EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
1995 1996 1997 1998 1999
-------- -------- -------- --------- ---------
Fixed Charges and Preferred
Stock Dividends:
Interest:
Long-Term Debt $ 82 $ 76 $ 69 $ 55 $ 49
Rate Reduction Bonds -- -- -- 41 35
Short-Term Debt & Other 18 13 14 14 40
Amortization of Debt
Discount and Expense,
Less Premium 5 5 5 8 7
Interest Portion of
Annual Rentals 10 8 10 7 5
-------- -------- ------- --------- ----------
Total Fixed
Charges 115 102 98 125 136
-------- -------- -------- --------- ----------
Preferred Dividend
Requirements 8 6 6 6 6
Ratio of Income Before
Tax to Net Income 1.78991 1.88864 1.91993 1.73993 1.63317
-------- -------- -------- --------- ----------
Preferred Dividends
for Purpose of Ratio 14 13 13 11 10
-------- -------- -------- --------- ----------
Total Fixed Charges
and Preferred Stock
Dividends For
Purpose of Ratio $129 $115 $111 $136 $146
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Earnings:
Net Income (before
preferred dividend
requirements) $219 $222 $238 $191 $199
Add:
Fixed charges
(from above) 115 102 98 125 136
Less: Fixed charges
capitalized 2 1 2 1 1
Taxes on Income 173 198 219 141 126
-------- -------- -------- --------- ----------
Total Earnings for
Purpose of Ratio $505 $521 $553 $456 $460
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Stock Dividends 3.92 4.54 5.00 3.36 3.15
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