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, 2004	2003	2002	2001	2000	1999
Earnings, as defined:
	Earnings before income taxes and minority interests in consolidated subsidiaries		$ 517	$ 919	$  1,198	$  733	$  837	$   743
	Fixed charges included in the determination of net income		298	311	304	310	303	297
		Total earnings, as defined	$ 815	$ 1,230	$ 1,502	$ 1,043	$ 1,140	$ 1,040
	Fixed charges, as defined:
		Interest charges	$ 303	$ 320	$ 311	$ 320	$ 297	$ 290
		Preference security dividend requirements of consolidated subsidiaries	26	25	25	38	54	57
		Rental interest factor	9	10	10	10	6	7
		Total fixed charges, as defined	$ 338	$ 355	$ 346	$ 368	$ 357	$ 354
Ratio of Earnings to Fixed Charges and Preferred Dividends			2.41	3.47	4.34	2.83	3.19	2.94

(a) Earnings for the twelve months ended June 30, 2004 include $178 million for restoration expenses related to Hurricane Isabel, $105 million related to the termination of a power purchase contract, $22 million for the restructuring and termination of certain electric sales contracts, and $15 million related to net impact of legal settlements, and the write off of a cost method investment. Excluding these items from the calculation would result in a higher ratio of earnings to fixed charges for the twelve months ended June 30, 2004.