Exhibit 12.1

Pepco Holdings, Inc.

	Six Months Ended June 30, 2009			For the Year Ended December 31,
				2008			2007			2006			2005			2004
	(millions of dollars)
Income before extraordinary item (a)	$	69		$	305		$	324		$	245		$	369		$	257
Income tax expense (b)		37			168			188			161			255			167
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		194			341			348			343			341			376
Other interest		12			24			25			19			20			21
Preferred dividend requirements of subsidiaries		—			—			—			1			3			3
Total fixed charges		206			365			373			363			364			400
Non-utility capitalized interest		(3	)		(6	)		(2	)		(1	)		(1	)		—
Income before extraordinary item, income tax expense, fixed charges and non-utility capitalized interest	$	309		$	832		$	883		$	768		$	987		$	824
Total fixed charges, shown above		206			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	$	206		$	365		$	373		$	364		$	366		$	402
Ratio of earnings to fixed charges and preferred dividends		1.50			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.