Exhibit 12.1



	BGE
	Ratio of Earnings to Combined Fixed Charges
																	Six Months
																	Ended
		Years Ended December 31,															June 30,
		2013			2014			2015			2016			2017			2018
Pre-tax income from continuing operations before adjustment		$	344		$	351		$	477		$	468		$	525		$	220
Less:	Capitalized interest	(6		)	(12		)	(14		)	(11		)	(6		)	(3		)
Pre-tax income from continuing operations after adjustment for income or loss from equity investees and capitalized interest		$	338		$	339		$	463		$	457		$	519		$	217
Fixed charges:
	Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness	$	127		$	118		$	113		$	115		$	110		$	54
	Interest component of rental expense^(a)	4			4			11			7			11			6
Total fixed charges		$	131		$	122		$	124		$	122		$	121		$	60

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		$	469		$	461		$	587		$	579		$	640		$	277
Ratio of earnings to fixed charges		3.6			3.8			4.7			4.7			5.3			4.6


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

BALTIMORE GAS & ELECTRIC CO 8-K