Potomac Electric Power 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Potomac Electric Power Company
Ratio of Earnings to Fixed Charges
	Three Months Ended March 31, 2017		Year Ended December 31,
			2016		2015		2014		2013		2012
Pre-tax income from continuing operations	58		83		289		264		235		193
Plus: Loss from equity investees	—		—		—		—		—		—
Less: Capitalized interest	(3	)	(10	)	(1	)	(2	)	(1	)	(2	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest	55		73		288		262		234		191
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness	32		137		130		121		114		106
Interest component of rental expense (a)	2		3		7		7		7		7
Total fixed charges	34		140		137		128		121		113
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges	89		213		425		390		355		304
Ratio of earnings to combined fixed charges	2.6		1.5		3.1		3.0		2.9		2.7
(a) Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor.