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Constellation Energy Group 10-Q 2006

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Exhibit 12(b)


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

 
  3 Months Ended
  12 Months Ended
 
  March
2006

  December
2005

  December
2004

  December
2003

  December
2002

  December
2001

 
  (In Millions of Dollars)

Income from Continuing Operations
(Before Extraordinary Loss)
  $ 71.7   $ 189.0   $ 166.3   $ 163.2   $ 143.1   $ 97.3
Taxes on Income     45.7     119.9     102.5     105.2     93.3     60.3
   
 
 
 
 
 
Adjusted Income   $ 117.4     308.9   $ 268.8   $ 268.4   $ 236.4   $ 157.6
Fixed Charges:                                    
  Interest and Amortization of Debt Discount and Expense and Premium on all Indebtedness   $ 24.2   $ 95.6   $ 97.3   $ 112.8   $ 142.1   $ 158.8
  Interest Factor in Rentals     0.1     0.3     0.5     0.7     0.5     0.7
   
 
 
 
 
 
  Total Fixed Charges   $ 24.3   $ 95.9   $ 97.8   $ 113.5   $ 142.6   $ 159.5

Preferred and Preference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Dividend Requirements: (1)                                    
  Preferred and Preference Dividends   $ 3.3   $ 13.2   $ 13.2   $ 13.2   $ 13.2   $ 13.2
  Income Tax Required     2.1     8.4     8.1     8.6     8.6     8.2
   
 
 
 
 
 
  Total Preferred and Preference Dividend Requirements   $ 5.4   $ 21.6   $ 21.3   $ 21.8   $ 21.8   $ 21.4
   
 
 
 
 
 
Total Fixed Charges and Preferred and Preference Dividend Requirements   $ 29.7   $ 117.5   $ 119.1   $ 135.3   $ 164.4   $ 180.9
   
 
 
 
 
 
Earnings (2)   $ 141.7   $ 404.8   $ 366.6   $ 381.9   $ 379.0   $ 317.1
   
 
 
 
 
 
Ratio of Earnings to Fixed Charges     5.83     4.22     3.75     3.36     2.66     1.99
Ratio of Earnings to Combined Fixed Charges and Preferred and Preference Dividend Requirements     4.77     3.45     3.08     2.82     2.31     1.75
(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 items) that includes earnings of BGE's consolidated subsidiaries, income taxes (including deferred income taxes and investment tax credit adjustments), and fixed charges other than capitalized interest.



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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
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