EXHIBIT 12-1 PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES SEC METHOD ($000) 6 MONTHS ENDED 06/30/96 NET INCOME $ 249,079 ADD BACK: - - INCOME TAXES: OPERATING INCOME 175,183 NON-OPERATING INCOME (238) --------- NET TAXES 174,945 - - FIXED CHARGES: INTEREST APPLICABLE TO DEBT 187,931 ANNUAL RENTALS 4,400 --------- TOTAL FIXED CHARGES 192,331 ADJUSTED EARNINGS INCLUDING AFUDC $ 616,355 ========= RATIO OF EARNINGS TO FIXED CHARGES 3.20 =========