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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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Nine
months
September 30,
1998 1999 2000 2001 2002 2003
-------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c>
Fixed Charges and Preferred
Stock Dividends:
Interest $ 118 $131 $119 $ 96 $ 83 $ 56
Interest portion of
annual rentals 7 5 3 3 4 2
-------- -------- -------- -------- -------- --------
Total Fixed
Charges 125 136 122 99 87 58
Preferred Stock Dividends(1) 11 10 13 11 9 7
-------- -------- -------- -------- -------- --------
Combined Fixed Charges
and Preferred Stock
Dividends for
Purpose of Ratio $136 $146 $135 $110 $ 96 $ 65
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Earnings:
Pretax Income from
Continuing Operations $332 $325 $295 $324 $300 $391
Total Fixed Charges
(from above) 125 136 122 99 87 58
Less: Interest
Capitalized 1 1 3 1 1 -
-------- -------- -------- -------- -------- --------
Total Earnings for
Purpose of Ratio $456 $460 $414 $422 $386 $449
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Stock Dividends 3.35 3.15 3.07 3.84 4.02 6.91
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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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