Exhibit 12

DPL INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in $ thousands, except ratios)

	YEAR			YEAR		YEAR		YEAR		YEAR
	ENDED			ENDED		ENDED		ENDED		ENDED
	12/31/2005			12/31/2004		12/31/2003		12/31/2002		12/31/2001
Fixed Charges:
Interest on First Mortgage Bonds		31,226			30,351		42,093		42,539		42,557
Total Interest and Preferred Dividend less Interest on FMB		167,645			129,889		139,586		112,313		94,424
Less Debt Reduction Expenses		(57,056	)		0		0		0		0
Trust Preferred Distributions		0			0		0		24,632		39,507
Interest Component of Rentals		53			74		117		117		129
Total Fixed Charges		141,868			160,314		181,796		179,601		176,617
Earnings:
Net Income before Extraordinary Items    (w/o Discontinued Opens)		124,700			121,500		114,900		177,600		227,000
Preferred Dividends		834			947		874		874		873
Plus: Income Taxes on Continuing Operations		79,900			66,500		74,800		100,800		110,600
Fixed Charges (defined above)		141,868			160,314		181,796		179,601		176,617
Total		347,302			349,261		372,370		458,875		515,090
Ratio = Earnings/		347,302			349,261		372,370		458,875		515,090
Fixed Charges		141,868			160,314		181,796		179,601		176,617
Ratio of Earnings to Fixed Charges - (SEC Method)		2.448			2.179		2.048		2.555		2.916
		2.45			2.18		2.05		2.55		2.92