EXHIBIT 12.3

PG&E CORPORATION

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES



|                                                                                                                                   |  |                              |      |   |                         |  |        |      |  |  |        |   |  |      |        |   |      |  |        |   |  |  |        |  
|---------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------- | ---- | - | ----------------------- |  | ------ | ---- |  |  | ------ | - |  | ---- | ------ | - | ---- |  | ------ | - |  |  | ------ | -
|                                                                                                                                   |  | Three Months
Ended
March 31, |      |   | Year Ended December 31, | 
|                                                                                                                                   |  |                              |      |  
|                                                                                                                                   |  | 2011                         |      |   | 2010                    |  |        | 2009 |  |  | 2008   |   |  | 2007 |        |   | 2006 | 
|                                                                                                                                   |  |                              |      |  
|Earnings:                                                                                                                          |  |                              |      |   |                         |  |        |      |  |  |        |   |  |      |        |   |      |  |        |   |  |  |        |  
|Income from continuing operations                                                                                                  |  |                              | $202 |   |                         |  | $1,113 |      |  |  | $1,234 |   |  |      | $1,198 |   |      |  | $1,020 |   |  |  | $1,005 |  
|Income taxes provision                                                                                                             |  |                              | 124  |   |                         |  | 547    |      |  |  | 460    |   |  |      | 425    |   |      |  | 539    |   |  |  | 554    |  
|Fixed charges                                                                                                                      |  |                              | 223  |   |                         |  | 850    |      |  |  | 877    |   |  |      | 907    |   |      |  | 937    |   |  |  | 845    |  
|Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries                                       |  |                              | (4   | ) |                         |  | (16    | )    |  |  | (16    | ) |  |      | (16    | ) |      |  | (17    | ) |  |  | (15    | )
|                                                                                                                                   |  |                              |      |  
|Total Earnings                                                                                                                     |  |                              | $545 |   |                         |  | $2,494 |      |  |  | $2,555 |   |  |      | $2,514 |   |      |  | $2,479 |   |  |  | $2,389 |  
|                                                                                                                                   |  |                              |      |  
|Fixed Charges:                                                                                                                     |  |                              |      |   |                         |  |        |      |  |  |        |   |  |      |        |   |      |  |        |   |  |  |        |  
|Interest and amortization of premiums, discounts and capitalized expenses related to short-term borrowings and long-term debt,
net |  |                              | $205 |   |                         |  | $766   |      |  |  | $798   |   |  |      | $825   |   |      |  | $865   |   |  |  | $799   |  
|Interest on capital leases                                                                                                         |  |                              | 4    |   |                         |  | 18     |      |  |  | 19     |   |  |      | 22     |   |      |  | 23     |   |  |  | 11     |  
|AFUDC debt                                                                                                                         |  |                              | 10   |   |                         |  | 50     |      |  |  | 44     |   |  |      | 44     |   |      |  | 32     |   |  |  | 20     |  
|Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries                                       |  |                              | 4    |   |                         |  | 16     |      |  |  | 16     |   |  |      | 16     |   |      |  | 17     |   |  |  | 15     |  
|                                                                                                                                   |  |                              |      |  
|Total Fixed Charges                                                                                                                |  |                              | $223 |   |                         |  | $850   |      |  |  | $877   |   |  |      | $907   |   |      |  | $937   |   |  |  | $845   |  
|                                                                                                                                   |  |                              |      |  
|Ratios of Earnings to Fixed Charges                                                                                                |  |                              | 2.44 |   |                         |  | 2.93   |      |  |  | 2.91   |   |  |      | 2.77   |   |      |  | 2.65   |   |  |  | 2.83   |  
|                                                                                                                                   |  |                              |      |  

Note: For the purpose of computing PG&E Corporations ratios of earnings to fixed charges, earnings
represent income from continuing operations adjusted for income taxes, fixed charges (excluding capitalized interest), and pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries. Fixed charges
include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover preferred
stock dividends of consolidated subsidiaries. Fixed charges exclude interest on tax liabilities.