PG&E (PCG) 10-K/A 2014 FY Annual report (amended)

EXHIBIT 12.1

PACIFIC GAS AND ELECTRIC COMPANY

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2014		2013		2012		2011		2010
Earnings:
Net income	$	1,433	$	866	$	811	$	845	$	1,121
Income tax provision		384		326		298		480		574
Fixed charges		1,176		971		891		880		799
Total earnings	$	2,993	$	2,163	$	2,000	$	2,205	$	2,494
Fixed charges:
Interest on short-term borrowings and    long-term debt, net	$	1,125	$	917	$	834	$	824	$	731
Interest on capital leases		6		7		9		16		18
AFUDC debt		45		47		48		40		50
Total fixed charges	$	1,176	$	971	$	891	$	880	$	799
Ratios of earnings to fixed charges		2.55		2.23		2.24		2.51		3.12

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 income or loss from equity investees of less than 100% owned affiliates, equity in undistributed income or losses of 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 on capital leases, AFUDC debt, and earnings required to cover the preferred stock dividend requirements.  Fixed charges exclude interest on tax liabilities.