EXHIBIT 12.3

PG&E CORPORATION

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Three Months Ended   September 30,		Nine Months Ended September 30,		Year Ended December 31,
	2011		2011		2010		2009		2008		2007		2006
Earnings:
Net income		$  203		$  771		$  1,113		$  1,234		$  1,198		$  1,020		$  1,005
Income taxes provision		49		349		547		460		425		539		554
Fixed charges		244		686		850		877		907		937		845
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		(3)		(11)		(16)		(16)		(16)		(17)		(15)
Total Earnings		$  493		$  1,795		$  2,494		$  2,555		$  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		$  225		$  633		$  766		$  798		$  825		$  865		$  799
Interest on capital leases		4		12		18		19		22		23		11
AFUDC debt		12		30		50		44		44		32		20
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		3		11		16		16		16		17		15
Total Fixed Charges		$  244		$  686		$  850		$  877		$  907		$  937		$  845
Ratios of Earnings to Fixed Charges		2.02		2.62		2.93		2.91		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.