EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
			2010		2011		2012		2013		2014
Fixed charges and preferred stock dividends:
Interest		$	492	$	549	$	601	$	620	$	636
Interest portion of annual rentals			3		2		2		2		3
Preferred dividends of subsidiaries (1)			11		10		6		6		1
Total fixed charges			506		561		609		628		640
Preferred dividends for purpose of ratio			-		-		-		-		-
Total fixed charges and preferred dividends for purpose of ratio		$	506	$	561	$	609	$	628	$	640
Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees		$	1,078	$	1,747	$	1,255	$	1,399	$	1,443
Add:
Total fixed charges (from above)			506		561		609		628		640
Distributed income of equity investees			260		96		50		51		61
Less:
Interest capitalized			74		27		53		23		40
Preferred dividends of subsidiaries (1)			11		10		6		6		1
Total earnings for purpose of ratio		$	1,759	$	2,367	$	1,855	$	2,049	$	2,103
Ratio of earnings to combined fixed charges and preferred stock dividends			3.48		4.22		3.05		3.26		3.29
Ratio of earnings to fixed charges			3.48		4.22		3.05		3.26		3.29
(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.