EXHIBIT 12.3

PG&E CORPORATION

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2010			2009			2008			2007			2006
Earnings:
Incoming from continuing operations		$1,113			$1,234			$1,198			$1,020			$1,005
Income taxes provision		547			460			425			539			554
Fixed charges		850			861			907			937			845
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		(16	)		(16	)		(16	)		(17	)		(15)
Total Earnings		$2,494			$2,539			$2,514			$2,479			$2,389
Fixed Charges:
Interest and amortization of premiums, discounts and capitalized expenses related to short-term borrowings and long-term debt, net		$766			$798			$825			$865			$799
Interest on capital leases		18			19			22			23			11
AFUDC debt		50			44			44			32			20
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		16			16			16			17			15
Total Fixed Charges		$850			$877			$907			$937			$845
Ratios of Earnings to Fixed Charges		2.93			2.90			2.77			2.65			2.83

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.