EXHIBIT 12-2 PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS ($000s, except ratio data) 12 MONTHS ENDED 12/31/99 ----------- NET INCOME $576,814 ADD BACK: INCOME TAXES: OPERATING INCOME 359,160 NON-OPERATING INCOME (5,058) ----------- NET TAXES 354,102 FIXED CHARGES: INTEREST APPLICABLE TO DEBT 374,518 ANNUAL RENTALS ESTIMATE 3,272 CAPITALIZED INTEREST 6,983 ----------- TOTAL FIXED CHARGES 384,773 EARNINGS REQUIRED FOR PREFERRED DIVIDENDS: DIVIDENDS ON PREFERRED STOCK 12,176 ADJUSTMENT TO PREFERRED DIVIDENDS* 7,475 ----------- 19,651 ----------- FIXED CHARGES AND PREFERRED DIVIDENDS $404,424 ========== EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES $1,315,689 ========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS 3.24 ========== * ADDITIONAL CHARGE EQUIVALENT TO EARNINGS REQUIRED TO ADJUST DIVIDENDS ON PREFERRED STOCK TO A PRE-TAX BASIS