BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED AND PREFERENCE DIVIDEND REQUIREMENTS
<TABLE>
<CAPTION>
12 Months Ended
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June December December December December December
2000 1999 1998 1997 1996 1995
----------- ---------- ----------- ----------- ----------- -----------
(In Millions of Dollars)
<S> <C> <C> <C> <C> <C> <C>
Income from Continuing Operations
(Before Extraordinary Loss) $ 287.4 $ 328.4 $ 327.7 $ 282.8 $ 310.8 $ 338.0
Taxes on Income 164.3 182.0 181.3 161.5 169.2 172.4
----------- ---------- ----------- ----------- ----------- -----------
Adjusted Income $ 451.7 $ 510.4 $ 509.0 $ 444.3 $ 480.0 $ 510.4
----------- ---------- ----------- ----------- ----------- -----------
Fixed Charges:
Interest and Amortization of
Debt Discount and Expense and
Premium on all Indebtedness $ 187.2 $ 206.4 $ 255.3 $ 234.2 $ 203.9 $ 206.7
Capitalized Interest - 0.4 3.6 8.4 15.7 15.0
Interest Factor in Rentals 0.9 1.0 1.9 1.9 1.5 2.1
----------- ---------- ----------- ----------- ----------- -----------
Total Fixed Charges $ 188.1 $ 207.8 $ 260.8 $ 244.5 $ 221.1 $ 223.8
----------- ---------- ----------- ----------- ----------- -----------
Preferred and Preference
Dividend Requirements: (1)
Preferred and Preference Dividends $ 13.2 $ 13.5 $ 21.8 $ 28.7 $ 38.5 $ 40.6
Income Tax Required 7.6 7.5 12.0 16.4 20.9 20.4
----------- ---------- ----------- ----------- ----------- -----------
Total Preferred and Preference
Dividend Requirements $ 20.8 $ 21.0 $ 33.8 $ 45.1 $ 59.4 $ 61.0
----------- ---------- ----------- ----------- ----------- -----------
Total Fixed Charges and Preferred
and Preference Dividend Requirements $ 208.9 $ 228.8 $ 294.6 $ 289.6 $ 280.5 $ 284.8
=========== ========== =========== =========== =========== ===========
Earnings (2) $ 639.8 $ 717.8 $ 766.2 $ 680.4 $ 685.4 $ 719.2
=========== ========== =========== =========== =========== ===========
Ratio of Earnings to Fixed Charges 3.40 3.45 2.94 2.78 3.10 3.21
Ratio of Earnings to Combined Fixed
Charges and Preferred and Preference
Dividend Requirements 3.06 3.14 2.60 2.35 2.44 2.52
</TABLE>
(1) Preferred and preference dividend requirements consist of an amount equal
to the pre-tax earnings that would be required to meet dividend
requirements on preferred stock and preference stock.
(2) Earnings are deemed to consist of income from continuing operations
(before extraordinary loss) that includes earnings of BGE's consolidated
subsidiaries, equity in the net income of BGE's unconsolidated subsidiary,
income taxes (including deferred income taxes and investment tax credit
adjustments), and fixed charges other than capitalized interest.
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