Exhibit 12.1

Virginia Electric and Power Company
Computation of Ratio of Earnings to Fixed Charges

(millions of dollars)

			Years Ended
			12 Months Ended March 31, 2004	2003	2002	2001	2000	1999
Earnings, as defined:
	Earnings before income taxes and minority interests in consolidated subsidiaries		$   604	$   919	$1,198	$733	$  837	$  743
	Fixed charges included in the determination of net income		305	311	304	310	303	297
		Total earnings, as defined	$ 909	$ 1,230	$ 1,502	$ 1,043	$ 1,140	$ 1,040
	Fixed charges, as defined:
		Interest charges	$ 312	$ 320	$ 311	$ 320	$ 297	$ 290
		Rental interest factor	10	10	10	10	6	7
		Total fixed charges, as defined	$ 322	$ 330	$ 321	$ 330	$ 303	$ 297
Ratio of Earnings to Fixed Charges			2.82	3.73	4.68	3.16	3.76	3.50