CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

		9 Months Ended			12 Months Ended

		September 2011			December 2010			December 2009			December 2008			December 2007			December 2006
		(In millions)
Income (Loss) from Continuing Operations (Before Extraordinary Loss and Cumulative Effects of Changes in Accounting Principles)		$	285.4		$	(931.8	)	$	4,503.4		$	(1,318.4	)	$	834.4		$	762.5
Net (Income) Loss Attributable to Noncontrolling Interests and BGE Preference Stock Dividends			(42.1	)		(50.8	)		(60.0	)		4.0			(12.0	)		(13.9	)
Taxes on Income (Loss), Including Tax Effect for BGE Preference Stock Dividends			169.2			(674.4	)		2,978.1			(83.6	)		419.2			343.1

Adjusted Income (Loss)		$	412.5		$	(1,657.0	)	$	7,421.5		$	(1,398.0	)	$	1,241.6		$	1,091.7

Fixed Charges:
	Interest and Amortization of Debt Discount and Expense and Premium on all Indebtedness, Net of Amounts Capitalized	$	197.1		$	280.7		$	352.9		$	350.5		$	292.8		$	315.9
	Earnings Required for BGE Preference Stock Dividends		15.2			21.9			21.8			23.9			22.3			21.1
	Capitalized Interest and Allowance for Funds Used During Construction		8.4			33.0			87.1			50.0			19.4			13.7
	Interest Factor in Rentals		35.5			48.4			71.7			96.5			96.7			4.5

	Total Fixed Charges	$	256.2		$	384.0		$	533.5		$	520.9		$	431.2		$	355.2

Amortization of Capitalized Interest		$	6.4		$	4.6		$	3.9		$	3.3		$	3.5		$	4.3

Earnings (Loss) (1)		$	666.7		$	(1,301.4	)	$	7,871.8		$	(923.8	)	$	1,656.9		$	1,437.5

Ratio of Earnings to Fixed Charges			2.60			N/A			14.76			N/A			3.84			4.05

(1): Earnings (loss) are deemed to consist of income (loss) from continuing operations (before extraordinary items, cumulative effects of changes in accounting principles, and income (loss) from discontinued operations) that includes earnings of Constellation Energy's consolidated subsidiaries, equity in the net income of unconsolidated subsidiaries, income taxes (including deferred income taxes, investment tax credit adjustments, and the tax effect of BGE's preference stock dividends), and fixed charges (including the amortization of capitalized interest but excluding the capitalization of interest).
N/A: Due to the loss for the twelve months ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $1,685.4 million to achieve a ratio coverage of 1:1.

Due to the loss for the twelve months ended December 31, 2008, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $1,444.7 million to achieve a ratio coverage of 1:1.