|EXHIBIT 12.1                                                                                                                 
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|SAN DIEGO GAS & ELECTRIC COMPANY                                                                                             
|COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES                                                                   
|AND PREFERRED STOCK DIVIDENDS                                                                                                
|(Dollars in millions)                                                                                                        
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|Fixed Charges and Preferred                                                                                                  
|Stock Dividends:                                                                                                             
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|Interest                                                                                                                     
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|Interest portion of annual rentals                                                                                           
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|Total fixed charges                                                                                                          
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|Preferred stock dividends (1)                                                                                                
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|Combined fixed charges and preferred stock                                                                                   
|dividends for purpose of ratio                                                                                               
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|Earnings:                                                                                                                    
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|Pretax income from continuing operations                                                                                     
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|Total fixed charges (from above)                                                                                             
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|Less: interest capitalized                                                                                                   
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|Total earnings for purpose of ratio                                                                                          
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|Ratio of earnings to combined fixed charges                                                                                  
|and preferred stock dividends                                                                                                
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|Ratio of earnings to fixed charges                                                                                           
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|(1)  In computing this ratio, Preferred stock dividends represents the before-tax earnings necessary to pay such dividends,
|computed at the effective tax rates for the applicable periods.