Exhibit 12.01
NRG ENERGY, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| For the Nine Months |
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| Ended September 30, |
| For the Year Ended December 31, |
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| 2014(a) |
| 2013(a) |
| 2012(a) |
| 2011(a) |
| 2010 |
| 2009 |
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| (in millions except ratio) |
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Earnings: |
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Income/(loss) from continuing operations before income tax |
| $ | (33 | ) | $ | (634 | ) | $ | (12 | ) | $ | (646 | ) | $ | 753 |
| $ | 1,669 |
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Less: |
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Distributions and equity in earnings of unconsolidated affiliates |
| 32 |
| 84 |
| 2 |
| 9 |
| (19 | ) | (41 | ) | ||||||
Impairment charge on equity method investment |
| — |
| (99 | ) | 2 |
| 495 |
| — |
| — |
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Capitalized interest |
| (19 | ) | (130 | ) | (140 | ) | (80 | ) | (36 | ) | (37 | ) | ||||||
Add: |
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Fixed charges |
| 630 |
| 1,037 |
| 864 |
| 931 |
| 678 |
| 703 |
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Amortization of capitalized interest |
| 14 |
| 14 |
| 11 |
| 7 |
| 4 |
| 3 |
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Total Earnings: |
| $ | 624 |
| $ | 272 |
| $ | 727 |
| $ | 716 |
| $ | 1,380 |
| $ | 2,297 |
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Fixed Charges: |
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Interest expense |
| $ | 915 |
| $ | 932 |
| $ | 671 |
| $ | 808 |
| $ | 600 |
| $ | 610 |
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Interest capitalized |
| 19 |
| 130 |
| 140 |
| 80 |
| 36 |
| 37 |
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Amortization of debt issuance costs |
| 26 |
| 33 |
| 32 |
| 26 |
| 25 |
| 31 |
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Amortization of debt discount |
| (37 | ) | (67 | ) | 9 |
| 6 |
| 7 |
| 13 |
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Approximation of interest in rental expense |
| 10 |
| 9 |
| 12 |
| 11 |
| 10 |
| 12 |
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Total Fixed Charges: |
| $ | 933 |
| $ | 1,037 |
| $ | 864 |
| $ | 931 |
| $ | 678 |
| $ | 703 |
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Ratio of Earnings to Combined Fixed Charges |
| 0.67 |
| 0.26 |
| 0.84 |
| 0.77 |
| 2.03 |
| 3.27 |
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(a) The ratio coverage for the nine months ended September 30, 2014 and the years ended December 31, 2013, 2012 and 2011 was less than 1:1. NRG Energy, Inc. would have needed to generate additional earnings of $309 million, $765 million, $137 million and $215 million, respectively, to achieve a ratio coverage of 1:1 for those periods.