Exhibit 12.1

Pepco Holdings, Inc.

	Six  Months Ended June 30, 2010		For the Year Ended December 31,
			2009		2008			2007		2006			2005
	(millions of dollars)
Income from continuing operations before extraordinary item (a)	$	105	$	221	$	186		$	254	$	205		$	323
Income tax expense (b)		58		104		91			141		133			227
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		177		348		311			315		307			312
Other interest		12		23		24			25		19			20
Preferred dividend requirements of subsidiaries		—		—		—			—		1			3
Total fixed charges		189		371		335			340		327			335
Non-utility capitalized interest		—		—		(1	)		—		(1	)		—
Income before extraordinary item, income tax expense, fixed charges and non-utility capitalized interest	$	352	$	696	$	611		$	735	$	664		$	885
Total fixed charges, shown above		189		371		335			340		327			335
Increase preferred stock dividend requirements of subsidiaries to a pre-tax amount		—		—		—			—		1			2
Fixed charges for ratio computation	$	189	$	371	$	335		$	340	$	328		$	337
Ratio of earnings to fixed charges and preferred dividends		1.86		1.88		1.82			2.16		2.02			2.63

(a) Excludes income/losses from equity investments.

(b) Concurrent with the adoption of FASB guidance on taxes (ASC 740) in 2007, amount includes interest on uncertain tax positions.