EXHIBIT 12(a)
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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
2000 1999 1998 1997 1996
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(In Millions of Dollars)
Income from Continuing Operations
(Before Extraordinary Loss) $ 345.3 $ 326.4 $ 305.9 $ 254.1 $ 272.3
Taxes on Income, Including Tax Effect for
BGE Preference Stock Dividends 221.4 182.5 169.3 145.1 148.3
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Adjusted Income $ 566.7 $ 508.9 $ 475.2 $ 399.2 $ 420.6
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Fixed Charges:
Interest and Amortization of
Debt Discount and Expense and
Premium on all Indebtedness $ 261.5 $ 245.7 $ 255.3 $ 234.2 $ 203.9
Earnings required for BGE Preference
Stock Dividends 21.9 21.0 33.8 45.1 59.4
Capitalized Interest 21.1 2.7 3.6 8.4 15.7
Interest Factor in Rentals 2.2 1.8 1.9 1.9 1.5
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Total Fixed Charges $ 306.7 $ 271.2 $ 294.6 $ 289.6 $ 280.5
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Earnings (1) $ 852.3 $ 777.4 $ 766.2 $ 680.4 $ 685.4
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Ratio of Earnings to Fixed Charges 2.78 2.87 2.60 2.35 2.44
(1) Earnings are deemed to consist of income from continuing operations
(before extraordinary loss) that includes earnings of Constellation
Energy's consolidated subsidiaries, equity in the net income of
unconsolidated subsidiaries, 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.