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                                  EXHIBIT 12.1  
                          SAN DIEGO GAS & ELECTRIC COMPANY  
            COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES  
                           AND PREFERRED STOCK DIVIDENDS  
 
<CAPTION>                                                                                   
                   
                                                                                            
       
                                                                                      
                                                                                       
                           1993        1994        1995        1996      1997 
                        ----------  ----------  ----------  ---------- ---------- 
<S>                     <C>         <C>         <C>        <C>         <C>  
  
Fixed Charges:  
  
Interest: 
  Long-Term Debt        $ 84,830    $ 81,749    $ 82,591     $ 76,463   $ 69,546 
  Short-Term Debt          6,676       8,894      17,886       12,635     13,825 
Amortization of Debt 
 Discount and Expense, 
 Less Premium              4,162       4,604       4,870        4,881      5,154 
Interest Portion of  
 Annual Rentals            9,881       9,496       9,631        8,446      9,496 
                        --------    ---------   ---------   ---------   -------- 
   Total Fixed   
    Charges              105,549     104,743     114,978      102,425     98,021 
                        --------   ---------    ---------   ---------   -------- 
Preferred Dividends     
 Requirements              8,565       7,663       7,663        6,582      6,582 
Ratio of Income Before  
 Tax to Net Income       1.79353     1.83501     1.78991      1.88864    1.91993 
                       ---------  ----------   ---------    ---------  --------- 
Preferred Dividends  
 for Purpose of Ratio     15,362      14,062      13,716       12,431     12,637 
                       ---------   ---------   ---------    ---------  --------- 
 Total Fixed Charges 
  and Preferred  
  Dividends for 
  Purpose of Ratio      $120,911    $118,805    $128,694     $114,856   $110,658 
                       =========    =========  =========    =========  ========= 
Earnings: 
 
Net Income (before 
 preferred dividend  
 requirements)          $215,872    $206,296    $219,049     $222,765   $238,232 
Add:  
 Fixed Charges  
  (from above)           105,549     104,743     114,978      102,425     98,021 
 Less: Fixed Charges  
  Capitalized              1,483       1,424       2,040        1,495      2,052  
Taxes on Income          171,300     172,259     173,029      197,958    219,156 
                      ----------  ----------  ----------  -----------  --------- 
 Total Earnings for  
  Purpose of Ratio      $491,238    $481,874    $505,016     $521,653   $553,357  
                      ==========  ==========  ==========  =========== ==========  
Ratio of Earnings  
 to Combined Fixed  
 Charges and Preferred  
 Dividends                  4.06        4.06        3.92         4.54       5.00 
                      ==========  ==========  ==========  ===========  ========= 
 
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