EXHIBIT 12.1

SAN DIEGO GAS & ELECTRIC COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)

	2001		2002		2003		2004		2005
Fixed Charges and Preferred Stock Dividends:
Interest	$	96	$	83	$	78	$	71	$	77
Interest portion of annual rentals		3		2		2		2		3
Total fixed charges		99		85		80		73		80
Preferred stock dividends (1)		11		9		9		8		6
Combined fixed charges and preferred stock dividends for purpose of ratio	$	110	$	94	$	89	$	81	$	86
Earnings:
Pretax income from continuing operations	$	324	$	300	$	488	$	361	$	356
Total fixed charges (from above)		99		85		80		73		80
Less: interest capitalized		1		1		1		1		1
Total earnings for purpose of ratio	$	422	$	384	$	567	$	433	$	435
Ratio of earnings to combined fixed charges and preferred stock dividends		3.84		4.09		6.37		5.35		5.06
Ratio of earnings to fixed charges		4.26		4.52		7.09		5.93		5.44

(1) In computing this ratio, “Preferred stock dividends” represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods