EXHIBIT 12-1 PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES SEC METHOD ($000) 6 MONTHS ENDED 06/30/98 -------- NET INCOME $265,067 ADD BACK: - - INCOME TAXES: OPERATING INCOME 178,973 NON-OPERATING INCOME (15,843) ------- NET TAXES 163,130 - - FIXED CHARGES: INTEREST APPLICABLE TO DEBT 169,066 ANNUAL RENTALS 4,455 ------- TOTAL FIXED CHARGES 173,521 ADJUSTED EARNINGS INCLUDING AFUDC $601,718 ======== RATIO OF EARNINGS TO FIXED CHARGES 3.47 ====