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EXHIBIT 12(i)
VIRGINIA ELECTRIC AND POWER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(thousands of dollars)
<TABLE>
<CAPTION>
Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-2000
------ ------ ------ ------ ------ --------
<S> <C> <C> <C> <C> <C> <C>
Net Income 432,844 457,304 469,114 229,873 484,715 500,160
Add: Income Taxes 228,785 243,993 249,293 157,298 258,033 264,298
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Total Pretax Net Income $661,629 $701,297 $718,406 $387,171 $742,748 $764,458
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Fixed Charges:
Interest on Long-Term Debt 302,618 287,928 274,850 308,200 279,080 274,923
Other Interest 19,998 22,380 30,703 *
Pfd Distribution of
Affiliate-Gross 3,653 10,867 10,868 10,868 10,868 10,868
Estimated Interest Factor
of Rents Charged to Op-
erating Expenses, Clear-
ing & Other Accounts 6,475 6,291 8,595 6,389 6,857 6,601
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Total Fixed Charges $332,744 $327,466 $325,015 $325,457 $296,805 $292,391
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Earnings as Defined $994,373 $1,028,764 $1,043,421 $712,627 $1,039,553 $1,056,849
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Ratio of Pretax Income
to Net Income 1.53 1.53 1.53 1.68 1.53 1.53
Preferred Div. Req. 44,124 35,505 35,754 35,784 37,045 38,426
Portion Allowable as Deduction
for Federal Income Taxes 374 374 374 374 374 374
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Difference 43,750 35,131 35,380 35,410 36,671 38,052
Times Pretax Ratio 66,875 53,875 54,181 59,640 56,193 58,160
Preferred Divd. Factor 67,249 54,249 54,555 60,014 56,566 58,534
Fixed Charges As Above 332,744 327,466 325,015 325,457 296,805 292,391
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Total Fixed Charges and
Preferred Divd. Factor $399,993 $381,715 $379,570 $385,470 $353,371 $350,925
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Ratio of Earnings to Fixed
Charges and Preferred
Stock Dividends 2.49 2.70 2.75 1.85 2.94 3.01
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</TABLE>
* beginning in 1998, Other Interest is included in the line item, Interest on
Long-Term Debt
