EXHIBIT 12.1

PACIFIC GAS AND ELECTRIC COMPANY

COMPUTATION OF RATIOS OF EARNINGS TO
FIXED CHARGES



|                                                                                                                                                                                    |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |  |  |        | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ------ |  | ---- |  | ------ | ---- |  |  | ------ |  |  | ---- | ------ |  |  |  | ------ | 
|                                                                                                                                                                                    |  | Year ended December 31, |       
|                                                                                                                                                                                    |  | 2010                    |        |  | 2009 |  |        | 2008 |  |  | 2007   |  |  | 2006 |       
|                                                                                                                                                                                    |  |                         |        | 
|Earnings:                                                                                                                                                                           |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |  |  |        | 
|Net income                                                                                                                                                                          |  |                         | $1,121 |  |      |  | $1,250 |      |  |  | $1,199 |  |  |      | $1,024 |  |  |  | $985   | 
|Adjustments for income or loss from equity investees of less than 100% owned affiliates and the Companys equity in
undistributed income (losses) of less than 50% owned affiliates |  |                         | -      |  |      |  | -      |      |  |  | -      |  |  |      | -      |  |  |  | -      | 
|Income taxes provision                                                                                                                                                              |  |                         | 574    |  |      |  | 482    |      |  |  | 488    |  |  |      | 571    |  |  |  | 602    | 
|Fixed charges                                                                                                                                                                       |  |                         | 799    |  |      |  | 817    |      |  |  | 860    |  |  |      | 889    |  |  |  | 801    | 
|                                                                                                                                                                                    |  |                         |        | 
|Total Earnings                                                                                                                                                                      |  |                         | $2,494 |  |      |  | $2,549 |      |  |  | $2,547 |  |  |      | $2,484 |  |  |  | $2,388 | 
|                                                                                                                                                                                    |  |                         |        | 
|Fixed Charges:                                                                                                                                                                      |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |  |  |        | 
|Interest on short-term borrowings and long-term debt, net                                                                                                                           |  |                         | 731    |  |      |  | 754    |      |  |  | $794   |  |  |      | $834   |  |  |  | $770   | 
|Interest on capital leases                                                                                                                                                          |  |                         | 18     |  |      |  | 19     |      |  |  | 22     |  |  |      | 23     |  |  |  | 11     | 
|AFUDC debt                                                                                                                                                                          |  |                         | 50     |  |      |  | 44     |      |  |  | 44     |  |  |      | 32     |  |  |  | 20     | 
|Earnings required to cover the preferred stock dividend and preferred security distribution requirements of majority owned
trust                                                    |  |                         | -      |  |      |  | -      |      |  |  | -      |  |  |      | -      |  |  |  | -      | 
|                                                                                                                                                                                    |  |                         |        | 
|Total Fixed Charges                                                                                                                                                                 |  |                         | $799   |  |      |  | $817   |      |  |  | $860   |  |  |      | $889   |  |  |  | $801   | 
|                                                                                                                                                                                    |  |                         |        | 
|Ratios of Earnings to Fixed Charges                                                                                                                                                 |  |                         | 3.12   |  |      |  | 3.12   |      |  |  | 2.96   |  |  |      | 2.79   |  |  |  | 2.98   | 
|                                                                                                                                                                                    |  |                         |        | 

Note:

For the
purpose of computing Pacific Gas and Electric Companys ratios of earnings to fixed charges, earnings represent net income adjusted for the income or loss from equity investees of less than 100% owned affiliates, equity in
undistributed income or losses of less than 50% owned affiliates, income taxes and fixed charges (excluding capitalized interest). Fixed charges include interest on long-term debt and short-term borrowings (including a representative
portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover the preferred stock dividend requirements and preferred security distribution requirements of
majority-owned trust. Fixed charges exclude interest on tax liabilities.