Exhibit 12.1

Pepco Holdings, Inc.

			For the Year Ended December 31,
	Nine Months Ended September  30, 2012		2011		2010		2009		2008			2007
	(millions of dollars)
Income from continuing operations (a)	$	242	$	263	$	140	$	221	$	187		$	254
Income tax expense		142		149		11		104		90			141
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		204		265		315		348		311			315
Other interest		17		22		22		23		24			25
Preferred dividend requirements of subsidiaries		—		—		—		—		—			—
Total fixed charges		221		287		337		371		335			340
Non-utility capitalized interest		—		—		—		—		(1	)		—
Income from continuing operations before income tax expense, fixed charges and capitalized interest	$	605	$	699	$	488	$	696	$	611		$	735
Total fixed charges, shown above	$	221	$	287	$	337	$	371	$	335		$	340
Increase preferred stock dividend requirements of subsidiaries to a pre-tax amount		—		—		—		—		—			—
Fixed charges for ratio computation	$	221	$	287	$	337	$	371	$	335		$	340
Ratio of earnings to fixed charges and preferred dividends		2.74		2.44		1.45		1.88		1.82			2.16

(a) Excludes income/losses from equity investments.