Exhibit 12.1

Dominion Resources, Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(millions of dollars)

	9 Months Ended Sept. 30, 2004 (a)			12 Months Ended Sept. 30, 2004 (b)		Years Ended
						2003 (c)			2002		2001 (d)		2000 (e)		1999
Earnings, as defined:
Earnings before income taxes and minority interests in consolidated subsidiaries	$	1,657		$	1,645	$	1,547		$	2,043	$	914	$	600	$	829
Distributed income from unconsolidated investees, less equity in earnings		(9	)		5		(5	)		24		33		6		—
Fixed charges included in the determination of net income		736			1,024		1,010			975		1,026		1,042		583
Total earnings, as defined	$	2,384		$	2,674	$	2,552		$	3,042	$	1,973	$	1,648	$	1,412
Fixed charges, as defined:
Interest charges	$	769		$	1,075	$	1,084		$	1,051	$	1,063	$	1,039	$	592
Rental interest factor		25			32		31			27		19		18		8
Total fixed charges, as defined	$	794		$	1,107	$	1,115		$	1,078	$	1,082	$	1,057	$	600
Ratio of Earnings to Fixed Charges		3.00			2.42		2.29			2.82		1.82		1.56		2.35

(a) Earnings for the nine months ended September 30, 2004 include a $67 million impairment of Dominion Capital, Inc. assets, an $18 million benefit associated with the disposition of certain assets held for sale, an $18 million benefit from the reduction of accrued expenses associated with Hurricane Isabel restoration activities, $96 million of losses related to the discontinuance of hedge accounting for certain oil hedges and subsequent changes in the fair value of those hedges following Hurricane Ivan, a $34 million benefit resulting from the termination of a long term power purchase contract, and $18 million of charges related to net legal settlements and other items. Excluding these items from the calculation would result in a higher ratio of earnings to fixed charges for the nine months ended September 30, 2004.

(b) Earnings for the twelve months ended September 30, 2004 include a $137 million impairment of Dominion Capital, Inc. assets, a $26 million impairment associated with the disposition of certain assets held for sale, $49 million for restoration expenses related to Hurricane Isabel, $96 million of losses related to the discontinuance of hedge accounting for certain oil hedges and subsequent changes in fair value of those hedges following Hurricane Ivan, $67 million of losses resulting from the termination of long term power purchase contracts, a $64 million charge for the restructuring and termination of certain electric sales contracts, $60 million related to impairments of our investment in Dominion Telecom, and $16 million of charges related to net legal settlements and other items. Excluding these items from the calculation would result in a higher ratio of earnings to fixed charges for the twelve months ended September 30, 2004.

(c) Earnings for the twelve months ended December 31, 2003 include a $134 million impairment of Dominion Capital, Inc. assets, $28 million for severance costs related to workforce reductions, an $84 million impairment of certain assets held for sale, $197 million for restoration expenses related to Hurricane Isabel, $105 million related to the termination of a power purchase contract, $64 million for the restructuring and termination of certain electric sales contracts, and $144 million related to our investment in Dominion Telecom including impairments, the cost of refinancings, and reallocation of equity losses. Excluding these items from the calculation would result in a higher ratio of earnings to fixed charges for the twelve months ended December 31, 2003.

(d) Earnings for the twelve months ended December 31, 2001 include $220 million related to the cost of the buyout of power purchase contracts and non-utility generating plants previously serving the company under long-term contracts, a $40 million loss associated with the divestiture of Saxon Capital Inc., a $281 million write-down of Dominion Capital, Inc. assets, a $151 million charge associated with Dominion’s estimated Enron-related exposure, and $105 million associated with a senior management restructuring initiative and related costs. Excluding these items from the calculation above would result in a higher ratio of earnings to fixed charges for the twelve months ended December 31, 2001.

(e) Earnings for the twelve months ended December 31, 2000 include $579 million in restructuring and other acquisition-related costs resulting from the CNG acquisition and a write-down at Dominion Capital, Inc. Excluding these items from the calculation above would result in a higher ratio of earnings to fixed charges for the twelve months ended December 31, 2000.