<TABLE> 
                         EXHIBIT 12.1 
              SAN DIEGO GAS & ELECTRIC COMPANY 
   COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES 
                 AND PREFERRED STOCK DIVIDENDS 
<CAPTION>                                                                                
                                                                        3 Months   3 Months
                                                                          Ended      Ended
                             1993     1994     1995     1996     1997    3/31/98*  3/31/98**  
                           -------- -------- -------- -------- -------- --------- ----------  
<S>                        <C>      <C>      <C>      <C>     <C>       <C>         <C>
Fixed Charges: 
 
Interest:
  Long-Term Debt           $ 84,830 $ 81,749 $ 82,591 $ 76,463 $ 69,546  $ 15,431   $ 15,431
  Short-Term Debt             6,676    8,894   17,886   12,635   13,825     2,654      2,654
  Rate Reduction Bonds           --       --       --       --       --        --     11,883   
Amortization of Debt
 Discount and Expense,
 Less Premium                 4,162    4,604    4,870    4,881    5,154     1,352      1,352
Interest Portion of 
 Annual Rentals               9,881    9,496    9,631    8,446    9,496     2,308      2,308
                           -------- -------- -------- -------- -------- --------- ----------
   Total Fixed 
    Charges                 105,549  104,743  114,978  102,425   98,021    21,745     33,628
                           -------- -------- -------- -------- -------- --------- ----------
Preferred Dividends    
 Requirements                 8,565    7,663    7,663    6,582    6,582     1,646      1,646
Ratio of Income Before 
 Tax to Net Income          1.79353  1.83501  1.78991  1.88864  1.91993   1.63772    1.63772  
                           -------- -------- -------- -------- -------- --------- ----------
Preferred Dividends 
 for Purpose of Ratio        15,362   14,062   13,716   12,431   12,637     2,696      2,696
                           -------- -------- -------- -------- -------- --------- ----------
 Total Fixed Charges
  and Preferred 
  Dividends for
  Purpose of Ratio         $120,911 $118,805 $128,694 $114,856 $110,658  $ 24,441   $ 36,324
                           ======== ======== ======== ======== ======== ========= ==========
Earnings:

Net Income (before
 preferred dividend 
 requirements)             $215,872 $206,296 $219,049 $222,765 $238,232  $ 50,223   $ 50,223  
Add: 
 Fixed Charges 
  (from above)              105,549  104,743  114,978  102,425   98,021    21,745     33,628 
 Less: Fixed Charges 
  Capitalized                 1,483    1,424    2,040    1,495    2,052       356        356
Taxes on Income             171,300  172,259  173,029  197,958  219,156    32,028     32,028
                           -------- -------- -------- -------- -------- --------- ----------
 Total Earnings for 
  Purpose of Ratio         $491,238 $481,874 $505,016 $521,653 $553,357  $103,640   $115,523
                           ======== ======== ======== ======== ======== ========= ==========
Ratio of Earnings 
 to Combined Fixed 
 Charges and Preferred 
 Dividends                     4.06     4.06     3.92     4.54     5.00      4.24       3.18
                           ======== ======== ======== ======== ======== ========= ==========
</TABLE>