Baltimore Gas & Electric 10-Q 2003 Q2 Quarterly report

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Exhibit No. 12(a)

CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

		6 Months Ended		12 Months Ended
		June 2003		December 2002		December 2001		December 2000		December 1999		December 1998
Income from Continuing Operations (Before Extraordinary Loss and Cumulative Effects of Changes in Accounting Principles)		$	163.8	$	525.6	$	82.4	$	345.3	$	326.4	$	305.9
Taxes on Income, Including Tax Effect for BGE Preference Stock Dividends			86.3		301.0		29.7		221.4		182.5		169.3
Adjusted Income		$	250.1	$	$826.6	$	112.1	$	566.7	$	508.9	$	475.2
Fixed Charges:
	Interest and Amortization of Debt Discount and Expense and Premium on all Indebtedness	$	160.6	$	271.5	$	226.1	$	261.5	$	245.7	$	255.3
	Earnings Required for BGE Preference Stock Dividends		10.9		21.8		21.4		21.9		21.0		33.8
	Capitalized Interest		6.3		42.5		55.8		21.1		2.7		3.6
	Interest Factor in Rentals		1.7		2.1		2.0		2.2		1.8		1.9
	Total Fixed Charges	$	179.5	$	337.9	$	305.3	$	306.7	$	271.2	$	294.6
Earnings (1)		$	423.3	$	1,122.0	$	361.6	$	852.3	$	777.4	$	766.2
Ratio of Earnings to Fixed Charges			2.37		3.33		1.18		2.78		2.87		2.60

(1)

Earnings are deemed to consist of income from continuing operations (before extraordinary loss and cumulative effects of changes in accounting principles) that includes earnings of Constellation Energy's consolidated subsidiaries, equity in the net income of unconsolidated subsidiaries, income taxes (including deferred income taxes, investment tax credit adjustments, and the tax effect of BGE's preference stock dividends), and fixed charges other than capitalized interest.

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CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES