Exhibit 12.3

Delmarva Power & Light Company

	Three  Months Ended March 31, 2010		For the Year Ended December 31,
			2009		2008		2007		2006		2005
	(millions of dollars)
Net income	$	14	$	52	$	68	$	45	$	43	$	75
Income tax expense (a)		13		16		45		37		32		58
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		11		45		41		44		41		35
Other interest		1		2		2		2		3		3
Total fixed charges		12		47		43		46		44		38
Income before income tax expense, and fixed charges	$	39	$	115	$	156	$	128	$	119	$	171
Ratio of earnings to fixed charges		3.25		2.45		3.63		2.78		2.70		4.48
Total fixed charges, shown above		12		47		43		46		44		38
Preferred dividend requirements, adjusted to a pre-tax amount		—		—		—		—		1		2
Total fixed charges and preferred dividends	$	12	$	47	$	43	$	46	$	45	$	40
Ratio of earnings to fixed charges and preferred dividends		3.25		2.45		3.63		2.78		2.62		4.28

(a) Concurrent with the adoption of FASB guidance on taxes (ASC 740) in 2007, amount includes interest on uncertain tax positions.