EXHIBIT 12(a)
CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
12 Months Ended
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December December December December December
1999 1998 1997 1996 1995
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(In Millions of Dollars)
Income from Continuing Operations
(Before Extraordinary Loss)...... $326.4 $305.9 $254.1 $272.3 $297.4
Taxes on Income, Including Tax
Effect for BGE Preference Stock
Dividends........................ 182.5 169.3 145.1 148.3 152.0
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Adjusted Income................... $508.9 $475.2 $399.2 $420.6 $449.4
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Fixed Charges:
Interest and Amortization of Debt
Discount and Expense and Premium
on all Indebtedness............. $245.7 $255.3 $234.2 $203.9 $206.7
Earnings required for BGE
Preference Stock Dividends...... 21.0 33.8 45.1 59.4 61.0
Capitalized Interest............. 2.7 3.6 8.4 15.7 15.0
Interest Factor in Rentals....... 1.8 1.9 1.9 1.5 2.1
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Total Fixed Charges.............. $271.2 $294.6 $289.6 $280.5 $284.8
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Earnings (1)...................... $777.4 $766.2 $680.4 $685.4 $719.2
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Ratio of Earnings to Fixed
Charges.......................... 2.87 2.60 2.35 2.44 2.52
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(1) Earnings are deemed to consist of income from continuing operations (be-
fore extraordinary loss) that includes earnings of Constellation Energy's
consolidated subsidiaries, equity in the net income of BGE's unconsoli-
dated subsidiary, income taxes (including deferred income taxes, invest-
ment tax credit adjustments, and the tax effect of BGE's preference stock
dividends), and fixed charges other than capitalized interest.
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