EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
For the nine
months ended
September 30,
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1995 1996 1997 1998 1999 1999 2000
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Fixed Charges and Preferred
Stock Dividends:
Interest $ 227 $ 205 $ 209 $ 210 $ 233 $ 200 $ 246
Interest Portion of Annual Rentals 32 28 25 20 10 13 6
Preferred dividends of subsidiaries (1) 50 37 31 18 16 13 12
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Total Fixed Charges and Preferred Stock
Dividends For Purpose of Ratio $ 309 $ 270 $ 265 $ 248 $ 259 $ 226 $ 264
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Earnings:
Pretax income from continuing operations $ 665 $ 727 $ 733 $ 432 $ 573 $420 $ 501
Add:
Fixed charges (from above) 309 270 265 248 259 226 264
Less: Fixed charges capitalized 6 5 3 3 5 3 3
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Fixed charges net of capitalized charges 303 265 262 245 254 224 261
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Total Earnings for Purpose of Ratio $ 968 $ 992 $ 995 $ 677 $ 827 $ 643 $ 762
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Ratio of Earnings to Combined Fixed Charges and Preferred
Stock Dividends 3.13 3.67 3.75 2.73 3.19 2.84 2.89
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(1) In computing this ratio, "Preferred dividends of subsidiaries" represents
the before-tax earnings necessary to pay such dividends, computed at the
effective tax rates for the applicable periods.