<PAGE>
DQE Exhibit 12.1
DQE and Subsidiaries
Calculation of Ratio of Earnings to Fixed Charges
and Preferred and Preference Stock Dividend Requirements
(Thousands of Dollars)
<TABLE>
<CAPTION>
Nine Months Ended Year Ended
September 30, December 31,
2000 1999 1998 1997 1996 1995
----------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIXED CHARGES:
Interest on long-term debt $ 56,203 $ 79,454 $ 81,076 $ 87,420 $ 88,478 $ 95,391
Other interest 27,708 28,212 14,556 13,823 10,926 7,033
Portion of lease payments representing
an interest factor 5,480 42,973 44,146 44,208 44,357 44,386
Dividend requirement 10,594 14,684 15,612 21,649 14,385 7,374
----------------- ----------------------------------------------------------------
Total Fixed Charges $ 99,985 $165,323 $155,390 $167,100 $158,146 $154,184
----------------- ----------------------------------------------------------------
EARNINGS:
Income from continuing operations $125,044 $201,416 $196,688 $199,101 $179,138 $170,563
Income taxes 70,418 110,722* 100,982* 95,805* 87,388* 96,661*
Fixed charges as above 99,985 165,323 155,390 167,100 158,146 154,184
----------------- ----------------------------------------------------------------
Total Earnings $295,447 $477,461 $453,060 $462,006 $424,672 $421,408
----------------- ----------------------------------------------------------------
RATIO OF EARNINGS TO FIXED CHARGES 2.95 2.89 2.92 2.76 2.69 2.73
================= ================================================================
</TABLE>
*Earnings related to income taxes reflect a $3.0 million, $12.0 million, $17.0
million, $12.0 million and $13.5 million decrease for the twelve months ended
December 31, 1999, 1998, 1997, 1996 and 1995, respectively, due to a financial
statement reclassification related to Statement of Financial Accounting
Standards No. 109, Accounting for Income Taxes. The ratio of earnings to fixed
charges, absent this reclassification equals 2.86, 2.99, 2.87, 2.76 and 2.82
for the twelve months ended December 31, 1999, 1998, 1997, 1996 and 1995,
respectively.
