EXHIBIT 12.3

PG&E CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

		Three Months Ended March 31,			Year Ended December 31,
(in millions)		2015			2014		2013		2012		2011		2010
Earnings:
Net income	$	34		$	1,450	$	828	$	830	$	858	$	1,113
Income tax provision (benefit)		(93)			345		268		237		440		547
Fixed charges		256			1,206		1,012		931		919		850
Pre-tax earnings required to cover
the preferred stock dividend of
consolidated subsidiaries		(4)			(15)		(16)		(15)		(17)		(16)
Total earnings	$	193		$	2,986	$	2,092	$	1,983	$	2,200	$	2,494
Fixed charges:
Interest on short-term borrowings
and long-term debt, net	$	238		$	1,140	$	942	$	859	$	846	$	766
Interest on capital leases		1			6		7		9		16		18
AFUDC debt		13			45		47		48		40		50
Pre-tax earnings required to cover
the preferred stock dividend of
consolidated subsidiaries		4			15		16		15		17		16
Total fixed charges	$	256		$	1,206	$	1,012	$	931	$	919	$	850
Ratios of earnings to fixed charges		0.75	(1)		2.48		2.07		2.13		2.39		2.93

(1)The ratio of earnings to fixed charges indicates that an additional $63 million of earnings would be required to reach a one-to-one ratio.

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.