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EXHIBIT 12.1
ORION POWER HOLDINGS, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
FORMER ORION CURRENT ORION
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FOR THE YEAR FOR THE YEAR FOR THE YEAR JANUARY 1, FEBRUARY 20, FOR THE YEAR
ENDED ENDED ENDED 2002 THROUGH 2002 THROUGH ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, FEBRUARY 19, DECEMBER 31, DECEMBER 31,
1999 2000 2001 2002 (1) 2002 (1) 2003 (1)
------------ ------------ ------------ ------------ ------------ ------------
(IN THOUSANDS, EXCEPT RATIO AMOUNTS)
Fixed charges:
Interest expense................. $ 25,767 $ 168,670 $ 202,825 $ 25,067 $ 127,515 $ 146,724
Capitalized interest............. - 3,885 23,796 1,916 4,627 -
Interest within rent expense..... - 610 598 - 534 703
------------ ------------ ------------ ----------- ------------ -----------
Total fixed charges............ $ 25,767 $ 173,165 $ 227,219 $ 26,983 $ 132,676 $ 147,427
============ ============ ============ =========== ============ ===========
Earnings:
Income (loss) before income
taxes and cumulative effect
of accounting change.......... $ 10,458 $ 48,781 $ 155,522 $ (90,785) $ (217,326) $ (556,006)
------------ ------------ ------------ ----------- ------------ -----------
Plus -
Fixed charges from above....... 25,767 173,165 227,219 26,983 132,676 147,427
Amortization of capitalized
interest..................... - 65 526 955 1,064 1,141
Less -
Capitalized interest........... - (3,885) (23,796) (1,916) (4,627) -
------------ ------------ ------------ ----------- ------------ -----------
$ 36,225 $ 218,126 $ 359,471 $ (64,763) $ (88,213) $ (407,438)
============ ============ ============ =========== ============ ===========
Ratio of earnings to fixed charges. 1.41 1.26 1.58 - - -
============ ============ ============ =========== ============ ===========
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(1) For the periods January 1, 2002 through February 19, 2002 and February 20,
2002 through December 31, 2002 and for 2003, Orion Power's earnings were
insufficient to cover its fixed charges by $92 million, $221 million and
$555 million, respectively.