EXHIBIT 12.3

PG&E CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

		Six Months Ended June 30,		Year Ended December 31,
(in millions)		2015		2014		2013		2012		2011		2010
Earnings:
Net income	$	440	$	1,450	$	828	$	830	$	858	$	1,113
Income tax provision		17		345		268		237		440		547
Fixed charges		538		1,206		1,012		931		919		850
Pre-tax earnings required to cover
cover the preferred stock
dividend of consolidated
subsidiaries		(7)		(15)		(16)		(15)		(17)		(16)
Total earnings	$	988	$	2,986	$	2,092	$	1,983	$	2,200	$	2,494
Fixed charges:
Interest on short-term
borrowings and long-term
debt, net	$	505	$	1,140	$	942	$	859	$	846	$	766
Interest on capital leases		2		6		7		9		16		18
AFUDC debt		24		45		47		48		40		50
Pre-tax earnings required to
cover the preferred stock
dividend of consolidated
subsidiaries		7		15		16		15		17		16
Total fixed charges	$	538	$	1,206	$	1,012	$	931	$	919	$	850
Ratios of earnings to
fixed charges		1.84		2.48		2.07		2.13		2.39		2.93

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.