|EXHIBIT 12.1                                                                                                                  |               |  |              |  |                 
|----------------------------------------------------------------------------------------------------------------------------- | ------------- |  | ------------ |  | ----------------
|SAN DIEGO GAS & ELECTRIC COMPANY                                                                                              |               |  |              |  |                 
|COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES                                                                    |               | 
|AND PREFERRED STOCK DIVIDENDS                                                                                                 |               |  |              | 
|(Dollars in millions)                                                                                                         |               |  |              | 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              | 1999          |  | 2000         |  | 2001            
|                                                                                                                              |               |  |              |  |                 
|Fixed Charges and Preferred                                                                                                   |               |  |              |  |                 
|Stock Dividends:                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|Interest                                                                                                                      | $         131 |  | $        119 |  | $             96
|                                                                                                                              |               |  |              |  |                 
|Interest portion of annual rentals                                                                                            | 5             |  | 3            |  | 3               
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|Total fixed charges                                                                                                           | 136           |  | 122          |  | 99              
|                                                                                                                              |               |  |              |  |                 
|Preferred stock dividends (1)                                                                                                 | 10            |  | 13           |  | 11              
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|Combined fixed charges and preferred stock                                                                                    |               |  |              |  |                 
|dividends for purpose of ratio                                                                                                | $         146 |  | $        135 |  | $           110 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|Earnings:                                                                                                                     |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|Pretax income from continuing operations                                                                                      | $         325 |  | $        295 |  | $           324 
|                                                                                                                              |               |  |              |  |                 
|Total fixed charges (from above)                                                                                              | 136           |  | 122          |  | 99              
|                                                                                                                              |               |  |              |  |                 
|Less: interest capitalized                                                                                                    | 1             |  | 3            |  | 1               
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|Total earnings for purpose of ratio                                                                                           | $         460 |  | $        414 |  | $           422 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|Ratio of earnings to combined fixed charges                                                                                   |               |  |              |  |                 
|and preferred stock dividends                                                                                                 | 3.15          |  | 3.07         |  | 3.84            
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|                                                                                                                              |               |  |              |  |                 
|(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.                                                               |               | 
|                                                                                                                              |               |  |