<PAGE>
                                                                   Exhibit 12-A

                         Delmarva Power & Light Company

                       Ratio of Earnings to Fixed Charges
                       ----------------------------------
                             (Dollars in Thousands)
<TABLE>
<CAPTION>
                                      12 Months
                                        Ended
                                    September 30,                     Year  Ended  December  31,
                                                   -----------------------------------------------------------
                                          1997        1996         1995          1994         1993        1992
                                       --------     --------     --------     --------     --------    --------
<S>                                    <C>          <C>          <C>          <C>          <C>         <C>
Net income                             $104,885     $116,187     $117,488     $108,310     $111,076      $98,526
                                       --------     --------     --------     --------     --------     --------
Income taxes                             73,281       78,340       75,540       67,613       67,102       54,834
                                       --------     --------     --------     --------     --------     --------
Fixed charges:
  Interest on long-term debt
    including amortization of
    discount, premium and
      expense                            76,008       69,329       65,572       61,128       62,651       66,976
  Other interest                         13,004       12,516       10,353        9,336        9,245        8,449
  Preferred dividend require-
    ments of a subsidiary
    trust                                 5,656        1,390           -            -            -            -
                                       --------     --------     --------     --------     --------     --------
    Total fixed charges                  94,668       83,235       75,925       70,464       71,896       75,425
                                       --------     --------     --------     --------     --------     --------

Nonutility capitalized interest            (287)        (311)        (304)        (256)        (246)        (231)
                                       --------     --------     --------     --------     --------     --------
Earnings before income taxes
  and fixed charges                    $272,547     $277,451     $268,649     $246,131     $249,828     $228,554
                                       ========     ========     ========     ========     ========     =========

Ratio of earnings to fixed charge          2.88         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.


                                      -24-
<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
                                     September 30,                   Year  Ended  December  31,
                                                      -------------------------------------------------------
                                           1997         1996        1995        1994        1993        1992
                                        ---------     --------    --------    --------    --------   --------
<S>                                     <C>           <C>         <C>         <C>         <C>         <C>
Net income                               $104,885     $116,187    $117,488    $108,310    $111,076    $98,526
                                        ---------     --------    --------    --------    --------   --------

Income taxes                               73,281       78,340      75,540      67,613      67,102     54,834
                                        ---------     --------    --------    --------    --------   --------
Fixed charges:
  Interest on long-term debt
    including amortization of
    discount, premium and
    expense                                76,008       69,329      65,572      61,128      62,651     66,976
  Other interest                           13,004       12,516      10,353       9,336       9,245      8,449
  Preferred dividend require-
    ments of a subsidiary
    trust                                   5,656        1,390          -           -           -          -
                                        ---------     --------    --------    --------    --------   --------
    Total fixed charges                    94,668       83,235      75,925      70,464      71,896     75,425
                                        ---------      -------    --------    --------    --------   --------

Nonutility capitalized interest              (287)        (311)       (304)       (256)       (246)      (231)
                                        ---------     --------    --------    --------    --------   --------
Earnings before income taxes
  and fixed charges                      $272,547     $277,451    $268,649    $246,131    $249,828   $228,554
                                        =========     ========    ========    ========    ========   ========

Fixed charges                             $94,668      $83,235     $75,925     $70,464     $71,896    $75,425

Preferred dividend requirements             8,551       14,961      16,185      15,948      14,803     15,785
                                        ---------     --------    --------    --------    --------   --------

                                         $103,219      $98,196     $92,110     $86,412     $86,699    $91,210
                                        =========     ========    ========    ========    ========   ========
Ratio of earnings to fixed charges
  and preferred dividends                    2.64         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.

                                        
                                    -25-