Exhibit 12.2

Virginia Electric and Power Company
Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends
(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	310	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
		Preference security dividend requirements of consolidated subsidiaries	23	25	38	54	57	61
		Rental interest factor	9	10	10	6	7	6
		Total fixed charges, as defined	$ 343	$ 346	$ 368	$ 357	$ 354	$ 386
Ratio of Earnings to Fixed Charges and Preferred Dividends			4.89	4.34	2.83	3.19	2.94	1.85