Exhibit (12)
Commonwealth Edison Company
Form 10-K File No. 1-1839
Commonwealth Edison Company and Subsidiary Companies
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Computation of Ratios of Earnings to Fixed Charges
and Ratios of Earnings to Fixed Charges and
Preferred and Preference Stock Dividend Requirements
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(Thousands of Dollars)
Twelve Months Ended
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Line
No. 1993 1994 1995 1996 1997 (1)
- ---- ---- ---- ---- ---- --------
1 Net income (loss) before extraordinary items and
2 cumulative effect of changes in accounting
3 principles $102,702 $ 423,946 $ 737,176 $ 743,368 $(160,138)
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4 Net provisions for income taxes and investment
5 tax credits deferred charged to-
6 Operations $ 66,406 $ 300,764 $ 503,519 $ 462,400 $ 307,276
7 Other income (30,754) (23,062) (7,685) (7,385) (405,819)
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8 $ 35,652 $ 277,702 $ 495,834 $ 455,015 $ (98,543)
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9 Fixed Charges-
10 Interest on debt $651,639 $ 621,909 $ 589,217 $ 523,310 $ 487,749
11 Estimated interest component of nuclear fuel
12 and other lease payments, rentals and other
13 interest 49,021 64,885 73,003 70,666 70,468
14 Amortization of debt discount, premium and
15 expense 20,966 22,804 22,738 21,151 21,951
16 Preferred securities dividend requirements of
17 subsidiary trusts holding solely subordinated
18 debt securities - - 4,428 16,960 28,860
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19 $721,626 $ 709,598 $ 689,386 $ 632,087 $ 609,028
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20 Preferred and preference stock dividend
21 requirements -
22 Provisions for stock dividends $ 66,052 $ 64,927 $ 69,961 $ 64,424 $ 60,486
23 Taxes on income required to meet provisions
24 for stock dividends 43,596 42,854 45,945 42,150 39,623
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25 $109,648 $ 107,781 $ 115,906 $ 106,574 $ 100,109
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26 Fixed charges and preferred and preference
27 stock dividend requirements $831,274 $ 817,379 $ 805,292 $ 738,661 $ 709,137
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28 Earned for fixed charges and preferred and
29 preference stock dividend requirements $859,980 $1,411,246 $1,922,396 $1,830,470 $ 350,347
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30 Ratios of earnings to fixed charges (line 29
31 divided by line 19) 1.19 1.99 2.79 2.90 0.58
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32 Ratios of earnings to fixed charges and
33 preferred and preference stock dividend
34 requirements (line 29 divided by line 27) 1.03 1.73 2.39 2.48 0.49
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(1) Earnings for 1997 were inadequate to cover fixed charges and fixed charges
and preferred and preference stock dividend requirements by approximately $259
million and $359 million, respectively. The deficiency is principally
attributable to the earnings impact of the closure of Zion Station.