Exhibit 12.1 Statements Re: Computation of Ratios

PEPCO HOLDINGS, INC.

	For the Year Ended December 31,
	2013			2012			2011		2010			2009
	(millions of dollars)
Earnings
Net income from continuing operations	$	110		$	218		$	222	$	91		$	163
Preferred stock dividend		—			—			—		—			—
(Income) or loss from equity investees		(2	)		(1	)		3		1			(2	)
Minority interest loss		—			—			—		—			—
Income tax expense (benefit) related to continuing operations		319			103			114		(14	)		80
Pre-tax income for common stock		427			320			339		78			241
Add: Fixed charges*		301			286			275		312			332
Add: Distributed income of equity investees		—			—			—		—			—
Subtract: Interest capitalized		—			—			—		—			—
Subtract: Pre-tax preferred stock dividend requirement		—			—			—		—			—
Earnings	$	728		$	606		$	614	$	390		$	573
*Fixed Charges
Interest on long-term debt	$	265		$	249		$	239	$	269		$	286
Interest capitalized		—			—			—		—			—
Other interest		—			—			—		—			—
Amortization of debt discount, premium, and expense		14			16			14		21			23
Interest component of rentals		22			21			22		22			23
Pre-tax preferred stock dividend requirement		—			—			—		—			—
Fixed charges	$	301		$	286		$	275	$	312		$	332
Ratio of earnings to fixed charges (a)		2.42			2.12			2.23		1.25			1.73

(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.

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