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Exhibit 12

THE DAYTON POWER AND LIGHT COMPANY
SEC COVERAGE RATIOS

Ratio of Earnings to Fixed Charges (SEC Method):

		For the years ended December 31,
		2004		2003		2002		2001		2000		1999
Fixed Charges:
	Interest on First Mortgage Bonds	$	30,351	$	42,093	$	42,539	$	42,557	$	42,591	$	48,291
	Other Interest Expense		14,082		9,732		11,025		18,939		30,129		33,149
	Interest Component of Rentals		74		117		117		134		160		115
	Total Fixed Charges	$	44,507	$	51,942	$	53,681	$	61,630	$	72,880	$	81,555
Earnings:
Net Income (before Preferred dividends and Extraordinary Item)		$	209,062	$	239,392	$	245,549	$	233,527	$	291,007	$	192,094
Plus: Income Taxes			120,754		150,388		151,639		141,245		179,707		118,677
Fixed Charges (defined above)			44,507		51,942		53,681		61,630		72,880		81,555
Total		$	374,323	$	441,721	$	450,869	$	436,402	$	543,594	$	392,326
Ratio=Earnings		$	374,323	$	441,721	$	450,869	$	436,402	$	543,594	$	392,326
	Fixed Charges	$	44,507	$	51,942	$	53,681	$	61,630	$	72,880	$	81,555
Ratio of Earnings to Fixed Charges—(SEC Method)			8.410		8.5041		8.3990		7.0809		7.4587		4.8105

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Exhibit 12