EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
9 Months 9 Months
Ended Ended
1993 1994 1995 1996 1997 9/30/98* 9/30/98**
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Fixed Charges:
Interest:
Long-Term Debt $ 84,830 $ 81,749 $ 82,591 $ 76,463 $ 69,546 $ 42,106 $ 42,106
Short-Term Debt 6,676 8,894 17,886 12,635 13,825 8,366 8,366
Rate Reduction Bonds -- -- -- -- -- -- 31,388
Amortization of Debt
Discount and Expense,
Less Premium 4,162 4,604 4,870 4,881 5,154 6,273 6,273
Interest Portion of
Annual Rentals 9,881 9,496 9,631 8,446 9,496 5,733 5,733
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Total Fixed
Charges 105,549 104,743 114,978 102,425 98,021 62,478 93,866
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Preferred Dividends
Requirements 8,565 7,663 7,663 6,582 6,582 4,937 4,937
Ratio of Income Before
Tax to Net Income 1.79353 1.83501 1.78991 1.88864 1.91993 1.82473 1.82473
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Preferred Dividends
for Purpose of Ratio 15,362 14,062 13,716 12,431 12,637 9,009 9,009
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Total Fixed Charges
and Preferred
Dividends for
Purpose of Ratio $120,911 $118,805 $128,694 $114,856 $110,658 $ 71,487 $102,875
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Earnings:
Net Income (before
preferred dividend
requirements) $215,872 $206,296 $219,049 $222,765 $238,232 $141,100 $141,100
Add:
Fixed Charges
(from above) 105,549 104,743 114,978 102,425 98,021 62,478 93,866
Less: Fixed Charges
Capitalized 1,483 1,424 2,040 1,495 2,052 713 713
Taxes on Income 171,300 172,259 173,029 197,958 219,156 116,370 116,370
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Total Earnings for
Purpose of Ratio $491,238 $481,874 $505,016 $521,653 $553,357 $319,235 $350,623
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Dividends 4.06 4.06 3.92 4.54 5.00 4.47 3.41
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* Not including interest for rate reduction bonds.
** Including interest for rate reduction bonds.