<PAGE>

                                                                    Exhibit 12-B

                        Delmarva Power & Light Company

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

<TABLE>
<CAPTION>

                                                  9 Months
                                                    Ended                             Year Ended December 31,
                                                 September 30,   -----------------------------------------------------------
                                                    2001          2000          1999         1998         1997        1996
                                                   -------       -------       -------     --------     --------     -------
<S>                                              <C>             <C>           <C>         <C>          <C>          <C>
Income before extraordinary item                 $ 190,844     $ 141,816     $ 142,179     $112,410     $105,709   $ 116,187
                                                 ---------     ---------     ---------     --------     --------   ---------

Income taxes                                       135,320        81,510        95,321       72,276       72,155      78,340
                                                 ---------     ---------     ---------     --------     --------   ---------

Fixed charges:
        Interest on long-term debt
             including amortization of
             discount, premium and
             expense                                50,931        77,178        77,790       81,132       78,350      69,329
        Other interest                               2,492         7,512         6,117        9,328       12,835      12,516
        Preferred dividend requirements
             of a subsidiary trust                   4,265         5,687         5,687        5,688        5,687       1,390
                                                 ---------     ---------     ---------     --------     --------   ---------
             Total fixed charges                    57,688        90,377        89,594       96,148       96,872      83,235
                                                 ---------     ---------     ---------     --------     --------   ---------

Nonutility capitalized interest                          -             -             -            -         (208)       (311)
                                                 ---------     ---------     ---------     --------     --------   ---------

Earnings before extraordinary
        item, income taxes, and
        fixed charges                            $ 383,852     $ 313,703     $ 327,094     $280,834     $274,528   $ 277,451
                                                 =========     =========     =========     ========     ========   =========

Fixed charges                                    $  57,688     $  90,377     $  89,594     $ 96,148     $ 96,872     $83,235

Preferred dividend requirements                      5,700         7,787         7,417        7,150        7,556      14,961
                                                 ----------    ----------    ----------    ---------    ---------  ----------

                                                 $  63,388     $  98,164     $  97,011     $103,298     $104,428   $  98,196
                                                 ==========    ==========    ==========    =========    =========  ==========

Ratio of earnings to fixed charges
        and preferred dividends                       6.06          3.20          3.37         2.72         2.63        2.83
</TABLE>

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.