Exhibit 12-B

Atlantic City Electric Company

Ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in Thousands)

	6 Months Ended June 30,		Year Ended December 31,
	2002		2001		2000		1999		1998		1997
Income before extraordinary item	$	19,024	$	75,476	$	54,434	$	63,930	$	30,276	$	85,747
Income taxes		13,867		46,698		36,746		49,326		18,178		50,442
Fixed charges:
Interest on long-term debt including       amortization of discount, premium       and expense		28,204		62,166		76,178		60,562		63,940		64,501
Other interest		1,315		3,314		4,518		3,837		3,435		3,574
Preferred dividend requirements of       subsidiary trusts		3,809		7,619		7,619		7,634		6,052		5,775
Total fixed charges		33,328		73,099		88,315		72,033		73,427		73,850
Earnings before extraordinary item,    income taxes and fixed charges	$	66,219	$	195,273	$	179,495	$	185,289	$	121,881	$	210,039
Fixed charges	$	33,328	$	73,099	$	88,315	$	72,033	$	73,427	$	73,850
Preferred dividend requirements		1,067		2,724		3,571		3,777		5,289		7,506
	$	34,395	$	75,823	$	91,886	$	75,810	$	78,716	$	81,356
Ratio of earnings to fixed charges and    preferred dividends		1.93		2.58		1.95		2.44		1.55		2.58

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. Preferred dividend requirements represent annualized preferred dividend requirements multiplied by the ratio that pre-tax income bears to net income.