Exhibit 12

                      VIRGINIA ELECTRIC AND POWER COMPANY
              COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                            (thousands of dollars)

 
 
                                                      
                                                                               For the Year Ended
                                                                                  December  31,
                                                           1996         1995         1994         1993         1992                 
                                                        ----------   ----------   ----------   ----------   ----------              
                                                                                                                  
Net Income                                              $  457,304   $  432,844   $  447,144   $  509,051   $  469,521              
                                                                                                                                    
Add: Income Taxes                                          243,993      228,785      225,647      257,217      211,295              
                                                        ---------------------------------------------------------------             
Total Pretax Net Income                                 $  701,297   $  661,629   $  672,791   $  766,268   $  680,816              
                                                        ===============================================================             
Fixed Charges:                                                                                                                      
  Interest on Long-Term Debt                               287,928      302,618      291,864      300,152      300,857              
  Other Interest                                            22,380       19,998        7,551       19,121       29,534              
  Pfd Distribution of Affiliate-Net                          7,064        2,374                                                     
  Estimated Interest Factor                                                                                                         
   of Rents Charged to Operating Expenses,                                                                                          
   Clearing & Other Accounts                                 6,291        6,475        7,132        5,660        6,231              
                                                        ---------------------------------------------------------------             
Total Fixed Charges                                     $  323,663   $  331,465   $  306,547   $  324,933   $  336,622              
                                                        ===============================================================             
                                                                                                                                    
                                                        ---------------------------------------------------------------             
Earnings as Defined                                     $1,024,960   $  993,094   $  979,339   $1,091,201   $1,017,438              
                                                        ===============================================================             
Ratio of Earnings to                                                                                                                
  Fixed Charges                                               3.17         3.00         3.19         3.36         3.02              
                                                        ===============================================================