EXHIBIT 12.1
PACIFIC GAS AND ELECTRIC COMPANY
A DEBTOR-IN-PROCESSION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES






(in millions)


Three months
ended
March 31,




Year ended December 31,

------------------

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2002

2001

2000

1999

1998

1997
 

------------------

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Earnings:

            

Net income (loss)

$  596    

$ 1,015

$(3,483) 

$  788

$  729

$  768

Adjustments for minority interest
  in losses of less than 100% owned
  affiliates and the Company's equity
  in undistributed income (losses)
  of less than 50% owned affiliates





    -    





-





        -





-





-





-

Income taxes provision (benefit)

  406    

596

(2,154)

648

629

609

Net fixed charges

  275    
--------    

1,019
--------

   648
----------

637
--------

673
--------

628
--------

Total earnings (loss)

1,277    
=====    

2,630
=====

(4,989)
======

2,073
=====

2,031
=====

2,005
=====

Fixed Charges:

            

Interest on short-term borrowings
  and long-term debt, net


  265    


981


  616


604


635


586

Interest on capital leases

    -    

2

      2

3

2

2

AFUDC debt

    4    

12

      6

7

12

17

Earnings required to cover the
  preferred stock dividend and
  preferred security distribution
  requirements of majority owned
  trust





   6    
--------    





24
--------





    24
----------





24
--------





24
--------





24
--------

Total fixed charges

$  275    
=====    

$1,019
=====

  648
======

$  638
=====

$  673
=====

$  629
=====

Ratios of Earnings (Loss) to
Fixed Charges


 4.64    
=====    


2.58
=====


    (7.70)(1)
======


3.25
=====


3.02
=====


3.19
=====


Note:

For the purpose of computing Pacific Gas and Electric Company's ratios of earnings to fixed charges, "earnings" represent net income adjusted for the minority interest in losses of less than 100% owned affiliates, cash distributions from and equity in undistributed income or loss of Pacific Gas and Electric Company's less than 50% owned affiliates, income taxes and fixed charges (excluding capitalized interest). "Fixed charges" include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest of subordinated debentures held by trust, interest on capital leases, and earnings required to cover the preferred stock dividend requirements.

(1) The ratio of earnings to fixed charges indicates a deficiency of less than one-to-one coverage aggregating $5,637 million.