Virginia Electric & Power 10-Q 2007 Q2 Quarterly report

Exhibit 12.1

Virginia Electric and Power Company

Computation of Ratio of Earnings to Fixed Charges

(millions of dollars)

	Six Months Ended June 30, 2007		Twelve Months Ended June 30, 2007		Years Ended
					2006		2005		2004		2003		2002
Earnings, as defined:
Earnings from continuing operations before income taxes and minority interests in consolidated subsidiaries	$	268	$	746	$	762	$	754	$	929	$	875	$	1,248
Fixed charges included in the determination of net income		154		313		313		333		258		309		301
Total earnings, as defined	$	422	$	1,059	$	1,075	$	1,087	$	1,187	$	1,184	$	1,549
Fixed charges, as defined:
Interest charges	$	154	$	312	$	311	$	329	$	256	$	318	$	308
Rental interest factor		6		12		11		10		9		10		10
Total fixed charges, as defined	$	160	$	324	$	322	$	339	$	265	$	328	$	318
Ratio of Earnings to Fixed Charges		2.64		3.27		3.34		3.21		4.48		3.61		4.87