Exhibit 12.1

PEPCO HOLDINGS, INC.

				For the Year Ended December 31,
	Three Months Ended March 31, 2013			2012			2011		2010		2009
	(millions of dollars)
(Loss) Earnings
Net (Loss) income from continuing operations	$	(430	)	$	272		$	247	$	136	$	220
Preferred stock dividend		—			—			—		—		—
(Income) or loss from equity investees		(1	)		(1	)		3		1		(2	)
Minority interest loss		—			—			—		—		—
Income tax expense related to continuing operations		135			148			140		9		103
Pre-tax (loss) income for common stock		(296	)		419			390		146		321
Add: Fixed charges*		75			294			287		336		369
Add: Distributed income of equity investees		—			—			—		—		—
Subtract: Interest capitalized		—			—			—		—		—
Subtract: Pre-tax preferred stock dividend requirement		—			—			—		—		—
(Loss) Earnings	$	(221	)	$	713		$	677	$	482	$	690
*Fixed Charges
Interest on long-term debt	$	65		$	257		$	251	$	293	$	323
Interest capitalized		—			—			—		—		—
Other interest		—			—			—		—		—
Amortization of debt discount, premium, and expense		4			16			14		21		23
Interest component of rentals		6			21			22		22		23
Pre-tax preferred stock dividend requirement		—			—			—		—		—
Fixed charges	$	75		$	294		$	287	$	336	$	369
Ratio of (loss) earnings to fixed charges		(2.95	)		2.43			2.36		1.43		1.87

(a) Pepco Holdings, Inc. has no preferred equity securities outstanding, therefore the ratio of earnings to fixed charges is equal to the ratio of earnings to combined fixed charges and preferred stock dividends.