Exhibit 12.5

BGE

Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2008			2009			2010			2011			2012
Pre-tax income from continuing operations		72			155			244			211			11
Less: Capitalized interest		(4	)		(4	)		(6	)		(7	)		(5	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		68			151			238			204			6
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		149			148			137			136			149
Interest component of rental expense (a)		4			5			4			5			4
Total fixed charges		153			153			141			141			153
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges		221			304			379			345			159
Ratio of earnings to fixed charges		1.4			2.0			2.7			2.4			1.0

(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,
	2008			2009			2010			2011			2012
Pre-tax income from continuing operations		72			155			244			211			11
Less: Capitalized interest		(4	)		(4	)		(6	)		(7	)		(5	)
Preference security dividend requirements		(19	)		(22	)		(20	)		(20	)		(20	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements		49			129			218			184			(14	)
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		149			148			137			136			149
Interest component of rental expense (a)		4			5			4			5			4
Preference security dividend requirements		19			22			20			20			20
Total fixed charges		172			175			161			161			173
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		221			304			379			345			159
Ratio of earnings to fixed charges and preferred stock dividends		1.3			1.7			2.4			2.1			0.9	(b)

(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.