EXHIBIT 12(b)
BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND COMPUTATION OF RATIO OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED AND PREFERENCE DIVIDEND
REQUIREMENTS
12 Months Ended
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December December December December December
2000 1999 1998 1997 1996
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(In Millions of Dollars)
Income from Continuing Operations
(Before Extraordinary Loss)...... $ 143.5 $ 328.4 $ 327.7 $ 282.8 $ 310.8
Taxes on Income................... 94.2 182.0 181.3 161.5 169.2
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Adjusted Income................... $ 237.7 $ 510.4 $ 509.0 $ 444.3 $ 480.0
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Fixed Charges:
Interest and Amortization of Debt
Discount and Expense and Premium
on all Indebtedness............. $ 186.8 $ 206.4 $ 255.3 $ 234.2 $ 203.9
Capitalized Interest............. -- 0.4 3.6 8.4 15.7
Interest Factor in Rentals....... 0.9 1.0 1.9 1.9 1.5
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Total Fixed Charges.............. $ 187.7 $ 207.8 $ 260.8 $ 244.5 $ 221.5
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Preferred and Preference
Dividend Requirements:(1)
Preferred and Preference
Dividends....................... $ 13.2 $ 13.5 $ 21.8 $ 28.7 $ 38.5
Income Tax Required.............. 8.7 7.5 12.0 16.4 20.9
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Total Preferred and Preference
Dividend Requirements........... $ 21.9 $ 21.0 $ 33.8 $ 45.1 $ 59.4
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Total Fixed Charges and Preferred
and
Preference Dividend
Requirements..................... $ 209.6 $ 228.8 $ 294.6 $ 289.6 $ 280.5
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Earnings(2)....................... $ 425.4 $ 717.8 $ 766.2 $ 680.4 $ 685.4
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Ratio of Earnings to Fixed
Charges.......................... 2.27 3.45 2.94 2.78 3.10
Ratio of Earnings to Combined
Fixed Charges and Preferred and
Preference Dividend
Requirements..................... 2.03 3.14 2.60 2.35 2.44
(1) Preferred and preference dividend requirements consist of an amount equal
to the pre-tax earnings that would be required to meet dividend
requirements on preferred stock and preference stock.
(2) Earnings are deemed to consist of income from continuing operations (before
extraordinary loss) that includes earnings of BGE's consolidated
subsidiaries, income taxes (including deferred income taxes and investment
tax credit adjustments), and fixed charges other than capitalized interest.
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