EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(in Thousands of Dollars)
Partnerships Combined
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Year Ended December 31,
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1993 1994 1995 1996 1997
Earnings to Fixed Charges
Pre-tax income from continuing operations (1,261) (2,979) 26,857 9,924 36,673
Plus:
Fixed charges
Interest expense (debt and energy bank) 46,244 49,744 67,587 69,516 65,108
Amorization of debt issuance costs 2,599 2,333 2,305 2,373 2,163
1/3 Lease expense and equipment rental 138 149 108 122 126
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Total fixed charges 48,981 52,226 70,000 72,011 67,397
Total earnings 47,720 49,247 96,857 81,935 104,070
Earnings to Fixed Charge Ratio _ (1) _ (1) 1.38 1.14 1.54
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Partnerships Combined NE LP Pro Forma NE LP
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Three Predecessor Successor Three
Months Ended Jan. 1, 1998 - Jan. 14, 1998 - Year Ended Months Ended
March 31, Jan. 13, 1998 March 31, 1998 December 31, March 31,
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1997 1998 1998 1997 1998
Earnings to Fixed Charges
Pre-tax income from continuing operations 13,052 2,909 10,022 (6,194) 7,626
Plus:
Fixed charges
Interest expense (debt and energy bank) 16,298 2,353 13,712 82,686 15,763
Amorization of debt issuance costs 559 69 - 605 72
1/3 Lease expense and equipment rental 32 7 40 126 47
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Total fixed charges 16,889 2,429 13,752 83,417 15,882
Total earnings 29,941 5,338 23,774 77,223 23,508
Earnings to Fixed Charge Ratio 1.77 2.20 1.73 _ (1) 1.48
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ESI Tractebel ESI Tractebel ESI Tractebel
NE LP Acquisition Acquisition Acquisition
Pro Forma Pro Forma Pro Forma
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Three Months Ended Year Ended Three Months Ended Three Months Ended
March 31, December 31, March 31, March 31,
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1998 1997 1998 1998
Earnings to Fixed Charges
Pre-tax income from continuing operations 6,894 14 2 4
Plus:
Fixed charges
Interest expense (debt and energy bank) 20,460 17,564 2,049 4,391
Amorization of debt issuance costs 151 _ _ _
1/3 Lease expense and equipment rental 47 _ _ _
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Total fixed charges 20,658 17,564 2,049 4,391
Total earnings 27,552 17,578 2,051 4,395
Earnings to Fixed Charge Ratio 1.33 1.00 1.00 1.00
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(1) The Partnerships' earnings for 1993 and 1994 and NE LP's Pro Forma earnings
for 1997 were inadequate to cover fixed charges. The coverage deficiencies
during 1993, 1994 and NE LP Pro Forma 1997 are $1.261 million, $2.979 million
and $6.194 million, respectively.