Exhibit 12.3

Commonwealth Edison Company

Ratio of Earnings to Fixed Charges

	2009			2010			2011			2012			2013			3 Months Ended March 31, 2014
Pre-tax income from continuing operations		602			693			666			618			401			163
Plus: Loss from equity investees		—			—			—			—			—			—
Less: Capitalized interest		(3	)		(2	)		(4	)		(3	)		(5	)		(1	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		599			691			662			615			396			162
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness (b)		301			368			330			297			575			79
Interest component of rental expense (a)		7			6			6			6			5			1
Total fixed charges		308			374			336			303			580			80
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest plus fixed charges		907			1,065			998			918			976			242
Ratio of earnings to fixed charges		2.9			2.8			3.0			3.0			1.7			3.0

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

(b) Includes interest expense of $3 million for the quarter ended March 31, 2014 and $294 million for the year ended December 31, 2013, related to the remeasurement of the like-kind exchange tax position. See Note 14 - Income Taxes of the Exelon Form 10-K for the year ended December 31, 2013 for additional information regarding the like-kind exchange tax position.