Exhibit 99.3

Exelon Corporation
Ratio of Earnings to Fixed Charges
(amounts in millions of dollars)

																Three Months
	Years Ended December 31,															Ended
	2000			2001			2002			2003			2004			March 31, 2005
Pre-tax income from continuing operations before adjustment for income or loss from equity investees		966			2,391			2,693			1,286			2,577			734
Plus: Amortization of capitalized interest (a)		—			—			—			—			—			—
(Income) or loss from equity investees		42			(65	)		(86	)		(33	)		154			36
Less: Capitalized interest		(6	)		(25	)		(30	)		(24	)		(12	)		(4	)
Preference security dividend requirements of consolidated subsidiaries		(16	)		(17	)		(13	)		(7	)		(4	)		(1	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements		986			2,284			2,564			1,222			2,715			765
Fixed charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtness		610			1,124			986			896			917			200
Interest component of rental expense		11			23			27			17			17			5
Distributions on mandatorily redeemable preferred securities		14			39			37			37			38			9
Preference security dividend requirements of consolidated subsidiaries		16			17			13			7			4			1
Total fixed charges		651			1,203			1,063			957			976			215
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		1,637			3,487			3,627			2,179			3,691			980
Ratio of earnings to fixed charges		2.5			2.9			3.4			2.3			3.8			4.6

(a) Not included pursuant to Section 503(d)1(C) of Regulation S-K.