Exhibit 12.1

Virginia Electric and Power Company
Computation of Ratio of Earnings to Fixed Charges
(millions of dollars)

			Years Ended
			12 months ended June 30, 2003	2002	2001	2000	1999	1998
Earnings, as defined:
	Earnings before income taxes and minority interests in consolidated subsidiaries		$ 1,374	$1,198	$733	$  837	$  743	$ 387
	Fixed charges included in the determination of net income		302	304	311	303	297	325
		Total earnings, as defined	$ 1,676	$ 1,502	$ 1,043	$ 1,140	$ 1,040	$ 712
	Fixed charges, as defined:
		Interest charges	$ 311	$ 311	$ 320	$ 297	$ 290	$ 319
		Rental interest factor	9	10	10	6	7	6
		Total fixed charges, as defined	$ 320	$ 321	$ 330	$ 303	$ 297	$ 325
Ratio of Earnings to Fixed Charges			5.24	4.68	3.16	3.76	3.50	2.19