EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
1996 1997 1998 1999 2000
-------- -------- --------- --------- ---------
Fixed Charges and Preferred
Stock Dividends:
Interest:
Long-Term Debt $ 76 $ 69 $ 55 $ 49 $50
Rate Reduction Bonds -- -- 41 35 33
Short-Term Debt & Other 13 14 14 40 31
Amortization of Debt
Discount and Expense,
Less Premium 5 5 8 7 5
Interest Portion of
Annual Rentals 8 10 7 5 3
-------- -------- ------- --------- ----------
Total Fixed
Charges 102 98 125 136 122
-------- -------- -------- --------- ----------
Preferred Dividends
for Purpose of Ratio (1) 13 13 11 10 13
-------- -------- -------- --------- ---------
Total Fixed Charges
and Preferred Stock
Dividends For
Purpose of Ratio $115 $111 $136 $146 $135
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Earnings:
Pretax income from
continuing operations $420 $457 $332 $325 $295
Add:
Fixed charges
(from above) 102 98 125 136 122
Less: Fixed charges
capitalized 1 2 1 1 3
------- -------- --------- --------- --------
Total Earnings for
Purpose of Ratio $521 $553 $456 $460 $414
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Stock Dividends 4.54 5.00 3.36 3.15 3.07
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(1) In computing this ratio, Preferred dividends represents the before-tax
earnings necessary to pay such dividends, computed at the effective tax
rates for the applicable periods.