Exhibit 12.1

Virginia Electric and Power Company

Computation of Ratio of Earnings to Fixed Charges

(millions of dollars)

	Six Months Ended June 30, 2008		Twelve Months Ended June 30, 2008		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	$	669	$	1,378	$	977	$	762	$	754	$	929	$	875
Fixed charges included in the determination of net income		174		348		328		313		333		258		309
Total earnings, as defined	$	843	$	1,726	$	1,305	$	1,075	$	1,087	$	1,187	$	1,184
Fixed charges, as defined:
Interest charges	$	168	$	334	$	320	$	311	$	329	$	256	$	318
Rental interest factor		6		13		12		11		10		9		10
Total fixed charges, as defined	$	174	$	347	$	332	$	322	$	339	$	265	$	328
Ratio of Earnings to Fixed Charges		4.84		4.97		3.93		3.34		3.21		4.48		3.61