<PAGE>
                                                                 Exhibit 12-A

                         Delmarva Power & Light Company

                       Ratio of Earnings to Fixed Charges
                       ----------------------------------
                             (Dollars in Thousands)
<TABLE>
<CAPTION>

                                          12 Months
                                            Ended
                                          March 31,                       Year  Ended  December  31,
                                                        ---------------------------------------------------------------
                                             1997          1996          1995        1994          1993          1992
                                          ---------     ---------     ---------   ---------     ---------      --------

<S>                                       <C>           <C>           <C>         <C>           <C>           <C>
Net income                                $106,837      $116,187      $117,488    $108,310      $111,076       $98,526
                                          ---------     ---------     ---------   ---------     ---------     --------

Income taxes                                72,654        78,340        75,540      67,613        67,102        54,834
                                          ---------     ---------     ---------   ---------     ---------      --------

Fixed charges:
   Interest on long-term debt
     including amortization of
     discount, premium and
     expense                                70,750        69,329        65,572      61,128        62,651        66,976
   Other interest                           13,242        12,516        10,353       9,336         9,245         8,449
   Preferred dividend require-
     ments of a subsidiary
     trust                                   2,812         1,390            -           -             -             -
                                          ---------     ---------     ---------   ---------     ---------      --------
     Total fixed charges                    86,804        83,235        75,925      70,464        71,896        75,425
                                          ---------     ---------     ---------   ---------     ---------      --------

Nonutility capitalized interest               (310)         (311)         (304)       (256)         (246)         (231)
                                          ---------     ---------     ---------   ---------     ---------      --------

Earnings before income taxes
   and fixed charges                      $265,985      $277,451      $268,649    $246,131      $249,828      $228,554
                                          =========     =========     =========   =========     =========     =========

Ratio of earnings to fixed charges            3.06          3.33          3.54        3.49          3.47          3.03
</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 the Company's
major leases, and one-third of the remaining annual rentals.

                                      -19-
<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
                                       March 31,                       Year  Ended  December  31,
                                                     -------------------------------------------------------------
                                          1997          1996         1995         1994         1993         1992
                                       ---------     ---------    ---------    ---------    ---------    ---------

<S>                                    <C>           <C>          <C>          <C>          <C>          <C>
Net income                             $106,837      $116,187     $117,488     $108,310     $111,076      $98,526
                                       ---------     ---------    ---------    ---------    ---------    ---------

Income taxes                             72,654        78,340       75,540       67,613       67,102       54,834
                                       ---------     ---------    ---------    ---------    ---------    ---------

Fixed charges:
   Interest on long-term debt
     including amortization of
     discount, premium and
     expense                             70,750        69,329       65,572       61,128       62,651       66,976
   Other interest                        13,242        12,516       10,353        9,336        9,245        8,449
   Preferred dividend require-
     ments of a subsidiary
     trust                                2,812         1,390           -            -            -            -
                                       ---------     ---------    ---------    ---------    ---------    ---------

     Total fixed charges                 86,804        83,235       75,925       70,464       71,896       75,425
                                       ---------     ---------    ---------    ---------    ---------    ---------
Nonutility capitalized interest            (310)         (311)        (304)        (256)        (246)        (231)
                                       ---------     ---------    ---------    ---------    ---------    ---------

Earnings before income taxes
   and fixed charges                   $265,985      $277,451     $268,649     $246,131     $249,828     $228,554
                                       =========     =========    =========    =========    =========    =========

Fixed charges                           $86,804       $83,235      $75,925      $70,464      $71,896      $75,425

Preferred dividend requirements          12,955        14,961       16,185       15,948       14,803       15,785
                                       ---------     ---------    ---------    ---------    ---------    ---------

                                        $99,759       $98,196      $92,110      $86,412      $86,699      $91,210
                                       =========     =========    =========    =========    =========    =========

Ratio of earnings to fixed charges
   and preferred dividends                 2.67          2.83         2.92         2.85         2.88         2.51
</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 the Company'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 net income.

                                      -20-