| EXHIBIT 12.1
| SEMPRA ENERGY
| COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
| AND PREFERRED STOCK DIVIDENDS
| (Dollars in millions)
|  |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016
Fixed charges and preferred stock dividends: |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 601 |  |  | $ | 620 |  |  | $ | 636 |  |  | $ | 677 |  |  | $ | 701 |
Interest portion of annual rentals |  | 2 |  |  | 2 |  |  | 3 |  |  | 2 |  |  | 3 |
Preferred dividends of subsidiaries(1) |  | 6 |  |  | 6 |  |  | 1 |  |  | 2 |  |  | 2 |
Total fixed charges |  | 609 |  |  | 628 |  |  | 640 |  |  | 681 |  |  | 706 |
Preferred dividends for purpose of ratio |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Combined fixed charges and preferred dividends for purpose of ratio |  | $ | 609 |  |  | $ | 628 |  |  | $ | 640 |  |  | $ | 681 |  |  | $ | 706 |
Earnings: |  |  |  |  |  |  |  |  |  |
Pretax income from continuing operations before |  |  |  |  |  |  |  |  |  |
adjustment for income or loss from equity investees |  | $ | 1,255 |  |  | $ | 1,399 |  |  | $ | 1,443 |  |  | $ | 1,600 |  |  | $ | 1,824 |
Add: |  |  |  |  |  |  |  |  |  |
Total fixed charges (from above) |  | 609 |  |  | 628 |  |  | 640 |  |  | 681 |  |  | 706 |
Distributed income of equity investees |  | 50 |  |  | 51 |  |  | 61 |  |  | 83 |  |  | 53 |
Less: |  |  |  |  |  |  |  |  |  |
Interest capitalized |  | 53 |  |  | 23 |  |  | 40 |  |  | 69 |  |  | 90 |
Preferred dividends of subsidiaries(1) |  | 6 |  |  | 6 |  |  | 1 |  |  | 2 |  |  | 2 |
Total earnings for purpose of ratio |  | $ | 1,855 |  |  | $ | 2,049 |  |  | $ | 2,103 |  |  | $ | 2,293 |  |  | $ | 2,491 |
Ratio of earnings to combined fixed charges |  |  |  |  |  |  |  |  |  |
and preferred stock dividends |  | 3.05 |  |  | 3.26 |  |  | 3.29 |  |  | 3.37 |  |  | 3.53 |
Ratio of earnings to fixed charges |  | 3.05 |  |  | 3.26 |  |  | 3.29 |  |  | 3.37 |  |  | 3.53 |
(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.