Exhibit 12.1

Virginia Electric and Power Company

Computation of Ratio of Earnings to Fixed Charges

(millions of dollars)

	Years Ended December 31,
	2007		2006		2005		2004		2003
Earnings, as defined:
Earnings from continuing operations before income taxes and minority interests in consolidated subsidiaries	$	977	$	762	$	754	$	929	$	875
Fixed charges included in the determination of net income		328		313		333		258		309
Total earnings, as defined	$	1,305	$	1,075	$	1,087	$	1,187	$	1,184
Fixed charges, as defined:
Interest charges	$	320	$	311	$	329	$	256	$	318
Rental interest factor		12		11		10		9		10
Total fixed charges, as defined	$	332	$	322	$	339	$	265	$	328
Ratio of Earnings to Fixed Charges		3.93		3.34		3.21		4.48		3.61