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EXHIBIT 12.2
PACIFIC GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
RESTATED COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
YEAR ENDED DECEMBER 31,
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1994 1993 1992 1991 1990
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(DOLLARS IN THOUSANDS)
Earnings:
Net income................. $1,007,450 $1,065,495 $1,170,581 $1,026,392 $ 987,170
Adjustments for losses of
consolidated less than
100% owned affiliates
and the Company's equity
in undistributed loss
(earnings) of
unconsolidated
affiliates.............. (2,764) 6,895 (3,349) 26,671 (2,799)
Income tax expense......... 836,767 901,890 895,126 851,534 881,647
Net fixed charges.......... 730,965 821,166 802,198 776,682 812,568
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Total Earnings..... $2,572,418 $2,795,446 $2,864,556 $2,681,279 $2,678,586
========= ========= ========= ========= =========
Fixed Charges:
Interest on long-term
debt.................... $ 651,912 $ 731,610 $ 739,279 $ 697,185 $ 699,849
Interest on short-term
debt.................... 77,295 87,819 61,182 77,760 110,982
Interest on capital
leases.................. 1,758 1,737 1,737 1,737 1,737
Capitalized Interest....... 2,660 46,055 6,511 6,107 7,214
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Total Fixed
Charges.......... 733,625 867,221 808,709 782,789 819,782
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Preferred Stock Dividends:
Tax deductible dividends... 4,672 4,814 5,136 5,136 5,136
Pretax earnings required to
cover non-tax deductible
preferred stock dividend
requirements............ 96,039 108,937 130,147 154,404 175,881
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Total Preferred
Stock
Dividends........ 100,711 113,751 135,283 159,540 181,017
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Total Combined Fixed Charges
and Preferred Stock
Dividends.................. $ 834,336 $ 980,972 $ 943,992 $ 942,329 $1,000,799
========= ========= ========= ========= =========
Ratios of Earnings to
Combined Fixed Charges and
Preferred Stock
Dividends.................. 3.08 2.85 3.03 2.85 2.68
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Note: For the purpose of computing the Company's ratios of earnings to combined
fixed charges and preferred stock dividends, "earnings" represent net
income adjusted for losses of consolidated less than 100% owned
affiliates, the Company's equity in undistributed earnings or loss of
unconsolidated affiliates, income taxes and fixed charges (excluding
capitalized interest). "Fixed charges" consist of interest on short-term
and long-term debt (including amounts capitalized and amortization of bond
premium, discount and expense; and excluding interest on decommissioning
trust funds [for which an equal amount of interest income is recorded])
and interest on capital leases. "Preferred stock dividends" represent the
sum of requirements for preferred stock dividends that are deductible for
federal income tax purposes and requirements for preferred stock dividends
that are not deductible for federal income tax purposes increased to an
amount representing pretax earnings which would be required to cover
such dividend requirements.