EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
For the three
Months Ended
1994 1995 1996 1997 1998 3/31/99
-------- -------- -------- -------- --------- ---------
Fixed Charges and Preferred
Stock Dividends:
Interest:
Long-Term Debt $ 82 $ 82 $ 76 $ 70 $ 55 $12
Short-Term Debt 9 18 13 14 13 4
Rate Reduction Bonds -- -- -- -- 41 9
Amortization of Debt
Discount and Expense,
Less Premium 5 5 5 5 8 2
Interest Portion of
Annual Rentals 9 10 8 9 8 2
-------- -------- -------- ------- --------- ----------
Total Fixed
Charges 105 115 102 98 125 29
-------- -------- -------- -------- --------- ----------
Preferred Dividend
Requirements 8 8 7 7 7 2
Ratio of Income Before
Tax to Net Income 1.83501 1.78991 1.88864 1.91993 1.73993 1.97799
-------- -------- -------- -------- --------- ----------
Preferred Dividends
for Purpose of Ratio 14 14 13 13 11 4
-------- -------- -------- -------- --------- ----------
Total Fixed Charges
and Preferred Stock
Dividends For
Purpose of Ratio $119 $129 $115 $111 $136 $33
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Earnings:
Net Income (before
preferred dividend
requirements) $206 $219 $223 $238 $191 $55
Add:
Fixed charges
(from above) 105 115 102 98 125 29
Less: Fixed charges
capitalized 1 2 1 2 1 --
Taxes on Income 172 173 198 219 141 54
-------- -------- -------- -------- --------- ----------
Total Earnings for
Purpose of Ratio $482 $505 $522 $553 $456 138
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Stock Dividends 4.06 3.92 4.54 5.00 3.36 4.18
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