Exhibit 12.3 Statements Re: Computation of Ratios

DELMARVA POWER & LIGHT COMPANY

	For the Year Ended December 31,
	2012		2011		2010		2009		2008
	(millions of dollars)
Earnings
Net income for common stock	$	73	$	71	$	45	$	52	$	68
Preferred stock dividend		—		—		—		—		—
(Income) or loss from equity investees		—		—		—		—		—
Minority interest loss		—		—		—		—		—
Income tax expense		44		42		31		16		45
Pre-tax income for common stock		117		113		76		68		113
Add: Fixed charges*		52		49		48		47		43
Add: Distributed income of equity investees		—		—		—		—		—
Subtract: Interest capitalized		—		—		—		—		—
Subtract: Pre-tax preferred stock dividend requirement		—		—		—		—		—
Earnings	$	169	$	162	$	124	$	115	$	156
*Fixed Charges
Interest on long-term debt	$	45	$	42	$	43	$	42	$	38
Interest capitalized		—		—		—		—		—
Other interest		—		—		—		—		—
Amortization of debt discount, premium, and expense		4		4		3		3		3
Interest component of rentals		3		3		2		2		2
Pre-tax preferred stock dividend requirement		—		—		—		—		—
Fixed charges	$	52	$	49	$	48	$	47	$	43
Ratio of earnings to fixed charges (a)		3.25		3.31		2.58		2.45		3.63

(a) DPL has no preference equity securities outstanding, therefore the ratio of earnings to fixed charges is equal to the ratio of earnings to combined fixed charges and preferred stock dividends.

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