Exhibit 12.1



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|EXHIBIT 12.1                                                                                                                                                                                            | 
|SEMPRA ENERGY                                                                                                                                                                                           | 
|COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES                                                                                                                                              | 
|AND PREFERRED STOCK DIVIDENDS                                                                                                                                                                           | 
|(Dollars in millions)                                                                                                                                                                                   | 
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|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|                                                                                                                                                                                                        |  |  | 2004                        |  | 2005                        |  | 2006                        |  | 2007                       |  | 2008                       | 
|Fixed charges and preferred stock dividends:                                                                                                                                                            |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Interest                                                                                                                                                                                                |  |  | $                       332 |  | $                       342 |  | $                       413 |  | $                      379 |  | $                      353 | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Interest portion of annual rentals                                                                                                                                                                      |  |  | 4                           |  | 5                           |  | 6                           |  | 6                          |  | 3                          | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Preferred dividends of subsidiaries (1)                                                                                                                                                                 |  |  | 12                          |  | 10                          |  | 15                          |  | 14                         |  | 13                         | 
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|Total fixed charges                                                                                                                                                                                     |  |  | 348                         |  | 357                         |  | 434                         |  | 399                        |  | 369                        | 
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|Preferred dividends for purpose of ratio                                                                                                                                                                |  |  | -                           |  | -                           |  | -                           |  | -                          |  | -                          | 
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|Total fixed charges and preferred dividends for purpose of ratio                                                                                                                                        |  |  | $                       348 |  | $                       357 |  | $                       434 |  | $                      399 |  | $                      369 | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Earnings:                                                                                                                                                                                               |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Pretax income from continuing operations                                                                                                                                                                |  |  | $                     1,105 |  | $                       947 |  | $                     1,732 |  | $                    1,649 |  | $                    1,551 | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Add:                                                                                                                                                                                                    |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Total fixed charges (from above)                                                                                                                                                                        |  |  | 348                         |  | 357                         |  | 434                         |  | 399                        |  | 369                        | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Distributed income of equity investees                                                                                                                                                                  |  |  | 59                          |  | 73                          |  | 431                         |  | 19                         |  | 133                        | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Less:                                                                                                                                                                                                   |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Interest capitalized                                                                                                                                                                                    |  |  | 8                           |  | 28                          |  | 58                          |  | 100                        |  | 100                        | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Equity in income (loss) of unconsolidated subsidiaries and joint ventures                                                                                                                               |  |  | 36                          |  | 66                          |  | 156                         |  | 90                         |  | 483                        | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Minority interest in income of consolidated subsidiaries                                                                                                                                                |  |  | -                           |  | -                           |  | 7                           |  | 31                         |  | 69                         | 
|                                                                                                                                                                                                        |  |  |                             |  |                             |  |                             |  |                            |  |                            | 
|Total earnings for purpose of ratio                                                                                                                                                                     |  |  | $                     1,468 |  | $                     1,283 |  | $                     2,376 |  | $                    1,846 |  | $                    1,401 | 
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|Ratio of earnings to combined fixed charges and preferred stock dividends                                                                                                                               |  |  | 4.22                        |  | 3.59                        |  | 5.47                        |  | 4.63                       |  | 3.80                       | 
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|Ratio of earnings to fixed charges                                                                                                                                                                      |  |  | 4.22                        |  | 3.59                        |  | 5.47                        |  | 4.63                       |  | 3.80                       | 
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|(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. |