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                                                                    EXHIBIT 12.1
                            Northeast Generating LLC
                Consolidated ratio of earnings to fixed charges


                                                    For the Period       For the Period
                                                     April 27,1999       April 27, 1999     For the Six
                                                    (Inception) to       (Inception) to     Months Ended
                                                     Dec. 31, 1999        June 30, 1999    June 30, 2000
                                              -----------------------------------------------------------

                                                                                     
(in thousands)
Earnings:
 Income before taxes                                   $54,347              $   627           $111,278
 Add: Fixed Charges                                     26,410                1,255             33,980
                                              ----------------------------------------------------------
                                                        80,757                1,882            145,258
                                              ----------------------------------------------------------
Fixed Charges:
 Interest expense                                       22,746                  945             30,685
 Amortization of debt costs                              3,664                  310              3,295
                                              ---------------------------------------------------------
                                                       $26,410              $ 1,255           $ 33,980
                                              ---------------------------------------------------------

Ratio of earnings to
 fixed charges                                            3.06x                1.50x              4.27x