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)        |     
|                                                                                            |  | Three Months Ended March 31, |      | Year Ended December 31, |  
|                                                                                            |  | 2007                         |      | 2006                    |   | 2005  |  | 2004 |       | 2003 |   | 2002  | 
|Fixed Charges:                                                                              |  |                              |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |       |  
|Interest on long-term debt                                                                  |  | $                            | 18.6 |                         | $ | 64.1  |  | $    | 54.2  |      | $ | 55.2  |  | $ | 53.1  |  | $ | 55.3  |  
|Other interest                                                                              |  |                              | 0.4  |                         |   | 5.9   |  |      | 1.0   |      |   | 1.9   |  |   | 10.5  |  |   | 13.2  |  
|Portion of lease payments representing an interest factor                                   |  |                              | 0.8  |                         |   | 3.4   |  |      | 3.1   |      |   | 3.9   |  |   | 4.9   |  |   | 3.2   |  
|Dividend requirement (a)                                                                    |  |                              | 2.0  |                         |   | 7.9   |  |      | 8.0   |      |   | 6.6   |  |   | 9.5   |  |   | 15.8  |  
|                                                                                            |  |                              |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |       |  
|Total Fixed Charges                                                                         |  | $                            | 21.8 |                         | $ | 81.3  |  | $    | 66.3  |      | $ | 67.6  |  | $ | 78.0  |  | $ | 87.5  |  
|                                                                                            |  |                              |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |       |  
|Earnings:                                                                                   |  |                              |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |       |  
|Income from continuing operations                                                           |  | $                            | 24.5 |                         | $ | 8.7   |  | $    | 94.2  |      | $ | 73.3  |  | $ | 79.6  |  | $ | 43.5  |  
|Income taxes                                                                                |  |                              | 18.3 |                         |   | 23.4  |  |      | 57.0  |      |   | 30.9  |  |   | 31.7  |  |   | (1.1  | )
|Fixed charges as above                                                                      |  |                              | 21.8 |                         |   | 81.3  |  |      | 66.3  |      |   | 67.6  |  |   | 78.0  |  |   | 87.5  |  
|                                                                                            |  |                              |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |       |  
|Total Earnings                                                                              |  | $                            | 64.6 |                         | $ | 113.4 |  | $    | 217.5 |      | $ | 171.8 |  | $ | 189.3 |  | $ | 129.9 |  
|                                                                                            |  |                              |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |       |  
|Ratio Of Earnings To Fixed Charges and Preferred and Preference Stock Dividend Requirements |  |                              | 2.96 |                         |   | 1.39  |  |      | 3.28  |      |   | 2.54  |  |   | 2.43  |  |   | 1.48  |  
|                                                                                            |  |                              |      |                         |   |       |  |      |       |      |   |       |  |   |       |  |   |       |  

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|(a) | Includes annual dividend requirements of $12.6 million for the Monthly Income Preferred Securities (MIPS) for 2002. 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.
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