EXHIBIT 12.1
PACIFIC GAS AND ELECTRIC COMPANY
A DEBTOR-IN-POSSESSION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
| Three | Six |
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2002 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |
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Earnings: | |||||||
Net income (loss) | $ 469 | $ 1,065 | $ 1,015 | $(3,483) | $ 788 | $ 729 | $ 768 |
Adjustments for minority interest |
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Income taxes provision (benefit) | 325 | 731 | 596 | (2,154) | 648 | 629 | 609 |
Net fixed charges | 293 | 569 | 1,019 | 648 | 637 | 673 | 628 |
Total earnings (loss) | 1,087 | 2,365 | 2,630 | (4,989) | 2,073 | 2,031 | 2,005 |
Fixed Charges: | |||||||
Interest on short-term borrowings |
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Interest on capital leases | - | 1 | 2 | 2 | 3 | 2 | 2 |
AFUDC debt | 4 | 8 | 12 | 6 | 7 | 12 | 17 |
Earnings required to cover the |
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Total fixed charges | $ 293 | $ 569 | $1,019 | $ 648 | $ 638 | $ 673 | $ 629 |
Ratios of Earnings (Loss) to |
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Note:
For the purpose of computing Pacific Gas and Electric Company's ratios of earnings to fixed charges, "earnings" represent net income adjusted for the minority interest in losses of less than 100% owned affiliates, cash distributions from and equity in undistributed income or loss of Pacific Gas and Electric Company's less than 50% owned affiliates, income taxes and fixed charges (excluding capitalized interest). "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 of subordinated debentures held by trust, interest on capital leases, and earnings required to cover the preferred stock dividend requirements.
(1) The ratio of earnings to fixed charges indicates a deficiency of less than one-to-one coverage aggregating $5,637 million.