Exhibit 12.1 Statements Re. Computation of Ratios

PEPCO HOLDINGS, INC.

	For the Year Ended December 31,
	2009			2008			2007			2006			2005
	(millions of dollars)
Income before extraordinary item (a)	$	233		$	305		$	324		$	245		$	369
Income tax expense (b)		110			168			188			161			255
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		382			341			348			343			341
Other interest		23			24			25			19			20
Preferred dividend requirements of subsidiaries		—			—			—			1			3
Total fixed charges		405			365			373			363			364
Nonutility capitalized interest		(4	)		(6	)		(2	)		(1	)		(1	)
Income before extraordinary item, income tax expense, fixed charges and capitalized interest	$	744		$	832		$	883		$	768		$	987
Total fixed charges, shown above		405			365			373			363			364
Increase preferred stock dividend requirements of subsidiaries to a pre-tax amount		—			—			—			1			2
Fixed charges for ratio computation	$	405		$	365		$	373		$	364		$	366
Ratio of earnings to fixed charges and preferred dividends		1.84			2.28			2.36			2.11			2.70

(a) Excludes income/losses on equity investments.

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