Exhibit 12.1 ILLINOVA CORPORATION STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Twelve Nine Months Ended Months Ended September September (Thousands of Dollars) 1999 1999 ** 1999 ---------------------------- -------------- Earnings Available for Fixed Charges: As Restated Net Income (Loss) ($1,486,147) ($1,486,147) $91,070 Add: Income Taxes: Current 2,045 2,045 19,196 Deferred - Net 48,481 48,481 64,300 Allocated income taxes (26,886) (26,886) (26,547) Investment tax credit - deferred (4,180) (4,180) (1,094) Income tax effect of CPS impairment (1,143,252) (1,143,252) - Equity earnings in subsidiaries (17,778) (17,778) (6,921) Interest on long-term debt 131,340 131,340 100,106 Amortization of debt expense and premium-net, and other interest charges 46,837 46,837 41,344 One-third of all rentals (Estimated to be representative of the interest component) 3,956 3,956 2,703 Interest on in-core fuel 5,401 5,401 4,424 CPS Impairment - 2,666,909 - ----------- ------------ --------- Earnings (loss) available for fixed charges ($2,440,183) $226,726 $288,581 =========== ============ ========= Fixed charges: Interest on long-term debt $131,340 $131,340 $63,375 Amortization of debt expense and premium-net, and other interest charges 54,534 54,534 46,983 One-third of all rentals (Estimated to be representative of the interest component) 3,956 3,956 2,703 Preferred stock dividend requirements 19,324 20,742 15,477 ----------- ------------ --------- Total Fixed Charges $209,154 $210,572 $128,538 =========== ============ ========= Ratio of earnings to fixed charges N/A * 1.08 2.25 =========== ============ ========= * Earnings are inadequate to cover fixed charges. Additional earnings (thousands) $2,649,337 are required to attain a one-to-one ratio of Earnings to Fixed Charges. ** Supplemental ratio of earnings to fixed charges presented to exclude write-off related to Clinton Impairment. 62