EXHIBIT 12.1
		SEMPRA ENERGY
		COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
		AND PREFERRED STOCK DIVIDENDS
		(Dollars in millions)
			2012		2013		2014		2015		2016
Fixed charges and preferred stock dividends:
Interest			$	601	$	620	$	636	$	677	$	701
Interest portion of annual rentals			2		2		3		2		3
Preferred dividends of subsidiaries(1)			6		6		1		2		2
Total fixed charges			609		628		640		681		706
Preferred dividends for purpose of ratio			—		—		—		—		—
Combined fixed charges and preferred dividends for purpose of ratio			$	609	$	628	$	640	$	681	$	706
Earnings:
Pretax income from continuing operations before
adjustment for income or loss from equity investees			$	1,255	$	1,399	$	1,443	$	1,600	$	1,824
Add:
Total fixed charges (from above)			609		628		640		681		706
Distributed income of equity investees			50		51		61		83		53
Less:
Interest capitalized			53		23		40		69		90
Preferred dividends of subsidiaries(1)			6		6		1		2		2
Total earnings for purpose of ratio			$	1,855	$	2,049	$	2,103	$	2,293	$	2,491
Ratio of earnings to combined fixed charges
and preferred stock dividends			3.05		3.26		3.29		3.37		3.53
Ratio of earnings to fixed charges			3.05		3.26		3.29		3.37		3.53
(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.