Peco Energy 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

PECO Energy Company

Ratio of Earnings to Combined Fixed Charges

																Six Months
	Years Ended December 31,															Ended June 30,
	2009			2010			2011			2012			2013			2014
Pre-tax income from continuing operations before adjustment	$	499		$	476		$	535		$	508		$	557		$	230
Plus: Loss from equity investees		24			—			—			—			—			—
Less: Capitalized interest		(2	)		(4	)		(4	)		(2	)		(2	)		(3	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest	$	521		$	472		$	531		$	506		$	555		$	227
Fixed charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtness	$	185		$	193		$	135		$	122		$	114		$	58
Interest component of rental expense (a)		9			10			9			9			7			4
Total fixed charges		194			203			144			131			121			62
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges	$	715		$	675		$	675		$	637		$	676		$	289
Ratio of earnings to combined fixed charges and preferred stock dividends		3.7			3.3			4.7			4.9			5.6			4.7

(a) Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor.

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