EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
							March 31,
		2005	2006	2007	2008	2009	2010
Fixed charges and preferred stock dividends:
Interest		$ 342	$ 413	$ 379	$ 353	$ 455	$ 121
Interest portion of annual rentals		5	6	6	3	2	1
Preferred dividends of subsidiaries (1)		10	15	14	13	13	4
Total fixed charges		357	434	399	369	470	126
Preferred dividends for purpose of ratio		-	-	-	-	-	-
Total fixed charges and preferred dividends for purpose of ratio		$ 357	$ 434	$ 399	$ 369	$ 470	$ 126
Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees		$ 891	$ 1,579	$ 1,538	$ 1,009	$ 977	$ 124
Add:
Total fixed charges (from above)		357	434	399	369	470	126
Distributed income of equity investees		73	431	19	133	493	15
Less:
Interest capitalized		28	58	100	100	73	7
Preferred dividends of subsidiaries (1)		10	10	10	10	13	4
Total earnings for purpose of ratio		$ 1,283	$ 2,376	$ 1,846	$ 1,401	$ 1,854	$ 254
Ratio of earnings to combined fixed charges and preferred stock dividends		3.59	5.47	4.63	3.80	3.94	2.02
Ratio of earnings to fixed charges		3.59	5.47	4.63	3.80	3.94	2.02
(1)	In computing this ratio, “Preferred dividends of subsidiaries” represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods.