|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | -------------------- | ---- | -------------------- | ---- | -------------------- | ---- | -------------------- | ---- | ------------------------- | -- | -------------------------
|EXHIBIT 12.1                                                                                                                                                                                 
|SAN DIEGO GAS & ELECTRIC COMPANY                                                                                                                                                             
|COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES                                                                                                                                   
|AND PREFERRED STOCK DIVIDENDS                                                                                                                                                                
|(Dollars in millions)                                                                                                                                                                        
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|                                                                                                                                                                                              |  |      |                      |      | 2003                 |      | 2004                 |      | 2005                 |      | 2006                      |    | 2007                     
|Fixed Charges and Preferred Stock Dividends:                                                                                                                                                  |  |      |                      |      |                      |      |                      |      |                      |     
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Interest                                                                                                                                                                                      |  |      |                      |      | $                 78 |      | $                 71 |      | $                 77 |      | $               102       |    | $                     105
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Interest portion of annual rentals                                                                                                                                                            |  |      | 2                    |      | 2                    |      | 3                    |      | 3                    |      | 3                        
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Total fixed charges                                                                                                                                                                           |  |      |                      |      | 80                   |      | 73                   |      | 80                   |      | 105                       |    | 108                      
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Preferred stock dividends (1)                                                                                                                                                                 |  |      |                      | 9    |                      | 8    |                      | 6    |                      | 8    |                           | 7 
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Combined fixed charges and preferred stock dividends for purpose of ratio                                                                                                                     |  |      | $                 89 |      | $                 81 |      | $                 86 |      | $               113  |      | $                     115
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Earnings:                                                                                                                                                                                     |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Pretax income from continuing operations                                                                                                                                                      |  |      | $               488  |      | $               361  |      | $               356  |      | $               394  |      | $                     423
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Total fixed charges (from above)                                                                                                                                                              |  |      | 80                   |      | 73                   |      | 80                   |      | 105                  |      | 108                      
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Less: Minority interest                                                                                                                                                                       |  |      |                      | -    |                      | -    |                      | -    |                      | -    |                           | 17
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Less: interest capitalized                                                                                                                                                                    |  |      |                      | 1    |                      | 1    |                      | 1    |                      | 1    |                           | 3 
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Total earnings for purpose of ratio                                                                                                                                                           |  |      | $               567  |      | $               433  |      | $               435  |      | $               498  |      | $                     511
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |     
|Ratio of earnings to combined fixed charges   and preferred stock dividends                                                                                                                   |  | 6.37 |                      | 5.35 |                      | 5.06 |                      | 4.41 |                      | 4.44
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|Ratio of earnings to fixed charges                                                                                                                                                            |  |      | 7.09                 |      | 5.93                 |      | 5.44                 |      | 4.74                 |      | 4.73                     
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|                                                                                                                                                                                              |  |      |                      |      |                      |      |                      |      |                      |      |                           |    |                          
|(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.