Exhibit 12.3

Delmarva Power & Light Company

	Six Months Ended June 30, 2009		For the Year Ended December 31,
			2008		2007		2006		2005		2004
	(millions of dollars)
Net income	$	26	$	68	$	45	$	43	$	75	$	63
Income tax expense (a)		14		45		37		32		58		48
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		23		41		44		41		35		33
Other interest		1		2		2		3		3		2
Total fixed charges		24		43		46		44		38		35
Income before income tax expense, and fixed charges	$	64	$	156	$	128	$	119	$	171	$	146
Ratio of earnings to fixed charges		2.67		3.63		2.78		2.70		4.48		4.16
Total fixed charges, shown above		24		43		46		44		38		35
Preferred dividend requirements, adjusted to a pre-tax amount		—		—		—		1		2		2
Total fixed charges and preferred dividends	$	24	$	43	$	46	$	45	$	40	$	37
Ratio of earnings to fixed charges and preferred dividends		2.67		3.63		2.78		2.62		4.28		3.96

(a) Concurrent with the adoption of FIN 48 in 2007, amount includes interest on uncertain tax positions.