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, |      | Year Ended December 31,
|                                                                                            |  | 2004                     |      | 2003                    |   | 2002  |  |   | 2001  |   |  | 2000 |       | 1999
|Fixed Charges:                                                                              |  |                          |      |                         |   |       |  |   |       |   |  |      |       |      |  |   |       |  |   |      
|Interest on long-term debt                                                                  |  | $                        | 25.9 |                         | $ | 53.1  |  | $ | 55.3  |   |  | $    | 62.3  |      |  | $ | 73.6  |  | $ | 79.4 
|Other interest                                                                              |  |                          | 1.5  |                         |   | 12.3  |  |   | 13.3  |   |  |      | 25.6  |      |  |   | 35.0  |  |   | 26.9 
|Portion of lease payments representing an interest factor                                   |  |                          | 2.1  |                         |   | 4.9   |  |   | 3.2   |   |  |      | 3.1   |      |  |   | 6.8   |  |   | 43.0 
|Dividend requirement(a)                                                                     |  |                          | 2.6  |                         |   | 9.5   |  |   | 15.8  |   |  |      | 16.0  |      |  |   | 14.1  |  |   | 14.7 
|                                                                                            |  |                          |      |                         |   |       |  |   |       |   |  |      |       |      |  |   |       |  |   |      
|Total Fixed Charges                                                                         |  | $                        | 32.1 |                         | $ | 79.8  |  | $ | 87.6  |   |  | $    | 107.0 |      |  | $ | 129.5 |  | $ | 164.0
|                                                                                            |  |                          |      |                         |   |       |  |   |       |   |  |      |       |      |  |   |       |  |   |      
|Earnings:                                                                                   |  |                          |      |                         |   |       |  |   |       |   |  |      |       |      |  |   |       |  |   |      
|Income (loss) from continuing operations                                                    |  | $                        | 44.7 |                         | $ | 93.2  |  | $ | 26.7  |   |  | $    | (44.5 | )    |  | $ | 145.3 |  | $ | 189.3
|Income tax expense (benefit)                                                                |  |                          | 7.2  |                         |   | 17.7  |  |   | (11.6 | ) |  |      | (77.4 | )    |  |   | 25.0  |  |   | 70.5 
|Fixed charges as above                                                                      |  |                          | 32.1 |                         |   | 79.8  |  |   | 87.6  |   |  |      | 107.0 |      |  |   | 129.5 |  |   | 164.0
|                                                                                            |  |                          |      |                         |   |       |  |   |       |   |  |      |       |      |  |   |       |  |   |      
|Total Earnings                                                                              |  | $                        | 84.0 |                         | $ | 190.7 |  | $ | 102.7 |   |  | $    | (14.9 | )    |  | $ | 299.8 |  | $ | 423.8
|                                                                                            |  |                          |      |                         |   |       |  |   |       |   |  |      |       |      |  |   |       |  |   |      
|Ratio Of Earnings To Fixed Charges and Preferred and Preference Stock Dividend Requirements |  |                          | 2.62 |                         |   | 2.39  |  |   | 1.17  |   |  |      | (0.14 | )(b) |  |   | 2.32  |  |   | 2.58 
|                                                                                            |  |                          |      |                         |   |       |  |   |       |   |  |      |       |      |  |   |       |  |   |      



|(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. Effective July 1, 2003, MIPS dividends are 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.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



36