<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,     ------------------------------------------------------------
                                                        2001         2000         1999         1998         1997         1996
                                                      --------     --------     --------     --------     --------     --------
<S>                                                   <C>          <C>          <C>          <C>          <C>          <C>
Income before extraordinary item                      $255,578     $141,816     $142,179     $112,410     $105,709     $116,187
                                                      --------     --------     --------     --------     --------     --------

Income taxes                                           168,464       81,510       95,321       72,276       72,155       78,340
                                                      --------     --------     --------     --------     --------     --------
Fixed charges:
  Interest on long-term debt
   including amortization of
   discount, premium and expense                        76,188       77,178       77,790       81,132       78,350       69,329
  Other interest                                         5,633        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                                  87,508       90,377       89,594       96,148       96,872       83,235
                                                      --------     --------     --------     --------     --------     --------

Nonutility capitalized interest                              -            -            -            -         (208)        (311)
                                                      --------     --------     --------     --------     --------     --------
Earnings before extraordinary
 item, income taxes, and fixed charges                $511,550     $313,703     $327,094     $280,834     $274,528     $277,451
                                                      ========     ========     ========     ========     ========     ========

Ratio of earnings to fixed charges                        5.85         3.47         3.65         2.92         2.83         3.33
</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.