Exhibit 12.4

PECO Energy Company

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	Years Ended December 31,
	2005		2006		2007		2008		2009
Pre-tax income from continuing operations before adjustment for income or loss from equity investees and minority interest	767		621		737		475		499
Plus: Loss from equity investees	16		9		7		16		24
Less: Capitalized interest	(1	)	(3	)	(3	)	(3	)	(2	)
Preference security dividend requirements	(6	)	(6	)	(6	)	(6	)	(6	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, minority interest, capitalized interest and preference security dividend requirements	776		621		735		482		515
Fixed charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtness	280		269		251		229		185	(a)
Interest component of rental expense (b)	1		1		6		9		9
Preference security dividend requirements	6		6		6		6		6
Total fixed charges	287		276		263		244		200
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	1,063		897		998		726		715
Ratio of earnings to combined fixed charges and preferred stock dividends	3.7		3.3		3.8		3.0		3.6

(a) Includes interest expense of $0, $0 and $0 million for the years ended December 31, 2009, 2008 and 2007, respectively, related to uncertain income tax positions.

(b) Represents one-third of rental expense relating to operating leases, which is a reasonable approximation of the interest factor.