|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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|(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                                                                |