<TABLE>
EXHIBIT 12.1
SEMPRA ENERGY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
<CAPTION> For the six
Months Ended
1995 1996 1997 1998 1999 2000
--------- --------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Fixed Charges and Preferred
Stock Dividends:
Interest $ 227 $ 205 $ 209 $ 210 $ 233 165
Interest Portion of
Annual Rentals 32 28 25 20 10 5
Preferred dividends
of subsidiaries (1) 50 37 31 18 16 9
--------- --------- -------- -------- -------- --------
Total Fixed Charges
and Preferred Stock
Dividends For Purpose
of Ratio $ 309 $ 270 $ 265 $ 248 $ 259 $ 179
========= ======== ======== ======== ======== ========
Earnings:
Pretax income from
continuing operations $ 665 $ 727 $ 733 $ 432 $ 573 $ 340
Add:
Fixed charges
(from above) 309 270 265 248 259 179
Less: Fixed charges
capitalized 6 5 3 3 5 2
--------- -------- -------- -------- -------- --------
Fixed charges net of
capitalized charges 303 265 262 245 254 177
--------- -------- -------- -------- -------- --------
Total Earnings for
Purpose of Ratio $ 968 $ 992 $ 995 $ 677 $ 827 $ 517
========= ======== ======== ======== ======== ========
Ratio of Earnings
to Combined Fixed Charges
and Preferred Stock
Dividends 3.13 3.67 3.75 2.73 3.19 2.89
========= ======== ======== ======== ======== ========
(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.
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