<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,  -------------------------------------------------------------------
                                              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
                                       ============== ===========  ============  ===========  ============  =============

Fixed charges                          $       93,792 $    96,148  $     96,872  $    83,235  $     75,925  $      70,464

Preferred dividend requirements                 6,843       7,150         7,556       14,961        16,185         15,948
                                       -------------- -----------  ------------  -----------  ------------  -------------

                                       $      100,635 $   103,298  $    104,428  $    98,196  $     92,110  $      86,412
                                       ============== ===========  ============  ===========  ============  =============

Ratio of earnings to fixed charges
        and preferred dividends                  3.29        2.72          2.63         2.83          2.92           2.85
</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. Preferred dividend requirements represent
annualized preferred dividend requirements multiplied by the ratio that pre-tax
income bears to income.