<table>

                                                                         EXHIBIT 12.1
                                      SEMPRA ENERGY
               COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                             AND PREFERRED STOCK DIVIDENDS
                                 (Dollars in millions)
<caption>

                                                                                            Six
                                                                                         months
                                                                                          ended
                                                                                       June 30,
                                        1997      1998      1999      2000      2001       2002
                                    --------  --------  --------  --------  --------  ---------
<s>                                  <c>      <c>        <c>       <c>       <c>       <c>
Fixed Charges and Preferred
Stock Dividends:

Interest                               $ 209     $ 210     $ 233     $ 308     $ 358      $ 165
Interest portion of
  annual rentals                          25        20        10         8         6          2
Preferred dividends
  of subsidiaries (1)                     31        18        16        18        16          7
                                    --------  --------  --------  --------  --------  ---------
Combined Fixed Charges
  and Preferred Stock
  Dividends for Purpose
  of Ratio                             $ 265     $ 248     $ 259     $ 334     $ 380      $ 174
                                    ========  ========  ========  ========  ========  =========

Earnings:

Pretax income from
  continuing operations                $ 733     $ 432     $ 573     $ 699     $ 731      $ 369
Total Fixed Charges
  (from above)                           265       248       259       334       380        174
Less:
  Interest capitalized                     2         1         1         3        11          3
  Equity income (loss) of
    unconsolidated subsidiaries
    and joint ventures                     -         -         -        62        12         (5)
                                    --------  --------  --------  --------  --------  ---------
Total Earnings for
  Purpose of Ratio                     $ 996     $ 679     $ 831     $ 968    $1,088      $ 545
                                    ========  ========  ========  ========  ========  =========
Ratio of Earnings
  to Combined Fixed Charges
  and Preferred Stock
  Dividends                             3.76      2.74      3.21      2.90      2.86       3.13
                                    ========  ========  ========  ========  ========  =========

(1)  In computing this ratio, "Preferred dividends of subsidiaries" represents the
before-tax earnings necessary to pay such dividends, computed at the effective tax
rates for the applicable periods.

</table>