Duquesne Light 10-Q/A 2004 Q1 Quarterly report (amended)

EXHIBIT 12.3

DUQUESNE LIGHT COMPANY AND SUBSIDIARIES

Calculation of Ratio of Earnings to Fixed Charges

	(Millions of Dollars)
	Three Months Ended March 31,		Year Ended December 31,
	2004		2003		2002		2001		2000		1999
Fixed Charges:
Interest on long-term debt	$	9.9	$	49.2	$	52.6	$	60.1	$	71.2	$	76.9
Other interest		0.6		1.5		2.2		0.7		3.1		4.8
Company obligated mandatorily redeemable preferred securities dividend requirement(a)		—		6.3		12.6		12.6		12.6		12.6
Amortization of debt discount, premium and expense - net		0.8		3.9		2.6		2.2		2.3		2.5
Portion of lease payments representing an interest factor		0.7		3.9		1.9		3.1		6.8		43.0
Total Fixed Charges	$	12.0	$	64.8	$	71.9	$	78.7	$	96.0	$	139.8
Earnings:
Net income	$	17.8	$	69.6	$	75.4	$	53.4	$	92.6	$	151.0
Income tax expense		11.5		45.4		48.9		30.8		40.5		73.6
Fixed charges as above		12.0		64.8		71.9		78.7		96.0		139.8
Total Earnings	$	41.3	$	179.8	$	196.2	$	162.9	$	229.1	$	364.4
Ratio Of Earnings To Fixed Charges		3.44		2.77		2.73		2.07		2.39		2.61

^(a) Effective July 1, 2003, dividends on the monthly income preferred securities are included with interest on long-term debt due to the adoption of SFAS No. 150.

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