Exhibit 99.2
PECO Energy Company
Ratio of Earnings to Fixed Charges
(Amounts in million of dollars)
1999 | 2000 | 2001 | 2002 | 2003 | ||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | $ | 977 | $ | 751 | $ | 622 | $ | 745 | $ | 726 | ||||||||||
Plus: Amortization of capitalized interest (a) | — | — | — | — | — | |||||||||||||||
(Income) or loss from equity investees | 38 | 41 | — | (1 | ) | — | ||||||||||||||
Less: Interest capitalized | 4 | 2 | 2 | 1 | 1 | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest or AFUDC | $ | 1,011 | $ | 790 | $ | 620 | $ | 743 | $ | 725 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness | $ | 396 | $ | 463 | $ | 413 | $ | 370 | $ | 324 | ||||||||||
Interest component of rental expense | 3 | 1 | 1 | 2 | 2 | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | 21 | 8 | 10 | 10 | 8 | |||||||||||||||
Total fixed charges | $ | 420 | $ | 472 | $ | 424 | $ | 382 | $ | 334 | ||||||||||
Pre-tax income from continuing operations after adjustment for income or loss from equity investees plus fixed charges | $ | 1,431 | $ | 1,262 | $ | 1,044 | $ | 1,125 | $ | 1,059 | ||||||||||
Ratio of earnings to fixed charges | 3.41 | 2.67 | 2.46 | 2.94 | 3.17 |
(a) | not included pursuant to Section 503 (d)1(C ) of Regulation S-K. |