| EXHIBIT 12.1
| SEMPRA ENERGY
| COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
| AND PREFERRED STOCK DIVIDENDS
| (Dollars in millions)
|  | Three months ended |  |  |  |  |  |  |  |  |  |  |
|  |  | Year ended December 31, |  |
|  | March 31, 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Pretax income from continuing operations before income or loss from equity |  |  |  |  |  |  |  |  |  |  |  |
investees, noncontrolling interests and preferred dividends | $ | 667 |  |  | $ | 1,551 |  |  | $ | 1,824 |  |  | $ | 1,600 |  |  | $ | 1,443 |  |  | $ | 1,399 |  |
Add: |  |  |  |  |  |  |  |  |  |  |  |
Combined fixed charges and preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  |
for purpose of ratio (from below) | 316 |  |  | 812 |  |  | 706 |  |  | 681 |  |  | 640 |  |  | 628 |  |
Amortization of capitalized interest(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Distributed income of equity investees | 22 |  |  | 39 |  |  | 53 |  |  | 83 |  |  | 61 |  |  | 51 |  |
Pretax losses of equity investees for which charges arising from |  |  |  |  |  |  |  |  |  |  |  |
guarantees are included in fixed charges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Interest capitalized | 15 |  |  | 69 |  |  | 90 |  |  | 69 |  |  | 40 |  |  | 23 |  |
Preference security dividend requirements(2) | 48 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Preference security dividend requirements of consolidated subsidiaries(2) | 1 |  |  | 6 |  |  | 2 |  |  | 2 |  |  | 1 |  |  | 6 |  |
Noncontrolling interest in pretax income of subsidiaries that have |  |  |  |  |  |  |  |  |  |  |  |
not incurred fixed charges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Total earnings for purpose of ratio | $ | 941 |  |  | $ | 2,327 |  |  | $ | 2,491 |  |  | $ | 2,293 |  |  | $ | 2,103 |  |  | $ | 2,049 |  |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest expensed and capitalized and amortization of premiums, |  |  |  |  |  |  |  |  |  |  |  |
discounts and capitalized expenses related to indebtedness(1) | $ | 266 |  |  | $ | 803 |  |  | $ | 701 |  |  | $ | 677 |  |  | $ | 636 |  |  | $ | 620 |  |
Estimate of interest within rental expense | 1 |  |  | 3 |  |  | 3 |  |  | 2 |  |  | 3 |  |  | 2 |  |
Preference security dividend requirements of consolidated subsidiaries(2) | 1 |  |  | 6 |  |  | 2 |  |  | 2 |  |  | 1 |  |  | 6 |  |
Total fixed charges for purpose of ratio | 268 |  |  | 812 |  |  | 706 |  |  | 681 |  |  | 640 |  |  | 628 |  |
Preference security dividend requirements(2) | 48 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Combined fixed charges and preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  |
for purpose of ratio | $ | 316 |  |  | $ | 812 |  |  | $ | 706 |  |  | $ | 681 |  |  | $ | 640 |  |  | $ | 628 |  |
Ratio of earnings to fixed charges | 3.51 |  | 2.87 |  |  | 3.53 |  |  | 3.37 |  |  | 3.29 |  |  | 3.26 |  |
Ratio of earnings to combined fixed charges and preferred stock dividends | 2.98 |  | 2.87 |  | 3.53 |  | 3.37 |  | 3.29 |  | 3.26 |
(1) | In computing these ratios, our public utilities that follow FASB ASC Topic 980, Regulated Operations, do not add amortization of capitalized interest in determining Earnings or reduce Fixed Charges by allowance for funds used during construction.
(2) | In computing these ratios, “Preference security dividend requirements” and “Preference security dividend requirements of consolidated subsidiaries” represent the pretax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods.