WGL (WGL) 10-Q 2004 Q2 Quarterly report

Exhibit 99.2

WGL HOLDINGS, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends (Unaudited)

($ in thousands)

Twelve Months Ended March 31, 2004

FIXED CHARGES AND PRE-TAX PREFERRED STOCK DIVIDENDS:
Preferred Stock Dividends	$	1,320
Effective Income Tax Rate		0.3763
Complement of Effective Income Tax Rate (1-Tax Rate)		0.6237
Pre-Tax Preferred Stock Dividends	$	2,116
FIXED CHARGES:
Interest Expense	$	44,231
Amortization of Debt Premium, Discount and Expense		518
Interest Component of Rentals		698
Total Fixed Charges		45,447
Pre-Tax Preferred Stock Dividends		2,116
Total Fixed Charges and Preferred Stock Dividends	$	47,563
EARNINGS:
Net Income before Dividends on Preferred Stock	$	98,675
Add:
Income Taxes Applicable to Utility Operating Income		60,677
Income Taxes Applicable to Non-Utility Operating Income and Other Income (Expenses) — Net		(1,146	)
Total Fixed Charges		45,447
Total Earnings	$	203,653
Ratio of Earnings to Fixed Charges and Preferred Dividends		4.3