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.