Commonwealth Edison Company and Subsidiary Companies Consolidated
Computation of Ratios of Earnings to Fixed Charges
and Ratios of Earnings to Fixed Charges and
Preferred and Preferance Stock Dividend Requirements
(Thousands of Dollars)
Year Ended December 31, Jan. 1- Oct. 20-
------------------------------------------------------ Oct. 19, Dec. 31,
1997 1998 1999 2000 2000
---------------- ----------------- ---------------- ----------------- ---------------
Net income $ (160,138) $ 594,206 $ 650,308 $ 603,000 $ 133,000
---------------- ----------------- ---------------- ----------------- ---------------
Net provisions for
income taxes and
investment tax
credits deferred
charged to --
Operations and
other income $ (98,543) $ 350,926 $ 327,933 $ 220,584 $ 99,215
---------------- ----------------- ---------------- ----------------- ---------------
$ (98,543) $ 350,926 $ 327,933 $ 220,584 $ 99,215
---------------- ----------------- ---------------- ----------------- ---------------
Fixed charges --
Interest on debt, including
amortization of debt
discount, premium
and expense $509,700 $ 488,773 $ 577,650 $ 472,630 $ 127,983
Estimated interest
component of
nuclear fuel and
other lease payments,
rental and other
interest 70,468 74,568 65,705 11,743 3,180
Preferred securities
dividend requirements
of subsidiary trusts 28,860 29,710 29,710 23,520 6,190
---------------- ----------------- ---------------- ----------------- ---------------
$609,028 $ 593,051 $ 673,065 $ 507,893 $ 137,353
---------------- ----------------- ---------------- ----------------- ---------------
Preferred and
preference
stock dividend
requirements --
Provisions for
preferred and
preference stock
dividends $ 60,486 $ 56,884 $ 23,756 $ 2,773 $ -
Taxes on income
required to meet
provisions for
preferred and
preference stock
dividends 39,623 37,232 15,543 1,814 -
---------------- ----------------- ---------------- ----------------- ---------------
$100,109 $ 94,116 $ 39,299 $ 4,587 $ -
---------------- ----------------- ---------------- ----------------- ---------------
Nine Months
Year Ended Ended Sept. 30,
December 31 --------------------------------------
2001 2001 2002
----------------- ----------------- ------------------
Net income $ 606,872 $ 506,517 $ 575,684
----------------- ----------------- ------------------
Net provisions for
income taxes and
investment tax
credits deferred
charged to --
Operations and
other income $ 506,398 $ 412,235 $ 381,547
----------------- ----------------- ------------------
$ 506,398 $ 412,235 $ 381,547
----------------- ----------------- ------------------
Fixed charges --
Interest on debt, including
amortization of debt
discount, premium
and expense $ 554,802 $ 421,578 $ 374,427
Estimated interest
component of
nuclear fuel and
other lease payments,
rental and other
interest 5,725 3,778 6,347
Preferred securities
dividend requirements
of subsidiary trusts 29,710 22,283 22,283
----------------- ----------------- ------------------
$ 590,237 $ 447,639 $ 403,057
----------------- ----------------- ------------------
Preferred and
preference
stock dividend
requirements --
Provisions for
preferred and
preference stock
dividends $ - $ - $ -
Taxes on income
required to meet
provisions for
preferred and
preference stock
dividends - - -
----------------- ----------------- ------------------
$ - $ - $ -
----------------- ----------------- ------------------
Year Ended December 31, Jan. 1- Oct. 20-
------------------------------------------------------ Oct. 19, Dec. 31,
1997 1998 1999 2000 2000
---------------- ----------------- ---------------- ----------------- ---------------
Fixed charges and
preferred and
preference
stock dividend
requirements $709,137 $ 687,167 $ 712,364 $ 512,480 $ 137,353
---------------- ----------------- ---------------- ----------------- ---------------
Earned for fixed
charges and
preferred and
preference
stock dividend
requirements $350,347 $ 1,538,183 $ 1,651,306 $ 1,331,477 $ 369,568
---------------- ----------------- ---------------- ----------------- ---------------
Ratio of earnings
to --
Fixed charges
(line 49 divided
by line 24) (a) 2.59 2.45 2.62 2.69
================ ================= ================ ================= ===============
Fixed charges and
preferred and
preference
stock dividend
requirements
(line 49 divided
by line 43) (a) 2.24 2.32 2.60 2.69
================ ================= ================ ================= ===============
Nine Months
Year Ended Ended Sept. 30,
December 31 --------------------------------------
2001 2001 2002
----------------- ----------------- ------------------
Fixed charges and
preferred and
preference
stock dividend
requirements $ 590,237 $ 447,639 $ 403,057
----------------- ----------------- ------------------
Earned for fixed
charges and
preferred and
preference
stock dividend
requirements $ 1,703,507 $1,366,391 $1,360,288
----------------- ----------------- ------------------
Ratio of earnings
to --
Fixed charges
(line 49 divided
by line 24) 2.89 3.05 3.37
================= ================= ==================
Fixed charges and
preferred and
preference
stock dividend
requirements
(line 49 divided
by line 43) 2.89 3.05 3.37
================= ================= ==================
(a) Our earnings for 1997 were inadequate to cover fixed charges by
approximately $259 million and fixed charges and preferred and preference stock
dividend requirements by approximately $359 million. This inadequacy was
principally caused by charges related to the closure of our Zion Nuclear
Generating Station and our discontinuation of regulatory accounting practices
for the generation portion of our business and other charges recorded as a
result of the electric utility restructuring legislation adopted in Illinois in
1997.