Virginia Electric & Power 10-Q 2003 Q1 Quarterly report

Exhibit 12.2

Virginia Electric and Power Company
Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends

(millions of dollars)

			Years Ended
			12 months ended March 31, 2003	2002	2001	2000	1999	1998
Earnings, as defined:
	Earnings before income taxes and minority interests in consolidated subsidiaries		$ 1,448	$  1,198	$  733	$  837	$   743	$ 387
	Fixed charges included in the determination of net income		303	304	310	303	297	325
		Total earnings, as defined	$ 1,751	$ 1,502	$ 1,043	$ 1,140	$ 1,040	$ 712
	Fixed charges, as defined:
		Interest charges	$ 310	$ 311	$ 320	$ 297	$ 290	$ 319
		Preference security dividend requirements of consolidated subsidiaries	24	25	38	54	57	61
		Rental interest factor	10	10	10	6	7	6
		Total fixed charges, as defined	$ 344	$ 346	$ 368	$ 357	$ 354	$ 386
Ratio of Earnings to Fixed Charges and Preferred Dividends			5.09	4.34	2.83	3.19	2.94	1.85