<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,
                                                June 30,     ------------------------------------------------------------
                                                  2001         2000         1999         1998          1997        1996
                                               ---------     --------     --------     --------     --------     --------
<S>                                            <C>           <C>          <C>          <C>          <C>          <C>
Income before extraordinary item               $ 255,578     $141,816     $142,179     $112,410     $105,709     $116,187
                                               ---------     --------     --------     --------     --------     --------

Income taxes                                     168,464       81,510       95,321       72,276       72,155       78,340
                                               ---------     --------     --------     --------     --------     --------
Fixed charges:
    Interest on long-term debt
       including amortization of
       discount, premium and expense              76,188       77,178       77,790       81,132       78,350       69,329
    Other interest                                 5,633        7,512        6,117        9,328       12,835       12,516
    Preferred dividend require-
       ments of a subsidiary trust                 5,687        5,687        5,687        5,688        5,687        1,390
                                               ---------     --------     --------     --------     --------     --------
       Total fixed charges                        87,508       90,377       89,594       96,148       96,872       83,235
                                               ---------     --------     --------     --------     --------     --------

Nonutility capitalized interest                        -            -            -            -         (208)        (311)
                                               ---------     --------     --------     --------     --------     --------
Earnings before extraordinary item,
   income taxes, and fixed charges             $ 511,550     $313,703     $327,094     $280,834     $274,528     $277,451
                                               ---------     --------     --------     --------     --------     --------

Fixed charges                                  $  87,508     $ 90,377     $ 89,594     $ 96,148     $ 96,872     $ 83,235

Preferred dividend requirements                    8,277        7,787        7,417        7,150        7,556       14,961
                                               ---------     --------     --------     --------     --------     --------

                                               $  95,785     $ 98,164     $ 97,011     $103,298     $104,428     $ 98,196
                                               =========     ========     ========     ========     ========     ========
Ratio of earnings to fixed
   charges and preferred dividends                  5.34         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.