<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,     -----------------------------------------------------------
                                             2000         1999        1998         1997        1996         1995
                                          ---------     --------    --------     --------    --------     ---------
<S>                                      <C>           <C>         <C>          <C>         <C>          <C>
Income before extraordinary item          $154,477      $142,179    $112,410     $105,709    $116,187     $117,488
                                          ---------     --------    --------     --------    --------     ---------
Income taxes                                99,978        95,321      72,276       72,155      78,340       75,540
                                          ---------     --------    --------     --------    --------     ---------

Fixed charges:
        Interest on long-term debt
            including amortization of
            discount, premium and
            expense                         76,779        77,790      81,132       78,350      69,329       65,572
        Other interest                       5,770         6,117       9,328       12,835      12,516       10,353
        Preferred dividend require-
            ments of a subsidiary
            trust                            5,687         5,687       5,688        5,687       1,390            -
                                          ---------     --------    --------     --------    --------     ---------
            Total fixed charges             88,236        89,594      96,148       96,872      83,235       75,925
                                          ---------     --------    --------     --------    --------     ---------
Nonutility capitalized interest                  -             -           -         (208)       (311)        (304)
                                          ---------     --------    --------     --------    --------     ---------
Earnings before extraordinary
        item, income taxes, and
        fixed charges                     $342,691      $327,094    $280,834     $274,528    $277,451     $268,649
                                          =========     ========    ========     ========    ========     =========

Fixed charges                              $88,236       $89,594     $96,148      $96,872     $83,235      $75,925

Preferred dividend requirements              8,113         7,417       7,150        7,556      14,961       16,185
                                          ---------     --------    --------     --------    --------     ---------

                                           $96,349       $97,011    $103,298     $104,428     $98,196      $92,110
                                          =========     ========    ========     ========    ========     =========

Ratio of earnings to fixed charges
        and preferred dividends               3.56          3.37        2.72         2.63        2.83         2.92
</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.