Exhibit 12.1 Statements Re: Computation of Ratios

PEPCO HOLDINGS, INC.

	For the Year Ended December 31,
	2012			2011		2010		2009			2008
	(millions of dollars)
Earnings
Net income from continuing operations	$	285		$	260	$	139	$	223		$	183
Preferred stock dividend		—			—		—		—			—
(Income) or loss from equity investees		(1	)		3		1		(2	)		4
Minority interest loss		—			—		—		—			—
Income tax expense related to continuing operations		156			149		11		104			90
Pre-tax income for common stock		440			412		151		325			277
Add: Fixed charges*		294			287		337		371			335
Add: Distributed income of equity investees		—			—		—		—			—
Subtract: Interest capitalized		—			—		—		—			(1	)
Subtract: Pre-tax preferred stock dividend requirement		—			—		—		—			—
Earnings	$	734		$	699	$	488	$	696		$	611
*Fixed Charges
Interest on long-term debt	$	257		$	251	$	294	$	325		$	294
Interest capitalized		—			—		—		—			1
Other interest		—			—		—		—			—
Amortization of debt discount, premium, and expense		16			14		21		23			16
Interest component of rentals		21			22		22		23			24
Pre-tax preferred stock dividend requirement		—			—		—		—			—
Fixed charges	$	294		$	287	$	337	$	371		$	335
Ratio of earnings to fixed charges		2.50			2.44		1.45		1.88			1.82

(a) Pepco Holdings, Inc. has no preferred equity securities outstanding, therefore the ratio of earnings to fixed charges is equal to the ratio of earnings to combined fixed charges and preferred stock dividends.

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