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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
month ended
June 30,
1999 2000 2001 2002 2003
-------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c>
Fixed Charges and Preferred
Stock Dividends:
Interest $131 $119 $ 96 $ 83 $ 37
Interest portion of
annual rentals 5 3 3 4 1
-------- -------- -------- -------- --------
Total Fixed
Charges 136 122 99 87 38
Preferred Stock Dividends(1) 10 13 11 9 5
-------- -------- -------- -------- --------
Combined Fixed Charges
and Preferred Stock
Dividends For
Purpose of Ratio $146 $135 $110 $ 96 $ 43
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Earnings:
Pretax income from
continuing operations $325 $295 $324 $300 $162
Total Fixed Charges
(from above) 136 122 99 87 38
Less: Interest
capitalized 1 3 1 1 0
-------- -------- -------- -------- --------
Total Earnings for
Purpose of Ratio $460 $414 $422 $386 $200
======== ======== ======== ======== ========
Ratio of Earnings
to Combined Fixed
Charges and Preferred
Stock Dividends 3.15 3.07 3.84 4.02 4.65
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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.
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