EXHIBIT 12.3

PG&E CORPORATION

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2011		2010		2009		2008		2007
Earnings:
Incoming from continuing operations		$ 858		$ 1,113		$ 1,234		$ 1,198		$ 1,020
Income taxes provision		440		547		460		425		539
Fixed charges		919		850		861		907		937
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		(17)		(16)		(16)		(16)		(17)
Total Earnings		$ 2,200		$2,494		$2,539		$2,514		$2,479
Fixed Charges:
Interest and amortization of premiums, discounts and capitalized expenses related to short-term borrowings and long-term debt, net		$ 846		$766		$798		$825		$865
Interest on capital leases		16		18		19		22		23
AFUDC debt		40		50		44		44		32
Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries		17		16		16		16		17
Total Fixed Charges		$ 919		$850		$877		$907		$937
Ratios of Earnings to Fixed Charges		$ 2.39		2.93		2.90		2.77		2.65

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.