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Exhibit 12.1
EME Homer City Generation LP
Ratio of Earnings to Fixed Charges (000's)
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<Caption>
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 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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149,149 105,860 112,438 111,367
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Ratio of Earnings to Fixed Charges (a) -- 1.02 1.43 1.02
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(a) For the year ended December 31, 2000, there was a fixed charge deficiency
of $13,845
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EME Homer City Generation LP
Ratio of Earnings to Fixed Charges (000's)
Pro forma
<Table>
<Caption>
Year Ended Nine Months Ended
December 31, September 30,
2000 2001
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PRO FORMA EARNINGS:
Historical income (loss) before income taxes $ (3,563) $ 57,545
Pro forma earnings adjustments due to sale-leaseback:
Elimination of interest on debt to be repaid with proceeds from sale
Additional interest expense from lease financing (105,000) (79,000)
Adjustments:
Fixed charges, as below 243,867 181,787
Interest capitalized - none -- --
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Earnings as adjusted $ 135,304 $ 160,332
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PRO FORMA FIXED CHARGES:
Historical interest on indebtedness $ 148,936 $ 112,248
Pro forma interest adjustments due to sale-leaseback:
Elimination of interest on debt to be repaid with proceeds from sale (10,282) (9,651)
Additional interest expense from lease financing 105,000 79,000
Historical interest portion on rental expense 213 190
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$ 243,867 $ 181,787
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Pro forma ratio of Earnings to Fixed Charges -- (a) -- (a)
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(a) For the year ended December 31. 2000 and for the nine month period
ended September 30, 2001, there was a pro forma fixed charge deficiency
of $108,563 and $21,455, respectively.