. . . EXHIBIT 12.1 THE DETROIT EDISON COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Twelve Months Ended December 31 ------------------------------------------ 2004 2003 2002 2001 2000 ------ ------ ------ ------ ------ (Millions of Dollars) EARNINGS: Pretax earnings.................. $ 214 $ 397 $ 534 $ 320 $ 586 Fixed charges.................... 294 294 322 314 311 ------ ------ ------ ------ ------ NET EARNINGS $ 508 $ 691 $ 856 $ 634 $ 897 ------ ------ ------ ------ ------ FIXED CHARGES: Interest expense................. $ 280 $ 284 $ 319 $ 306 $ 277 Adjustments...................... 14 10 3 8 34 ------ ------ ------ ------ ------ FIXED CHARGES $ 294 $ 294 $ 322 $ 314 $ 311 ------ ------ ------ ------ ------ Ratio of earnings to fixed charges 1.73 2.35 2.66 2.02 2.88 ====== ====== ====== ====== ======