WGL (WGL) 10-Q 2002 Q3 Quarterly report

EXHIBIT 99.1

WGL HOLDINGS, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends

Twelve Months Ended June 30, 2002
(Dollars in Thousands)
(Unaudited)

PRE-TAX PREFERRED STOCK DIVIDENDS:
Preferred Dividends			$	1,320
Effective Income Tax Rate				0.4110
Complement of Effective Income Tax Rate (1-Tax Rate)				0.5890
Pre-Tax Preferred Dividends			$	2,241
FIXED CHARGES:
Interest Expense			$	44,929
Amortization of Debt Premium, Discount and Expense				394
Interest Component of Rentals				12
Total Fixed Charges				45,335
Pre-tax Preferred Dividends				2,241
		Total Fixed Charges and Preferred Stock Dividends	$	47,576
EARNINGS:
Net Income			$	39,971
Add:
	Income Taxes Applicable to Utility Operating Income			38,089
	Income Taxes Applicable to Non-Utility Operating Income			(599	)
	Income Taxes Applicable to Other Income (Expenses)-Net			2,115
	Total Fixed Charges			45,335
Total Earnings			$	124,911
Ratio of Earnings to Fixed Charges				2.6