Exhibit 12.1 Trigen Energy Corporation and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (in thousands) 1999 1998 1997 1996 1995 -------- -------- -------- -------- -------- Earnings before extraordinary item and cumulative effect of a change in accounting principle $16,108 $6,557 $5,025 $14,051 $10,564 Add (deduct): Income taxes 11,380 4,575 3,491 9,252 7,324 Fixed charges 28,458 25,666 20,508 20,145 20,883 Interest capitalization (1,013) (524) (374) (328) (300) (Income)/losses of less than 50% owned companies (7,396) (4,475) 266 (322) (316) Distributions from less than 50% owned companies 2,000 -- -- -- -- -------- -------- -------- -------- -------- Earnings before extraordinary item and cumulative effect of a change in accounting principle, as adjusted $ 49,537 $31,799 $28,916 $42,798 $38,155 Fixed Charges Interest expense $25,994 $23,742 $18,840 $18,840 $19,890 Interest capitalized 1,013 524 374 328 300 Portion of rents representative of interest factor(1) 1,451 1,400 1,158 977 693 -------- ------- -------- -------- -------- Total fixed charges $28,458 $25,666 $20,508 $20,145 $20,883 -------- ------- -------- -------- -------- Ratio of earnings to fixed charges 1.7 1.2 1.4 2.1 1.8 -------- ------- --------- -------- ------- - -------------------- Note: (1) Estimated to be 1/3 of total rent expense.