Exhibit 12.1 Statements Re: Computation of Ratios

PEPCO HOLDINGS, INC.

	For the Year Ended December 31,
	2011		2010		2009		2008			2007
	(millions of dollars)
Net income from continuing operations (a)	$	263	$	140	$	221	$	187		$	254
Income tax expense		149		11		104		90			141
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		265		315		348		311			315
Other interest		22		22		23		24			25
Preferred dividend requirements of subsidiaries		—		—		—		—			—
Total fixed charges		287		337		371		335			340
Nonutility capitalized interest		—		—		—		(1	)		—
Income from continuing operations before income tax expense, fixed charges and capitalized interest	$	699	$	488	$	696	$	611		$	735
Total fixed charges, shown above		287		337		371		335			340
Increase preferred stock dividend requirements of subsidiaries to a pre-tax amount		—		—		—		—			—
Fixed charges for ratio computation	$	287	$	337	$	371	$	335		$	340
Ratio of earnings to fixed charges and preferred dividends		2.44		1.45		1.88		1.82			2.16

(a) Excludes income/losses on equity investments.