EXHIBIT 12.3



DUQUESNE LIGHT COMPANY AND SUBSIDIARIES



Calculation of Ratio of Earnings to Fixed Charges



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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                                                             |  | $                                   | 31.0  |                         | $    | 49.2  |      | $ | 52.6  |  | $    | 60.1  |  | $ | 71.2  |  | $ | 76.9 
|Other interest                                                                         |  |                                     | 1.4   |                         |      | 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                               |  |                                     | 2.5   |                         |      | 3.9   |      |   | 2.6   |  |      | 2.2   |  |   | 2.3   |  |   | 2.5  
|Portion of lease payments representing an interest factor                              |  |                                     | 1.9   |                         |      | 3.9   |      |   | 1.9   |  |      | 3.1   |  |   | 6.8   |  |   | 43.0 
|                                                                                       |  |                                     |       |                         |      |       |      |   |       |  |      |       |  |   |       |  |   |      
|Total Fixed Charges                                                                    |  | $                                   | 36.8  |                         | $    | 64.8  |      | $ | 71.9  |  | $    | 78.7  |  | $ | 96.0  |  | $ | 139.8
|                                                                                       |  |                                     |       |                         |      |       |      |   |       |  |      |       |  |   |       |  |   |      
|Earnings:                                                                              |  |                                     |       |                         |      |       |      |   |       |  |      |       |  |   |       |  |   |      
|Net income                                                                             |  | $                                   | 53.1  |                         | $    | 69.6  |      | $ | 75.4  |  | $    | 53.4  |  | $ | 92.6  |  | $ | 151.0
|Income tax expense                                                                     |  |                                     | 33.9  |                         |      | 45.4  |      |   | 48.9  |  |      | 30.8  |  |   | 40.5  |  |   | 73.6 
|Fixed charges as above                                                                 |  |                                     | 36.8  |                         |      | 64.8  |      |   | 71.9  |  |      | 78.7  |  |   | 96.0  |  |   | 139.8
|                                                                                       |  |                                     |       |                         |      |       |      |   |       |  |      |       |  |   |       |  |   |      
|Total Earnings                                                                         |  | $                                   | 123.8 |                         | $    | 179.8 |      | $ | 196.2 |  | $    | 162.9 |  | $ | 229.1 |  | $ | 364.4
|                                                                                       |  |                                     |       |                         |      |       |      |   |       |  |      |       |  |   |       |  |   |      
|Ratio Of Earnings To Fixed Charges                                                     |  |                                     | 3.36  |                         |      | 2.77  |      |   | 2.73  |  |      | 2.07  |  |   | 2.39  |  |   | 2.61 
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|(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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