EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
1994 1995 1996 1997 1998
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Fixed Charges and Preferred
Stock Dividends:
Interest $ 237 $ 227 $ 205 $ 209 $ 210
Interest Portion of
Annual Rentals 35 32 28 25 20
Preferred dividends
of subsidiaries (1) 53 50 37 31 18
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Total Fixed Charges
and Preferred Stock
Dividends For Purpose
of Ratio $ 325 $ 309 $ 270 $ 265 $ 248
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Earnings:
Pretax income from
continuing operations $ 634 $ 665 $ 727 $ 733 $ 432
Add:
Fixed charges
(from above) 325 309 270 265 248
Less: Fixed charges
capitalized 4 6 5 3 3
-------- -------- -------- -------- --------
Fixed charges net of
capitalized charges 321 303 265 262 245
-------- -------- -------- -------- --------
Total Earnings for
Purpose of Ratio $ 955 $ 968 $ 992 $ 995 $ 677
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Ratio of Earnings
to Combined Fixed Charges
and Preferred Stock
Dividends 2.94 3.13 3.67 3.75 2.73
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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.