Exhibit 12
                         Delmarva Power & Light Company

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



                                          12 Months
                                            Ended                          Year Ended December 31,
                                           June 30,     ------------------------------------------------------------
                                             1996         1995         1994         1993         1992         1991
                                           --------     --------     --------     --------     --------     --------

                                                                                          
Net income (1)                             $120,106     $117,488     $108,310     $111,076      $98,526      $80,506
                                           --------     --------     --------     --------     --------     --------

Income taxes (1)                             78,396       75,540       67,613       67,102       54,834       43,249
                                           --------     --------     --------     --------     --------     --------

Fixed charges:
  Interest on long-term
    debt including
    amortization of
    discount, premium
    and expense                              68,927       65,572       61,128       62,651       66,976       68,133
  Other interest                             11,335       10,353        9,336        9,245        8,449       10,192
                                           --------     --------     --------     --------     --------     --------
    Total fixed charges                      80,262       75,925       70,464       71,896       75,425       78,325
                                           --------     --------     --------     --------     --------     --------

Nonutility capitalized
  interest                                     (307)        (304)        (256)        (246)        (231)        (143)
                                           --------     --------     --------     --------     --------     --------

Earnings before income
  taxes and fixed
  charges                                  $278,457     $268,649     $246,131     $249,828     $228,554     $201,937
                                           ========     ========     ========     ========     ========     ========

Ratio of earnings to
  fixed charges                                3.47         3.54         3.49         3.47         3.03         2.58


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.

(1)  Net income and income taxes related to the cumulative effect of a change
     in accounting for unbilled revenues recorded in 1991 are excluded from
     the computation of this ratio.

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