<PAGE>

                                                                    Exhibit 12-A

                        Delmarva Power & Light Company
 
                      Ratio of Earnings to Fixed Charges
                      ----------------------------------
                           (Dollars in Thousands)
                           ----------------------

<TABLE> 
<CAPTION> 
                                            1996        1995        1994        1993        1992      
                                          --------    --------    --------    --------    --------  
<S>                                       <C>         <C>         <C>         <C>         <C>         
                                                                                                     
Net income                                $116,187    $117,488    $108,310    $111,076    $ 98,526   
                                          --------    --------    --------    --------    --------
                                                                                                     
Income taxes                                78,340      75,540      67,613      67,102      54,834   
                                          --------    --------    --------    --------    --------
                                                                                                     
Fixed charges:                                                                                       
   Interest on long-term debt                                                                        
     including amortization of                                                                       
     discount, premium and                                                                           
     expense                                69,329      65,572      61,128      62,651      66,976   
   Other interest                           12,516      10,353       9,336       9,245       8,449   
   Preferred dividend require-
     ments of a subsidiary
     trust                                   1,390           -           -           -           -
                                          --------    --------    --------    --------    --------

     Total fixed charges                    83,235      75,925      70,464      71,896      75,425   
                                          --------    --------    --------    --------    --------
                                                                                                     
Nonutility capitalized interest               (311)       (304)       (256)       (246)       (231)  
                                          --------    --------    --------    --------    --------
                                                                                                     
Earnings before income taxes                                                                         
   and fixed charges                      $277,451    $268,649    $246,131    $249,828    $228,554   
                                          ========    ========    ========    ========    ========
                                                                                                     
Ratio of earnings to fixed charges            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, plus the interest factor associated with the Company's
major leases, and one-third of the remaining annual rentals.