Exhibit 12.5

BGE

Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2012			2013			2014			2015			2016
Pre-tax income from continuing operations		11			344			351			477			468
Less: Capitalized interest		(5	)		(6	)		(12	)		(14	)		(11	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		6			338			339			463			457
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		149			127			118			113			115
Interest component of rental expense (a)		4			4			4			11			7
Total fixed charges		153			131			122			124			122
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		159			469			461			587			579
Ratio of earnings to fixed charges		1.0			3.6			3.8			4.7			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,
	2012			2013			2014			2015			2016
Pre-tax income from continuing operations		11			344			351			477			468
Less: Capitalized interest		(5	)		(6	)		(12	)		(14	)		(11	)
Preference security dividend requirements		(20	)		(21	)		(22	)		(22	)		(13	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		(14	)		317			317			441			444
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		149			127			118			113			115
Interest component of rental expense (a)		4			4			4			11			7
Preference security dividend requirements		20			21			22			22			13
Total fixed charges		173			152			144			146			135
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		159			469			461			587			579
Ratio of earnings to fixed charges and preferred stock dividends		0.9	(b)		3.1			3.2			4.0			4.3

(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.