EXHIBIT 12.1 Trigen Energy Corporation and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (in thousands) 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- Earnings before extra- Ordinary item $6,557 $5,025 $14,051 $10,564 $8,561 Add (deduct): Income taxes 4,575 3,491 9,252 7,324 5,949 Fixed charges 24,268 20,508 20,145 20,883 17,774 Interest capitalization ( 524) ( 374) ( 328) ( 300) ( 250) (Income)/losses of less than 50% owned companies (4,475) 266 ( 322) ( 316) ( 224) ------- ------- ------- ------- ----- Earnings before extraordi- Nary item, as adjusted $30,401 $28,916 $42,798 $38,155 $31,810 Fixed Charges Interest expense $23,742 $18,840 $18,840 $19,890 $16,657 Interest capitalized 524 374 328 300 250 Portion of rents representa- tive of interest factor(1) 1,400 1,158 977 693 867 ------ ------- ------- ------- ------ Total fixed charges $25,666 $20,508 $20,145 $20,883 $17,774 ------- ------- ------- ------- ------ Ratio of earnings to Fixed charges 1.2 1.4 2.1 1.8 1.8 ------- ------- ------- ------- ------- Note: (1) Estimated to be 1/3 of total rent expense.