Exhibit 12.1 Statements Re. Computation of Ratios

Pepco Holdings, Inc.

				For the Year Ended December 31,
	Three Months Ended March 31, 2009			2008			2007			2006			2005			2004
	(millions of dollars)
Income before extraordinary item (a)	$	46		$	305		$	324		$	245		$	369		$	257
Income tax expense (b)		24			168			188			161			255			167
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		93			341			348			343			341			376
Other interest		6			24			25			19			20			21
Preferred dividend requirements of subsidiaries		—			—			—			1			3			3
Total fixed charges		99			365			373			363			364			400
Non-utility capitalized interest		(2	)		(6	)		(2	)		(1	)		(1	)		—
Income before extraordinary item, income tax expense, fixed charges and non-utility capitalized interest	$	167		$	832		$	883		$	768		$	987		$	824
Total fixed charges, shown above		99			365			373			363			364			400
Increase preferred stock dividend requirements of subsidiaries to a pre-tax amount		—			—			—			1			2			2
Fixed charges for ratio computation	$	99		$	365		$	373		$	364		$	366		$	402
Ratio of earnings to fixed charges and preferred dividends		1.69			2.28			2.36			2.11			2.70			2.05

(a) Excludes income/losses from equity investments.

(b) Concurrent with the adoption of FIN 48 in 2007, amount includes interest on uncertain tax positions.