Exhibit 12.3

Delmarva Power & Light Company

			For the Year Ended December 31,
	Nine Months Ended September 30, 2011		2010		2009		2008		2007		2006
	(millions of dollars)
Net income	$	56	$	45	$	52	$	68	$	45	$	43
Income tax expense (a)		32		31		16		45		37		32
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		34		46		45		41		44		41
Other interest		2		2		2		2		2		3
Total fixed charges		36		48		47		43		46		44
Income before income tax expense, and fixed charges	$	124	$	124	$	115	$	156	$	128	$	119
Ratio of earnings to fixed charges		3.44		2.58		2.45		3.63		2.78		2.70
Total fixed charges, shown above		36		48		47		43		46		44
Preferred dividend requirements, adjusted to a pre-tax amount		—		—		—		—		—		1
Total fixed charges and preferred dividends	$	36	$	48	$	47	$	43	$	46	$	45
Ratio of earnings to fixed charges and preferred dividends		3.44		2.58		2.45		3.63		2.78		2.62

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