<PAGE>


                                                                    Exhibit 12-A

                        Delmarva Power & Light Company

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


<TABLE>
<CAPTION>

                                                12 Months
                                                  Ended                          Year Ended December 31,
                                                 June 30,    ------------------------------------------------------------
                                                   1999        1998          1997        1996         1995        1994
                                                ---------    ---------    ---------    ---------    ---------   ---------
<S>                                             <C>          <C>          <C>          <C>          <C>         <C>
Net income                                      $ 144,398    $ 112,410    $ 105,709    $ 116,187    $ 117,488   $ 108,310
                                                ---------    ---------    ---------    ---------    ---------   ---------

Income taxes                                       92,448       72,276       72,155       78,340       75,540      67,613
                                                ---------    ---------    ---------    ---------    ---------   ---------

Fixed charges:
   Interest on long-term debt
       including amortization of
       discount, premium and
       expense                                     79,394       81,132       78,350       69,329       65,572      61,128
   Other interest                                   8,710        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                         93,792       96,148       96,872       83,235       75,925      70,464
                                                ---------    ---------    ---------    ---------    ---------   ---------

Nonutility capitalized interest                         -            -         (208)        (311)        (304)       (256)
                                                ---------    ---------    ---------    ---------    ---------   ---------

Earnings before income taxes
       and fixed charges                        $ 330,638    $ 280,834    $ 274,528    $ 277,451    $ 268,649   $ 246,131
                                                =========    =========    =========    =========    =========   =========

Ratio of earnings to fixed charges                   3.53         2.92         2.83         3.33         3.54        3.49
</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, amortization of debt discount,
premium, and expense, dividends on preferred securities of a subsidiary trust,
plus the interest factor associated with DPL's major leases, and one-third of
the remaining annual rentals.