Exhibit 12.2

Virginia Electric and Power Company

Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends

(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
Preference security dividend requirements of consolidated subsidiaries		25		25		25		25		25
Rental interest factor		12		11		10		9		10
Total fixed charges, as defined	$	357	$	347	$	364	$	290	$	353
Ratio of Earnings to Fixed Charges and Preferred Dividends		3.66		3.10		2.99		4.09		3.35