Exhibit 12-A
Delmarva Power & Light Company
Ratio of Earnings to Fixed Charges
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(Dollars in Thousands)
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12 Months
Ended Year Ended December 31,
June 30, ------------------------------------------------------------
1999 1998 1997 1996 1995 1994
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Net income $ 144,398 $ 112,410 $ 105,709 $ 116,187 $ 117,488 $ 108,310
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Income taxes 92,448 72,276 72,155 78,340 75,540 67,613
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Fixed charges:
Interest on long-term debt
including amortization of
discount, premium and
expense 79,394 81,132 78,350 69,329 65,572 61,128
Other interest 8,710 9,328 12,835 12,516 10,353 9,336
Preferred dividend require-
ments of a subsidiary
trust 5,688 5,688 5,687 1,390 - -
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Total fixed charges 93,792 96,148 96,872 83,235 75,925 70,464
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Nonutility capitalized interest - - (208) (311) (304) (256)
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Earnings before income taxes
and fixed charges $ 330,638 $ 280,834 $ 274,528 $ 277,451 $ 268,649 $ 246,131
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Ratio of earnings to fixed charges 3.53 2.92 2.83 3.33 3.54 3.49
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.