CONSTELLATION ENERGY GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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12 Months Ended
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September December December December December December
2000 1999 1998 1997 1996 1995
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(In Millions of Dollars)
<S> <C> <C> <C> <C> <C> <C>
Income from Continuing Operations
(Before Extraordinary Loss) $ 298.7 $ 326.4 $ 305.9 $ 254.1 $ 272.3 $ 297.4
Taxes on Income, Including Tax Effect for
BGE Preference Stock Dividends 192.3 182.5 169.3 145.1 148.3 152.0
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Adjusted Income $ 491.0 $ 508.9 $ 475.2 $ 399.2 $ 420.6 $ 449.4
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Fixed Charges:
Interest and Amortization of
Debt Discount and Expense and
Premium on all Indebtedness $ 256.5 $ 245.7 $ 255.3 $ 234.2 $ 203.9 $ 206.7
Earnings required for BGE Preference
Stock Dividends 21.4 21.0 33.8 45.1 59.4 61.0
Capitalized Interest 11.6 2.7 3.6 8.4 15.7 15.0
Interest Factor in Rentals 2.2 1.8 1.9 1.9 1.5 2.1
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Total Fixed Charges $ 291.7 $ 271.2 $ 294.6 $ 289.6 $ 280.5 $ 284.8
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Earnings (1) $ 771.1 $ 777.4 $ 766.2 $ 680.4 $ 685.4 $ 719.2
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Ratio of Earnings to Fixed Charges 2.64 2.87 2.60 2.35 2.44 2.52
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(1) Earnings are deemed to consist of income from continuing operations
(before extraordinary loss) that includes earnings of Constellation
Energy's consolidated subsidiaries, equity in the net income of BGE's
unconsolidated subsidiary, income taxes (including deferred income taxes,
investment tax credit adjustments, and the tax effect of BGE's preference
stock dividends), and fixed charges other than capitalized interest.
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