Exhibit 12.1 ESI TRACTEBEL ACQUISITION CORP. Ratio of Earnings to Fixed Charges (In Thousands) (In Thousands of Dollars) Partnerships Combined NE LP Pro forma -------------------------------------------- ----------------------- Year Ended December 31, Year Ended December 31, -------------------------------------------- ---------------------- 1993 1994 1995 1996 1997 1997 ---- ---- ---- ---- ---- ---- Earnings to Fixed Costs: Pre-tax income from continuing operations (1,261) (2,979) 26,857 9,924 36,673 (7,224) Plus: Fixed charges Interest expense (debt and energy bank) 46,244 49,744 67,587 52,214 49,836 82,686 Amortization of debt issuance costs 2,599 2,333 2,305 2,373 2,163 605 1/3 Lease expense 138 149 108 122 126 126 ------ ------ ------ ------ ------ ------ Total fixed charges 48,981 52,226 70,000 54,709 52,125 83,417 Total earnings 47,720 49,247 96,857 64,633 88,798 76,193 Earnings to Fixed Charge Ratio (1) - - 1.38 1.18 1.70 - ====== ====== ====== ====== ====== ======= (1) The earnings for 1993, 1994 and pro forma 1997 were inadequate to cover fixed charges. The coverage deficiencies during 1993, 1994 and pro forma 1997 are $1.261 million, $2.979 million and $7.224 million, respectively.