<PAGE>
                                                                    Exhibit 12-B

                        Delmarva Power & Light Company

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

<TABLE>
<CAPTION>
                                      12 Months
                                        Ended                    Year  Ended  December  31,
                                     September 30,   ----------------------------------------------------
                                         1999            1998        1997        1996        1995       1994
                                      ----------     -----------  ----------  ----------  ----------  ----------
<S>                                   <C>            <C>          <C>         <C>          <C>         <C>

Income before extraordinary item       $136,549        $112,410    $105,709    $116,187    $117,488    $108,310
                                      ----------     -----------  ----------  ----------  ----------  ----------
Income taxes                             88,426          72,276      72,155      78,340      75,540      67,613
                                      ----------     -----------  ----------  ----------  ----------  ----------
Fixed charges:
 Interest on long-term debt
  including amortization of
  discount, premium and
  expense                                78,875          81,132      78,350      69,329      65,572      61,128
 Other interest                           8,159           9,328      12,835      12,516      10,353       9,336
 Preferred dividend require-
  ments of a subsidiary
  trust                                   5,688           5,688       5,687       1,390          -           -
                                      ----------     -----------  ----------  ----------  ----------  ----------
  Total fixed charges                    92,722          96,148      96,872      83,235      75,925      70,464
                                      ----------     -----------  ----------  ----------  ----------  ----------
Nonutility capitalized interest              -              -          (208)       (311)       (304)       (256)
                                      ----------     -----------  ----------  ----------  ----------  ----------
Earnings before income taxes
 and fixed charges                     $317,697        $280,834    $274,528    $277,451     $268,649   $246,131
                                      ==========     ===========  ==========  ==========  ==========  ==========
Fixed charges                          $ 92,722        $ 96,148    $ 96,872    $ 83,235     $ 75,925   $ 70,464

Preferred dividend requirements           7,157           7,150       7,556      14,961       16,185     15,948
                                      ----------     -----------  ----------  ----------  ----------  ----------
                                       $ 99,879        $103,298    $104,428    $ 98,196     $ 92,110   $ 86,412
                                      ==========     ===========  ==========  ==========  ==========  ==========
Ratio of earnings to fixed charges
 and preferred dividends                   3.18            2.72        2.63        2.83         2.92       2.85
</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, and interest expense associated with DPL's leases.  Preferred
dividend requirements represent annualized preferred dividend requirements
multiplied by the ratio that pre-tax income bears to income before extraordinary
item.