EXHIBIT 12-1 PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES SEC METHOD ($000) 3 MONTHS ENDED 03/31/94 -------- NET INCOME $159,384 ADD BACK: - - - - - - INCOME TAXES: OPERATING INCOME 103,724 NON-OPERATING INCOME 2,865 ------- NET TAXES 106,589 - - - - - - FIXED CHARGES: INTEREST APPLICABLE TO DEBT 101,342 ANNUAL RENTALS 1,749 ------- TOTAL FIXED CHARGES 103,091 ADJUSTED EARNINGS INCLUDING AFUDC $369,064 ========== RATIO OF EARNINGS TO FIXED CHARGES 3.58 ==========