<PAGE>
EXHIBIT 12
VIRGINIA ELECTRIC AND POWER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(thousands of dollars)
<TABLE>
<CAPTION>
Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Mar-20000
------ ------ ------ ------ ------ ---------
<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
------------------------------------------------------------------------------------------
Total Pretax Net Income $661,629 $701,297 $718,406 $387,171 $742,748 $764,458
==========================================================================================
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 Operating
Expenses, Clearing and Other
Accounts 6,475 6,291 8,595 6,389 6,857 6,601
------------------------------------------------------------------------------------------
Total Fixed Charges $332,744 $327,466 $325,015 $325,457 $296,805 $292,391
==========================================================================================
------------------------------------------------------------------------------------------
Earnings as Designed $994,373 $1,028,764 $1,043,421 $712,627 $1,039,553 $1,056,849
==========================================================================================
Ratio of Earnings to
Fixed Charges 2.99 3.14 3.21 2.19 3.50 3.61
==========================================================================================
</TABLE>
* beginning in 1998, Other Interest is included in the line item, Interest on
long-Term Debt.
