<PAGE>
                                                                    Exhibit 12-A
                                               
                        Delmarva Power & Light Company

                      Ratio of Earnings to Fixed Charges
                      ----------------------------------
                            (Dollars in Thousands)
                             --------------------
<TABLE> 
<CAPTION> 
                                             12 Months      
                                               Ended                     
                                           September 30,                          Year  Ended  December  31,                      
                                                              -------------------------------------------------------------------
                                                1998              1997        1996             1995           1994         1993   
                                            -------------     ----------    ---------       --------       ---------     --------
<S>                                         <C>               <C>           <C>             <C>            <C>           <C> 
Net income                                       $117,464       $105,709     $116,187        $117,488       $108,310     $111,076 
                                            -------------     ----------    ---------       ---------      ---------     --------
                                                                                                                                  
Income taxes                                       76,422         72,155       78,340          75,540         67,613       67,102 
                                            -------------     ----------    ---------       ---------      ---------     --------
                                                                                                                                  
Fixed charges:                                                                                                                    
  Interest on long-term debt                                                                                               
   including amortization of                                                                                           
   discount, premium and                                                                                               
   expense                                         80,916         78,350       69,329          65,572         61,128       62,651 
  Other interest                                   10,155         12,835       12,516          10,353          9,336        9,245 
  Preferred dividend require-                                                                                              
   ments of a subsidiary trust                      5,687          5,687        1,390               -              -            - 
                                            -------------     ----------    ---------       ---------      ---------     -------- 
   Total fixed charges                             96,758         96,872       83,235          75,925         70,464       71,896 
                                            -------------     ----------    ---------       ---------      ---------     --------  
                                                                                                                                   
Nonutility capitalized interest                         -           (208)        (311)           (304)          (256)        (246)  
                                            -------------     ----------    ---------       ---------      ---------     --------  
                                                                                                                                   
Earnings before income taxes                                                                                                       
    and fixed charges                            $290,644       $274,528     $277,451        $268,649       $246,131     $249,828  
                                            =============     ==========    =========       =========      =========     ========  
                                                                                                                                   
Ratio of earnings to fixed charges                   3.00           2.83         3.33            3.54           3.49         3.47  
                                                                            
</TABLE> 

For purposes of computing the ratio, earnings are net income plus income taxes
and fixed charges, less nonutility capitalized interest. Fixed charges consist
of interest on long- and short-term debt, a mortization of debt discount,
premium, and expense, dividends on preferred securities of a subsidiary trust,
plus the interest factor associated with the Company's major leases, and one-
third of the remaining annual rentals.
 
          
                                      
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