<PAGE>

                                                                    Exhibit 12-B

                         Delmarva Power & Light Company

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

<TABLE> 
<CAPTION> 

                                             1997         1996         1995         1994         1993
                                         ------------ ------------ ------------ ------------ ------------
<S>                                      <C>          <C>          <C>          <C>          <C> 
Net income                                 $105,709     $116,187     $117,488     $108,310     $111,076
                                         ------------ ------------ ------------ ------------ ------------

Income taxes                                 72,155       78,340       75,540       67,613       67,102
                                         ------------ ------------ ------------ ------------ ------------

Fixed charges:
       Interest on long-term debt
            including amortization of
            discount, premium and
            expense                          78,350       69,329       65,572       61,128       62,651
       Other interest                        12,835       12,516       10,353        9,336        9,245
       Preferred dividend require-
            ments of a subsidiary
            trust                             5,687        1,390         -            -            -
                                         ------------ ------------ ------------ ------------ ------------
            Total fixed charges              96,872       83,235       75,925       70,464       71,896
                                         ------------ ------------ ------------ ------------ ------------

Nonutility capitalized interest                (208)        (311)        (304)        (256)        (246)
                                         ------------ ------------ ------------ ------------ ------------

Earnings before income taxes
       and fixed charges                   $274,528     $277,451     $268,649     $246,131     $249,828
                                         ============ ============ ============ ============ ============

Fixed charges                               $96,872      $83,235      $75,925      $70,464      $71,896

Preferred dividend requirements               7,556       14,961       16,185       15,948       14,803
                                         ------------ ------------ ------------ ------------ ------------

                                           $104,428      $98,196      $92,110      $86,412      $86,699
                                         ============ ============ ============ ============ ============

Ratio of earnings to fixed charges
       and preferred dividends                 2.63         2.83         2.92         2.85         2.88

</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.