<PAGE>

                                                                   Exhibit 12-B

                        Delmarva Power & Light Company

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

<TABLE>
<CAPTION>
                                                         Year Ended December 31,
                                      --------------------------------------------------------------
                                        2000             1999         1998        1997        1996
                                        ----             ----         ----        ----        ----
<S>                                   <C>              <C>          <C>         <C>         <C>
Income before extraordinary item      $141,816         $142,179     $112,410    $105,709    $116,187
                                      --------         --------     --------    --------    --------
Income taxes                            81,510           95,321       72,276      72,155      78,340
                                      --------         --------     --------    --------    --------
Fixed charges:
     Interest on long-term debt
        including amortization of
        discount, premium and
        expense                         77,178           77,790       81,132      78,350      69,329
     Other interest                      7,512            6,117        9,328      12,835      12,516
     Preferred dividend require-
        ments of a subsidiary
        trust                            5,687            5,687        5,688       5,687       1,390
                                      --------         --------     --------    --------    --------
Total fixed charges                     90,377           89,594       96,148      96,872      83,235
                                      --------         --------     --------    --------    --------
Nonutility capitalized interest              -                -            -        (208)       (311)
                                      --------         --------     --------    --------    --------
Earnings before extraordinary
     item, income taxes, and
     fixed charges                    $313,703         $327,094     $280,834    $274,528    $277,451
                                      ========         ========     ========    ========    ========
Fixed charges                         $ 90,377         $ 89,594     $ 96,148    $ 96,872    $ 83,235

Preferred dividend requirements          7,787            7,417        7,150       7,556      14,961
                                      --------         --------     --------    --------    --------
                                      $ 98,164         $ 97,011     $103,298    $104,428    $ 98,196
                                      ========         ========     ========    ========    ========
Ratio of earnings to fixed charges
     and preferred dividends              3.20             3.37         2.72        2.63        2.83
</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. Preferred
dividend requirements represent annualized preferred dividend requirements
multiplied by the ratio that pre-tax income bears to net income.