Exhibit 12.1

PECO Energy Company

Ratio of Earnings to Combined Fixed Charges

	Years Ended December 31,															Six months Ended June 30,
	2010			2011			2012			2013			2014			2015
Pre-tax income from continuing operations before adjustment	$	476		$	535		$	508		$	557		$	466		$	294
Plus: Loss from equity investees		—			—			—			—			—			—
Less: Capitalized interest		(4	)		(4	)		(2	)		(2	)		(2	)		(1	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest	$	472		$	531		$	506		$	555		$	464		$	293
Fixed charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtness	$	193		$	135		$	122		$	114		$	112		$	56
Interest component of rental expense (a)		10			9			9			7			5			1
Total fixed charges		203			144			131			121			117			57
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges	$	675		$	675		$	637		$	676		$	581		$	350
Ratio of earnings to combined fixed charges and preferred stock dividends		3.3			4.7			4.9			5.6			5.0			6.1

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

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