Exhibit 12.1
Virginia Electric and Power Company
Computation of Ratio of Earnings to Fixed Charges
(millions of dollars)
Years Ended December 31, | |||||||||||||||||||||||||
Nine Months Ended September 30, 2009 | Twelve Months Ended September 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||||
Income from continuing operations before income taxes, extraordinary item and cumulative effect of change in accounting principle | $ | 1,057 | $ | 1,267 | $ | 1,364 | $ | 977 | $ | 762 | $ | 754 | $ | 929 | |||||||||||
Fixed charges as defined | 292 | 371 | 343 | 332 | 322 | 339 | 265 | ||||||||||||||||||
Capitalized interest | — | — | — | (4 | ) | (9 | ) | (6 | ) | (7 | ) | ||||||||||||||
Total earnings, as defined | $ | 1,349 | $ | 1,638 | $ | 1,707 | $ | 1,305 | $ | 1,075 | $ | 1,087 | $ | 1,187 | |||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||||
Interest charges | $ | 280 | $ | 356 | $ | 330 | $ | 320 | $ | 311 | $ | 329 | $ | 256 | |||||||||||
Rental interest factor | 12 | 15 | 13 | 12 | 11 | 10 | 9 | ||||||||||||||||||
Total fixed charges, as defined | $ | 292 | $ | 371 | $ | 343 | $ | 332 | $ | 322 | $ | 339 | $ | 265 | |||||||||||
Ratio of Earnings to Fixed Charges | 4.62 | 4.42 | 4.98 | 3.93 | 3.34 | 3.21 | 4.48 |