Exhibit 12

Conectiv

Ratio of Earnings to Fixed Charges
(Dollars in Thousands)

	6 Months Ended			Year Ended December 31,
	June 30, 2002			2001			2000			1999			1998			1997
Income from continuing operations	$	61,533		$	377,522		$	203,815		$	143,493		$	170,933		$	106,890
Income taxes		45,951			253,486			151,275			123,079			117,857			76,040
Fixed charges:
Interest on long-term debt       including amortization of       discount, premium and       expense		60,244			142,423			166,256			149,732			133,796			78,350
Other interest		19,935			54,175			60,818			37,743			26,199			12,835
Preferred dividend requirements       of subsidiaries		8,088			18,734			20,383			19,894			17,871			10,178
Total fixed charges		88,267			215,332			247,457			207,369			177,866			101,363
Nonutility capitalized interest		(7,186	)		(15,119	)		(9,278	)		(3,264	)		(1,444	)		(208	)
Undistributed earnings of equity    method investees		—			—			(4,496	)		—			—			—
Earnings before extraordinary    item, income taxes, and fixed    charges	$	188,565		$	831,221		$	588,773		$	470,677		$	465,212		$	284,085
Total fixed charges shown above	$	88,267		$	215,332		$	247,457		$	207,369		$	177,866		$	101,363
Increase preferred stock dividend    requirements of subsidiaries to a    pre-tax amount		1,072			3,644			5,253			6,123			4,901			3,065
Fixed charges for ratio    computation	$	89,339		$	218,976		$	252,710		$	213,492		$	182,767		$	104,428
Ratio of earnings to fixed charges		2.11			3.80			2.33			2.20			2.55			2.72

For purposes of computing the ratio, earnings are income from continuing operations plus income taxes and fixed charges, less nonutility capitalized interest. Fixed charges include gross interest expense, the estimated interest component of rentals, and preferred stock dividend requirements of subsidiaries. Preferred stock dividend requirements for purposes of computing the ratio have been increased to an amount representing the pre-tax earnings which would be required to cover such dividend requirements.