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)  
|                                                                                            |  | Year Ended December 31,
|                                                                                            |  | 2004                    |       | 2003 |   | 2002  |  |   | 2001  |   |  | 2000
|Fixed Charges:                                                                              |  |                         |       |      |   |       |  |   |       |   |  |      |       |       |  |   |      
|Interest on long-term debt                                                                  |  | $                       | 55.2  |      | $ | 53.1  |  | $ | 55.3  |   |  | $    | 62.3  |       |  | $ | 73.6 
|Other interest                                                                              |  |                         | 2.0   |      |   | 12.3  |  |   | 13.3  |   |  |      | 25.6  |       |  |   | 35.0 
|Portion of lease payments representing an interest factor                                   |  |                         | 3.9   |      |   | 4.9   |  |   | 3.2   |   |  |      | 3.1   |       |  |   | 6.8  
|Dividend requirement (a)                                                                    |  |                         | 6.6   |      |   | 9.5   |  |   | 15.8  |   |  |      | 16.0  |       |  |   | 14.1 
|                                                                                            |  |                         |       |      |   |       |  |   |       |   |  |      |       |       |  |   |      
|Total Fixed Charges                                                                         |  | $                       | 67.7  |      | $ | 79.8  |  | $ | 87.6  |   |  | $    | 107.0 |       |  | $ | 129.5
|                                                                                            |  |                         |       |      |   |       |  |   |       |   |  |      |       |       |  |   |      
|                                                                                            |  |                         |       |      |  
|Earnings:                                                                                   |  |                         |       |      |   |       |  |   |       |   |  |      |       |       |  |   |      
|Income (loss) from continuing operations                                                    |  | $                       | 87.2  |      | $ | 93.2  |  | $ | 26.7  |   |  | $    | (44.5 | )     |  | $ | 145.3
|Income taxes                                                                                |  |                         | 20.6  |      |   | 17.7  |  |   | (11.6 | ) |  |      | (77.4 | )     |  |   | 25.0 
|Fixed charges as above                                                                      |  |                         | 67.7  |      |   | 79.8  |  |   | 87.6  |   |  |      | 107.0 |       |  |   | 129.5
|                                                                                            |  |                         |       |      |   |       |  |   |       |   |  |      |       |       |  |   |      
|Total Earnings                                                                              |  | $                       | 175.5 |      | $ | 190.7 |  | $ | 102.7 |   |  | $    | (14.9 | )     |  | $ | 299.8
|                                                                                            |  |                         |       |      |   |       |  |   |       |   |  |      |       |       |  |   |      
|                                                                                            |  |                         |       |      |  
|Ratio Of Earnings To Fixed Charges and Preferred and Preference Stock Dividend Requirements |  |                         | 2.59  |      |   | 2.39  |  |   | 1.17  |   |  |      | (0.14 | ) (b) |  |   | 2.32 
|                                                                                            |  |                         |       |      |   |       |  |   |       |   |  |      |       |       |  |   |      



|(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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