Exhibit 12.1 SAN DIEGO GAS & ELECTRIC COMPANY COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 6 Months Ended 1990 1991 1992 1993 1994 6/30/95 --------- ---------- ---------- ---------- ---------- ---------- Fixed Charges: Interest: Long-Term Debt $ 97,894 $ 98,802 $100,776 $ 93,402 $ 93,076 $ 49,646 Short-Term Debt 12,301 8,234 6,242 7,980 10,322 6,413 Amortization of Debt Discount and Expense, Less Premium 2,465 2,471 2,881 4,162 4,604 2,478 Interest Portion of Annual Rentals 20,898 18,067 14,677 19,206 21,998 11,367 ---------- ---------- ----------- --------- ----------- ---------- Total Fixed Charges 133,558 127,574 124,576 124,750 130,000 69,904 ---------- ---------- ----------- --------- ----------- ---------- Preferred Dividends Requirements 10,863 10,535 9,600 8,565 7,663 3,831 Ratio of Income Before Tax to Net Income 1.75499 1.63017 1.72369 1.67794 1.90447 1.76441 ---------- ----------- ----------- ---------- ---------- ---------- Preferred Dividends for Purpose of Ratio 19,064 17,174 16,547 14,372 14,594 6,759 ---------- ----------- ----------- ---------- ---------- ---------- Total Fixed Charges and Preferred Dividends for Purpose of Ratio $152,622 $144,748 $141,123 $139,122 $144,594 $ 76,663 		 ========== =========== ========= ======== ========== Earnings: Net Income (before preferred dividend requirements) $207,841 $208,060 $210,657 $218,715 $143,477 $111,066 Add: Fixed Charges (from above) 133,558 127,574 124,576 124,750 130,000 69,904 Less: Fixed Charges Capitalized 3,306 2,907 2,242 5,789 6,792 3,552 Taxes on Income 156,917 131,114 152,451 148,275 129,771 84,900 ---------- ---------- ---------- ---------- ----------- --------- Total Earnings for Purpose of Ratio $495,010 $463,841 $485,442 $485,951 $396,456 $262,318 ========== ========== ========== ========== =========== ========== Ratio of Earnings to Combined Fixed Charges and Preferred Dividends 3.24 3.20 3.44 3.49 2.74 3.42 ========== ========== ========== ========== ========== ==========