EXHIBIT 12.1

SEMPRA ENERGY

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

	2006		2007		2008		2009		2010		June 30, 2011
Fixed charges and preferred stock dividends:
Interest	$	413	$	379	$	353	$	455	$	492	$	256
Interest portion of annual rentals		6		6		3		2		3		1
Preferred dividends of subsidiaries (1)		15		14		13		13		11		6
Total fixed charges		434		399		369		470		506		263
Preferred dividends for purpose of ratio		—		—		—		—		—		—
Total fixed charges and preferred dividends for purpose of ratio	$	434	$	399	$	369	$	470	$	506	$	263
Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees	$	1,579	$	1,538	$	1,009	$	977	$	1,078	$	920
Add:
Total fixed charges (from above)		434		399		369		470		506		263
Distributed income of equity investees		431		19		133		493		260		24
Less:
Interest capitalized		58		100		100		73		74		14
Preferred dividends of subsidiaries (1)		10		10		10		13		11		6
Total earnings for purpose of ratio	$	2,376	$	1,846	$	1,401	$	1,854	$	1,759	$	1,187
Ratio of earnings to combined fixed charges and preferred stock dividends		5.47		4.63		3.80		3.94		3.48		4.51
Ratio of earnings to fixed charges		5.47		4.63		3.80		3.94		3.48		4.51

(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.