Exhibit 12.1 Statements Re: Computation of Ratios

PEPCO HOLDINGS, INC.

	For the Year Ended December 31,
	2010		2009		2008			2007		2006
	(millions of dollars)
Income from continuing operations before extraordinary item (a)	$	140	$	221	$	187		$	254	$	205
Income tax expense (b)		11		104		90			141		133
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		315		348		311			315		307
Other interest		22		23		24			25		19
Preferred dividend requirements of subsidiaries		—		—		—			—		1
Total fixed charges		337		371		335			340		327
Nonutility capitalized interest		—		—		(1	)		—		(1	)
Income before extraordinary item, income tax expense, fixed charges and capitalized interest	$	488	$	696	$	611		$	735	$	664
Total fixed charges, shown above		337		371		335			340		327
Increase preferred stock dividend requirements of subsidiaries to a pre-tax amount		—		—		—			—		1
Fixed charges for ratio computation	$	337	$	371	$	335		$	340	$	328
Ratio of earnings to fixed charges and preferred dividends		1.45		1.88		1.82			2.16		2.02

(a) Excludes income/losses on equity investments.

(b) Concurrent with the adoption of FIN 48 in 2007, amount includes interest on uncertain tax positions.