Exhibit 12.5

BGE

Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2010			2011			2012			2013			2014
Pre-tax income from continuing operations		244			211			11			344			351
Less: Capitalized interest		(6	)		(7	)		(5	)		(6	)		(12	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		238			204			6			338			339
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		137			136			149			127			118
Interest component of rental expense (a)		4			5			4			4			4
Total fixed charges		141			141			153			131			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		379			345			159			469			461
Ratio of earnings to fixed charges		2.7			2.4			1.0			3.6			3.8

(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,
	2010			2011			2012			2013			2014
Pre-tax income from continuing operations		244			211			11			344			351
Less: Capitalized interest		(6	)		(7	)		(5	)		(6	)		(12	)
Preference security dividend requirements		(20	)		(20	)		(20	)		(21	)		(22	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		218			184			(14	)		317			317
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		137			136			149			127			118
Interest component of rental expense (a)		4			5			4			4			4
Preference security dividend requirements		20			20			20			21			22
Total fixed charges		161			161			173			152			144
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		379			345			159			469			461
Ratio of earnings to fixed charges and preferred stock dividends		2.4			2.1			0.9	(b)		3.1			3.2

(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.