Exhibit 12.3 Statements Re. Computation of Ratios

DELMARVA POWER & LIGHT COMPANY

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

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