<PAGE>
Exhibit 12
DOMINION RESOURCES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions, except ratios)
<TABLE>
<CAPTION>
Three Months
Twelve Months Ended December 31, Ended March 31,
1995 1996 1997* 1998 1999** 2000
--------- --------- --------- --------- --------- ----
<S> <C> <C> <C> <C> <C> <C>
Net Income $ 425 $ 472 $ 399 $ 536 $ 296 $ 141
Distributed income from unconsolidated investees,
less equity in earnings thereof ($3)
Add: Income Taxes $ 187 $ 219 $ 233 $ 306 $ 259 $ 74
----------------------------------------------------------------
Total $ 612 $ 691 $ 632 $ 842 $ 555 $ 212
----------------------------------------------------------------
Fixed Charges:
Interest Charges $ 390 $ 400 $ 641 $ 614 $ 538 $ 208
Estimated Interest Factor of Rents Charged to
Operating Expenses, Clearing & Other Accounts $ 6 $ 6 $ 8 $ 6 $ 8 $ 5
----------------------------------------------------------------
Total Fixed Charges $ 396 $ 405 $ 649 $ 620 $ 546 $ 213
----------------------------------------------------------------
----------------------------------------------------------------
Earnings as Defined $ 1,008 $ 1,097 $ 1,281 $ 1,462 $ 1,101 $ 425
================================================================
Ratio of Earnings to Fixed Charges 2.55 2.71 1.97 2.36 2.02 2.00
================================================================
</TABLE>
* Net income for the twelve months ended December 31, 1997 includes the one-
time charge of $156.6 million for the windfall profits tax levied by the U.K.
government. Excluding this charge from the calculation above results in a ratio
of earnings to fixed charges for the twelve months ended December 31, 1997 of
2.22x.
** Net income for the twelve months ended December 31, 1999 includes the
one-time charge of $254.8 million for the write-off of regulatory assets.
Excluding this charge from the calculation above results in a ratio of earnings
to fixed charges for the twelve months ended December 31, 1999 of 2.48x.
