		3.38		4.22		3.59		5.47		4.63		4.57
Ratio of earnings to fixed charges		3.38		4.22		3.59		5.47		4.63		4.57

(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.