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EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
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For the nine
months ended
September 30,
1996 1997 1998 1999 2000 2001
-------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c>
Fixed Charges and Preferred
Stock Dividends:
Interest:
Long-Term Debt $ 76 $ 69 $ 55 $ 49 $50 $42
Rate Reduction Bonds -- -- 41 35 33 21
Short-Term Debt & Other 13 14 14 40 31 6
Amortization of Debt
Discount and Expense,
Less Premium 5 5 8 7 5 4
Interest Portion of
Annual Rentals 8 10 7 5 3 3
-------- -------- -------- -------- -------- --------
Total Fixed
Charges 102 98 125 136 122 76
-------- -------- -------- -------- -------- --------
Preferred Dividends
for Purpose of Ratio (1) 13 13 11 10 13 10
-------- -------- -------- -------- -------- --------
Total Fixed Charges
and Preferred Stock
Dividends For
Purpose of Ratio $115 $111 $136 $146 $135 $86
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Earnings:
Pretax income from
continuing operations $420 $457 $332 $325 $295 $267
Add:
Fixed charges
(from above) 102 98 125 136 122 76
Less: Fixed charges
capitalized 1 2 1 1 3 -
-------- -------- -------- -------- -------- --------
Total Earnings for
Purpose of Ratio $521 $553 $456 $460 $414 $343
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Stock Dividends 4.54 5.00 3.36 3.15 3.07 3.99
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(1) In computing this ratio, "Preferred dividends" represents the before-tax earnings necessary
to pay such dividends, computed at the effective tax rates for the applicable periods.
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