EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
			2008		2009		2010		2011		2012
Fixed charges and preferred stock dividends:
Interest		$	353	$	455	$	492	$	549	$	601
Interest portion of annual rentals			3		2		3		2		2
Preferred dividends of subsidiaries (1)			13		13		11		10		6
Total fixed charges			369		470		506		561		609
Preferred dividends for purpose of ratio			-		-		-		-		-
Total fixed charges and preferred dividends for purpose of ratio		$	369	$	470	$	506	$	561	$	609
Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees		$	1,009	$	977	$	1,078	$	1,747	$	1,255
Add:
Total fixed charges (from above)			369		470		506		561		609
Distributed income of equity investees			133		493		260		96		50
Less:
Interest capitalized			100		73		74		27		53
Preferred dividends of subsidiaries (1)			10		13		11		10		6
Total earnings for purpose of ratio		$	1,401	$	1,854	$	1,759	$	2,367	$	1,855
Ratio of earnings to combined fixed charges and preferred stock dividends			3.80		3.94		3.48		4.22		3.05
Ratio of earnings to fixed charges			3.80		3.94		3.48		4.22		3.05
(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.