**Exhibit 12-B**

**Delmarva Power & Light Company**

**Ratio of Earnings to Fixed Chargesand Preferred Dividends****(Dollars in Thousands)**

|                                                                                                                                                                                |        | **6 Months****Ended****June 30,** |        | **Year Ended December 31,** |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|-----------------------------|--------|
|                                                                                                                                                                                |        |                                   |        |                             |
|                                                                                                                                                                                |        | **2002**                          |        | **2001**                    |        | **2000** |  | **1999** |  | **1998** |  | **1997** |  |
|                                                                                                                                                                                |        |                                   |        |                             |        |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                |   |                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income before extraordinary item                                                                                                                                               |   | $                                 | 29,175 |                        | $      | 203,409 |   | $ | 141,816 |   | $ | 142,179 |   | $ | 112,410 |   | $ | 105,709 |   |
|                                                                                                                                                                                |        |                                   |        |                             |        |  |  |  |  |  |  |  |  |
| Income taxes                                                                                                                                                                   |   |                              | 20,590 |                        |   | 141,810 |   |   | 81,510 |   |   | 95,321 |   |   | 72,276 |   |   | 72,155 |   |
|                                                                                                                                                                                |        |                                   |        |                             |        |  |  |  |  |  |  |  |  |
| Fixed charges:                                                                                                                                                                 |   |                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest on long-term debt including        amortization of discount, premium and        expense |   |                              | 24,201 |                        |   | 63,765 |   |   | 77,178 |   |   | 77,790 |   |   | 81,132 |   |   | 78,350 |   |
|    Other interest                                                                                                                                               |   |                              | 1,361  |                        |   | 3,388 |   |   | 7,512 |   |   | 6,117 |   |   | 9,328 |   |   | 12,835 |   |
|                                                                                                                                                                                |   |                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred dividend requirements of a subsidiary        trust                                                                   |   |                              | 2,844  |                        |   | 5,687 |   |   | 5,687 |   |   | 5,687 |   |   | 5,688 |   |   | 5,687 |   |
|                                                                                                                                                                                |        |                                   |        |                             |        |  |  |  |  |  |  |  |  |
|      Total fixed charges                                                                                                                              |   |                              | 28,406 |                        |   | 72,840 |   |   | 90,377 |   |   | 89,594 |   |   | 96,148 |   |   | 96,872 |   |
|                                                                                                                                                                                |        |                                   |        |                             |        |  |  |  |  |  |  |  |  |
| Nonutility capitalized interest                                                                                                                                                |   |                              | — |                        |   | — |   |   | — |   |   | — |   |   | — |   |   | (208 | ) |
|                                                                                                                                                                                |        |                                   |        |                             |        |  |  |  |  |  |  |  |  |
| Earnings before extraordinary item, income taxes,     and fixed charges                                                                                         |   | $                                 | 78,171 |                        | $      | 418,059 |   | $ | 313,703 |   | $ | 327,094 |   | $ | 280,834 |   | $ | 274,528 |   |
|                                                                                                                                                                                |        |                                   |        |                             |        |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                |   |                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed charges                                                                                                                                                                  |   | $                                 | 28,406 |                        | $      | 72,840 |   | $ | 90,377 |   | $ | 89,594 |   | $ | 96,148 |   | $ | 96,872 |   |
| Preferred dividend requirements                                                                                                                                                |   |                              | 1,395  |                        |   | 6,354 |   |   | 7,787 |   |   | 7,417 |   |   | 7,150 |   |   | 7,556 |   |
|                                                                                                                                                                                |        |                                   |        |                             |        |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                |   | $                                 | 29,801 |                        | $      | 79,194 |   | $ | 98,164 |   | $ | 97,011 |   | $ | 103,298 |   | $ | 104,428 |   |
|                                                                                                                                                                                |        |                                   |        |                             |        |  |  |  |  |  |  |  |  |
| Ratio of earnings to fixed charges and preferred     dividends                                                                                                  |   |                              | 2.62   |                        |   | 5.28 |   |   | 3.20 |   |   | 3.37 |   |   | 2.72 |   |   | 2.63 |   |

For purposes of computing the ratio, earnings are income before extraordinary item plus income taxes and fixed charges, less nonutility capitalized interest. Fixed charges consistof 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 representannualized preferred dividend requirements multiplied by the ratio that pre-tax income bears to net income.