Exhibit 12-A

DELMARVA POWER & LIGHT COMPANY

RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

	3 Months Ended March 31, 2002		Year Ended December 31,
			2001		2000		1999		1998		1997
Income before extraordinary item	$	20,855	$	203,409	$	141,816	$	142,179	$	112,410	$	105,709
Income taxes		14,601		141,810		81,510		95,321		72,276		72,155
Fixed charges:
Interest on long-term debt including amortization of discount, premium and expense		11,546		63,765		77,178		77,790		81,132		78,350
Other interest		776		3,388		7,512		6,117		9,328		12,835
Preferred dividend requirements of a subsidiary trust		1,422		5,687		5,687		5,687		5,688		5,687
Total fixed charges		13,744		72,840		90,377		89,594		96,148		96,872
Nonutility capitalized interest		—		—		—		—		—		(208	)
Earnings before extraordinary item, income taxes, and fixed charges	$	49,200	$	418,059	$	313,703	$	327,094	$	280,834	$	274,528
Ratio of earnings to fixed charges		3.58		5.74		3.47		3.65		2.92		2.83

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.