Exhibit 12.3

Delmarva Power & Light Company

	Three  Months Ended March 31, 2012		For the Year Ended December 31,
			2011		2010		2009		2008		2007
	(millions of dollars)
Net income	$	21	$	71	$	45	$	52	$	68	$	45
Income tax expense		14		42		31		16		45		37
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		11		46		46		45		41		44
Other interest		1		3		2		2		2		2
Total fixed charges		12		49		48		47		43		46
Income before income tax expense and fixed charges	$	47	$	162	$	124	$	115	$	156	$	128
Ratio of earnings to fixed charges		3.92		3.31		2.58		2.45		3.63		2.78
Total fixed charges, shown above		12		49		48		47		43		46
Preferred dividend requirements, adjusted to a pre-tax amount		—		—		—		—		—		—
Total fixed charges and preferred dividends	$	12	$	49	$	48	$	47	$	43	$	46
Ratio of earnings to fixed charges and preferred dividends		3.92		3.31		2.58		2.45		3.63		2.78