Exhibit 12.3

Delmarva Power & Light Company

			For the Year Ended December 31,
	Nine Months Ended September  30, 2012		2011		2010		2009		2008		2007
	(millions of dollars)
Net income	$	56	$	71	$	45	$	52	$	68	$	45
Income tax expense		34		42		31		16		45		37
Fixed charges:
Interest on long-term debt, amortization of discount, premium and expense		36		46		46		45		41		44
Other interest		2		3		2		2		2		2
Total fixed charges		38		49		48		47		43		46
Income before income tax expense and fixed charges	$	128	$	162	$	124	$	115	$	156	$	128
Ratio of earnings to fixed charges		3.37		3.31		2.58		2.45		3.63		2.78
Total fixed charges, shown above	$	38	$	49	$	48	$	47	$	43	$	46
Preferred dividend requirements, adjusted to a pre-tax amount		—		—		—		—		—		—
Total fixed charges and preferred dividends	$	38	$	49	$	48	$	47	$	43	$	46
Ratio of earnings to fixed charges and preferred dividends		3.37		3.31		2.58		2.45		3.63		2.78