EXHIBIT 12.1
EME Homer City Generation LP
Ratio of Earnings to Fixed Charges (000's)
YEAR ENDED YEAR ENDED NINE MONTHS ENDED NINE MONTHS ENDED
DECEMBER 31, DECEMBER 31, SEPTEMBER 30, SEPTEMBER 30,
2000 1999 2001 2000
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EARNINGS:
Income (loss) before income taxes and extraordinary
item (1999) (3,563) 4,290 57,545 9,489
Adjustments:
Fixed charges, as below 149,149 105,860 112,438 111,367
Interest capitalized (10,282) (1,779) (9,651) (6,873)
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Earnings as adjusted (B) 135,304 108,371 160,332 113,983
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FIXED CHARGES:
Interest on indebtedness (expense and capitalized) 148,936 105,593 112,248 111,207
Interest portion on rental expense 213 267 190 160
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(A) 149,149 105,860 112,438 111,367
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Ratio of Earnings to Fixed Charges 0.91 1.02 1.43 1.02
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** Earnings were inadequate to cover fixed charges for the year ended
December 31, 2000 by $13,845.
Fixed Charge Deficiency: (A) - (B) $ 13,845
EME Homer City Generation LP
Ratio of Earnings to Fixed Charges (000's)
Pro forma
YEAR ENDED NINE MONTHS ENDED
DECEMBER 31, SEPTEMBER 30,
2000 2001
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EARNINGS:
Income (loss) before income taxes (3,563) 57,545
Adjustments:
Fixed charges, as below 138,867 102,787
Interest capitalized - none -- --
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Earnings as adjusted (B) 135,304 160,332
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FIXED CHARGES:
Interest on indebtedness (including $250M loan) 138,654 102,597
Interest portion on rental expense 213 190
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(A) 138,867 102,787
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Ratio of Earnings to Fixed Charges 0.97 1.56
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** Earnings were inadequate to cover fixed charges for the year ended
December 31, 2000 by $3,563.
Fixed Charge Deficiency: (A) - (B) $ 3,563