EXHIBIT 12.3



DUQUESNE LIGHT COMPANY AND SUBSIDIARIES



Calculation of Ratio of Earnings to Fixed Charges



|                                                                                      |  |                             |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |      
|------------------------------------------------------------------------------------- |  | --------------------------- | ---- | ----------------------- | - | ----- |  | ---- | ----- | ---- | - | ----- |  | - | ----- |  | - | -----
|                                                                                      |  | (Millions of Dollars)      
|                                                                                      |  | Three Months EndedMarch 31, |      | Year Ended December 31,
|                                                                                      |  | 2004                        |      | 2003                    |   | 2002  |  | 2001 |       | 2000 |   | 1999 
|Fixed Charges:                                                                        |  |                             |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |      
|Interest on long-term debt                                                            |  | $                           | 9.9  |                         | $ | 49.2  |  | $    | 52.6  |      | $ | 60.1  |  | $ | 71.2  |  | $ | 76.9 
|Other interest                                                                        |  |                             | 0.6  |                         |   | 1.5   |  |      | 2.2   |      |   | 0.7   |  |   | 3.1   |  |   | 4.8  
|Company obligated mandatorily redeemable preferred securities dividend requirement(a) |  |                             |     |                         |   | 6.3   |  |      | 12.6  |      |   | 12.6  |  |   | 12.6  |  |   | 12.6 
|Amortization of debt discount, premium and expense - net                              |  |                             | 0.8  |                         |   | 3.9   |  |      | 2.6   |      |   | 2.2   |  |   | 2.3   |  |   | 2.5  
|Portion of lease payments representing an interest factor                             |  |                             | 0.7  |                         |   | 3.9   |  |      | 1.9   |      |   | 3.1   |  |   | 6.8   |  |   | 43.0 
|                                                                                      |  |                             |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |      
|Total Fixed Charges                                                                   |  | $                           | 12.0 |                         | $ | 64.8  |  | $    | 71.9  |      | $ | 78.7  |  | $ | 96.0  |  | $ | 139.8
|                                                                                      |  |                             |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |      
|Earnings:                                                                             |  |                             |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |      
|Net income                                                                            |  | $                           | 17.8 |                         | $ | 69.6  |  | $    | 75.4  |      | $ | 53.4  |  | $ | 92.6  |  | $ | 151.0
|Income tax expense                                                                    |  |                             | 11.5 |                         |   | 45.4  |  |      | 48.9  |      |   | 30.8  |  |   | 40.5  |  |   | 73.6 
|Fixed charges as above                                                                |  |                             | 12.0 |                         |   | 64.8  |  |      | 71.9  |      |   | 78.7  |  |   | 96.0  |  |   | 139.8
|                                                                                      |  |                             |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |      
|Total Earnings                                                                        |  | $                           | 41.3 |                         | $ | 179.8 |  | $    | 196.2 |      | $ | 162.9 |  | $ | 229.1 |  | $ | 364.4
|                                                                                      |  |                             |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |      
|Ratio Of Earnings To Fixed Charges                                                    |  |                             | 3.44 |                         |   | 2.77  |  |      | 2.73  |      |   | 2.07  |  |   | 2.39  |  |   | 2.61 
|                                                                                      |  |                             |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |      



|(a) | Effective July 1, 2003, dividends on the monthly income preferred securities are included
with interest on long-term debt due to the adoption of SFAS No. 150.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



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