Exhibit 12.1 Statements Re: Computation of Ratios

PEPCO HOLDINGS, INC.

	For the Year Ended December 31,
	2014		2013			2012			2011		2010
	(millions of dollars)
Earnings
Net income from continuing operations	$	242	$	110		$	218		$	222	$	91
Preferred stock dividend		—		—			—			—		—
(Income) or loss from equity investees		—		(2	)		(1	)		3		1
Minority interest loss		—		—			—			—		—
Income tax expense (benefit) related to continuing operations		138		319			103			114		(14	)
Pre-tax income for common stock		380		427			320			339		78
Add: Fixed charges*		300		301			286			275		312
Add: Distributed income of equity investees		—		—			—			—		—
Subtract: Interest capitalized		—		—			—			—		—
Subtract: Pre-tax preferred stock dividend requirement		—		—			—			—		—
Earnings	$	680	$	728		$	606		$	614	$	390
*Fixed Charges
Interest on long-term debt	$	264	$	265		$	249		$	239	$	269
Interest capitalized		—		—			—			—		—
Other interest		—		—			—			—		—
Amortization of debt discount, premium, and expense		12		14			16			14		21
Interest component of rentals		24		22			21			22		22
Pre-tax preferred stock dividend requirement		—		—			—			—		—
Fixed charges	$	300	$	301		$	286		$	275	$	312
Ratio of earnings to fixed charges (a)		2.27		2.42			2.12			2.23		1.25

(a) Pepco Holdings, Inc. issued certain preferred equity securities during 2014 that are excluded from equity since the securities contain conditions for redemption that are not solely within the control of PHI. The cumulative and unpaid dividends associated with the preferred equity securities, which were immaterial for the year ended December 31, 2014, are included in fixed charges as a component of interest on long-term debt. Accordingly, the ratio of earnings to fixed charges is equal to the ratio of earnings to combined fixed charges and preferred stock dividends.