Exhibit 12.1

PECO Energy Company

Ratio of Earnings to Combined Fixed Charges

																Six Months
	Years Ended December 31,															Ended June 30,
	2009			2010			2011			2012			2013			2014
Pre-tax income from continuing operations before adjustment	$	499		$	476		$	535		$	508		$	557		$	230
Plus: Loss from equity investees		24			—			—			—			—			—
Less: Capitalized interest		(2	)		(4	)		(4	)		(2	)		(2	)		(3	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest	$	521		$	472		$	531		$	506		$	555		$	227
Fixed charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtness	$	185		$	193		$	135		$	122		$	114		$	58
Interest component of rental expense (a)		9			10			9			9			7			4
Total fixed charges		194			203			144			131			121			62
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges	$	715		$	675		$	675		$	637		$	676		$	289
Ratio of earnings to combined fixed charges and preferred stock dividends		3.7			3.3			4.7			4.9			5.6			4.7

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

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