Exhibit 12.5

BGE

Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2009			2010			2011			2012			2013
Pre-tax income from continuing operations		155			244			211			11			344
Less: Capitalized interest		(4	)		(6	)		(7	)		(5	)		(6	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		151			238			204			6			338
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		148			137			136			149			127
Interest component of rental expense (a)		5			4			5			4			4
Total fixed charges		153			141			141			153			131
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements plus fixed charges		304			379			345			159			469
Ratio of earnings to fixed charges		2.0			2.7			2.4			1.0			3.6

(a) Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor.

BGE

Ratio of Earnings to Fixed Charges and Preference Stock Dividends

	Years Ended December 31,
	2009			2010			2011			2012			2013
Pre-tax income from continuing operations		155			244			211			11			344
Less: Capitalized interest		(4	)		(6	)		(7	)		(5	)		(6	)
Preference security dividend requirements		(22	)		(20	)		(20	)		(20	)		(21	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		129			218			184			(14	)		317
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		148			137			136			149			127
Interest component of rental expense (a)		5			4			5			4			4
Preference security dividend requirements		22			20			20			20			21
Total fixed charges		175			161			161			173			152
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements plus fixed charges		304			379			345			159			469
Ratio of earnings to fixed charges and preferred stock dividends		1.7			2.4			2.1			0.9	(b)		3.1

(a) Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor.

(b) The ratio coverage was less than 1:1. The registrant must generate additional earnings of $14 million to achieve a coverage ratio of 1:1.