Exhibit 12.1

Exelon Corporation
Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
For the Six Months Ended June 30, 2016
		Six Months Ended
		June 30, 2016
Pre-tax income (loss) from continuing operations after adjustment for income or loss from equity investees, minority interest, capitalized interest and preference security dividend requirements
	Income from continuing operations before income taxes and minority interest		725
	Plus (income) loss from equity investees		—
	Less capitalized interest		(66	)
			659
	Less preference security dividend requirements		(8	)
	Less minority interest in pre-tax income of subs that have not incurred fixed charges		—
			651
Fixed charges:
	Interest expense and amortization of debt discount and premium on all indebtedness		718
	Interest component of rental expense		123
	Distributions on mandatorily redeemable preferred securities		—
	Preferred stock dividend requirements		8
			849
Pre-tax income (loss) from continuing operations after adjustment for income or loss from equity investees, capitalized interest and preference security dividend requirements plus fixed charges			1,500
Ratio of earnings to fixed charges			1.8
Ratio of earnings to fixed charges and preferred stock dividends			1.8