EXHIBIT 12.1



DUQUESNE LIGHT HOLDINGS AND SUBSIDIARIES



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



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|------------------------------------------------------------------------------------------- |  | ----------------------------------- | ----- | ----------------------- | ---- | ----- |  | ---- | ----- | - | ---- | - | ----- | ---- |  | - | ----- |  | - | -----
|                                                                                            |  | (Millions of Dollars)              
|                                                                                            |  | Nine Months EndedSeptember 30, 2004 |       | Year Ended December 31,
|                                                                                            |  |                                     | 2003  |                         | 2002 |       |  | 2001 |       |   | 2000 |   | 1999 
|Fixed Charges:                                                                              |  |                                     |       |                         |      |       |  |      |       |   |      |   |       |      |  |   |       |  |   |      
|Interest on long-term debt                                                                  |  | $                                   | 39.8  |                         | $    | 53.1  |  | $    | 55.3  |   |      | $ | 62.3  |      |  | $ | 73.6  |  | $ | 79.4 
|Other interest                                                                              |  |                                     | 1.9   |                         |      | 12.3  |  |      | 13.3  |   |      |   | 25.6  |      |  |   | 35.0  |  |   | 26.9 
|Portion of lease payments representing an interest factor                                   |  |                                     | 3.0   |                         |      | 4.9   |  |      | 3.2   |   |      |   | 3.1   |      |  |   | 6.8   |  |   | 43.0 
|Dividend requirement (a)                                                                    |  |                                     | 4.6   |                         |      | 9.5   |  |      | 15.8  |   |      |   | 16.0  |      |  |   | 14.1  |  |   | 14.7 
|                                                                                            |  |                                     |       |                         |      |       |  |      |       |   |      |   |       |      |  |   |       |  |   |      
|Total Fixed Charges                                                                         |  | $                                   | 49.3  |                         | $    | 79.8  |  | $    | 87.6  |   |      | $ | 107.0 |      |  | $ | 129.5 |  | $ | 164.0
|                                                                                            |  |                                     |       |                         |      |       |  |      |       |   |      |   |       |      |  |   |       |  |   |      
|Earnings:                                                                                   |  |                                     |       |                         |      |       |  |      |       |   |      |   |       |      |  |   |       |  |   |      
|Income (loss) from continuing operations                                                    |  | $                                   | 68.1  |                         | $    | 93.2  |  | $    | 26.7  |   |      | $ | (44.5 | )    |  | $ | 145.3 |  | $ | 189.3
|Income tax expense (benefit)                                                                |  |                                     | 12.2  |                         |      | 17.7  |  |      | (11.6 | ) |      |   | (77.4 | )    |  |   | 25.0  |  |   | 70.5 
|Fixed charges as above                                                                      |  |                                     | 49.3  |                         |      | 79.8  |  |      | 87.6  |   |      |   | 107.0 |      |  |   | 129.5 |  |   | 164.0
|                                                                                            |  |                                     |       |                         |      |       |  |      |       |   |      |   |       |      |  |   |       |  |   |      
|Total Earnings                                                                              |  | $                                   | 129.6 |                         | $    | 190.7 |  | $    | 102.7 |   |      | $ | (14.9 | )    |  | $ | 299.8 |  | $ | 423.8
|                                                                                            |  |                                     |       |                         |      |       |  |      |       |   |      |   |       |      |  |   |       |  |   |      
|Ratio Of Earnings To Fixed Charges and Preferred and Preference Stock Dividend Requirements |  |                                     | 2.63  |                         |      | 2.39  |  |      | 1.17  |   |      |   | (0.14 | )(b) |  |   | 2.32  |  |   | 2.58 
|                                                                                            |  |                                     |       |                         |      |       |  |      |       |   |      |   |       |      |  |   |       |  |   |      

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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. Effective July 1, 2003, MIPS dividends are included with interest on long-term debt due to the adoption of SFAS No. 150.
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|(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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