Exhibit 12.1

BGE

Ratio of Earnings to Fixed Charges

	2011			2012			2013			2014			2015			2016
Pre-tax income from continuing operations		211			11			344			351			477			208
Less: Capitalized interest		(7	)		(5	)		(6	)		(12	)		(14	)		(7	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		204			6			338			339			453			201
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		136			149			127			118			113			55
Interest component of rental expense (a)		5			4			4			4			11			2
Total fixed charges		141			153			131			122			124			57
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		345			159			469			461			587			258
Ratio of earnings to fixed charges		2.4			1.0			3.6			3.8			4.7			4.5

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