EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
			2011		2012		2013		2014		2015
Fixed charges and preferred stock dividends:
Interest		$	549	$	601	$	620	$	636	$	677
Interest portion of annual rentals			2		2		2		3		2
Preferred dividends of subsidiaries (1)			10		6		6		1		2
Total fixed charges			561		609		628		640		681
Preferred dividends for purpose of ratio			-		-		-		-		-
Total fixed charges and preferred dividends for purpose of ratio		$	561	$	609	$	628	$	640	$	681
Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees		$	1,747	$	1,255	$	1,399	$	1,443	$	1,600
Add:
Total fixed charges (from above)			561		609		628		640		681
Distributed income of equity investees			96		50		51		61		83
Less:
Interest capitalized			27		53		23		40		69
Preferred dividends of subsidiaries (1)			10		6		6		1		2
Total earnings for purpose of ratio		$	2,367	$	1,855	$	2,049	$	2,103	$	2,293
Ratio of earnings to combined fixed charges and preferred stock dividends			4.22		3.05		3.26		3.29		3.37
Ratio of earnings to fixed charges			4.22		3.05		3.26		3.29		3.37
(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.