EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
	2002	2003	2004	2005	2006
Fixed Charges and Preferred
Stock Dividends:
Interest	$                  83	$                   78	$                   71	$                   77	$                  102
Interest portion of annual rentals	2	2	2	3	3
Total fixed charges	85	80	73	80	105
Preferred stock dividends (1)	9	9	8	6	8
Combined fixed charges and preferred stock
dividends for purpose of ratio	$                   94	$                   89	$                   81	$                   86	$                  113
Earnings:
Pretax income from continuing operations	$                 300	$                 488	$                 361	$                 356	$                  394
Total fixed charges (from above)	85	80	73	80	105
Less: interest capitalized	1	1	1	1	1
Total earnings for purpose of ratio	$                 384	$                 567	$                 433	$                 435	$                  498
Ratio of earnings to combined fixed charges
and preferred stock dividends	4.09	6.37	5.35	5.06	4.41
Ratio of earnings to fixed charges	4.52	7.09	5.93	5.44	4.74
(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.