Exhibit 12.1

Pepco Holdings, Inc.

			For the Year Ended December 31,
	Nine Months Ended September 30, 2011		2010		2009		2008			2007		2006
	(millions of dollars)
Income from continuing operations before extraordinary item (a)	$	241	$	140	$	221	$	187		$	254	$	205
Income tax expense (b)		143		11		104		90			141		133
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		198		315		348		311			315		307
Other interest		17		22		23		24			25		19
Preferred dividend requirements of subsidiaries		—		—		—		—			—		1
Total fixed charges		215		337		371		335			340		327
Non-utility capitalized interest		—		—		—		(1	)		—		(1	)
Income before extraordinary item, income tax expense, fixed charges and non-utility capitalized interest	$	599	$	488	$	696	$	611		$	735	$	664
Total fixed charges, shown above		215		337		371		335			340		327
Increase preferred stock dividend requirements of subsidiaries to a pre-tax amount		—		—		—		—			—		1
Fixed charges for ratio computation	$	215	$	337	$	371	$	335		$	340	$	328
Ratio of earnings to fixed charges and preferred dividends		2.79		1.45		1.88		1.82			2.16		2.02

(a) Excludes income/losses from equity investments.

(b) Concurrent with the adoption of FASB guidance on taxes (ASC 740) in 2007, amount includes interest on uncertain tax positions.