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EXHIBIT 12.1
ORION POWER HOLDINGS, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED MARCH 31,
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2003 (1) 2004 (1)
------------ ------------
(IN THOUSANDS, EXCEPT RATIO
AMOUNTS)
Fixed charges:
Interest expense ..................................... $ 36,440 $ 36,117
Capitalized interest ................................. - -
Interest within rent expense ......................... 156 158
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Total fixed charges ................................ $ 36,596 $ 36,275
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Earnings:
Loss before income taxes and cumulative effect of
accounting changes ................................. $ (7,327) $ (10,451)
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Plus -
Fixed charges from above ........................... 36,596 36,275
Amortization of capitalized interest ............... 285 285
Less -
Capitalized interest ............................... - -
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$ 29,554 $ 26,109
============ ============
Ratio of earnings to fixed charges ..................... - -
============ ============
- ----------------
(1) For the three months ended March 31, 2003 and 2004, Orion Power's earnings
were insufficient to cover its fixed charges by $7 million and $10
million, respectively.