Exhibit 12-A

                        Atlantic City Electric Company

                      Ratio of Earnings to Fixed Charges
                            (Dollars in Thousands)




                                         12 Months
                                           Ended                           Year Ended December 31,
                                          June 30,      ----------------------------------------------------------------
                                            2001           2000          1999         1998           1997         1996
                                          --------      --------      --------      --------      --------      --------
                                                                                              
Income before extraordinary item          $ 71,377      $ 54,434      $ 63,930      $ 30,276      $ 85,747      $ 75,017
                                          --------      --------      --------      --------      --------      --------
Income taxes                                56,517        36,746        49,326        18,178        50,442        36,958
                                          --------      --------      --------      --------      --------      --------
Fixed charges:

  Interest on long-term debt
    including amortization of
    discount, premium and
    expense                                 69,611        76,178        60,562        63,940        64,501        64,847
  Other interest                             4,149         4,518         3,837         3,435         3,574         4,019
  Preferred dividend require-
    ments of subsidiary
    trusts                                   7,619         7,619         7,634         6,052         5,775         1,428
                                          --------      --------      --------      --------      --------      --------
    Total fixed charges                     81,379        88,315        72,033        73,427        73,850        70,294
                                          --------      --------      --------      --------      --------      --------

Earnings before extraordinary
  item, income taxes and
  fixed charges                           $209,273      $179,495      $185,289      $121,881      $210,039      $182,269
                                          ========      ========      ========      ========      ========      ========
Ratio of earnings to fixed charges            2.57          2.03          2.57          1.66          2.84         2.59



For purposes of computing the ratio, earnings are income before extraordinary
item plus income taxes and fixed charges. Fixed charges consist of interest on
long- and short-term debt, amortization of debt discount, premium, and expense,
dividends on preferred securities of subsidiary trusts, and the estimated
interest component of rentals.