EXHIBIT 12.1



DUQUESNE LIGHT HOLDINGS AND SUBSIDIARIES



Calculation of Ratio of Earnings to Fixed Charges and Preferred and Preference Stock Dividend Requirements



|                                                                                            |  |                               |       |                         |      |       |      |   |       |      |   |       |      |  |   |       |       |  |   |      
|------------------------------------------------------------------------------------------- |  | ----------------------------- | ----- | ----------------------- | ---- | ----- | ---- | - | ----- | ---- | - | ----- | ---- |  | - | ----- | ----- |  | - | -----
|                                                                                            |  | (Millions of Dollars)        
|                                                                                            |  | Six Months EndedJune 30, 2005 |       | Year Ended December 31,
|                                                                                            |  |                               | 2004  |                         | 2003 |       | 2002 |   |       | 2001 |   |       | 2000
|Fixed Charges:                                                                              |  |                               |       |                         |      |       |      |   |       |      |   |       |      |  |   |       |       |  |   |      
|Interest on long-term debt                                                                  |  | $                             | 25.0  |                         | $    | 55.2  |      | $ | 53.1  |      | $ | 55.3  |      |  | $ | 62.3  |       |  | $ | 73.6 
|Other interest                                                                              |  |                               | 0.5   |                         |      | 2.0   |      |   | 12.3  |      |   | 13.3  |      |  |   | 25.6  |       |  |   | 35.0 
|Portion of lease payments representing an interest factor                                   |  |                               | 1.9   |                         |      | 3.9   |      |   | 4.9   |      |   | 3.2   |      |  |   | 3.1   |       |  |   | 6.8  
|Dividend requirement (a)                                                                    |  |                               | 4.0   |                         |      | 6.6   |      |   | 9.5   |      |   | 15.8  |      |  |   | 16.0  |       |  |   | 14.1 
|                                                                                            |  |                               |       |                         |      |       |      |   |       |      |   |       |      |  |   |       |       |  |   |      
|Total Fixed Charges                                                                         |  | $                             | 31.4  |                         | $    | 67.7  |      | $ | 79.8  |      | $ | 87.6  |      |  | $ | 107.0 |       |  | $ | 129.5
|                                                                                            |  |                               |       |                         |      |       |      |   |       |      |   |       |      |  |   |       |       |  |   |      
|Earnings:                                                                                   |  |                               |       |                         |      |       |      |   |       |      |   |       |      |  |   |       |       |  |   |      
|Income (loss) from continuing operations                                                    |  | $                             | 56.2  |                         | $    | 87.2  |      | $ | 93.2  |      | $ | 26.7  |      |  | $ | (44.5 | )     |  | $ | 145.3
|Income tax expense (benefit)                                                                |  |                               | 24.1  |                         |      | 20.6  |      |   | 17.7  |      |   | (11.6 | )    |  |   | (77.4 | )     |  |   | 25.0 
|Fixed charges as above                                                                      |  |                               | 31.4  |                         |      | 67.7  |      |   | 79.8  |      |   | 87.6  |      |  |   | 107.0 |       |  |   | 129.5
|                                                                                            |  |                               |       |                         |      |       |      |   |       |      |   |       |      |  |   |       |       |  |   |      
|Total Earnings                                                                              |  | $                             | 111.7 |                         | $    | 175.5 |      | $ | 190.7 |      | $ | 102.7 |      |  | $ | (14.9 | )     |  | $ | 299.8
|                                                                                            |  |                               |       |                         |      |       |      |   |       |      |   |       |      |  |   |       |       |  |   |      
|Ratio Of Earnings To Fixed Charges and Preferred and Preference Stock Dividend Requirements |  |                               | 3.56  |                         |      | 2.59  |      |   | 2.39  |      |   | 1.17  |      |  |   | (0.14 | ) (b) |  |   | 2.32 
|                                                                                            |  |                               |       |                         |      |       |      |   |       |      |   |       |      |  |   |       |       |  |   |      

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|(a) | Includes annual dividend requirements of $12.6 million for the Monthly Income Preferred Securities (MIPS) per year for 2002 and prior. For 2003, only $6.3 million is included for
the period January 1  June 30. From July 1, 2003 until their redemption in 2004, MIPS dividends were included with interest on long-term debt due to the adoption of SFAS No. 150.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) | In order to achieve a ratio of earnings to fixed charges and preferred and preference stock dividend requirements of one to one, Total Earnings would need to increase by
approximately $122 million.
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