EXHIBIT 12(a)
CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES
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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 Charge) $ 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
(1) Earnings are deemed to consist of income from continuing operations (before
extraordinary charge) that includes earnings of Constellation Energy's
consolidated subsidiaries, equity in the net income of BGE's unconsolidated
subsidiary, income taxes (including deferred income taxes, investment tax
credit adjustments, and the tax effect of BGE's preference stock dividends),
and fixed charges other than capitalized interest.