EXHIBIT 12.4
PECO Energy Company
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| Years Ended December 31, | Nine Months September 30, |
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| 2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||||
| Pre-tax income from continuing operations before adjustment for income or loss from equity investees and minority interest |
745 | 726 | 704 | 767 | 621 | 604 | ||||||||||||
| Plus: (Income) or loss from equity investees |
(1 | ) | — | 25 | 16 | 9 | 5 | |||||||||||
| Less: Capitalized interest |
— | (1 | ) | (1 | ) | (1 | ) | (3 | ) | (2 | ) | |||||||
| Preference security dividend requirements |
(12 | ) | (8 | ) | (5 | ) | (6 | ) | (6 | ) | (5 | ) | ||||||
| Pre-tax income from continuing operations after adjustment for income or loss from equity investees, minority interest, capitalized interest and preference security dividend requirements |
732 | 717 | 723 | 776 | 621 | 602 | ||||||||||||
| Fixed charges: |
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| Interest expensed and capitalized, amortization of debt discount and premium on all indebtness |
370 | 325 | 304 | 280 | 269 | 190 | ||||||||||||
| Interest component of rental expense (a) |
2 | 2 | 1 | 1 | 1 | 6 | ||||||||||||
| Distributions on mandatorily redeemable preferred securities |
2 | 3 | — | — | — | — | ||||||||||||
| Preference security dividend requirements |
12 | 8 | 5 | 6 | 6 | 5 | ||||||||||||
| Total fixed charges |
386 | 338 | 310 | 287 | 276 | 201 | ||||||||||||
| 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 |
1,118 | 1,055 | 1,033 | 1,063 | 897 | 803 | ||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends |
2.9 | 3.1 | 3.3 | 3.7 | 3.3 | 4.0 | ||||||||||||
| (a) | Represents one-third of rental expense relating to operating leases. |