EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
													March 31,
			2009		2010		2011		2012		2013		2014
Fixed charges and preferred stock dividends:
Interest		$	455	$	492	$	549	$	601	$	620	$	155
Interest portion of annual rentals			2		3		2		2		2		1
Preferred dividends of subsidiaries (1)			13		11		10		6		6		-
Total fixed charges			470		506		561		609		628		156
Preferred dividends for purpose of ratio			-		-		-		-		-		-
Total fixed charges and preferred dividends for purpose of ratio		$	470	$	506	$	561	$	609	$	628	$	156
Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees		$	977	$	1,078	$	1,747	$	1,255	$	1,399	$	370
Add:
Total fixed charges (from above)			470		506		561		609		628		156
Distributed income of equity investees			493		260		96		50		51		11
Less:
Interest capitalized			73		74		27		53		23		8
Preferred dividends of subsidiaries (1)			13		11		10		6		6		-
Total earnings for purpose of ratio		$	1,854	$	1,759	$	2,367	$	1,855	$	2,049	$	529
Ratio of earnings to combined fixed charges and preferred stock dividends			3.94		3.48		4.22		3.05		3.26		3.39
Ratio of earnings to fixed charges			3.94		3.48		4.22		3.05		3.26		3.39
(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.