EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
For the three
months ended
March 31,
1996 1997 1998 1999 2000 2001
-------- -------- -------- -------- -------- --------
Fixed Charges and Preferred
Stock Dividends:
Interest:
Long-Term Debt $ 76 $ 69 $ 55 $ 49 $50 $14
Rate Reduction Bonds -- -- 41 35 33 7
Short-Term Debt & Other 13 14 14 40 31 3
Amortization of Debt
Discount and Expense,
Less Premium 5 5 8 7 5 2
Interest Portion of
Annual Rentals 8 10 7 5 3 1
-------- -------- -------- -------- -------- --------
Total Fixed
Charges 102 98 125 136 122 27
-------- -------- -------- -------- -------- --------
Preferred Dividends
for Purpose of Ratio (1) 13 13 11 10 13 3
-------- -------- -------- -------- -------- --------
Total Fixed Charges
and Preferred Stock
Dividends For
Purpose of Ratio $115 $111 $136 $146 $135 $30
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Earnings:
Pretax income from
continuing operations $420 $457 $332 $325 $295 $105
Add:
Fixed charges
(from above) 102 98 125 136 122 27
Less: Fixed charges
capitalized 1 2 1 1 3 -
-------- -------- -------- -------- -------- --------
Total Earnings for
Purpose of Ratio $521 $553 $456 $460 $414 $132
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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 4.40
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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.