<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,
                                           March 31,      ------------------------------------------------------------------------
                                             2001           2000            1999            1998            1997            1996
                                          --------        --------        --------        --------        --------        --------
<S>                                       <C>             <C>             <C>             <C>             <C>             <C>
Income before extraordinary item          $133,556        $141,816        $142,179        $112,410        $105,709        $116,187
                                          --------        --------        --------        --------        --------        --------
Income taxes                                79,680          81,510          95,321          72,276          72,155          78,340
                                          --------        --------        --------        --------        --------        --------
Fixed charges:
   Interest on long-term debt
     including amortization of
     discount, premium and expense          76,414          77,178          77,790          81,132          78,350          69,329
   Other interest                            6,426           7,512           6,117           9,328          12,835          12,516
   Preferred dividend requirements
     of a subsidiary trust                   5,687           5,687           5,687           5,688           5,687           1,390
                                          --------        --------        --------        --------        --------        --------
        Total fixed charges                 88,527          90,377          89,594          96,148          96,872          83,235
                                          --------        --------        --------        --------        --------        --------

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

Earnings before extraordinary
   item, income taxes, and
   fixed charges                          $301,763        $313,703        $327,094        $280,834        $274,528        $277,451
                                          --------        --------        --------        --------        --------        --------
Fixed charges                              $88,527         $90,377         $89,594         $96,148         $96,872         $83,235

Preferred dividend requirements              8,072           7,787           7,417           7,150           7,556          14,961
                                          --------        --------        --------        --------        --------        --------
                                           $96,599         $98,164         $97,011        $103,298        $104,428         $98,196
                                          --------        --------        --------        --------        --------        --------
Ratio of earnings to fixed charges
   and preferred dividends                    3.12            3.20            3.37            2.72            2.63            2.83
</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.