<PAGE>

                                                                    Exhibit 12-A

                        Delmarva Power & Light Company

                      Ratio of Earnings to Fixed Charges
                      ----------------------------------
                            (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
                                                 --------       --------      --------       --------      --------      --------

Non-utility 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
                                                 ========       ========      ========       ========      ========      ========

Ratio of earnings to fixed charges                   6.65           3.47          3.65           2.92          2.83          3.33
</TABLE>

For purposes of computing the ratio, earnings are income before extraordinary
item plus income taxes and fixed charges, less non-utility 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.