EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
	2001	2002	2003	2004	2005
Fixed Charges and Preferred
Stock Dividends:
Interest	$ 96	$ 83	$ 78	$ 71	$ 77
Interest portion of annual rentals	3	2	2	2	3
Total fixed charges	99	85	80	73	80
Preferred stock dividends (1)	11	9	9	8	6
Combined fixed charges and preferred stock
dividends for purpose of ratio	$ 110	$ 94	$ 89	$ 81	$ 86
Earnings:
Pretax income from continuing operations	$ 324	$ 300	$ 488	$ 361	$ 356
Total fixed charges (from above)	99	85	80	73	80
Less: interest capitalized	1	1	1	1	1
Total earnings for purpose of ratio	$ 422	$ 384	$ 567	$ 433	$ 435
Ratio of earnings to combined fixed charges
and preferred stock dividends	3.84	4.09	6.37	5.35	5.06
(1) In computing this ratio, "Preferred stock dividends" represents the before-tax earnings necessary to pay such dividends,
computed at the effective tax rates for the applicable periods