Exhibit 12.4

PECO Energy Company

Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2008			2009			2010			2011			2012
Pre-tax income from continuing operations		475			499			476			535			508
Plus: Loss from equity investees		16			24			—			—			—
Less: Capitalized interest		(3	)		(2	)		(4	)		(4	)		(2	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		488			521			472			531			506
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		229			185			193			135			122
Interest component of rental expense (a)		9			9			10			9			9
Total fixed charges		238			194			203			144			131
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest plus fixed charges		726			715			675			675			637
Ratio of earnings to fixed charges		3.1			3.7			3.3			4.7			4.9

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

PECO Energy Company

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

	Years Ended December 31,
	2008			2009			2010			2011			2012
Pre-tax income from continuing operations		475			499			476			535			508
Plus: Loss from equity investees		16			24			—			—			—
Less: Capitalized interest		(3	)		(2	)		(4	)		(4	)		(2	)
Preference security dividend requirements		(6	)		(6	)		(6	)		(6	)		(5	)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements		482			515			466			525			501
Fixed Charges:
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		229			185			193			135			122
Interest component of rental expense (a)		9			9			10			9			9
Preference security dividend requirements		6			6			6			6			5
Total fixed charges		244			200			209			150			136
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		726			715			675			675			637
Ratio of earnings to fixed charges and preferred stock dividends		3.0			3.6			3.2			4.5			4.7

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