EXHIBIT 12.1

SEMPRA ENERGY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

											June 30,
	2009		2010		2011		2012		2013		2014
Fixed charges and preferred stock dividends:
Interest	$	455	$	492	$	549	$	601	$	620	$	310
Interest portion of annual rentals		2		3		2		2		2		1
Preferred dividends of subsidiaries (1)		13		11		10		6		6		1
Total fixed charges		470		506		561		609		628		312
Preferred dividends for purpose of ratio		—		—		—		—		—		—
Total fixed charges and preferred dividends for purpose of ratio	$	470	$	506	$	561	$	609	$	628	$	312
Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees	$	977	$	1,078	$	1,747	$	1,255	$	1,399	$	723
Add:
Total fixed charges (from above)		470		506		561		609		628		312
Distributed income of equity investees		493		260		96		50		51		18
Less:
Interest capitalized		73		74		27		53		23		16
Preferred dividends of subsidiaries (1)		13		11		10		6		6		1
Total earnings for purpose of ratio	$	1,854	$	1,759	$	2,367	$	1,855	$	2,049	$	1,036
Ratio of earnings to combined fixed charges and preferred stock dividends		3.94		3.48		4.22		3.05		3.26		3.32
Ratio of earnings to fixed charges		3.94		3.48		4.22		3.05		3.26		3.32

(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.