EXHIBIT 12.1

PACIFIC GAS AND ELECTRIC COMPANY

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Three Months Ended June 30,		Six Months Ended June 30,		Year Ended December 31,
	2013		2013		2012		2011		2010		2009		2008
Earnings:
Net income	$	329	$	566	$	811	$	845	$	1,121	$	1,250	$	1,199
Income taxes provision		160		281		298		480		574		482		488
Fixed charges		216		443		891		880		799		817		860
Total earnings	$	705	$	1,290	$	2,000	$	2,205	$	2,494	$	2,549	$	2,547
Fixed charges:
Interest on short-term borrowings and long-term debt, net	$	202	$	414	$	834	$	824	$	731	$	754	$	794
Interest on capital leases		2		4		9		16		18		19		22
AFUDC debt		12		25		48		40		50		44		44
Total fixed charges	$	216	$	443	$	891	$	880	$	799	$	817	$	860
Ratios of earnings to fixed charges		3.26		2.91		2.24		2.51		3.12		3.12		2.96

Note:

For the purpose of computing Pacific Gas and Electric Company’s ratios of earnings to fixed charges, “earnings” represent net income adjusted for the income or loss from equity investees of less than 100% owned affiliates, equity in undistributed income or losses of less than 50% owned affiliates, income taxes and fixed charges (excluding capitalized interest).  “Fixed charges” include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover the preferred stock dividend requirements.  Fixed charges exclude interest on tax liabilities.