EXHIBIT 12.3

PECO Energy Company

Ratio of Earnings to Fixed Charges

	Years Ended December 31,										Nine Months Ended September 30, 2007
	2002		2003		2004		2005		2006
Pre-tax income from continuing operations before adjustment for income or loss from equity investees and minority interest	745		726		704		767		621		604
Plus: (Income) or loss from equity investees	(1	)	—		25		16		9		5
Less: Capitalized interest	—		(1	)	(1	)	(1	)	(3	)	(2	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, minority interest, and capitalized interest	744		725		728		782		627		607
Fixed charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtness	370		325		304		280		269		190
Interest component of rental expense (a)	2		2		1		1		1		6
Distributions on mandatorily redeemable preferred securities	2		3		—		—		—		—
Total fixed charges	374		330		305		281		270		196
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges	1,118		1,055		1,033		1,063		897		803
Ratio of earnings to combined fixed charges and preferred stock dividends	3.0		3.2		3.4		3.8		3.3		4.1

(a) Represents one-third of rental expense relating to operating leases.