Duquesne Light 10-Q 2003 Q3 Quarterly report

EXHIBIT 12.1

Duquesne Light Holdings and Subsidiaries

Calculation of Ratio of Earnings to Fixed Charges

and Preferred and Preference Stock Dividend Requirements

(Dollar Amounts in Millions)

	Nine Months Ended September 30, 2003		Year Ended December 31,
			2002		2001			2000		1999		1998
FIXED CHARGES:
Interest on long-term debt	$	38.8	$	55.3	$	62.3		$	73.6	$	79.4	$	81.1
Other interest		9.2		13.3		25.6			35.0		26.9		14.0
Portion of lease payments representing an interest factor		1.9		3.2		3.1			6.8		43.0		44.1
Dividend requirement (a)		8.8		15.8		16.0			14.1		14.7		15.6
Total Fixed Charges	$	58.7	$	87.6	$	107.0		$	129.5	$	164.0	$	154.8
EARNINGS:
Income (loss) from continuing operations	$	78.6	$	26.7	$	(44.5	)	$	145.3	$	189.3	$	195.2
Income taxes		41.0		19.9		(35.6	)		70.9		107.7		100.2
Fixed charges as above		58.7		87.6		107.0			129.5		164.0		154.8
Total Earnings	$	178.3	$	134.2	$	26.9		$	345.7	$	461.0	$	450.2
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK DIVIDEND REQUIREMENTS		3.04		1.53		0.25	(b)		2.67		2.81		2.91

(a) Includes annual dividend requirements of $12.6 million for the Monthly Income Preferred Securities per year for 2002 and prior. For 2003, only $6.3 million is included for the period January 1 – June 30. Effective July 1, 2003, MIPS dividends are included with interest on long-term debt due to the adoption of SFAS No. 150.

(b) In order to achieve a ratio of earnings to fixed charges of one to one, Total Earnings would need to increase by $80.1 million for the twelve months ended December 31, 2001.