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EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
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For the 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 $ 88 $118 $131 $119 $ 96 $ 42
Interest portion of
annual rentals 10 7 5 3 3 1
-------- -------- -------- -------- -------- --------
Total Fixed
Charges 98 125 136 122 99 43
Preferred Stock Dividends(1) 13 11 10 13 11 4
-------- -------- -------- -------- -------- --------
Combined Fixed Charges
and Preferred Stock
Dividends for
Purpose of Ratio $111 $136 $146 $135 $110 $ 47
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Earnings:
Pretax income from
continuing operations $457 $332 $325 $295 $324 $152
Total Fixed Charges
(from above) 98 125 136 122 99 43
Less interest
capitalized (2) (1) (1) (3) (1) -
-------- -------- -------- -------- -------- --------
Total Earnings for
Purpose of Ratio $553 $456 $460 $414 $422 $195
======== ======== ======== ======== ======== ========
Ratio of Earnings
to Combined Fixed
Charges and Preferred
Stock Dividends 4.98 3.35 3.15 3.07 3.84 4.15
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(1) In computing this ratio, "Preferred stock dividends" represents the before-tax earnings
necessary to pay such dividends, computed at the effective tax rates for the applicable periods.
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