Exhibit 12.5

BGE

Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2011			2012			2013			2014			2015
Pre-tax income from continuing operations		211			11			344			351			477
Less: Capitalized interest		(7	)		(5	)		(6	)		(12	)		(14	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		204			6			338			339			463
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		136			149			127			118			113
Interest component of rental expense (a)		5			4			4			4			11
Total fixed charges		141			153			131			122			124
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
Ratio of earnings to fixed charges		2.4			1.0			3.6			3.8			4.7

(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,
	2011			2012			2013			2014			2015
Pre-tax income from continuing operations		211			11			344			351			477
Less: Capitalized interest		(7	)		(5	)		(6	)		(12	)		(14	)
Preference security dividend requirements		(20	)		(20	)		(21	)		(22	)		(22	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		184			(14	)		317			317			441
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		136			149			127			118			113
Interest component of rental expense (a)		5			4			4			4			11
Preference security dividend requirements		20			20			21			22			22
Total fixed charges		161			173			152			144			146
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
Ratio of earnings to fixed charges and preferred stock dividends		2.1			0.9	(b)		3.1			3.2			4.0

(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.