<PAGE>
Exhibit 12-A
Atlantic City Electric Company
Ratio of Earnings to Fixed Charges
----------------------------------
(Dollars in Thousands)
<TABLE>
<CAPTION>
12 Months
Ended
June 30, Year Ended December 31,
--------------------------------------------------
2000 1999 1998 1997 1996 1995
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Income before extraordinary items $ 49,647 $ 63,930 $ 30,276 $ 85,747 $ 75,017 $ 98,752
-------------------------------------------------------------
Income taxes 36,000 49,326 18,178 50,442 36,958 48,277
-------------------------------------------------------------
Fixed charges:
Interest on long-term debt
including amortization of
discount, premium and
expense 69,892 60,562 63,940 64,501 64,847 62,879
Other interest 4,052 3,837 3,435 3,574 4,019 4,364
Preferred dividend require-
ments of subsidiary
trusts 7,618 7,634 6,052 5,775 1,428 -
-------------------------------------------------------------
Total fixed charges 81,562 72,033 73,427 73,850 70,294 67,243
-------------------------------------------------------------
Earnings before extraordinary
item, income taxes and
fixed charges $167,209 $185,289 $121,881 $210,039 $182,269 $214,272
=============================================================
Ratio of earnings to fixed charges 2.05 2.57 1.66 2.84 2.59 3.19
</TABLE>
For purposes of computing the ratio, earnings are income before extraordinary
item plus income taxes and fixed charges. Fixed charges consist of interest on
long- and short-term debt, amortization of debt discount, premium, and expense,
dividends on preferred securities of subsidiary trusts, and the estimated
interest component of rentals.
