Exhibit 12.3

DELMARVA POWER & LIGHT COMPANY

			For the Year Ended December 31,
	Three Months Ended March 31, 2013		2012		2011		2010		2009
	(millions of dollars)
Earnings
Net income for common stock	$	26	$	73	$	71	$	45	$	52
Preferred stock dividend		—		—		—		—		—
(Income) or loss from equity investees		—		—		—		—		—
Minority interest loss		—		—		—		—		—
Income tax expense		16		44		42		31		16
Pre-tax income for common stock		42		117		113		76		68
Add: Fixed charges*		14		52		49		48		47
Add: Distributed income of equity investees		—		—		—		—		—
Subtract: Interest capitalized		—		—		—		—		—
Subtract: Pre-tax preferred stock dividend requirement		—		—		—		—		—
Earnings	$	56	$	169	$	162	$	124	$	115
*Fixed Charges
Interest on long-term debt	$	12	$	45	$	42	$	43	$	42
Interest capitalized		—		—		—		—		—
Other interest		—		—		—		—		—
Amortization of debt discount, premium, and expense		1		4		4		3		3
Interest component of rentals		1		3		3		2		2
Pre-tax preferred stock dividend requirement		—		—		—		—		—
Fixed charges	$	14	$	52	$	49	$	48	$	47
Ratio of earnings to fixed charges (a)		4.00		3.25		3.31		2.58		2.45

(a) DPL has no preferred equity securities outstanding, therefore the ratio of earnings to fixed charges is equal to the ratio of earnings to combined fixed charges and preferred stock dividends.