Exhibit 12-1 PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES RATIO OF EARNINGS TO FIXED CHARGES SEC METHOD ($000) 12 Months Ended 12/31/95 NET INCOME $ 609,732 ADD BACK - -INCOME TAXES: OPERATING INCOME 396,897 NON-OPERATING INCOME 34,820 NET TAXES $ 431,717 - -FIXED CHARGES: INTEREST APPLICABLE TO DEBT $ 408,904 ANNUAL RENTALS ESTIMATE 9,981 TOTAL FIXED CHARGES $ 418,885 ADJUSTED EARNINGS INCLUDING AFUDC $1,460,334 RATIO OF EARNINGS TO FIXED CHARGES 3.49