EXHIBIT 12-1 PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($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 ---------- ADJUSTED EARNINGS INCLUDING AFUDC $1,315,689 ========== RATIO OF EARNINGS TO FIXED CHARGES 3.42 ========== AFUDC 3,891 ---------- ADJUSTED EARNINGS EXCLUDING AFUDC $1,311,798 ========== RATIO OF EARNINGS EXCLUDING AFUDC TO FIXED CHARGES 3.41 ==========