Calpine (CPNLQ) 8-K Calpine Corporation Announces Closing of Senior Unsecured Notes Offering

Exhibit 12.1

CALPINE CORPORATION

Computation of Ratio of Earnings to Fixed Charges

(Dollars in millions)

	Years Ended December 31,															Nine Months Ended September 30,
	2009			2010			2011			2012			2013			2014
Earnings
Income (loss) before income taxes		125			(230	)		(211	)		218			20			752
Less:
Income from unconsolidated investments in power plants		(50	)		(16	)		(21	)		(28	)		(30	)		(18	)
Interest capitalized		(8	)		(15	)		(24	)		(38	)		(38	)		(15	)
Preferred securities dividend requirements of subsidiaries		(4	)		(3	)		(2	)		(1	)		(1	)		—
Add:
Fixed charges		854			858			807			791			749			516
Amortization of capitalized interest		31			31			31			30			30			22
Distributions from equity method investments		20			11			6			29			27			13
Total Earnings:		968			636			586			1,001			757			1,270
Fixed Charges:
Interest expense		815			813			760			736			696			491
Interest capitalized		8			15			24			38			38			15
Approximation of interest in rental expense		31			30			23			17			15			10
Total Fixed Charges:		854			858			807			791			749			516
Ratio of Earnings to Fixed Charges(1):		1.13			0.74			0.73			1.27			1.01			2.46

(1) The coverage ratio is less than one-to-one for the years ended December 31, 2010 and 2011; thus, additional earnings of $222 million and $221 million, respectively, would have needed to be generated to cover the shortfall.