Exhibit 12.2
Virginia Electric and Power Company
Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends
(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 | 312 | 397 | 369 | 357 | 347 | 364 | 290 | |||||||||||||||||||||
Capitalized interest | — | — | — | (4 | ) | (9 | ) | (6 | ) | (7 | ) | |||||||||||||||||
Preference security dividend requirement | (20 | ) | (26 | ) | (26 | ) | (25 | ) | (25 | ) | (25 | ) | (25 | ) | ||||||||||||||
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 | ||||||||||||||
Preference security dividend requirement | 20 | 26 | 26 | 25 | 25 | 25 | 25 | |||||||||||||||||||||
Rental interest factor | 12 | 15 | 13 | 12 | 11 | 10 | 9 | |||||||||||||||||||||
Total fixed charges, as defined | $ | 312 | $ | 397 | $ | 369 | $ | 357 | $ | 347 | $ | 364 | $ | 290 | ||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends | 4.32 | 4.13 | 4.63 | 3.66 | 3.10 | 2.99 | 4.09 |