EXHIBIT 12-2 PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS SEC METHOD ($000) 3 MONTHS ENDED 03/31/98 -------- NET INCOME $113,554 ADD BACK: - - INCOME TAXES: OPERATING INCOME 73,838 NON-OPERATING INCOME (5,105) ------- NET TAXES 68,733 - - FIXED CHARGES: INTEREST APPLICABLE TO DEBT 83,691 ANNUAL RENTALS 2,101 ------- TOTAL FIXED CHARGES 85,792 EARNINGS REQUIRED FOR PREFERRED DIVIDENDS: DIVIDENDS ON PREFERRED STOCK 3,277 ADJUSTMENT TO PREFERRED DIVIDENDS* 1,984 ------- 5,261 FIXED CHARGES AND PREFERRED DIVIDENDS $91,053 ======= EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES $268,079 ======== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS 2.94 ==== <FN> * ADDITIONAL CHARGE EQUIVALENT TO EARNINGS REQUIRED TO ADJUST DIVIDENDS ON PREFERRED STOCK TO A PRE-TAX BASIS </FN>