<PAGE>
                                                                     Exhibit 12
                         Delmarva Power & Light Company

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

                            12 Months
                              Ended                              Year  Ended  December  31,
                           September 30,   -------------------------------------------------------------
                               1995          1994         1993         1992         1991         1990
                           ------------    ---------    ---------    ---------    ---------    ---------
<S>                        <C>             <C>          <C>          <C>          <C>          <C>
Net income (1)                $116,096     $108,310     $111,076      $98,526      $80,506      $37,311
                           ------------    ---------    ---------    ---------    ---------    ---------
Income taxes (1)                75,828       67,613       67,102       54,834       43,249       24,556
                           ------------    ---------    ---------    ---------    ---------    ---------

Fixed charges:
  Interest on long-term
    debt including
    amortization of
    discount, premium
    and expense                 65,338       61,128       62,651       66,976       68,133       63,709
  Other interest                 8,611        9,336        9,245        8,449       10,192        8,618
                           ------------    ---------    ---------    ---------    ---------    ---------
   Total fixed charges          73,949       70,464       71,896       75,425       78,325       72,327
                           ------------    ---------    ---------    ---------    ---------    ---------

Equity in net loss of less-
  than-fifty-percent-
  owned investments
  accounted for under
  the equity method                  0            0            0            0            0       12,772

Nonutility capitalized
  interest                        (348)        (256)        (246)        (231)        (143)        (373)
                           ------------    ---------    ---------    ---------    ---------    ---------

Earnings before income
  taxes and fixed
  charges                     $265,525     $246,131     $249,828     $228,554     $201,937     $146,593
                           ============    =========    =========    =========    =========    =========

Ratio of earnings to
  fixed charges                   3.59         3.49         3.47         3.03         2.58         2.03
</TABLE>

For purposes of computing the ratio, earnings are net income plus income taxes,
fixed charges, and equity in the net loss of less-than-fifty-percent-owned
investments which are accounted for under the equity method, less nonutility
capitalized interest.  Fixed charges consist of interest on long-and short-term
debt, amortization of debt discount, premium, and expense, plus the interest
factor associated with the Company's major leases, and one-third of the
remaining annual rentals.

(1) Net income and incomes taxes related to the cumulative effect of a change
    in accounting for unbilled revenues recorded in 1991 are excluded from the
    computation of this ratio.

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