Exhibit 12-B

Delmarva Power & Light Company

Ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in Thousands)

	6 Months Ended June 30,		Year Ended December 31,
	2002		2001		2000		1999		1998		1997
Income before extraordinary item	$	29,175	$	203,409	$	141,816	$	142,179	$	112,410	$	105,709
Income taxes		20,590		141,810		81,510		95,321		72,276		72,155
Fixed charges:
Interest on long-term debt including       amortization of discount, premium and       expense		24,201		63,765		77,178		77,790		81,132		78,350
Other interest		1,361		3,388		7,512		6,117		9,328		12,835
Preferred dividend requirements of a subsidiary       trust		2,844		5,687		5,687		5,687		5,688		5,687
Total fixed charges		28,406		72,840		90,377		89,594		96,148		96,872
Nonutility capitalized interest		—		—		—		—		—		(208	)
Earnings before extraordinary item, income taxes,    and fixed charges	$	78,171	$	418,059	$	313,703	$	327,094	$	280,834	$	274,528
Fixed charges	$	28,406	$	72,840	$	90,377	$	89,594	$	96,148	$	96,872
Preferred dividend requirements		1,395		6,354		7,787		7,417		7,150		7,556
	$	29,801	$	79,194	$	98,164	$	97,011	$	103,298	$	104,428
Ratio of earnings to fixed charges and preferred    dividends		2.62		5.28		3.20		3.37		2.72		2.63

For purposes of computing the ratio, earnings are income before extraordinary item plus income taxes and fixed charges, less nonutility capitalized interest. Fixed charges consist of interest on long- and short-term debt, amortization of debt discount, premium, and expense, dividends on preferred securities of a subsidiary trust, plus the estimated interest component of rentals. Preferred dividend requirements represent annualized preferred dividend requirements multiplied by the ratio that pre-tax income bears to net income.