EXHIBIT 12.3

PG&E CORPORATION

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Three Months Ended September 30,			Nine Months Ended September 30,			Year Ended December 31,
	2009			2009			2008			2007			2006			2005			2004
Earnings:
Incoming from continuing operations	$	321		$	957		$	1,198		$	1,020		$	1,005		$	920		$	3,841
Income taxes provision		136			376			425			539			554			544			2,466
Net fixed charges		220			664			907			937			845			639			855
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		(4	)		(11	)		(16	)		(17	)		(15	)		(20	)		(29	)
Total Earnings	$	673		$	1,986		$	2,514		$	2,479		$	2,389		$	2,083		$	7,133
Fixed Charges:
Interest and amortization of premiums, discounts and capitalized expenses related to short-term borrowings and long-term debt, net	$	200		$	605		$	825		$	865		$	799		$	603		$	813
Interest on capital leases		5			15			22			23			11			1			1
AFUDC debt		11			33			44			32			20			15			12
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		4			11			16			17			15			20			29
Total Fixed Charges	$	220		$	664		$	907		$	937		$	845		$	639		$	855
Ratios of Earnings to Fixed Charges		3.06			2.99			2.77			2.65			2.83			3.26			8.34

Note:

For the purpose of computing PG&E Corporation's ratios of earnings to fixed charges, “earnings” represent income from continuing operations adjusted for income taxes, fixed charges (excluding capitalized interest), and pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries.   “Fixed charges” include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover preferred stock dividends of consolidated subsidiaries.  Fixed charges exclude interest on tax liabilities in accordance with the Income Tax Topic of the FASB ASC.