EXHIBIT 12.3

PG&E CORPORATION

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Six Months Ended June 30,			Year Ended December 31,
	2014			2013			2012			2011			2010			2009
Earnings:
Net income	$	501		$	828		$	830		$	858		$	1,113		$	1,234
Income tax provision		195			268			237			440			547			460
Fixed charges		570			1,012			931			919			850			877
Pre-tax earnings required to cover the
preferred stock dividend of consolidated
subsidiaries		(8	)		(16	)		(15	)		(17	)		(16	)		(16	)
Total earnings	$	1,258		$	2,092		$	1,983		$	2,200		$	2,494		$	2,555
Fixed charges:
Interest on short-term borrowings and
long-term debt, net	$	538		$	942		$	859		$	846		$	766		$	798
Interest on capital leases		3			7			9			16			18			19
AFUDC debt		21			47			48			40			50			44
Pre-tax earnings required to cover the
preferred stock dividend of consolidated
subsidiaries		8			16			15			17			16			16
Total fixed charges	$	570		$	1,012		$	931		$	919		$	850		$	877
Ratios of earnings to fixed charges		2.21			2.07			2.13			2.39			2.93			2.91

Note:

For the purpose of computing PG&E Corporation's ratios of earnings to fixed charges, “earnings” represent income from continuing operations adjusted for income taxes, fixed charges (excluding capitalized interest), and pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries.   “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 preferred stock dividends of consolidated subsidiaries.  Fixed charges exclude interest on tax liabilities.