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                                EXHIBIT 12-B
                                ------------


         Ratio of Earnings to Fixed Charges and Preferred Dividends


















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                                                                    Exhibit 12-B

                       Delmarva Power & Light Company

         Ratio of Earnings to Fixed Charges and Preferred Dividends
         ----------------------------------------------------------       
                           (Dollars in Thousands)
                           ----------------------     

<TABLE> 
<CAPTION> 

                                              For the Year Ended December 31,
                                 ----------------------------------------------------------
                                    1998        1997         1996       1995        1994
                                 ----------  ----------  ----------  ----------  ----------
<S>                              <C>         <C>         <C>         <C>         <C> 
Net income                       $  112,410  $  105,709  $  116,187  $  117,488  $  108,310
                                 ----------  ----------  ----------  ----------  ----------
Income taxes                         72,276      72,155      78,340      75,540      67,613
                                 ----------  ----------  ----------  ----------  ----------
Fixed charges:
   Interest on long-term debt
     including amortization of
     discount, premium and
     expense                         81,132      78,350      69,329      65,572      61,128
   Other interest                     9,328      12,835      12,516      10,353       9,336
   Preferred dividend require-
     ments of a subsidiary
     trust                            5,688       5,687       1,390           -           -
                                 ----------  ----------  ----------  ----------  ----------
     Total fixed charges             96,148      96,872      83,235      75,925      70,464
                                 ----------  ----------  ----------  ----------  ----------

Nonutility capitalized interest           -        (208)       (311)       (304)       (256)
                                 ----------  ----------  ----------  ----------  ----------
Earnings before income taxes
   and fixed charges             $  280,834  $  274,528  $  277,451  $  268,649  $  246,131
                                 ----------  ----------  ----------  ----------  ----------
Fixed charges                    $   96,148  $   96,872  $   83,235  $   75,925  $   70,464

Preferred dividend requirements       7,150       7,556      14,961      16,185      15,948
                                 ----------  ----------  ----------  ----------  ----------
                                 $  103,298  $  104,428  $   98,196  $   92,110  $   86,412
                                 ==========  ==========  ==========  ==========  ==========

Ratio of earnings to fixed charges
   and preferred dividends             2.72        2.63        2.83        2.92        2.85

</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 DPL's major leases, and one-third of
the remaining annual rentals. Preferred dividend requirements represent
preferred dividend requirements multiplied by the ratio that pre-tax income
bears to net income.